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The Bay Area Toll Authority —Back to the Future?

The Bay Area Toll Authority —Back to the Future?

Steve HemingerSteve HemingerExecutive DirectorExecutive Director

Steve HemingerSteve HemingerExecutive DirectorExecutive Director

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Back to the Future?Back to the Future?

California Toll Bridge Authority

Separate from the California Division of Highways – predecessor of Caltrans

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Bay Area’s NetworkBay Area’s Network The Metropolitan Transportation

Commission (MTC) is the regional transportation planning organization for the San Francisco Bay Area 400 miles of carpool lanes 1,400 miles of highway 19,000 miles arterial streets 7,000 miles of transit routes

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Bay Area’s Toll BridgesBay Area’s Toll Bridges The Bay Area Toll Authority (BATA)

oversees seven state-owned toll bridges in the San Francisco Bay Area San Francisco-Oakland Bay San Mateo-Hayward Dumbarton Richmond-San Rafael Carquinez Benicia-Martinez Antioch

*

* Golden Gate Bridge owned and operated by the Golden Gate Bridge, Highway and Transportation District (GGBHTD)

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San Francisco-Oakland Bay 1936 269,000

Richmond-San Rafael 1956 71,000

Carquinez 1958 / 2003 129,000

Benicia-Martinez Bridge 1962 / 2007 103,000

San Mateo-Hayward 1967 92,000

Antioch 1978 15,000

Dumbarton 1984 61,000

740,000Total Average Daily Crossings

Toll BridgeAverage Daily

CrossingsYear Opened

Bay Area’s Toll Bridges Bay Area’s Toll Bridges

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Toll Structure and RevenuesToll Structure and Revenues Toll Structure

Regional Measure 1 (1989) $1 Seismic Surcharge (1998) $1 Regional Measure 2 (2004) $1 Seismic Surcharge (2007) $1

Total Auto Toll $4 Annual Toll Revenues

Regional Measure 1 (1989) $130 M Seismic Surcharge (1998) $120 M Regional Measure 2 (2004) $120 M Seismic Surcharge (2007) $120 M Total Annual Revenues $490 M

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EarthquakesEarthquakes 1989 Loma Prieta

6.9 Magnitude 60 miles from SF

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$8.7 Billion Retrofit Program on the following bridges:

San Mateo-Hayward (2000) Carquinez (2002) Benicia-Martinez (2002) Richmond-San Rafael

(2005) San Francisco-Oakland Bay

(Under Construction)

Toll Bridge Seismic Retrofit ProgramToll Bridge Seismic Retrofit Program

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Seismic Retrofit Program StatusSeismic Retrofit Program Status

Seismic Retrofit Projects-AB144 Budget

(7/2005)

Current Forecast Budget

(4/2008)

Variance

San Francisco-Oakland Bay Bridge East Span Replacement

5,487 5,722 235

San Francisco-Oakland Bay Bridge West Approach Replacement

429 471 42

San Francisco-Oakland Bay Bridge West Span Seismic Retrofit

308 308 0

Richmond-San Rafael Bridge Seismic Retrofit 914 825 -89

Benicia-Martinez Bridge Seismic Retrofit 178 178 0

Eastbound Carquinez Bridge Seismic Retrofit 114 114 0

San Mateo-Hayward Bridge Seismic Retrofit 164 164 0

Other Costs 192 192 0

Program Contingency 900 712 -188

Total (in $ millions) 8,685 8,685 0

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SFOBB East Span Seismic Safety Replacement ProjectSFOBB East Span Seismic Safety Replacement Project

SkywaySkyway

SASSAS

YBI Transition

YBI Transition

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SFOBB East Span Seismic Safety Replacement ProjectSFOBB East Span Seismic Safety Replacement Project

Segment YBI SAS Skyway Oakland

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Oakland Touchdown ContractOakland Touchdown Contract

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Oakland Touchdown ContractOakland Touchdown Contract

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SkywaySkyway

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SAS E2/T1 FoundationsSAS E2/T1 Foundations

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SAS T1 Tower FoundationSAS T1 Tower Foundation

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SAS ContractSAS Contract

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SAS ContractSAS Contract

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Yerba Buena Island – Labor Day 2007Yerba Buena Island – Labor Day 2007

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Yerba Buena Island Detour ContractYerba Buena Island Detour Contract

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Yerba Buena Island Detour ContractYerba Buena Island Detour Contract

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SFOBB West Approach ProjectSFOBB West Approach Project

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SFOBB West Approach ProjectSFOBB West Approach Project

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AccountabilityAccountability AB 144 established the Toll Bridge Program Oversight Committee,

composed of Director of the California Department of Transportation (Caltrans), and the Executive Directors of the California Transportation Commission (CTC) and the Bay Area Toll Authority (BATA), to be accountable for delivering the SRP.

WILL KEMPTONDirector

California Department of Transportation

STEVE HEMINGERExecutive Director

Bay Area Toll Authority

JOHN F. BARNA, JR.Executive Director

California TransportationCommission

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$2.4 Billion Congestion Relief and Capital Improvement Program including:

Regional Measure 1 ProgramRegional Measure 1 Program

San Mateo-Hayward Bridge Widening (2003) New Carquinez Bridge (2004) Richmond-San Rafael Bridge Trestle Replacement (2005) Richmond-San Rafael Bridge Deck Overlay (2006) New Benicia-Martinez Bridge (2007) I-880/SR-92 Interchange Reconstruction (Construction)

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Regional Measure 1 Program StatusRegional Measure 1 Program Status

Regional Measure 1 Toll Bridge Projects

Current Approved Budget

(4/2008)

Current Forecast Budget

(4/2008)

Variance

New Benicia-Martinez Bridge 1,274 1,274 0

Interstate 880/State Route 92 Interchange Reconstruction

245 245 0

New Al Zampa (Carquinez) Bridge 528 518 -10

Richmond-San Rafael Bridge Rehabilitation 102 97 -5

Richmond-San Rafael Bridge Overlay 25 25 0

San Mateo-Hayward Bridge Widening 218 212 -6

Bayfront Expressway (SR 84) Widening 36 36 0

Other Projects 10 10 0

Total (in $ millions) 2,438 2,417 -21

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New Carquinez Bridge (2003)New Carquinez Bridge (2003)

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Benicia-Martinez Bridge (2007)Benicia-Martinez Bridge (2007)

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Benicia-Martinez Bridge (2007)Benicia-Martinez Bridge (2007)

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880/92 Interchange Project880/92 Interchange Project

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Regional Measure 2Capital Project ProgramRegional Measure 2Capital Project Program

ProjectFunding

(in $ millions)

Ferry Programs $197

Bus Programs $157

Transbay Terminal $150

BART Tube Seismic $143

Dumbarton Rail $135

Interstate 80/680 Improvements $100

E-BART Extension $96

BART-Warm Springs $95

Interstate 580 Corridor $65

Caldecott Tunnel 4th bore $51

The RM2 funding program is primarily

oriented towards transit alternatives

RM2 provides partial funding to

projects, balance provided by project

sponsor

If funding or project fails, BATA can

reallocate funding to different project

in the same bridge corridor

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Regional Measure 2 Operating ProgramRegional Measure 2 Operating Program

RM2 provides a key source of

funding for a variety of new transit

services

Operating cost payments are

subordinated to debt service

Project

Annual Funding Cap

(in $ millions)

Regional Express Bus (S) 7.4

Alameda Ferry 7.2

Dumbarton Rail 6.2

Regional Express Bus (N) 3.9

Albany Ferry 3.6

South SF Ferry 3.4

Vallejo Ferry 3.1

Water Transit Administration 3.0

AC Transit 3.0

Muni Metro 2.5

Golden Gate 2.4

Owl Bus 2.1

Napa Transit 0.4

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BATA’s Debt PortfolioBATA’s Debt Portfolio Current BATA debt portfolio is $5.2 billion

$2.3 billion fixed rate debt

$2.9 billion variable rate debt

The weighted cost of the entire “AA” portfolio is $ 4.20%, as of May 2008

BATA’s goal to deliver the entire $12 billion toll construction program within the $4.00 toll structure

Debt Principal(in $ millions)

%

Fixed 2,300 44%

Variable 2,900 56%

Total Debt 5,200

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BATA’s Efficient CreditBATA’s Efficient Credit

BATA ALL IN DEBT COSTSMay 2008

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

5/24

/200

1

7/24

/200

1

9/24

/200

1

11/2

4/20

01

1/24

/200

2

3/24

/200

2

5/24

/200

2

7/24

/200

2

9/24

/200

2

11/2

4/20

02

1/24

/200

3

3/24

/200

3

5/24

/200

3

7/24

/200

3

9/24

/200

3

11/2

4/20

03

1/24

/200

4

3/24

/200

4

5/24

/200

4

7/24

/200

4

9/24

/200

4

11/2

4/20

04

1/24

/200

5

3/24

/200

5

5/24

/200

5

7/24

/200

5

9/24

/200

5

11/2

4/20

05

1/24

/200

6

3/24

/200

6

5/24

/200

6

7/24

/200

6

9/24

/200

6

11/2

4/20

06

1/24

/200

7

3/24

/200

7

5/24

/200

7

7/24

/200

7

9/24

/200

7

11/2

4/20

07

1/24

/200

8

3/24

/200

8

5/24

/200

8

RESET DATE

RA

TE

S

PRO FORMA TARGET

ROLLING AVERAGE ALL IN COSTS

RBI BENCHMARK

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BATA’s Strong CreditBATA’s Strong Credit

Rating Outlook

Fitch AA- Stable

Standard and Poor’s AA Stable

Moody’s Aa3 Stable

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FasTrak® Electronic Toll Collection SystemFasTrak® Electronic Toll Collection System

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Strong FasTrak® Account GrowthStrong FasTrak® Account Growth

Total Number of Active Bay Area FasTrak Accounts

12

8,6

86

15

1,5

13

17

0,2

09

18

5,1

37

19

4,1

13

20

4,6

65

23

1,6

10

24

5,6

44

25

3,5

16

26

4,5

03

27

7,3

51

28

5,4

87

29

5,9

62

31

7,2

97

37

5,1

11

38

4,4

72

39

6,0

89

41

2,7

16

42

7,4

40

45

5,8

19

48

6,7

74

51

3,5

79

53

9,2

37

57

4,5

76

63

2,9

75

64

5,9

39

69

9,7

37

72

7,1

30

75

2,2

86

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

Ma

r-0

1

Jun

-01

Se

p-0

1

De

c-0

1

Ma

r-0

2

Jun

-02

Se

p-0

2

De

c-0

2

Ma

r-0

3

Jun

-03

Se

p-0

3

De

c-0

3

Ma

r-0

4

Jun

-04

Se

p-0

4

De

c-0

4

Ma

r-0

5

Jun

-05

Se

p-0

5

De

c-0

5

Ma

r-0

6

Jun

-06

Se

p-0

6

De

c-0

6

Ma

r-0

7

Jun

-07

Se

p-0

7

De

c-0

7

Ma

r-0

8

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Increasing FasTrak® UsageIncreasing FasTrak® Usage

Peak Period FasTrak Usage on State-Owned Bridges

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

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Expanding FasTrak® OptionsExpanding FasTrak® Options

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Regional HOT NetworkRegional HOT Network HOT Network introduces

pricing; revenue pays to expand carpool lane and express bus systems

Demonstration HOT lanes in Alameda, Santa Clara Counties

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Regional HOT Network StudyRegional HOT Network Study HOT network could:

Help manage HOV lanes Reduce delay and emissions Be phased in by 2025 Pay for itself over 30-years, freeing up STIP revenue

Must be approached as a regional network

New institutional arrangements required for governance and revenue pooling

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Unfinished BusinessUnfinished Business

Dumbarton and Antioch Bridge Retrofits Bike/Pedestrian Access – 2 ½ bridges to go Regional Measure 3 Open Road Tolling Asset Ownership?