Monthly Financial Report

January 2018 Supplement

1

Operating Results

Category 2017 2018 ChangePercent Change

Thruway Operating Expenses Admin and General $2,072,667 $2,451,145 $378,478 18.3% Engineering Services 578,056 430,372 (147,684) -25.5% Maintenance Engineering Thruway Maintenance 8,382,906 10,410,840 2,027,934 24.2% Equipment Maintenance 2,174,173 2,662,544 488,371 22.5% Finance and Accounts 733,716 755,337 21,621 2.9% Operations Traffic and Services 694,748 715,744 20,996 3.0% Toll Collection 3,137,490 3,209,286 71,796 2.3% General Charges * 16,489,085 15,504,086 (984,999) -6.0%

Total Thruway Operating $34,262,841 $36,139,354 $1,876,513 5.5%

Other Operating Expenses State Police** $4,582,919 $5,108,703 $525,784 11.5%

Total Other Operating Expenses $4,582,919 $5,108,703 525,784 11.5%

Total Operating Expenses $38,845,760 $41,248,057 $2,402,297 6.2%

* Includes unfunded OPEB and Pension Adjustment (See Notes D and F of Monthly Statement) and are as follows: Pension Contributions $1,842,702 $1,867,500 $24,798 1.3% Pension Adjustment LT liability and deferred Pension resources $719,208 $365,780 ($353,428) -49.1% Funded Health Insurance & Other Benefits 4,964,144 5,194,804 230,660 4.6% Unfunded Health Insurance & Other Benefits 3,845,500 3,230,250 (615,250) -16.0% Social Security 1,025,282 1,070,556 45,274 4.4% Workers' Compensation Insurance 814,167 794,384 (19,783) -2.4%

E-ZPass Account Mgmt & Tolls by Mail Admin. 3,151,897 3,283,333 131,436 4.2%Other General Charges 126,185 (302,520) (428,705) -339.7%

Total General Charges $16,489,085 $15,504,086 ($984,999) -6.0%

** Reflects the State Police expenses that the Authority reimburses the State as part of the 2016/17 Approved State Budget as of 4/1/2016.In addition, the Canal Corporation was tranferred to the New York Power Authority on 1/1/2017.

Category 2017 2018 ChangePercent Change

Toll Revenue $52,408,057 $50,889,524 ($1,518,533) -2.9% Passenger Revenue 29,903,431 28,454,624 (1,448,807) -4.8% Commercial Revenue 22,504,626 22,434,900 (69,726) -0.3%

Concession Revenue 812,433 801,480 (10,953) -1.3% Gasoline Revenue 157,894 169,643 11,749 7.4% Restaurant Revenue 654,539 631,837 (22,702) -3.5%

E-ZPass Revenue 1,291,064 1,608,013 316,949 24.5%

Toll By Mail Fee's *** 715,095 1,396,999 681,904 95.4%

Rental Income 86,720 115,888 29,168 33.6%

Interest Earnings 110,929 427,178 316,249 285.1%

Special Hauling Permits 145,332 147,234 1,902 1.3%

Sundry Revenue 62,888 133,201 70,313 111.8%

Total Operating Revenue $55,632,518 $55,519,517 ($113,001) -0.2%

*** Toll by Mail fee's are from the Tappan Zee Barrier All Electronic Toll Collection operation that started April 24, 2016.

Operating ExpensesYear-To-Date

Operating RevenuesYear-To-Date

2

2018 Budget Actual DifferencePercent

Difference

Total Operating Expenses:Thruway Operating Expenses * $31,192,093 $32,445,876 $1,253,783 4.0%Claims and Environmental Reserves 83,333 97,448 14,115 16.9%Other Operating Expenses- State Police ** 4,695,202 5,108,703 413,501 8.8% Total Operating Expenses $35,970,628 $37,652,027 $1,681,399 4.7%

Total Operating Revenues:Toll Revenue *** $51,269,613 $50,889,524 ($380,089) -0.7% Adjust to Cash basis w/ AET receivable 1,376,615 n/aNet Toll Revenue *** $51,269,613 $52,266,139 $996,526 1.9%Concession Revenue 734,443 801,480 67,037 9.1%E-ZPass and Tolls By Mail fee's 2,287,500 3,005,012 717,512 31.4%Sundry, Interest & Special Hauling Revenue 1,257,500 844,507 (412,993) -32.8% Total Operating Revenue $55,549,056 $56,917,138 $1,368,082 2.5%

* Excludes unfunded OPEB (See Note F of Monthly Statement) and adjustment of net Pension liability and changes in Inflows/outflows adopted in 2015 in accordance with GASB 68 (see Note D).

Year-To-Date

Operating Budget vs. Actual

3

0

5

10

15

20

25

30

35

40

45

50

55

60

65

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Mill

ions

of D

olla

rs2018 YTD Operating Expenses

Thruway State Police

Note: Includes net Pension Liability and unfunded OPEB (See Notes D and F of Monthly Statement

4

Administration, $2,451,145, 5.9%

Engineering Services, $430,372, 1.0%

Thruway Maintenance, $10,410,840, 25.2%

Equipment Maintenance,

$2,662,544, 6.5%

Finance and Accounts, $755,337, 1.8%

Traffic and Services, $715,744, 1.7%

Toll Collection, $3,209,286, 7.8%

General Charges, $15,504,086, 37.6%

State Police, $5,108,703, 12.4%

2018 YTD Operating Expenses

Note: General Charges include net Pension liability and unfunded OPEB (See Notes D and F of Monthly Statement)

5

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

80

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Mill

ions

of D

olla

rs2018 YTD Operating Revenues

Passenger Tolls Commercial Tolls Concession Revenue E-ZPass and Tolls By Mail Fee's Interest, Sundry and Spec. Hauling Permits

6

Passenger Toll Revenue, $28,454,624,

51.3%Commercial Toll Revenue, $22,434,900,

40.4%

Concession Revenue, $801,480, 1.4%

E-ZPass Fee's,$1,608,013, 2.9%

Toll By Mail Fee's, $1,396,999, 2.5%

Rental Income, $115,888, 0.2%

Interest Earnings, $427,178, 0.8%

Special Hauling Permits, $147,234, 0.3%

Sundry Revenue, $133,201, 0.2%

2018 YTD Operating Revenue

7

Ticket - Woodbury to Buffalo, $28,935,961 ,

54.5%

Ticket - Erie Section, $3,993,119 , 7.5%

Grand Island Bridges, $1,307,130 , 2.5%

Tappan Zee Bridge, $11,026,380 , 20.7%

Yonkers Barrier, $1,752,036 , 3.3%

New Rochelle Barrier, $3,149,284 , 5.9%

Spring Valley Barrier, $870,878 , 1.6%

Harriman Barrier, $1,760,494 , 3.3% Ticket - Permit Plans,

$344,078 , 0.6%

2018 YTD Toll Collections, By Location

.

Note: Excludes Impact of Commercial Volume Discount Program.

8

4.14.4

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Mill

ions

of G

allo

nsFuel Deliveries to Service Areas

Year-To-Date Change: 7.24%

9

6.6 6.4

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

15.0

16.0

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Mill

ions

of D

olla

rsRestaurant Sales at Service Plazas

Year-To-Date Change: -2.84%

10

(Includes New NY Bridge Project)

Thruway Capital Program

Construction Fund, $8,103,176, 17.3%

Facilities Capital Improvement Fund (NNYB),

$32,835,303, 70.2%

Reserve Maintenance Fund, $5,791,096, 12.4%

2018 YTD Capital Program Expenses, by FundYTD Total Expenses = $46.7 million

Note:General Reserve Fund (Cash): State Police Equipment & FacilitieslReserve Maintenance Fund (Cash): Thruway Equipment & CapitalConstruction Fund (Bonds): Thruway CapitalFacilities Capital Improvement Fund (Cash/Bonds): New NY Bridge Project

12

-$5

$20

$45

$70

$95

$120

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

Mill

ions

of D

olla

rs2018 YTD Capital Program Expenses, By Fund

Construction Fund Facilities Capital Improvement Fund (NNYB)

Reserve Maintenance Fund General Reserve Fund

YTD Total Expenses = $46.7 million

Note:General Reserve Fund (Cash): State Police Equipment & FacilitiesReserve Maintenance Fund (Cash): Thruway Equipment & CapitalConstruction Fund (Bonds/State): Thruway CapitalFacilities Capital Improvement Fund (Cash/Bonds/State): New NY Bridge Project

13

Bond Proceeds, $945,651 , 2.0%

Cash, $7,066,282 , 15.1%

Federal Aid, $0 , 0.0%

Thruway Stabilization Funds, $38,731,759 , 82.9%

Other, $882 , 0.0%

2018 YTD Capital Funding SourcesYTD Total Expenses = $46.7 million

`

14

$8,103,176

$32,835,303

$5,791,096 $14,998

$245,633,728

$458,701,216

$159,009,198

$32,0000

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

300,000,000

350,000,000

400,000,000

450,000,000

500,000,000

Construction Fund Facilities Capital ImprovementFund (NNYB)

Reserve Maintenance Fund General Reserve Fund

Dol

lars

2018 YTD Capital Expenses, By Fund

Year to Date Expenses Annual Estimate (2018 Budget)

YTD Total Expenses = $46.7 million

Note:General Reserve Fund (Cash): State Police Equipment & FacilitiesReserve Maintenance Fund (Cash): Thruway Equipment & CapitalConstruction Fund (Bonds/State): Thruway CapitalFacilities Capital Improvement Fund (Cash/Bonds/State): New NY Bridge Project

15

$33,349,618

$23,751,527

$104,056,180

$17,0020

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

Facilities CapitalImprovement Fund (NNYB)

Construction Fund Reserve Maintenance Fund General Reserve Fund

Mill

ions

of D

olla

rs2018 Capital Fund Balances at End of Month

Note:General Reserve Fund (Cash): State Police Equipment & FacilitiesReserve Maintenance Fund (Cash): Thruway Equipment & CapitalConstruction Fund (Bonds): Thruway CapitalFacilities Capital Improvement Fund (Cash/Bonds): New NY Bridge Project

(Net of Capitalized interest)

16

-

50

100

150

200

250

300

350

400

450

Prod

ucer

Pric

e In

dex

(198

2=10

0)Producer Prices: Construction Inputs

Asphalt Paving Mixtures No. 2 Diesel Fuel Steel Mill Products

Source: U.S. Department of Labor

17

120

130

140

150

160

170

180

190

200

210

220

230

240

250

260

270

Prod

ucer

Pric

e In

dex

(198

2=10

0)Producer Prices: Construction Inputs

Concrete Products Light Motor Trucks Heavy Trucks Const. Machinery & Equipment

Source: U.S. Department of Labor

18

80

100

120

140

160

180

200

220

240

260

280

300

320

340

360

380

400

420

Cen

ts P

er G

allo

nAverage Retail Price of Gasoline in U.S.

All Grades

Actual

D.O.E. Forecast

Source: U.S. Department of Energy

19

Thruway Traffic Information

2017 2018 ChangePercent Change

Revenue Trips - LocationToll Ticket System Woodbury to Williamsville 9,823,797 9,699,746 (124,051) -1.3% Erie Section 1,449,157 1,469,426 20,269 1.4%

Total Ticket System 11,272,954 11,169,172 (103,782) -0.9%

Bridges and Barriers Grand Island South 948,568 925,151 (23,417) -2.5% Grand Island North 762,132 735,784 (26,348) -3.5% Tappan Zee 2,004,090 1,981,403 (22,687) -1.1% Yonkers 1,312,533 1,288,281 (24,252) -1.8% New Rochelle (I-95) 1,523,989 1,493,784 (30,205) -2.0% Spring Valley (Commercial Only) 121,462 128,063 6,601 5.4% Harriman 1,394,072 1,355,408 (38,664) -2.8% Total Bridges and Barriers 8,066,846 7,907,874 (158,972) -2.0%

Total Trips 19,339,800 19,077,046 (262,754) -1.4%Non-Revenue Trips 115,285 123,253 7,968 6.9%

Total Revenue Trips 19,224,515 18,953,793 (270,722) -1.4%

Revenue Trips - Type 2015 2016 ChangePassenger 17,030,405 16,699,680 (330,725) -1.9%Commercial 2,194,110 2,254,113 60,003 2.7%

Total Revenue Trips 19,224,515 18,953,793 (270,722) -1.4%

Miles Traveled - Revenue Trips

Toll Ticket System 411,747,416 399,684,919 (12,062,497) -2.9%NY Division Bridge/Barriers 112,827,838 110,884,247 (1,943,591) -1.7%Williamsville-Lackawanna 25,505,456 25,132,608 (372,848) -1.5%Grand Island Bridges 17,043,400 16,533,670 (509,730) -3.0%

Total Revenue Trip Miles 567,124,110 552,235,444 (14,888,666) -2.6%

Average Trip Length (Miles) - All Trips - Ticketed System

Passenger 33.54 32.58 (0.96) -2.9%Commercial 60.78 60.59 (0.19) -0.3%Overall 36.81 36.08 (0.73) -2.0%

Year-To-Date

Thruway Traffic Information

21

Ticket - Woodbury to Buffalo, 9,699,746 ,

50.8%

Ticket - Erie Section, 1,469,426 , 7.7%

Grand Island Bridges, 1,660,935 , 8.7%

Tappan Zee Bridge, 1,981,403 , 10.4%

Yonkers Barrier, 1,288,281 , 6.8%

New Rochelle Barrier, 1,493,784 , 7.8%

Spring Valley Barrier, 128,063 , 0.7%

Harriman Barrier, 1,355,408 , 7.1%

2018 YTD Total Thruway Trips, By Location

22

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Perc

ent C

hang

e O

ver P

rior Y

ear

Percent Change in Monthly Thruway TrafficTotal Passenger and Commercial Revenue Trips

23

-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Perc

ent C

hang

e O

ver P

rior Y

ear

Percent Change in Monthly Thruway TrafficPassenger Commercial

By Passenger and Commercial Revenue Trips

24

4.7%

2.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Perc

ent O

ver/(

Und

er) B

udge

t Sch

edul

e

Operating Expenses and Revenues(Variance from 2018 Budget)

Operating Expenses Revenues

25