State of the AgencyState of the AgencyMike Snyder, P.E., Executive DirectorMike Snyder, P.E., Executive Director

State of the AgencyState of the Agency

• System Overview• Construction Update• 5-Year Work Plan• Trends and Forecast• Summary

Facts:

• 105 mile system

• Over 300,000 Customers

• 91% E-PASS Customer Satisfaction Rating

Construction ProgramFactsConstruction ProgramFacts

• Work Progressing at a Monthly Rate of Between $14 to $18 Million (down from $22 to $30 Million 1 year ago)

• Construction Contract Value of Over $530 Million (down from $770 Million 1 year ago), 80% Completed

• All Major Projects are On Budget and On, or Ahead, of Schedule

• Environmentally Responsible Manner

• Traffic Impacts Minimized, Communication with Customers Maximized

SR 408 WideningSR 414

John Land Apopka Expressway

SR 528 BeachLine Main Express Lanes

SR 429

Daniel Webster Western Beltway

SR 417/Innovation Way Interchange

SR 417/Moss Park Interchange

SR 417/Boggy Creek Road/South Access Road Interchange

Active Active Construction Construction

Project LocationsProject Locations

Active Active Construction Construction

Project LocationsProject Locations

SR 528Narcoosee Road Interchange

5-Year Work Plan5-Year Work Plan

Project $ Project DescriptionM J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

SR 408 Widening East of I-4253A $63M SR 408 Widening from Rosalind Ave. to Crystal Lake Dr.

253B $78M SR 408 Widening from Crystal Lake Dr. to Conway Rd.

253C $126M SR 408 Widening from Conway Rd to Oxalis Ave

SR 414 Maitland Blvd Extension414-210 $107M SR 414 West of CR 435 to East of Hiawassee Road

414-211 $90.3M SR 414 East of Hiawassee Road to East of SR 441

414-212 $10.9M SR 414 Mainline Plaza

429-200C $36M SR 414 West of CR 535 to SR 429

Interchange Projects528-300 $27.3M Design / Build Services for SR 528 / SR 436 Interchange

907 $23.7M SR 528/Narcoossee Rd Interchange Improvements

457A $17M SR 417/ Moss Park Rd Interchange

417-302 $15M SR 417/Innovation Way Interchange

528-404 $12M SR 528/ Innovation Way Interchange

417-301A $6.8M Boggy Creek Road/ South Access Road Interchange

Express Toll Plaza Projects528-401 $26.8M Beachline Mainline Conversion

528-403 $34.1M SR 528 Beachline East Express Lanes

Renewal and Replacement Projects429 $20.4M SR 429 Resurfacing

20112007 2008 2009 2010

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

7/8

7/15

7/22

7/29 8/5

8/12

8/19

8/26 9/2

9/9

9/16

9/23

9/30

10/7

10/1

410

/21

10/2

811

/411

/11

11/1

811

/25

12/2

12/9

12/1

612

/23

12/3

01/

61/

131/

201/

27 2/3

FY 2009 FY 2008

Revenue Tracking Summary Chart 7/1 – 2/3Revenue Tracking Summary Chart 7/1 – 2/3

$14,000

$15,000

$16,000

$17,000

$18,000

$19,000

$20,000Ju

l

Aug

Sep

t

Oct

Nov

Dec Jan

Feb

Mar

Apr

May

Jun

Rev

enue

s (t

hous

ands

)

Actuals

Original Projection

Revised Projectionas of 2/09

Revenue Chart 2009Revenue Chart 2009

Local Traffic TrendsLocal Traffic Trends

Monthly Growth Compared to Previous Year

Roadway July August September October November DecemberSR 50 (West Colonial Drive) -7.25% -5.55% -5.14% -5.07% -4.60% -4.79%SR 50 (East Colonial Drive) -8.88% -9.61% -10.98% -8.03% -11.16% -6.60%I-4 (Attractions) -3.51% -0.29% -5.19% -2.87% -5.84% 0.29%SR 527 (Orange Ave) -7.20% -6.45% -5.65% -6.79% -9.68% -4.15%

Roadway July August* September October November DecemberSR 408 Pine Hills ML -4.45% -14.59% -3.29% -6.07% -9.45% -3.22%SR 408 Conway ML -3.27% -14.78% -0.84% -1.42% -2.04% 2.87%*Impacts from Tropical Storm Fay

Change in Average Weekday Traffic

Change in Monthly Transactions

System Revenue vs. Orlando UnemploymentSystem Revenue vs. Orlando Unemployment

System Revenue Growth versus Orlando MSA Unemployment

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

Month

*Re

ve

nu

e P

erc

en

t C

ha

ng

e

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

Un

em

plo

ym

en

t Ra

te

Change in System Revenue

Orlando MSAUnemployment

*change over previous year

*Source

System Revenue vs. Orlando Gas PriceSystem Revenue vs. Orlando Gas Price

System Revenue Growth versus Gas Prices

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

Month

*Re

ve

nu

e P

erc

en

t C

ha

ng

e

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

Avera

ge G

as P

rice

Change in System Revenue

Average Gas Price

*change over previous year

*Source

SR 408 Revenue vs. Orlando UnemploymentSR 408 Revenue vs. Orlando Unemployment

SR 408 Revenues Monthly Growth vs Orlando Unemployment

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Month

Mo

nth

ly R

even

ue

Gro

wth

ove

r P

revi

ou

s Y

ear

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Un

emp

loym

ent

Rat

e

SR 408 Revenue

Orlando Unemployment

*Source

OIA Passengers

1.50

2.00

2.50

3.00

3.50

4.00

Janu

ary

Feb

ruar

y

Mar

ch

Apr

il

May

June

July

Aug

ust

Sep

tem

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Oct

ober

Nov

embe

r

Dec

embe

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Month

Pas

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s (M

illio

ns)

2005

2006

2007

2008

OIA PassengersOIA Passengers

*Source

SR 528 Airport Plaza Revenue vs. OIA PassengersSR 528 Airport Plaza Revenue vs. OIA Passengers

SR 528 Airport Plaza Revenue vs. OIA Passengers Monthly Growth over Previous Year

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Jan-

06

Feb

-06

Mar

-06

Apr

-06

May

-06

Jun-

06

Jul-0

6

Aug

-06

Sep

-06

Oct

-06

Nov

-06

Dec

-06

Jan-

07

Feb

-07

Mar

-07

Apr

-07

May

-07

Jun-

07

Jul-0

7

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb

-08

Mar

-08

Apr

-08

May

-08

Jun-

08

Jul-0

8

Aug

-08

Sep

-08

Oct

-08

Nov

-08

Dec

-08

Month

Pe

rce

nt

Ch

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ov

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Pre

vio

us

Ye

ar

OIA Passengers

SR 528 Airport Plaza Revenue

*change over previous year

*

*Source

SR 417 Southern Connector Revenue vs. OIA PassengersSR 417 Southern Connector Revenue vs. OIA Passengers

SR 417 Southern Connector Revenue vs. OIA Passengers Monthly Growth over Previous Year

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Month

Pe

rce

nt

Ch

an

ge

ov

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Pre

vio

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Ye

ar

OIA Passengers

SR 417 Southern Connector Revenue

*Source

Budget RevisionsBudget Revisions

FY 2009 - Operations, Maintenance and Administration

(OM&A) budgets cut by more than 10%

Budget CutsBudget Cuts

• Delayed certain capital projects

• Reduced toll collection staff

• Postponed hiring of administrative staff

• Fewer maintenance cycles for roadways – i.e.: mowing, trash pick-up, etc.

• Preventative maintenance cycles for equipment

• Eliminated implementing budget for traffic management center

Commitment to Quality & SafetyCommitment to Quality & Safety

• Road Rangers• Florida Highway Patrol• Renewal and Replacement Program

SummarySummary

• Existing Construction Projects On Schedule and On Budget

• Traffic Universally Down on All Transportation Facilities

• Operation, Maintenance and Administration (OM&A) Budgets Cut By More Than 10%

• OOCEA Continues Its Commitment to Safety and Quality Transportation in Central Florida

Florida’s Toll RatesFlorida’s Toll Rates

30.5

23.1

21.4

17.4

12.0

11.7

11.4

10.6

9.5

9.4

9.1

8.7

8.5

7.6

7.5

7.1

6.4

5.6

3.2

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0

Miami Dade Expressway, Airport, S.R. 112 (FL)

Miami Dade Expressway, Gratigny, S.R. 924 (FL)

Tampa Crosstown Expressway (FL)

Miami Dade Expressway, Don Shula, S.R. 874 (FL)

Polk Parkway (FL)

Veterans Expressway (FL)

OOCEA S.R. 408 (East-West Expressway) (FL)

Miami Dade Expressway, Dolphin, S.R. 836 (FL)

OOCEA S.R. 429 (Western Expressway) (FL)

Beachline West, Florida's Turnpike (FL)

OOCEA S.R. 417 (Central Florida GreeneWay) (FL)

Sawgrass Expressway (FL)

Florida's Turnpike (FL) Homestead Extension

OOCEA S.R. 528 (Beachline Expressway) (FL)

Florida's Turnpike (FL) Ticket System

Suncoast Parkway (FL)

Florida's Turnpike (FL) Southern Coin System

Florida's Turnpike (FL) Northern Coin System

Florida's Turnpike (FL) Alligator Alley

Toll Rate Per Mile (cents per mile, non-discounted)

• May 1980– SR 408 (increased $0.05 from $0.20 to $0.25)– SR 528 East Mainline (increased $0.15 from $0.35 to $0.50)

• January 1987– SR 408 (increased $0.25 from $0.25 to $0.50)– SR 528 East Mainline (increased $0.25 from $0.50 to $0.75)– SR 528 Airport Mainline (increased $0.25 from $0.25 to $0.50)

• July 1990– SR 408 all Mainline plazas (increased $0.25 from $0.50 to

$0.75)– SR 417 Curry Ford and University Mainline (increased $0.25

from $0.50 to $0.75)– SR 528 East Mainline (increased $0.25 from $0.75 to $1.00)– SR 528 Airport Mainline (increased $0.25 from $0.50 to $0.75)

Decreased Tolls• July 1992

– SR 408 Hiawassee and Dean Mainline (decreased $0.25 from $0.75 to $0.50)

– SR 417 Curry Ford and University Mainline (decreased $0.25 from $0.75 to $0.50)

OOCEA Toll IncreasesOOCEA Toll Increases

Florida Turnpike Enterprise Toll IncreasesFlorida Turnpike Enterprise Toll Increases

• April 1989 40%

• July 1991 30%

• July 1993 30%

• March 2004 25% (cash only)

• 2011/2012* Statutory CPI increase

*State Law requires the Florida Turnpike to index tolls to the CPI or a similar index a minimum

of every 5 years, which would indicate the index would be initiated no later than 2012.

– Chicago Skyway

– Dallas North Tollway

– Delaware Turnpike (I-95)

– Dulles Greenway (VA)

– E-470 (CO)

– Garden State Parkway (NJ)

– Indiana Toll Road

– Massachusetts Turnpike, Boston Ext.

– New Jersey Turnpike

– New York State Thruway

– Pennsylvania Turnpike

– Pocahontas 895 (VA)

– San Joaquin Hills Corridor (CA)

– SR 241-Foothill/Eastern Toll Road (CA)

– SR 91 (CA)

– Toronto 407

Other AgenciesToll Rate Increases Since January 2008

Other AgenciesToll Rate Increases Since January 2008

– JFK Memorial Highway (MD)

– Maine Turnpike

– Massachusetts Turnpike

– Ohio Turnpike

Other AgenciesCurrently Planning Toll Rate Increases

Other AgenciesCurrently Planning Toll Rate Increases

CUTR* Findings: Value of Expressway CUTR* Findings: Value of Expressway System to the Central Florida RegionSystem to the Central Florida RegionCUTR* Findings: Value of Expressway CUTR* Findings: Value of Expressway System to the Central Florida RegionSystem to the Central Florida Region

Travel Time Savings

• Oviedo to Downtown 23.7 min.

• Ocoee to Downtown 10.8 min.

• Waterford Lakes to Orlando Int’l Airport 13.6 min.

*Source: Center for Urban Transportation Research, 2006

Decision DriversDecision Drivers

• Credit rating

• Traffic and revenue projections

• Construction program (including shovel ready projects)

• Wekiva Parkway

CURRENT2009CURRENT2009

• No Increase• Revenue Impacts

– Projections down 8% since adoption of fiscal year budget in June 08

• Coverage Ratio– 2010 Projection 1.23x– 2013 Projection 1.36x– 2018 Projection 1.61x

Base ForecastFY 2009Base ForecastFY 2009

• 2009 – Raise toll by $.25 at mainline and ramps • Revenue Impacts

– 2010: 19% increase over current projections– 2013: 25% increase over current

projections– 2018: 30% increase over current

projections• Coverage Ratio

– Minimal coverage ratios from 2009-2012– May raise credit concerns

Base 2009 + Option 1Base 2009 + Option 1Base 2009 + Option 1Base 2009 + Option 1

• 2009 – Raise toll by $.25 at mainline and ramps

• 2012 – Introduce index to CPI consistent with FL Turnpike (and every 5 years after) – Index all tolls to the higher of CPI or 3% –

15% minimum increase every five years– Toll for Electronic Customers will be actual

increase– Toll for Cash Customers will be rounded in

$.25 increments

• Revenue Impacts– 2010: 19% increase over current projections– 2013: 47% increase over current

projections– 2018: 71% increase over current

projections• Coverage Ratio

– Coverage in the first 10 years will average 1.60x (assuming $4.9B of Capital Projects in first 12 years)

Base 2009 + Option 1Base 2009 + Option 1

Base 2009 + Option 2Base 2009 + Option 2

• 2009 Raise toll by $.25 at mainline and ramps • 2012 Raise toll by $.25 at mainline and ramps • 2017 Introduce index to CPI (and every 5

years after) – Index all tolls to CPI – 12% increase (2.4%

annual estimate over 5 years)– Toll for Electronic Customers will be actual

increase– Toll for Cash Customers will be rounded in

$.25 increments

Base 2009 + Option 2Base 2009 + Option 2

• Revenue Impacts– 2010 19% increase over current projections– 201356% increase over current projections– 2018 83% increase over current

projections• Coverage Ratio

– Coverage in the first 10 years will average 1.60x (assuming $4.9B of Capital Projects in first 12 years)

Base 2009 + Option 1 or Option 2Impact to Capital ProjectsBase 2009 + Option 1 or Option 2Impact to Capital Projects

4 Projects Accelerated for ConstructionSR 408 Widening

1. SR 417 Interchange

2. Goldenrod to Chickasaw

SR 429

3. Boy Scout Road to US 441

4. SR 429 at SR 414 Interchange Phase II

$648 Million = 18,029 Jobs*$648 Million = 18,029 Jobs*

*Job multiplier source: Federal Highway Administration (FHWA)

Wekiva ParkwayOOCEA Funded Project $1.8 B (2008 dollars)

Wekiva ParkwayOOCEA Funded Project $1.8 B (2008 dollars)

• Open in its entirety (including NW spur to US 441) in FY 2019

• Timeline (under Option 1 or 2)– From the time of approval by Federal Highway

Administration, the conventional schedule of Design, Right of Way Acquisition, and Construction will take approximately 8 years to complete. Construction is the last 4 years of that timeline.

– There may be opportunities to accelerate the schedule.

Economic ImpactEconomic Impact

• Capital Projects Total $3.54 Billion = *65,432 Jobs

• Base 2009 + Option 1 or Option 2

– Priority List $648 Million = *18,029 Jobs– Accelerates 4 projects

*job multiplier source: Federal Highway Administration (FHWA)

Accelerated Projects Accelerated Projects

SummarySummary

• Credit ratings are a very real concern

• Willingness to take decisive board action is

key to credibility with rating services

• Options 1 and 2 provide some economic

opportunities to the community