september 2012 monthly financial report and quarterly ......15 monthly financial report as of...

September 2012 Monthly Financial Report And Quarterly Investment Report

Presented to: Board of Directors

E. Ray Zies Dana Gibson-Boone

Controller Director, Cash and

Debt Management November 14, 2012

2

Monthly Financial Report

as of September 30, 2012

Cumulative System Cash Flow Requirements

$(20.00)

$(10.00)

$-

$10.00

$20.00

$30.00

$40.00

$50.00

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Actual Requirement

Actual Cashflow

Actual Cumulative Position

Projected Requirement

(in

mil

lio

ns

)

3



2012 2011 or (Decrease)

Transactions Transactions From 2011

Total System 437.66 380.05 57.61 15.2%

Total Special Project System 1.06 1.03 0.04 3.7%

CDM Smith

Projection YTD Projected YTD Actual

SYSTEM Annual Transactions Transactions

AVI 441.29 80% 331.39 80% 330.97 75.6%

ZipCash 111.51 20% 83.68 20% 106.69 24.4%

Total Transactions 552.80 415.06 437.66

5.4%

CDM Smith

Projection YTD Projected YTD Actual

SPECIAL PROJECTS SYSTEM Annual Transactions Transactions

AVI 24.95 65% 0.71 66% 0.77 72.6%

ZipCash 13.59 35% 0.36 34% 0.29 27.4%

Total Transactions 38.54 1.07 1.06

-0.8%

September 2012

September 2012

Projected vs. Actual Transactions

(in millions)

4



Comparison of Projected to Actual AVI Transactions

25.00

27.00

29.00

31.00

33.00

35.00

37.00

39.00

41.00

2012 Projected AVI

2012 Actual AVI

2011 Projected AVI

2011 Actual AVI (in m

illio

ns)

5



Comparison of Projected to Actual ZipCash Transactions

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

No

v

De

c

2012 Projected ZipCash

2012 Actual Zipcash

2011 Projected ZipCash

2011 Actual ZipCash

(in m

illio

ns)

6



Percentage ZipCash Transactions (after 30 days of VToll)

15.0%

17.5%

20.0%

22.5%

25.0%

27.5%

30.0%

2012 Projected

2012 Actual

2011 Projected

2011 Actual

7

Budget

Total Variance

2012 Budget Actual Favorable

Budget To Date To Date (Unfavorable)

Toll Revenues

AVI (Actual Receipts) $ 390.10 $ 292.80 $ 299.93 $ 7.13

ZipCash (Invoiced) 60.47 44.45 92.73 48.28

Investment Income 9.00 6.75 6.22 (0.53)

Other Revenues 21.24 15.93 16.12 0.19

Total Revenues 480.81 359.93 415.00 55.07

Total Administrative Expenses 26.44 18.01 13.38 4.63

Total Operational Expenses 90.95 67.47 56.47 11.00

Bad Debt Expense - 0.00 35.87 (35.87)

Total Expenses 117.39 85.48 105.72 (20.24)

Net Revenues Available

For Debt Service $ 363.42 $ 274.46 $ 309.28

Debt Service Coverage - First Tier 1.50x 1.55x

Debt Service Coverage - First and

Second Tier 1.30x 1.38x



Budget and Actual Revenues and

Expenses – Page 13

(in millions)

8


as of September 30, 2012 AVI Revenue Percentage

62.0% 64.0%

67.2%

70.4% 72.9% 74.0% 74.7%

75.8% 76.4%

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

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

AVI Revenue Percentage

9



Comparison of Budget to ZipCash Invoices Processed

and Paid

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

$22

$24

2012 ZipCash Budget

2012 ZipCash Payments Received

2012 ZipCash Invoices Processed

2011 ZipCash Budget

2011 ZipCash Payments Received (cash)

2011 ZipCash Invoices Processed

(In

mil

lio

ns

)

10



Total Invoices Sent to Current Month Invoices

$0

$5

$10

$15

$20

$25

2012 Total ZipCash Invoices Processed

2012 Total Current Month ZipCash Invoices

2011 Total ZipCash Invoices Processed

2011 Total Current Month ZipCash Invoices Processed

(in m

illio

ns)

11


as of September 30, 2012 Percentage of Current Month Transactions versus Total Transactions

Invoiced

10.71% 11.79%

31.49%

39.92%

44.10% 45.11%

35.34%

41.25%

36.72%

0%

10%

20%

30%

40%

50%

60%

70%

80%


12


as of September 30, 2012 Percentage of Current Month Transactions Invoiced Within 90 Days

59.76%

62.47% 61.16%

59.06%

60.39%

61.19%

58.93%

0%

10%

20%

30%

40%

50%

60%

70%

80%


2012

2011

13



Toll Receivable Analysis – Page 15

(in millions) August September

YTD MTD YTD

Toll Receivable

Beginning Balance, 01/01/12 $ 56.98 $ $ 56.98

Invoices Processed 125.76 9.67 135.42

Invoice Adjustments (46.36) (4.01) (50.37)

Invoice Payments (38.16) (3.87) (42.03)

Total Toll Receivable 98.21 1.79 100.00

Allowance for Doubtful Accounts (70.17) (1.54) (71.71)

Net Toll Receivable $ 28.04 $ 0.25 $ 28.29

14



Receivable Aging Report

(in millions)

ZipCash Violations Total

Current $ 17.84 $ 9.71 $ 27.55 27.55%

31-60 Days 4.21 5.43 9.64 9.64%

61-90 Days 0.03 6.51 6.54 6.54%

91-120 Days 0.03 6.35 6.38 6.38%

Over 120 Days 0.05 49.84 49.88 49.88%

$ 22.16 $ 77.84 $ 100.00

22.16% 77.84%

$0

$20

$40

$60

$80

$100

Violations

ZipCash (in

mil

lio

ns

)

15


as of September 30, 2012 Accounts Receivable Turnover

Goal – 4 times per year

1.94 2.01

2.21 2.21 2.20 2.20 2.16 2.18 2.17

1.40

1.60

1.80

2.00

2.20

2.40

2.60

2.80

3.00


2012 Accounts Receivable Turnover

Average Collection

Period

(in days) – Goal 90

Days

January 188.1

February 181.6

March 165.2

April 165.2

May 165.9

June 165.9

July 169.0

August 167.4

September 168.2

Tim

es

16



Uninvoiced Transactions

YTD Uninvoiced Transactions Matched Matched

(in millions) Current No Current

Unmatched Address Address Total

2012 $ 23.92 $ 7.64 $ 3.77 $ 35.33

2011 17.79 2.80 1.89 22.49

2007 - 2010 0.01 0.00 0.00 0.01

$ 41.73 $ 10.45 $ 5.66 $ 57.83

17



Comparison of Vtoll Reductions and Unassigned

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

Ja

n

Fe

b

Ma

r

Apr

Ma

y

Ju

n

Ju

l

Aug

Sep

Oct

Nov

Dec

2012 Vtoll Reductions

2012 Unassigned

2011 Vtoll Reductions

2011 Unassigned

(in

mil

lio

ns

)

18



Questions?

19

Investment Report

As Of September 30, 2012

9/1/2012 Purchases

Maturities /

Redemptions

Chg in Mkt

Value

Amortization

(Net) 9/30/2012

Book Value $ 940,589,383 $ 300,728,740 $ (275,486,068) $ (463,920) $ 187,388 $ 965,555,523

Market Value $ 940,589,383 $ 300,728,740 $ (275,486,068) $ (463,920) $ 187,388 $ 965,555,523

Par Value $ 938,012,053 $ 300,728,740 $ (275,486,068) $ - $ - $ 963,254,725

Current Month

Change in

Market Value $ (463,920)

20

Typical landscape map

Investment Report


21

Investment Report


9/1/2012 9/30/2012

Weighted Average Maturity (in days) 432 406

Weighted Avg. Yield-to-Maturity of Portfolio .9960% .9490%

Yield-to-Maturity of 2-Year Treasury Note 0.2200% 0.2300%

Accrued Interest $ 1,383,399

Earnings for the Period $ 735,472

22


Investment Report


23

Investment Report


24


Investment Report


25


Investment Report


26

Investment Report - SPS


9/1/2012 Purchases

Maturities /

Redemptions

Chg in Mkt

Value

Amortization

(Net) 9/30/2012

Book Value $ 987,418,930 3,341,862 (68,611,718) $ (106,081) $ (404,180) $ 921,638,812

Market Value $ 987,418,930 $ 3,341,862 $ (68,611,718) $ (106,081) $ (404,180) $ 921,638,812

Par Value $ 980,047,436 $ 3,341,862 $ (68,611,718) $ - $ - $ 914,777,580

Current Month

Change in

Market Value $ (106,081)

27



28



9/1/2012 9/30/2012

Weighted Average Maturity (in days) 331 331

Weighted Avg. Yield-to-Maturity of Portfolio 0.3490% 0.3740%

Yield-to-Maturity of 2-Year Treasury Note 0.2200% 0.2300%

Accrued Interest $ 1,836,642

Earnings for the Period $ 271,773

29



30




31


Investment Report – SPS


32



33



Questions?

34



Mass Excusals - October 2012

(in millions)

Unmatched Matched Total

2010 $ 15.44 $ 6.56 $ 22.00

2009 7.42 4.08 11.50

2008 2.60 1.88 4.48

2007 1.57 1.31 2.88

2006 0.89 0.64 1.52

2005 0.99 0.65 1.64

2004 0.93 0.83 1.76

2003 0.65 0.86 1.51

2002 0.21 0.33 0.54

2001 0.03 0.15 0.17

2000 0.00 0.04 0.04

$ 30.72 $ 17.32 $ 48.04

Texas Plates $ 30.35

Non-Texas Plates 17.69

$ 48.04

MISSION ● provide a safe and reliable toll road system ● increase value

and mobility options for our customers ● operate the Authority in

a businesslike manner ● protect our bondholders ● partner to

meet our region's growing need for transportation infrastructure.

september 2012 monthly financial report and quarterly ......15 monthly financial report as of...

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