Treasury - MAX Presentation Kevin L. Hurley, Treasurer April 16, 2018

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Presentation transcript:

Treasury - MAX Presentation Kevin L. Hurley, Treasurer April 16, 2018

Presentation Outline MARTA Governance MARTA Tax Distributions Operating Sources and Uses Capital Sources and Uses Financial Performance Questions

I. MARTA Governance

________________________________________________________ Governance Experienced oversight and governance… THE METROPOLITAN ATLANTA RAPID TRANSIT OVERVIEW COMMITTEE (MARTOC) Joint (House/Senate) committee, comprised of 12 legislators ________________________________________________________ Board of Directors Chairman Robert L. Ashe III Thirteen voting members representing Clayton, DeKalb and Fulton Counties, the City of Atlanta and a Governor Appointee City of Atlanta (3) DeKalb County (4) Governor (1) Fulton County (3) Clayton County (2) Two ex-officio members appointed by the State of Georgia GDOT (non-voting) (1) GRTA (non-voting) (1) Provides strong oversight and partnership. Strong visionary leadership.

Governance C-Team Jeffrey A. Parker Name Title Joined MARTA Jeffrey A. Parker General Manager/Chief Executive Officer 2018 A. Robert Troup Deputy General Manager 2017 Rich Krisak Chief Operating Officer 2008 Gordon L. Hutchinson Chief Financial Officer 2013 Elizabeth M. O’Neill Chief Counsel 1995 Goldie Taylor Chief Marketing & Communications Officer Rukiya S. Thomas Chief of Staff Provides strong oversight and partnership. Strong visionary leadership.

II. MARTA Tax Distributions

Tax Distribution Bondholders benefit from a broad & balanced sales tax base… 1% Sales Tax collected from Clayton, DeKalb, and Fulton Counties and 1.5% Sales Tax collected from City of Atlanta* Vehicle TAVT received from Clayton, DeKalb & Fulton Counties Broad and balanced - low reliance on volatile sectors Source: Georgia Department of Revenue, June 2017 * City Sales Tax rate increased ½% to 1.5% March 2017

Tax Distributions Increasing tax receipts… MARTA Tax Revenue Actual Forecast Millions Tax revenue inclusive of Sales Tax and Vehicle TAVT Forecast growth in Sales Tax provided by Georgia State University Economic Forecasting Center – March 2017 Clayton County tax receipts began in March 2015 City of Atlanta ½ % Sales Tax rate increase began in March 2017

Flow of Tax Distributions Bondholders receive priority payment…

III. Operating Sources and Uses

Operating Sources of funds FY18 Operating Budget Sources - $471.5M …

Operating uses of Funds FY18 Operating Expense Budget $461.5M …

IV. Capital Sources and Uses

Capital sources of Funds FY18 Capital Improvement Program Sources $442.2M…

Capital uses of funds FY18 Capital Expense Budget - $434.9M…

V. Financial performance

Operating Performance Strong operating performance… Positive trajectory of operational performance since FY13

RESERVE BALANCEs Reserve positions will continue to grow…

2017 RESERVE BALANCE Reserve position by liquidity…

Debt Principal OUTSTANDING Debt level remains stable…..

Tax Distributions Increasing tax receipts… MARTA Tax Revenue Actual Forecast Millions Tax revenue inclusive of Sales Tax and Vehicle TAVT Forecast growth in Sales Tax provided by Georgia State University Economic Forecasting Center – March 2017 Clayton County tax receipts began in March 2015 City of Atlanta ½ % Sales Tax rate increase began in March 2017

Debt Service Coverage Improving Debt Service coverage ratios… Note: Chart assumes a $100 million borrowing in FY2018

Positive Results Benefits Continue… Highlights Five consecutive years with operating surplus and strong tax collections City of Atlanta ½ % Sales Tax increase adds more pledged revenue to bondholders MARTA Maintains Strong Credit Ratings S&P AA+ - Moody's Aa2 Significant growth in support for public transit Atlanta Regional Business Leaders and Community Relocation of Large Corporate Business Headquarters and Operations Centers in close proximity to MARTA Rail Lines Legislative changes have enhanced revenue and flexibility Positive State of Georgia Bipartisan Government Actions – bring more opportunity Two state grants (SRTA ) totaling $31.7M

VI. Questions