Section 4-210 - Financial forecast. - Maryland Statutes

§ 4-210. Financial forecast.
 

(a)  Development and adoption.- Each year, the Authority shall develop and adopt a 6-year financial forecast for the operations of the Authority. 

(b)  Submission to General Assembly.- In accordance with § 2-1246 of the State Government Article, the Authority shall submit to the General Assembly: 

(1) A draft of the financial forecast on submission of the budget bill to the presiding officers of the General Assembly; and 

(2) The financial forecast as approved by the Authority on or before July 1 of each year. 

(c)  Components.- The financial forecast shall include the following components: 

(1) A schedule of operating expenses; 

(2) A schedule of revenues, including concessions income, investment income, other income, and transfers from the Department; 

(3) A schedule of toll revenues, including the average toll per vehicle, the average toll increase, the number of paid vehicles, and the toll revenue by toll facility by fiscal year; 

(4) A schedule of planned bond issuances, including a detailed summary of bonds issued to fund the capital program and bonds issued to fund capitalized interest; 

(5) A schedule of debt service in each fiscal year for each bond issuance of all debt issued by the Authority, including debt service estimates of planned bond issuances; and 

(6) A summary schedule for the Authority that includes: 

(i) The total cash balance; 

(ii) The amount of the cash balance that is encumbered; 

(iii) The annual cash surplus or deficit; 

(iv) Revenues; 

(v) Transfers to the Department from the Authority; 

(vi) Transfers to the Authority from the Department; 

(vii) Bond sales; 

(viii) Expenditures for debt service; 

(ix) Operating expenses; 

(x) Capital expenses; 

(xi) Maintenance and operations expense reserve accounts; 

(xii) Forecasted bond interest rates; 

(xiii) Total bonds outstanding; and 

(xiv) Financial coverage ratios, including the ratio of total cash to toll revenues, the debt service coverage ratio, and the rate covenant compliance ratio. 

(d)  Components - Additional information.- The financial forecast shall include, for each of the components specified in subsection (c) of this section: 

(1) Actual information for the last full fiscal year; and 

(2) Forecasts of the information for each of the 6 subsequent fiscal years, including the current fiscal year, the fiscal year for the proposed budget, and the next 4 subsequent fiscal years. 
 

[2008, ch. 567, § 1.]