Miami-Dade Expressway Authority ANNUAL REPORT

Transcription

1 Miami-Dade Expressway Authority 2005 ANNUAL REPORT

2 A 5.4 mile long East-West expressway connecting the Palmetto Expressway and I-75 to NW 32nd Avenue. An 11.8 mile long East-West expressway connecting I-95 to Miami International Airport and the Homestead Extension of Florida s Turnpike. A 4.1 mile long East-West expressway connecting I-95 to Miami International Airport. A 2.7 mile East-West expressway connecting US-1 to SR 874. A 7.2 mile long East-West expressway connecting the Palmetto Expressway to the Homestead Extension of Florida s Turnpike.

3 Contents Letter from the Chairman of the Board 1 Letter from the Executive Director 2 Board of Directors 3 About MDX 4 Construction and Engineering 5 Toll Operations and Information Technology 7 Communications, Marketing and Public Affairs 9 Financial Highlights Reflect Fiscal Success 11

4 Letter from the Chairman of the Board Dear Friends: Helping to foster Miami-Dade County s status as a world-class community is the primary objective of the Miami-Dade Expressway Authority (MDX). Our goal is to improve mobility and commuting times for our customers thereby improving the quality of life and economic viability of South Florida and its residents. MDX invests 100 percent of the toll dollars it collects in implementing our strategic vision. We receive virtually no other funding. Considering the fact that Florida and Miami-Dade County are leaders in growth in the country and that the state has an unfunded transportation need of approximately $30 billion, it s easy to see how precious MDX s resources are. Fiscal Year 2005 was another outstanding year for MDX with the successful implementation of our work program. We completed more than $85 million in innovative construction projects that serve as the foundation for improving mobility in the near and long-term. MDX s $590 million work program will have an economic impact of close to $1 billion and will generate almost 10,000 jobs in the county. With this investment, MDX will reduce highway congestion by eliminating 20.3 million vehicle delay hours each year, adding a positive economic impact of at least $580 million. Our customers continue to show their confidence in our technology and systems by increasing their usage of SunPass, which allows our customers to pay their tolls without having to stop. This increased usage of SunPass is moving us toward our goal of Open Road Tolling (ORT), a system that ensures customers pay for only the portion of the road they drive. The financial state of MDX remains strong. In Fiscal Year 2005, MDX capitalized on historically low interest rates and interest rate swaps, issuing a number of bonds to fund the Five-Year Work Program. MDX s debt coverage ratio continues to exceed the 1.2 times requirement of its trust indenture and the 1.4 times requirement established by its board by achieving a 1.78 senior debt coverage. The 2005 hurricane season affected many Florida counties; however, with careful financial management and a flexible financing plan, MDX kept on target to ensure our creditworthiness. We are committed to our stakeholders in our fiscal responsibility. SECTION I MDX LETTER FROM THE CHAIRMAN OF THE BOARD I would like to offer my sincere gratitude to all the outstanding individuals that serve as my fellow board members. Their commitment and perseverance make a difference in improving transportation in South Florida. We were pleased to welcome several new board members this past year while bidding farewell to others. Unfortunately, 2005 saw the passing of one of the great leaders in the transportation world, and one of the original members of MDX s board, Congressman William M. Lehman. Ultimately, our commitment to the residents of Miami-Dade County remains strong as we provide excellence in delivering projects that will make a measurable improvement in everyone s lives. Sincerely, Darryl K. Sharpton, CPA Chairman of the Board 1

5 Letter from the Executive Director The Miami-Dade Expressway Authority (MDX) continues to provide vital transportation infrastructure to Miami-Dade County. We strive to improve mobility which is critical to the economic viability of South Florida and its residents. It is the reinvestment of toll dollars that allow MDX to fully execute its vision of moving Miami-Dade County forward and utilizing innovative technology to enhance mobility. During Fiscal Year 2005 we expended $158 million on projects in our Five - Year Work Program. Our work program is currently budgeted at $590 million. Through the cost-effective and efficient management of our work program, MDX will deliver projects on-time and on-budget. The most important construction project for MDX, as well as one of the largest design-build projects in the history of the State of Florida, is the SR 836 extension from the Florida Turnpike to NW 137th Avenue. This project will alleviate arterial road congestion in west-central Miami-Dade County. We have almost completed one phase of the project which is the new westbound to southbound connection from SR 836 to the Florida Turnpike. This project allows for a higher volume of traffic to efficiently flow through this interchange. Additionally, reconstruction of the interchange at SR 836 and 57th Avenue will extend an auxiliary lane westbound to SR 826. As we implemented our work program, we found ourselves in a position to assist our local transportation partners with mobility initiatives. From our $86.5 million contribution to the Miami Intermodal Center (MIC) to the building of a six-lane state road, connecting SR 836 extension to SW 8th Street, MDX has shown itself to be a flexible organization committed to the mobility of Miami-Dade County. Maintaining our roadways in top condition remains a priority. We have invested millions of dollars in resurfacing our system, providing for new and expanded signage and Intelligent Transportation Systems (ITS). We also made significant improvements to our toll collection system by upgrading our camerabased violation enforcement software. Major strides accomplished during the past fiscal year include the MDX balanced scorecard. This performance measurement technique was established and approved by the Board of Directors in November of 2004, to benchmark the agency s progress towards achieving specific goals and objectives. Accomplishments in customer service, construction management, mobility, fiscal management, small business enterprise outreach, and human resources were measured against set objectives. MDX is committed to working with our civic and elected leaders and community groups to ensure that voices from all sides are heard, and that everyone understands what MDX is doing to provide a higher level of service within our area. As we look towards the future, we see nothing but an open road. With the successful implementation of Open Road Tolling Technology at our new SR 836 toll plaza near downtown, MDX is moving forward with an aggressive plan to fully implement Open Road Tolling, and the equalization of tolls, on all of our roadways within the next five years. We thank you for your support of our organization and our vision, and we will continue to deliver the world-class mobility solutions that you deserve. Servando M. Parapar, P.E. Executive Director SECTION I MDX LETTER FROM THE EXECUTIVE DIRECTOR 2

6 Board of Directors Darryl K. Sharpton, CPA Chair Consulting Director Sharpton, Brunson and Company P.A. Roymi V. Membiela Vice Chair Asst. V.P. Hispanic Marketing & Chief Diversity Officer Baptist Health South Florida T. Gene Prescott Treasurer Principal Shareholder The Biltmore Hotel and Affiliates Maurice A. Ferre Business Consultant Office of Maurice A. Ferre Maritza Gutierrez Founder Creative Ideas Advertising, Inc. Robert W. Holland, Esq. Law Office of Robert W. Holland SECTION I MDX BOARD OF DIRECTORS 3 Carlos A. Lacasa, Esq. Law Firm of Ruden McClosky Oscar Rivero, Esq. President Rivero Development Group Cesar E. Llano Vice President Century Homebuilders John Martinez, P.E. District Six Secretary Florida Department of Transportation Gonzalo Sanabria President Real Estate Works, Inc. Yvonne Soler-McKinley Executive Director Miami Bayside Foundation Arthur Noriega, V Executive Director Miami Parking Authority

7 About MDX The Miami-Dade Expressway Authority (MDX) is an agency created in 1994 by the State of Florida and Miami-Dade County Commission. MDX operates and maintains five of the most critical expressways in Miami-Dade County: State Road 112 (Airport Expressway), State Road 836 (Dolphin Expressway), State Road 874 (Don Shula Expressway), State Road 878 (Snapper Creek Expressway), and State Road 924 (Gratigny Parkway). The expressway system was operated by the State of Florida, Department of Transportation, through December 9, By a transfer agreement, between the State and MDX, the operating rights and responsibilities were relinquished by the State to MDX. The transfer agreement gave MDX the right, in perpetuity, to the toll revenue generated by the expressway system, as well as the right to operate and maintain the system. The governing body of MDX consists of thirteen members, who do not receive any compensation. Seven members are appointed by the County Commission, five by the Governor, and one member is the District Secretary of the State of Florida, Department of Transportation - District VI. All members, except the District Secretary, must be residents of Miami-Dade County during their term of office. MDX is funded almost entirely by toll revenues and is dedicated to the enhancement of mobility in Miami-Dade County. MDX is also committed to bringing efficient, market-driven and user-friendly management to its 31-miles of expressways. Toll revenue pays for improvements such as new exit ramps, roadway maintenance, additional SunPass lanes and more, including road rangers who repair flat tires and provide fuel to get drivers back on the road. As operator of five of the most vital expressways in Miami-Dade County, MDX works to bring state-of-the-art solutions to the daily commute of motorists and helps them to get to their destinations faster and safer. MDX works to achieve this through electronic toll collections, Open Road Tolling, Managed Lanes, and Intelligent Transportation Systems. SECTION I MDX ABOUT MDX 4

8 Exhibit 1 Exhibit 2 Exhibit 3 Construction and Engineering SECTION I MDX CONSTRUCTION AND ENGINEERING 5 The primary focus of the Fiscal Year 2005 work plan was right-of-way acquisition in preparation for the construction of major transportation improvement projects, and the design and construction of priority projects, to provide system expansion and congestion relief. In Fiscal Year 2005, MDX completed over $85 million in construction projects, while having over $200 million in active construction contracts. Concurrently, with the advancement of long-term permanent improvement projects, MDX continued to address immediate operational needs through the completion of quick turnaround interim projects that improved mobility at a relatively low cost. MDX was able to deliver one such project over a weekend at the SR 874 toll plaza. This project, which increased the number of high speed SunPass lanes, is an example of the way an innovative transportation agency can meet demand and enhance mobility. MDX S ACCOMPLISHMENTS ON EACH WORK PROGRAM PHASE ARE AS FOLLOWS: Negotiated significant Federal Highway Administration (FHWA) funding contributions for the implementation of the SR 874 Incident Management/ Surveillance project and the SR 112, SR 878 and SR 924 Communication and Incident Management/ Surveillance projects. Through an advanced right-of-way program, MDX acquired a total of 33 parcels for the SR 836 extension project. A total of 15 parcels were acquired through negotiation and mediation for the Interconnector to Miami International Airport and SR 112; 11 of those parcels in coordination with Miami-Dade Transit (MDT) for shared use. Completed final design of the SR 836 auxiliary lane from NW 57th Avenue to SR 826 and SR 836/NW 57th Avenue westbound ramp improvements. Both high-impact projects. Continued final design of the SR 874/ Killian Parkway interchange and the SR 874 northbound on-ramp from Kendall Drive. Completed a comprehensive re-evaluation of the Interconnector to Miami International Airport and SR 112 to identify alternate solutions that would improve mobility in the area while preserving the envelope for a future connection to the north. Completed the landscaping of SR 112 and SR 836. (Exhibit 1) Substantially completed construction of: SR 836 westbound to southbound Homestead Extension of the Florida Turnpike (HEFT) connection; Phase I of the SR 836 extension projects which provided better access to and from NW 107th Avenue from SR 836; as well as improved connections to both the northbound and southbound HEFT. (Exhibit 2) Completed the SR 836 Communication and Incident Management/Surveillance Projects, the first in a series of Intelligent Transportation System projects planned for the current Five-Year Wor k Program. In Fiscal Year 2005, MDX completed over $85 million in construction, while having over $200 million in active construction contracts.

9 Continued construction of the SR 836 extension to 137th Avenue, a four-lane extension of SR 836 from NW 107th Avenue to NW 137th Avenue, including the construction of 137th Avenue, from SW 8th Street to NW 12th Street, a 1.8-milelong, six-lane arterial roadway, pursuant to a joint participation agreement with Miami-Dade County. At time of letting, this phase was the largest design-build roadway project ever to be awarded in the State of Florida, at a cost of $138 million. This project is currently on schedule for completion in March This is a prime example of the ability of MDX to deliver an unfunded project earlier than scheduled. (Exhibit 3) Commenced improvements from NW 87th Avenue to NW 107th Avenue including a bi-directional toll plaza and a bike path to be completed by the beginning of calendar year The toll plaza has been designed to accommodate highspeed electronic toll collection only lanes and to facilitate the eventual retrofit of the toll plazas to full Open Road Tolling (ORT). The high-speed electronic toll collection only lanes are designed to be used as free-flow lanes when MDX implements full ORT, scheduled for 2009/2010. Coordinated closely with affected communities to ensure that they were kept informed of all project activities and future enhancements. Elements of MDX s Enhancement Manual, featuring the palm frond detail, have already been incorporated in some of the completed projects as an assurance to the community that MDX s projects are for the betterment of the surrounding neighborhoods. A contract cost and performance, and policy management review performed in April 2005, by an independent consultant, MGT America, affirmed that MDX is to be commended for progress with its work program. MDX, with its General Engineering Consultant s (GEC) assistance, is achieving a complex and aggressive work program implementation consisting of new construction, modification and improvement of existing facilities, and planning for future improvements. The programmed budget for the 24 projects in the Five-Year Transportation Improvement Program, for Fiscal Year 2005 was $204 million and approximately $590 million for the entire Five-Year Work Program (FY06-FY10). Total expenditure for Fiscal Year 2005 was $158 million as illustrated on the chart (below). In 2005, the construction industry experienced unprecedented cost escalation in fuel, steel prices, aggregates and labor costs. MDX s speed to market eliminated much of these cost increases in on-going contracts. Our largest contracts were let early enough in the year to avoid impacts. In addition, MDX closely monitored the industry for future projects and has continued to manage the work program to deal with increases and still deliver the projects in the work program. Planned objectives for Fiscal Year 2006, and beyond, are the completion of a system-wide ORT Master Plan, and subsequent completion of interim SR 836 projects to assist with ORT implementation, and completion of final design for SR 874 projects, among others. With these objectives in mind, MDX will embark on an enhanced public outreach program to raise awareness of the value provided to users in return for their tolls. This program will highlight the emphasis that MDX places on efficiency, safety and customer service. SECTION I MDX CONSTRUCTION AND ENGINEERING 6

10 Toll Operations and Information Technology Fiscal Year 2005 continued the success of MDX s Toll Operations and Information Technology Department. An elite team of professionals, whose expertise is called upon by other tolling authorities, continued to fine-tune the operational aspects of the business by reducing costs, maintaining mobility and providing exceptional service to the traveling public in Miami-Dade County. As stewards of public money, the department employed innovative technological solutions, along with indepth analysis of traffic patterns and trends, to deliver one of the most efficient and effective tolling operations in the industry. MDX s objective is to keep toll operations costs below $0.15 per transaction. Validation of this accomplishment is demonstrated by the actual cost per transaction of $0.092, 38% below the stated obective. (Exhibit 1) capacity throughout increased 33%, from 1,200 vehicles per hour to 1,800 vehicles per hour. Fiscal Year 2005 was an extremely busy year for hurricanes and tropical storms. Emergency Operations and Incident Management are paramount to ensuring that mobility in the county is maintained before and after any storm or incident. The staff of MDX refined its Emergency/ Incident Management Plan, which provides Standard Operating Procedures (SOP) to handle all aspects of preparation for emergency operations. MDX teamed up with other tolling agencies throughout the state, to adopt SOP s that were endorsed by the Governor s Office, detailing the requirements for toll suspension and reinstatement during emergency situations. MDX s objective is to keep toll operations costs below $0.15 per transaction. Validation of this accomplishment is demonstrated by the actual cost per transaction of $0.092, 38% below the stated obective. SECTION I MDX TOLL OPERATIONS AND INFORMATION TECHNOLOGY 7 SunPass continues to be the predominant method of payment by our customers. As such, imaging-based tolling, violation enforcement, and 24/7 system maintenance coverage have become the tools of revenue assurance. The implementation of the Toll Violation System in Fiscal Year 2005 led to a substantial decrease in toll violations and provided revenue assurance to bond holders. (Exhibit 2) SunPass electronic tolling has surpassed the 60% penetration levels at several toll plazas in a 24-hour period, reaching nearly 70% during peak hours. At the SR 874, Don Shula plaza, SunPass penetration levels were favorable for reducing the number of cash lanes and using the excess lane capacity to widen the SunPass lanes. MDX brought increased mobility to this corridor in one weekend with the demolition of cash lanes and the construction of two high-speed electronic SunPass express lanes. By expanding the SunPass lanes to 12-foot lanes with threefoot shoulders, in both directions, Exhibit 1 Exhibit 2

11 Having the right tools available at the touch of a button continues to be the focus of MDX s Information Technology team. The development of specialized data spreadsheets, coupled with the ability to query the database for specific information, has enabled MDX to immediately identify potential system problems in near real-time. Trend analysis and in-depth scrutiny of data have increased efficiency and dramatically reduced down time of the systems operating the toll equipment. Pre-set messages are received when the system begins to degrade, allowing for immediate response that limits lane closures, traffic congestion and potential revenue loss. Also, having the ability to compare current traffic information with historical data, allows our analytical experts to correctly forecast changes and provide MDX with future needs and requirements. (Exhibit 3) Exhibit 3 SECTION I MDX TOLL OPERATIONS AND INFORMATION TECHNOLOGY 8

12 SECTION I MDX COMMUNICATIONS, MARKETING AND PUBLIC AFFAIRS Communications, Marketing and Public Affairs MDX takes pride in being part of the community and is dedicated to the mobility of its residents. The Office of Communications, Marketing and Public Affairs reaches out to its customers, community leaders and public officials. In 2005, we launched a comprehensive advertising campaign entitled Drive the Five. This campaign served to highlight the five major roadways of MDX and was successfully implemented through a series of print ads in English and Spanish, radio messages in English, Spanish and Creole, and multiple outdoor placements, including billboards and highway banners. The launch of this brand campaign also included a grassroots media initiative, which included public affairs programming on local radio and television stations throughout the county. Program topics, ranging from the use and accessibility of SunPass to Open Road Tolling (ORT), were discussed. These programs served to heighten the awareness of MDX and its services, and provided the public with many opportunities to interact with MDX. The communications team also worked to prepare the community for the implementation of the second phase of an approved toll adjustment. Not only did we inform our customers, but we listened attentively to how we can improve our system and our communication with them. Presentations were made, to numerous homeowners associations, community councils, elected officials, chambers of commerce, and other community and business groups, to explain how their toll dollars are being used for expansion, improvements and maintenance of our roadways. The response from the community demonstrated an understanding of the need for the toll adjustment, resulting in a formal endorsement from the Greater Miami Chamber of Commerce Transportation Committee. Our communications team was also instrumental in the development of successful community outreach initiatives and partnerships throughout the year. From successful sponsorships and support of mainstay organizations, including the Miami-Dade Chamber of Commerce and Informed Families, to the South Florida Success Magazine launch, MDX continued to play an active role in the community. To further increase business procurement, mentoring and support MDX also hosted numerous conferences and workshops on how to do business with MDX. The Office of Communications, Marketing and Public Affairs reaches out to its customers, community leaders and public officials. 9

13 These sessions provided opportunities for small businesses to learn about MDX and develop strategic partnerships and relationships with other businesses providing similar services to each other. This outreach initiative helped to foster solid business opportunities and relationships with numerous businesses throughout the community. This past year we also revamped and expanded our website, to provide users with a wide array of transportation and traffic information to simplify their daily commute. One enhancement to the website was the addition of the partnership with 511 and SunGuide SM programs, allowing commuters to access real-time traffic information. The site also gives our customers an opportunity to receive the most up-to-date information on MDX s projects, events and business opportunities, and a chance to communicate with MDX. using SunPass when driving on MDX s roadways. In addition to this campaign, MDX expanded its SunPass Direct Program. This initiative has provided a number of free transponders to lowincome residents of Miami-Dade County. All eligible drivers can apply for the SunPass Direct program at Team Metro offices or at Miami-Dade County s traveling Government on the Go Bus. MDX will expand the program to provide free transponders to veterans, the disabled and select college students in the upcoming year. Moving forward, MDX s Office of Communications, Marketing and Public Affairs has a clear focus on increased dialogue with our customers, community leaders and public officials. Our goal is to ensure that MDX s efforts to enhance safety and mobility on its roadways are communicated quickly and efficiently. Increased SunPass usage remains an important goal to save our customers time and money on our roadways. To deliver this message, MDX launched the Saved by SunPass campaign, which informed motorists of the numerous advantages of SECTION I MDX COMMUNICATIONS, MARKETING AND PUBLIC AFFAIRS 10

14 Financial Highlights Reflect Fiscal Success SECTION I MDX FINANCIAL HIGHLIGHTS REFLECT FISCAL SUCCESS As part of its overall strategy, MDX finances almost all operations and work program from the tolls it collects. MDX invests 100 percent of its revenue in the local community and, for the past three years, has allocated approximately $350 million to capital improvements of the transportation infrastructure. Over the past year, debt management continued to be a top priority in order to maintain strong credit ratings. The Finance Department continues to seek financing opportunities in order to diversify and minimize interest rate costs. To accomplish these goals MDX has utilized a blend of fixed and synthetic rate debt and variable and auction rate instruments. The Finance Department is also involved in issuing short-term Commercial Paper Notes and managing the state-backed Toll Facility Revolving Trust Fund and Infrastructure Bank loans. By the use of various financing mechanisms, MDX is able to fund its current Five-Year Work Program of $590 million. (Exhibit 1) The Finance Department manages the fiscal operations of MDX, including administration of the financing activities, to ensure the agency maintains appropriate debt coverage ratios and meets all of its current and long-term obligations. It fulfills the fiduciary responsibility of maximizing the value attained for each dollar the agency collects in toll revenue on an annual basis. The Finance Department is also responsible for the implementation and oversight of the annual budget, which for Fiscal Year 2005 amounted to $266.9 million. OPERATING & FINANCING HIGHLIGHTS OF FISCAL YEAR : OPERATING Change in 2005 Net Assets amounted to $28.6 million in 2005 compared to $22.4 million in 2004, an increase of $6.2 million or 28%. (Exhibit 2 and 2A) Investment income equaled $5.5 million in 2005 compared to $2.1 million in 2004, an increase of $3.4 million or 160% due to higher investment yields. (Exhibit 2 and 2A) Operating expenses, excluding depreciation and amortization, totaled $17.4 million, decreasing slightly from (Exhibit 2 and 2A) Toll revenue increased to $58.7 million in 2005 compared to $49.4 million in 2004, an increase of $9.3 million or 18.8%. (Exhibit 2 and 2A) The Fiscal Year toll revenue is comprised of SR112 $7.2 million, SR 924 $10.9 million, SR 874 $20.8 million, SR 836 $17.5 million and violations of $2.3 million. (Exhibit 3) Fiscal Year 2005 Senior Debt Service coverage was 1.78 compared to a budgeted coverage level of 1.47 and minimum trust indenture requirement of (Exhibit 4) Exhibit 1 MDX is confident that the execution of the Authority s strategic plan will yield strong financial results. 11

15 FINANCING On July 29, 2004, MDX issued $68,200,000 Toll System Refunding Revenue Bonds, Series 2004A, for the purpose of providing funds to refund the total outstanding principal amount of the (Taxable) Series 1996 Bonds. The Series 2004A Bonds consist of $68,200,000 Serial Bonds maturing between July 1, 2005 and July 1, 2019, bearing interest at a taxexempt variable rate. MDX also issued, on July 29, 2004, $175,000,000 Toll System Revenue Bonds, Series 2004B for the purpose of providing funds to pay (a) a portion of the cost of certain improvements to the system included in the Five-Year Work Program (b) at maturity, the Authority s outstanding Toll System Commercial Paper Notes (c) the cost of a debt service reserve facility and (d) costs and expenses relating to the issuance of the bonds. The 2004B Bonds consist of $103,445,000 Serial Bonds maturing between July 1, 2014 and July 1, 2027, bearing interest between 3.85% and 5.25% and $71,555,000 fixed term bonds at 5%, with semiannual interest payments each January 1 and July 1. On March 1, 2005, MDX issued Toll System Revenue Bonds, Series 2005, in five sub-series, totaling $241,400,000 bearing interest at a tax-exempt variable rate. These bonds were issued for the purpose of providing funds to pay a portion of the cost of certain improvements to the system included in the Five-Year Work Program. In connection with the 2004A and 2005 bond issuances, MDX entered into interest rate swap agreements as a means to secure lower borrowing costs. The agreements provided for fixed interest rates of 5.352% and 4.313% for 2004A and 2005, respectively. Under the agreements the Authority owes interest at the stated fixed rates to the counterparties of the swaps. In return, the counterparties will owe MDX interest based on the variable Bond Market Association (BMA), Municipal Swap Index. Operating Revenues Miami-Dade Expressway Authority (MDX) Revenue, Expenses and Changes in Net Assets Fiscal Years Ended June 30 (Shown in Thousands) Prepared on Basis of GAAP Tolls $58,651 $49,410 $44,259 Other Non-operating Revenues Interest & Dividend Income 5,485 2,102 4,415 Contributions for Capital Projects 1,367 4,285 Operating Expenses Total Revenues 65,759 51,592 53,008 Operations & Maintenance 17,346 17,657 18,564 Depreciation & Amortization 9,937 4,166 2,967 Non-Operating Expenses Interest Expense 8,778 7,331 8,563 Disposal of Assets 1,113 Total Expenses 37,174 29,154 30,094 CHANGES IN NET ASSETS $28,585 $22,438 $22,914 Exhibit 2 Exhibit 2A SECTION I MDX FINANCIAL HIGHLIGHTS REFLECT FISCAL SUCCESS 12

16 In November 2004, the Florida Department of Transportation executed a loan to MDX from the State Infrastructure Bank in the amount of $11,613,000 at an interest rate of 2.5%. The loan will be made in installments based on the reimbursement of construction expenditures made by the Authority on the project specific to the loan agreement. As at June 30, 2005, MDX had received no installments. MDX is dedicated to enhancing Miami-Dade County s mobility by providing much needed infrastructure improvements. During the first quarter of Fiscal Year 2005, MDX repaid the outstanding balance of its Commercial Paper Notes in the amount of $80,000,000 plus accrued interest of $110,415. SUBSEQUENT EVENTS SECTION I MDX FINANCIAL HIGHLIGHTS REFLECT FISCAL SUCCESS As of June 30, 2005 MDX has authorized, but not issued, the Series 2006 Bonds in the amount of $317,250,000. On July 18, 2005, MDX entered into three cash settlement swap agreements as a means of hedging interest rate in anticipation of Series 2006 Bonds. Under the cash swap agreements, MDX s interest rate is fixed at 4.22% and will terminate on, or before October 2, On July 1, 2005, MDX executed an amendment relating to the Letter of Credit agreement in connection with the Commercial Paper Program. The amendment extended the current obligation to MDX through December 31, 2015 with the right to elect, at periodic intervals of every 364 days, 3 years, 5 years or 7 years, to terminate its commitment or extend it to the next election date and adjust current rates. Exhibit 3 FISCAL YEAR OPERATING & DEBT COVERAGE RATIO Operating Revenue - Tolls $58,651,830 Operating Revenue - Other 253,183 Investment Income 5,485,581 Total $64,390,594 Operating, General & Administrative $17,346,130 Net Revenue $47,044,464 Senior Bonds Debt Service $26,392,403 Senior Bonds Debt Service Coverage 1.78 Exhibit 4 13