The document summarizes a report by the New York State Comptroller assessing the finances and proposed toll increase of the New York State Thruway Authority. It finds that the Thruway Authority's revenues have not kept pace with expenses in recent years, due in part to taking on responsibility for the State's Canal System. It also notes increasing debt service costs and concludes the Authority has failed to demonstrate fiscal responsibility or provide specific plans to achieve efficiencies, making the need for a toll increase uncertain.
Transport Infrastructure Planning development and Non Motorised TransportTristan Wiggill
Transport Infrastructure Planning development and Non Motorised Transport in Africa. Presented by Whity Maphakela: National Department of Transport during the 2nd Annual Coal Transportation Africa Summit held in Johannesburg, South Africa on 20 May 2015
This document provides a summary of topics from a presentation on the MAP-21 transportation bill implementation update including: funding issues, performance measures, and the future authorization process. MAP-21 consolidated programs and emphasized planning, performance measures, and freight. States will establish performance targets within a year of federal rulemaking. Future authorization faces challenges from a funding gap in the Highway Trust Fund and lack of public and congressional support for revenue increases. The transportation industry is working to develop consensus on funding options for the next bill due by September 2014.
IRB Infrastructure Developer Ltd. reported a Q3FY12 result update. Key highlights include:
- EBIDTA margins improved 193bps y-o-y to 48.18% due to lower raw material costs. EBIDTA grew 16.4% to Rs. 341.69Cr.
- Toll collection grew 29.6% to Rs. 322.3Cr, with the inclusion of new projects. The company expects to maintain 15-20% growth in its E&C business in FY12.
- The company has infused a total equity of Rs. 481Cr in four under construction projects and expects all projects to be completed on schedule.
- The document reports on Localiza's 3Q15 and 9M15 earnings, highlighting key financial metrics such as revenues, EBITDA, net income, fleet size, and utilization rates.
- Net revenues grew 2.7% in 9M15 compared to 9M14, while consolidated EBITDA declined 3.1% and consolidated net income increased 1%.
- EBIT margins improved in both the car rental and fleet rental divisions compared to previous periods.
- Free cash flow was R$228 million in 9M15, impacted by fleet renewal and growth investments.
Presentation by David Austin, an analyst in CBO’s Microeconomics Studies Division, at the 91st Annual Conference of the Western Economic Association International.
Although freight transport contributes significantly to the productivity of the U.S. economy, it also involves sizable costs to society. Those “external” costs include wear and tear on roads and bridges; delays caused by traffic congestion; injuries, fatalities, and property damage from accidents; and harmful effects from exhaust emissions. No one pays those costs directly—neither freight haulers, nor shippers, nor consumers. The unpriced external costs of transporting freight by truck (per ton-mile) are around eight times higher than the costs for rail; those costs net of existing taxes represent about 20 percent of the cost of truck transport and about 11 percent of the cost of rail transport. This presentation examines policy options to address those unpriced external costs.
This document summarizes the financial performance of Localiza Rent a Car S.A. in the second quarter and first half of 2015. Key points include:
- Consolidated net revenues grew 5.8% in the first half of 2015 compared to the same period in 2014, helped by growth in both the car rental and fleet rental divisions.
- Consolidated EBITDA decreased year-over-year as a reduction in margins for the car rental division was only partially offset by lower depreciation expenses.
- Net income decreased slightly in 2Q15 compared to 2Q14 due to higher interest rates, though this was largely offset by lower depreciation costs.
- Free cash flow was
This document summarizes the quarterly earnings report of Localiza Rent a Car S.A. for the first quarter of 2015. It shows that while car rental volume declined due to economic conditions, revenue in the fleet rental division grew due to market opportunities. Overall, consolidated net revenue grew 6.5% compared to the prior year. However, EBITDA declined due to strategic consulting expenses and increased doubtful accounts provisions. The company also reduced its car rental fleet after the end of the summer season. Debt levels remain manageable and debt maturity was improved through a new issuance and prepayment in the second quarter of 2015.
Transport Infrastructure Planning development and Non Motorised TransportTristan Wiggill
Transport Infrastructure Planning development and Non Motorised Transport in Africa. Presented by Whity Maphakela: National Department of Transport during the 2nd Annual Coal Transportation Africa Summit held in Johannesburg, South Africa on 20 May 2015
This document provides a summary of topics from a presentation on the MAP-21 transportation bill implementation update including: funding issues, performance measures, and the future authorization process. MAP-21 consolidated programs and emphasized planning, performance measures, and freight. States will establish performance targets within a year of federal rulemaking. Future authorization faces challenges from a funding gap in the Highway Trust Fund and lack of public and congressional support for revenue increases. The transportation industry is working to develop consensus on funding options for the next bill due by September 2014.
IRB Infrastructure Developer Ltd. reported a Q3FY12 result update. Key highlights include:
- EBIDTA margins improved 193bps y-o-y to 48.18% due to lower raw material costs. EBIDTA grew 16.4% to Rs. 341.69Cr.
- Toll collection grew 29.6% to Rs. 322.3Cr, with the inclusion of new projects. The company expects to maintain 15-20% growth in its E&C business in FY12.
- The company has infused a total equity of Rs. 481Cr in four under construction projects and expects all projects to be completed on schedule.
- The document reports on Localiza's 3Q15 and 9M15 earnings, highlighting key financial metrics such as revenues, EBITDA, net income, fleet size, and utilization rates.
- Net revenues grew 2.7% in 9M15 compared to 9M14, while consolidated EBITDA declined 3.1% and consolidated net income increased 1%.
- EBIT margins improved in both the car rental and fleet rental divisions compared to previous periods.
- Free cash flow was R$228 million in 9M15, impacted by fleet renewal and growth investments.
Presentation by David Austin, an analyst in CBO’s Microeconomics Studies Division, at the 91st Annual Conference of the Western Economic Association International.
Although freight transport contributes significantly to the productivity of the U.S. economy, it also involves sizable costs to society. Those “external” costs include wear and tear on roads and bridges; delays caused by traffic congestion; injuries, fatalities, and property damage from accidents; and harmful effects from exhaust emissions. No one pays those costs directly—neither freight haulers, nor shippers, nor consumers. The unpriced external costs of transporting freight by truck (per ton-mile) are around eight times higher than the costs for rail; those costs net of existing taxes represent about 20 percent of the cost of truck transport and about 11 percent of the cost of rail transport. This presentation examines policy options to address those unpriced external costs.
This document summarizes the financial performance of Localiza Rent a Car S.A. in the second quarter and first half of 2015. Key points include:
- Consolidated net revenues grew 5.8% in the first half of 2015 compared to the same period in 2014, helped by growth in both the car rental and fleet rental divisions.
- Consolidated EBITDA decreased year-over-year as a reduction in margins for the car rental division was only partially offset by lower depreciation expenses.
- Net income decreased slightly in 2Q15 compared to 2Q14 due to higher interest rates, though this was largely offset by lower depreciation costs.
- Free cash flow was
This document summarizes the quarterly earnings report of Localiza Rent a Car S.A. for the first quarter of 2015. It shows that while car rental volume declined due to economic conditions, revenue in the fleet rental division grew due to market opportunities. Overall, consolidated net revenue grew 6.5% compared to the prior year. However, EBITDA declined due to strategic consulting expenses and increased doubtful accounts provisions. The company also reduced its car rental fleet after the end of the summer season. Debt levels remain manageable and debt maturity was improved through a new issuance and prepayment in the second quarter of 2015.
Working in the Global Classroom: A Teacher's Journey (#RSCON4)Michael Graffin
Over the past few years, my global connections have transformed the way I learn, the way I teach, and the way I see the world. My global journey started in 2011, when I gave my first ever presentation at #RSCON3, and co-founded The Global Classroom Project community. And this year, it took me to the iEARN 2013 Conference in Qatar, where I shared my experiences on the world stage.
In this session, I will explore how teachers can enrich their students’ learning, broaden perspectives, and transform their teaching practice by connecting beyond their classroom walls. I’m returning to where it all began, exploring the tools, communities, and online networks which helped me connect, learn, share, and collaborate beyond my classroom walls, and helped me become the educator I am today.
This summary provides the key ideas from the document in 3 sentences:
The document discusses several passages from the Bible regarding idolatry and worshipping other gods. It then discusses the origins of writing and letters according to Plato, where the god Theuth invented writing but the god Thamus criticized it as a technology that could undermine memory. The document concludes by examining passages from Aristotle's Nicomachean Ethics regarding the chief good of human life and happiness being defined as the soul's virtuous activity expressed through complete living.
A presentation tries to move the discussion on performance testing from a simple, "will it support x users" to a focus on application optimisation.
The Career Development Centre is a registered charitable trust and NGO that provides non-formal education programs for children as well as career development and community activities. It focuses on innovative learning styles, health awareness, village visits, rural camps, family counseling, vocational guidance, career counseling, global leadership training, and welfare programs. Interested individuals are encouraged to join the CDC team or support its activities.
Support Each Other in 140 Characters or LessLinda Lindsey
Twitter can be an easy and fun way to stay informed and connect with others by sharing information and resources in 140 characters or less. It allows you to follow experts, organizations, and interesting people to learn from their tweets of useful information. By participating in twitter, you can help build an online community where you can get answers to questions, find resources, and collaborate with others. It encourages sharing knowledge, ideas, opinions, and what you are doing to create a sense of community and help others at the same time. The document provides suggestions on who to follow on twitter within different interest areas as well as how to use twitter features like direct messaging and polls to connect with colleagues.
An index is identified by its signature, while a property is identified by its name. An indexer is always an instance member, but a property can be static. An indexer is accessed through element access, while a property is accessed through member access. Extension methods allow custom functions to be added to existing types through static classes and a new syntax. Events allow classes to notify other classes when something happens by invoking event handler methods. Abstract classes can have both abstract and concrete members, while interfaces only contain implicitly abstract members that must be implemented in derived classes.
ISEA2011 Istanbul keynote: Time to LiveSean Cubitt
I hope to publish the whole talk here; in the interim, here's the abstract:
The dominant media of the 21st century are now in place: spreadsheets, databases and geographic information systems. Evolved from double-entry book-keeping, from the early adding machines and filing cabinets of the first office revolution, and from the maps that guided the first wave of European imperialism. All three share a move away from origins in chronological ordering. Time is being squeezed out of contemporary media. We need to look hard at its position in digital technology. The moving image media begin with succession – one frame after another – adding the interlaced and progressive scan with the invention of video. Digital imaging brings with it the clock function in image capture and processing; and the introduction of the time-to-live principle in packet switching, which ensures undelivered packages erase themselves so that they do not clog the system. Time is integral to digital media, far more so than to their mechanical predecessors. Vector graphics are a startling example of the potential of this temporal specificity. But vectors are both constrained by the universality of raster displays, and redeployed in video codecs as a means for managing and controlling time. The aesthetics of digital time cannot be separated from its political economy: and art that is digital needs to pay attention to the materiality of digital media, and the politics and economics that define them, especially in the moment of IPv6, HTML5 and the MPEG-LA patent wars
Text materials of the Internet as Factory and Playground - in Draft!! -- latest version will be posted with new subtitle: "Post-Cartesian Community, Post-Kantian Cosmopolitanism"
An emperor penguin describes itself, providing clues about where it lives (Antarctica and snowy, icy lands), what it eats (fish and krill, making it a carnivore), how it is special (using its wings for swimming and having tightly packed feathers to stay warm despite not being able to fly), what it looks like (fat with lots of feathers, black, white, and sometimes brown), and finally revealing that it is an emperor penguin.
The document outlines various creative works and clients for a portfolio including press ads, brochures, posters, flyers, and website designs. It lists multiple press ad, brochure, poster, and flyer projects for clients like the Jain Group of Institutions, Raksha Group, DNA Networks Pvt. Ltd., and others. It also mentions other works like emailers and press kits. Lastly, it lists several website interface design projects.
BCG Aircraft Recoveries BV offers liftbag assistance for aircraft recoveries and other calamities worldwide. They produce high quality liftbags in Holland under their SC Inflatables brand. The liftbags are used to lift vehicles like trucks with minimal additional damage by distributing the force across a large surface area with reduced pressure. They offer various bag sizes that can be combined for different recovery needs.
Le Sun Festival de Marrakech, événement international des cultures actuelles, continue sur sa lancée et donne un nouveau rendez-vous aux amoureux des cultures actuelles du 23 au 31 octobre 2015. Une 8ème édition qui met la culture et la promotion de la jeunesse à l’honneur, dans un esprit communautaire d’union et de partage autour d’activités socioculturelles diversifiées.
This document is a collection of 12 photos from Flickr shared under various Creative Commons licenses. The photos cover a range of subjects and were uploaded by different photographers for non-commercial reuse.
Trip views visualisation:
- Select Pod on map to view cars.
- Select car to view trips.
- Demo for 1 car available at:
http://rp-www.cs.usyd.edu.au/~nguyend/goget/goget-trip-viewer.html
Descriptions:
- Allow to review trips from web browsers with logs of timelines, moving patterns, locations and addresses on map.
- Review travel coverage area by car.
- Applicable for real-time tracking system.
What have been used from HERE API?
1. JavaScript APIs:
- Markers.
- Density based heat map.
- Custom shape overlay.
- Information bubble with HTML content.
- Tracking a moving map object example.
REST APIs:
- Shortest path routing.
- Reverse geocoding.
The document discusses the history and changing nature of color from prehistory to modern digital technologies. It notes how color has moved from having inherent meanings within cultural hierarchies to being viewed as a matter of individual taste. With the rise of digital technologies and mathematics, color has been reduced to numerical representations without cultural significance. This has contributed to a loss of shared meaning and fragmented social order in a world where color is divorced from cultural grammars.
The document provides an overview of how to stay ahead of the curve as a job seeker by following business projects from inception. It discusses (1) keeping track of changes in the regulatory environment and competitor strategies, (2) monitoring a company's project lifecycle from planning to rollout, and (3) understanding what types of roles are needed at each project stage. The key is to prepare for future opportunities by watching for early indicators like a company announcing new projects or regulatory changes.
CCR reported strong financial results for 4Q11 and full year 2011. Key highlights include:
- Traffic growth of 4.4% in 4Q11 and 10.8% for 2011. Electronic toll collections reached 64.4% in 4Q11.
- EBITDA growth of 31.3% in 4Q11 and 29.9% for 2011, with EBITDA margins expanding significantly.
- Net income increased 1781.9% in 4Q11 and 33.9% for 2011, benefiting from increased traffic and capital discipline.
OHL Brasil reported strong financial results for the second quarter of 2005, with net service revenues up 7.9% over the previous quarter and adjusted EBITDA of $58.7 million, a 62.9% margin. Traffic across the company's three toll road concessions increased by 8% in the second quarter compared to the previous year. The company also completed its IPO in July 2005, raising $135 million to fund expansion plans and potential acquisitions.
Working in the Global Classroom: A Teacher's Journey (#RSCON4)Michael Graffin
Over the past few years, my global connections have transformed the way I learn, the way I teach, and the way I see the world. My global journey started in 2011, when I gave my first ever presentation at #RSCON3, and co-founded The Global Classroom Project community. And this year, it took me to the iEARN 2013 Conference in Qatar, where I shared my experiences on the world stage.
In this session, I will explore how teachers can enrich their students’ learning, broaden perspectives, and transform their teaching practice by connecting beyond their classroom walls. I’m returning to where it all began, exploring the tools, communities, and online networks which helped me connect, learn, share, and collaborate beyond my classroom walls, and helped me become the educator I am today.
This summary provides the key ideas from the document in 3 sentences:
The document discusses several passages from the Bible regarding idolatry and worshipping other gods. It then discusses the origins of writing and letters according to Plato, where the god Theuth invented writing but the god Thamus criticized it as a technology that could undermine memory. The document concludes by examining passages from Aristotle's Nicomachean Ethics regarding the chief good of human life and happiness being defined as the soul's virtuous activity expressed through complete living.
A presentation tries to move the discussion on performance testing from a simple, "will it support x users" to a focus on application optimisation.
The Career Development Centre is a registered charitable trust and NGO that provides non-formal education programs for children as well as career development and community activities. It focuses on innovative learning styles, health awareness, village visits, rural camps, family counseling, vocational guidance, career counseling, global leadership training, and welfare programs. Interested individuals are encouraged to join the CDC team or support its activities.
Support Each Other in 140 Characters or LessLinda Lindsey
Twitter can be an easy and fun way to stay informed and connect with others by sharing information and resources in 140 characters or less. It allows you to follow experts, organizations, and interesting people to learn from their tweets of useful information. By participating in twitter, you can help build an online community where you can get answers to questions, find resources, and collaborate with others. It encourages sharing knowledge, ideas, opinions, and what you are doing to create a sense of community and help others at the same time. The document provides suggestions on who to follow on twitter within different interest areas as well as how to use twitter features like direct messaging and polls to connect with colleagues.
An index is identified by its signature, while a property is identified by its name. An indexer is always an instance member, but a property can be static. An indexer is accessed through element access, while a property is accessed through member access. Extension methods allow custom functions to be added to existing types through static classes and a new syntax. Events allow classes to notify other classes when something happens by invoking event handler methods. Abstract classes can have both abstract and concrete members, while interfaces only contain implicitly abstract members that must be implemented in derived classes.
ISEA2011 Istanbul keynote: Time to LiveSean Cubitt
I hope to publish the whole talk here; in the interim, here's the abstract:
The dominant media of the 21st century are now in place: spreadsheets, databases and geographic information systems. Evolved from double-entry book-keeping, from the early adding machines and filing cabinets of the first office revolution, and from the maps that guided the first wave of European imperialism. All three share a move away from origins in chronological ordering. Time is being squeezed out of contemporary media. We need to look hard at its position in digital technology. The moving image media begin with succession – one frame after another – adding the interlaced and progressive scan with the invention of video. Digital imaging brings with it the clock function in image capture and processing; and the introduction of the time-to-live principle in packet switching, which ensures undelivered packages erase themselves so that they do not clog the system. Time is integral to digital media, far more so than to their mechanical predecessors. Vector graphics are a startling example of the potential of this temporal specificity. But vectors are both constrained by the universality of raster displays, and redeployed in video codecs as a means for managing and controlling time. The aesthetics of digital time cannot be separated from its political economy: and art that is digital needs to pay attention to the materiality of digital media, and the politics and economics that define them, especially in the moment of IPv6, HTML5 and the MPEG-LA patent wars
Text materials of the Internet as Factory and Playground - in Draft!! -- latest version will be posted with new subtitle: "Post-Cartesian Community, Post-Kantian Cosmopolitanism"
An emperor penguin describes itself, providing clues about where it lives (Antarctica and snowy, icy lands), what it eats (fish and krill, making it a carnivore), how it is special (using its wings for swimming and having tightly packed feathers to stay warm despite not being able to fly), what it looks like (fat with lots of feathers, black, white, and sometimes brown), and finally revealing that it is an emperor penguin.
The document outlines various creative works and clients for a portfolio including press ads, brochures, posters, flyers, and website designs. It lists multiple press ad, brochure, poster, and flyer projects for clients like the Jain Group of Institutions, Raksha Group, DNA Networks Pvt. Ltd., and others. It also mentions other works like emailers and press kits. Lastly, it lists several website interface design projects.
BCG Aircraft Recoveries BV offers liftbag assistance for aircraft recoveries and other calamities worldwide. They produce high quality liftbags in Holland under their SC Inflatables brand. The liftbags are used to lift vehicles like trucks with minimal additional damage by distributing the force across a large surface area with reduced pressure. They offer various bag sizes that can be combined for different recovery needs.
Le Sun Festival de Marrakech, événement international des cultures actuelles, continue sur sa lancée et donne un nouveau rendez-vous aux amoureux des cultures actuelles du 23 au 31 octobre 2015. Une 8ème édition qui met la culture et la promotion de la jeunesse à l’honneur, dans un esprit communautaire d’union et de partage autour d’activités socioculturelles diversifiées.
This document is a collection of 12 photos from Flickr shared under various Creative Commons licenses. The photos cover a range of subjects and were uploaded by different photographers for non-commercial reuse.
Trip views visualisation:
- Select Pod on map to view cars.
- Select car to view trips.
- Demo for 1 car available at:
http://rp-www.cs.usyd.edu.au/~nguyend/goget/goget-trip-viewer.html
Descriptions:
- Allow to review trips from web browsers with logs of timelines, moving patterns, locations and addresses on map.
- Review travel coverage area by car.
- Applicable for real-time tracking system.
What have been used from HERE API?
1. JavaScript APIs:
- Markers.
- Density based heat map.
- Custom shape overlay.
- Information bubble with HTML content.
- Tracking a moving map object example.
REST APIs:
- Shortest path routing.
- Reverse geocoding.
The document discusses the history and changing nature of color from prehistory to modern digital technologies. It notes how color has moved from having inherent meanings within cultural hierarchies to being viewed as a matter of individual taste. With the rise of digital technologies and mathematics, color has been reduced to numerical representations without cultural significance. This has contributed to a loss of shared meaning and fragmented social order in a world where color is divorced from cultural grammars.
The document provides an overview of how to stay ahead of the curve as a job seeker by following business projects from inception. It discusses (1) keeping track of changes in the regulatory environment and competitor strategies, (2) monitoring a company's project lifecycle from planning to rollout, and (3) understanding what types of roles are needed at each project stage. The key is to prepare for future opportunities by watching for early indicators like a company announcing new projects or regulatory changes.
CCR reported strong financial results for 4Q11 and full year 2011. Key highlights include:
- Traffic growth of 4.4% in 4Q11 and 10.8% for 2011. Electronic toll collections reached 64.4% in 4Q11.
- EBITDA growth of 31.3% in 4Q11 and 29.9% for 2011, with EBITDA margins expanding significantly.
- Net income increased 1781.9% in 4Q11 and 33.9% for 2011, benefiting from increased traffic and capital discipline.
OHL Brasil reported strong financial results for the second quarter of 2005, with net service revenues up 7.9% over the previous quarter and adjusted EBITDA of $58.7 million, a 62.9% margin. Traffic across the company's three toll road concessions increased by 8% in the second quarter compared to the previous year. The company also completed its IPO in July 2005, raising $135 million to fund expansion plans and potential acquisitions.
OHL Brasil reported strong financial results for the second quarter of 2005, with net service revenues up 7.9% over the previous quarter and adjusted EBITDA of $58.7 million, a 62.9% margin. Traffic across the company's three toll road concessions increased between 6.6% and 8.0% over the same period last year. The company continues to generate consistent cash flow with a low debt ratio and prospects for further growth through acquisitions and participation in Brazil's toll road privatization program.
- CCR's consolidated traffic grew 3.9% in 2Q14, while toll revenues increased 5.7%. Adjusted proforma EBITDA increased 5.2% in 2Q14.
- Total costs increased 5.4% in 2Q14 versus 2Q13, driven by a higher average SELIC rate and increased debt levels. Net income decreased 9.4% due to financial expenses.
- CCR maintained a comfortable leverage ratio of 2.0x net debt to EBITDA. The company continues investing in maintenance and improvements across its portfolio.
- CCR's consolidated traffic grew 8.4% in 4Q13 and 6.0% in 2013. Toll collection through electronic means increased, with the number of tag users up 14.1% in 4Q13.
- Adjusted EBITDA on a same-basis increased 10.3% in 4Q13 and 12.8% in 2013, with margins of 65.3% and 65.7% respectively.
- CCR received R$95 million from the sale of its stake in STP infrastructure company.
CenturyLink is an integrated communications company that provides voice, internet, data and video services primarily to residential and business customers in rural markets. It has a large fiber network and also provides wholesale communications services. The company faces competition from major telecom companies as well as cable and wireless providers. It has grown in recent years through mergers and acquisitions, including deals for Embarq, Qwest and Savvis, with the goal of expanding into new markets and services. However, the telecommunications industry is highly competitive and regulated, and CenturyLink must continue adapting to technological changes and revenue declines in traditional services to maintain profitability.
- The company reported a 25.2% increase in car rental volume and a 14.3% increase in car rental revenues in 3Q16 compared to the previous year. Fleet size reached a peak of 136,202 vehicles at the end of 9M16, an increase of 18,060 vehicles.
- EBITDA increased by R$13.3 million in 3Q16 and R$37.9 million in 9M16 supported by revenue growth. However, net income was flat due to higher depreciation costs.
- Used car sales normalized with an average of 5,894 vehicles in Seminovos stores in 3Q16, allowing better fleet management.
- The company reported a 25.2% increase in car rental volume and a 14.3% increase in car rental revenues in 3Q16 compared to the previous year. Fleet size reached a peak of 136,202 vehicles at the end of 9M16, an increase of 18,060 vehicles.
- EBITDA increased by R$13.3 million in 3Q16 and R$37.9 million in 9M16 supported by revenue growth. However, net income was flat due to higher depreciation costs.
- Used car sales normalized with the delivery of ordered vehicles from automakers, allowing the company to increase its fleet turnover.
- Traffic fell 3.8% in 1Q15 compared to 1Q14. Adjusted EBITDA on a same-basis increased 2.8% with a margin of 65.6%. Net income on a same-basis was R$312.6 million, down 13.8%.
- Costs increased due to new projects, wage increases, and a tax provision effect for Ponte. Excluding these factors, cash costs increased 5.2% and EBITDA margin was maintained at 65.6%.
- Financial results were impacted by higher debt and interest rates. Net debt/EBITDA was 2.5x. The leverage reflects investment needs but not potential cash generation from new businesses.
Driving growth and differential performance among Class I railroadsDeloitte United States
Building a precision-scheduled railroad generated substantial benefit for Class I railroads and their shareholders when compared to their prior performance. However, with nearly all railroads pursuing the same strategy, we see differential performance among the Class I railroads driven primarily by changes in industrial production rather than strategic choices by management and Boards of Directors. Breaking away from the narrow range of industry peer performance will likely require more deliberate choices about the scope of operations and services that offer good prospects for returns on capital. Railroad executives should shift attention from operations to the configuration of commercial functions to help realize distinct competitive advantages and improved shareholder returns.
- Earnings results for 1Q14 showed consolidated traffic growth of 9.1% and tolls collected electronically increasing 14.2%. Adjusted EBITDA on a same basis increased 14.6% and net income on a same basis grew 7.5%.
- Costs were up 1.6% on a same basis, reflecting higher costs from new projects. Financial results declined due to higher debt levels and interest rates.
- The company maintained a comfortable leverage ratio and dividend payout remains over 50% of net income, demonstrating a continued commitment to shareholders.
The document provides an overview of Avis Budget Group's fourth quarter 2011 and full year 2011 financial results as well as a forecast for 2012. Some key points:
- Fourth quarter 2011 earnings per share were $0.92 compared to $0.80 in fourth quarter 2010, with comparable earnings per share of $0.97 versus $0.65 the prior year.
- Fleet Management Solutions revenue increased 13% year-over-year for the quarter driven by growth in commercial rentals and acquisitions. Earnings before tax were up 41%.
- Supply Chain Solutions and Dedicated Contract Carriage also saw revenue increases for the quarter of 26% and 29%, respectively, due to acquis
This document investigates introducing a handset leasing business model for Telecom X to drive improved profitability. Market research shows shifting customer preferences towards lower cost SIM-only plans have reduced revenues. Handset leasing could be a solution by making premium devices more affordable and allowing frequent upgrades. Data analysis of two comparable companies, one with leasing and one without, shows the leasing company experienced higher revenue, profit and ARPU growth. Forecasts applied to Telecom X's financials predict leasing would result in over 4% higher profit growth compared to no leasing. To implement leasing, the next steps are understanding customer needs through a survey and creating an attractive leasing offer.
This document provides financial results for OHL Brasil for 4Q11, 2011, and comparisons to previous periods. Key points include:
- Tolled traffic grew 7.8% in 4Q11 and 14.3% in 2011 compared to previous periods due to new toll plazas and bi-directional collection.
- Toll tariffs grew 9.6% in 4Q11 and 3.7% in 2011 mainly due to inflation adjustments.
- Gross revenue grew with increases in toll plaza revenues and construction revenues.
- Adjusted EBITDA grew in 4Q11 and 2011 while margins remained stable, despite provisions for highway maintenance.
Yellow Roadway Corporation reported record financial results for the first quarter of 2005 across all of its business units. Revenue increased 8.1% compared to the first quarter of 2004. Adjusted operating income more than doubled. The Yellow Transportation, Roadway Express, New Penn Motor Express, and Meridian IQ segments all saw revenue and operating income growth. Yellow Roadway also provided guidance for the second quarter and full year 2005, with earnings per share expected to be between $1.25-$1.35 for the second quarter and $5.10-$5.30 for the full year. The company remains focused on integrating its pending acquisition of USF Corporation.
Yellow Roadway Corporation reported record financial results for the first quarter of 2005 across all of its business units. Revenue increased 8.1% compared to the first quarter of 2004. Adjusted operating income more than doubled. The Yellow Transportation, Roadway Express, New Penn Motor Express, and Meridian IQ segments all saw revenue and operating income growth. Yellow Roadway also provided guidance for the second quarter and full year 2005, with earnings per share expected to be between $1.25-$1.35 for the second quarter and $5.10-$5.30 for the full year. The company remains focused on integrating its pending acquisition of USF Corporation.
The document summarizes Localiza's 1Q16 earnings results. Key highlights include an 11.3% increase in consolidated net revenues despite an adverse macroeconomic scenario. The car rental division saw a 6.4% increase in net revenues due to higher average rental rates. EBITDA increased 5.5% to R$258.4 million compared to 1Q15, driven by growth in both the car and fleet rental divisions. Overall results were positively impacted by commercial initiatives to stimulate demand and increase fleet utilization rates.
The document summarizes Localiza's 1Q16 earnings results. Key highlights include an 11.3% increase in consolidated net revenues despite an adverse macroeconomic scenario. The car rental division saw a 6.4% increase in net revenues due to higher average rental rates. EBITDA increased 5.5% to R$258.4 million compared to 1Q15, driven by growth in both the car and fleet rental divisions. Overall results were positively impacted by commercial initiatives to stimulate demand and increase fleet utilization rates.
This document provides an overview and summary of TGI's 1H 2013 results. It discusses TGI's history, financial and operating highlights, and expansion projects. TGI has a stable and growing business as the largest natural gas pipeline system in Colombia. It has a dominant market position and generates stable cash flow from long-term regulated contracts. Sizeable expansion projects are underway to increase capacity and meet growing demand.
Similar to Assessment of the thruway authority (20)
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1. OFFICE OF THE STATE COMPTROLLER
Thomas P. DiNapoli, State Comptroller
Assessment of the Thruway Authority’s
Finances and Proposed Toll Increase
August 2012
Summary
In late May 2012, the New York State Thruway Authority announced that it was beginning
the process of imposing a 45 percent average toll increase for larger commercial
vehicles. This increase, intended to take effect on September 30, 2012, comes after the
Thruway Authority has increased tolls for all classes of vehicles in 2005, 2008, 2009 and
2010. The proposed increase would mark the fifth time in the past seven years that the
Thruway Authority has imposed higher tolls. A consultant report on the Authority‟s
financial requirements, commissioned by the Authority, has suggested that “further
actions” may be needed by 2015 – raising the prospect of still another toll increase,
potentially affecting a broader group of Thruway users than the current targeted
proposal.1
Thruway Toll Increases 1954 – 2012
250%
200%
Since 2004 - 5 Toll Increases
150% ?
First 50 years - 4 Toll Increases
100%
50%
0%
1954 1964 1974 1984 1994 2004
Passenger Commercial
Source: Thruway Authority
1
Unless otherwise indicated, all figures in this report are based on New York State Thruway Authority annual budgets, Jacobs
Engineering Group, New York State Thruway Authority Financial Requirements and Proposed Toll Adjustments 2012-2016, May
2012, Jacobs Civil Consultants, Inc. Traffic and Revenue Report Including Review of Operating Expenses and Physical Condition,
June 18, 2012, Navigant Capital Advisors, New York State Thruway Authority Executive Summary Report, May 24, 2012.
2. An independent financial and management review, commissioned by the Authority,
concluded that historically the Authority has “failed to demonstrate fiscal responsibility”
and resorted to “kick-the-can” policies that postponed payment of current costs and
deferred difficult decisions to the future. Numerous audits by the Office of the State
Comptroller over the past decade have identified specific examples of missed
opportunities to limit costs and to generate new revenues without raising tolls.
Additional factors in the Thruway Authority‟s current weakened condition include the
Authority‟s responsibility for financing and operating the State‟s Canal System as a result
of legislation enacted two decades ago. The Canal System has consumed more than
$1.1 billion of Thruway resources in the ensuing period. Contrary to the original
legislative intent, responsibility for supporting the canals has diminished the Authority‟s
ability to pursue its core mission. Moving the Canal System into the Thruway Authority
was intended, in part, to stimulate tourism and economic development along the historic
canal corridors. This goal, too, has been elusive; boating activity on the canal has
declined substantially under Thruway control.
In recent months, the Thruway Authority has made clear its intent to achieve significant
cost savings and to improve its capital planning – both laudable goals. However, the
Authority‟s public statements regarding target amounts for cost savings have varied
substantially, and no specific plan for achieving desired efficiencies has been made
public. A definitive assessment regarding the need for any toll increase and its potential
scope can only be established if and when the Authority provides additional information
on budgetary actions it considers achievable in 2012 and the years immediately
following.
The proposed 45 percent average toll increase for commercial vehicles would
unavoidably have a negative impact on commercial trucking companies and truck drivers
operating in New York State, sending ripple effects through the State‟s overall economy.
Those directly affected are likely to pass most or all of the increase on to consumers.
Recent news reports indicate that substantial toll increases are also being considered for
all vehicles on the new Tappan Zee Bridge, planned for construction over the next
several years.
The combination of higher charges for commercial trucking companies and truck drivers
using the Thruway, coupled with a potential sharp increase in the Tappan Zee Bridge toll,
will have impacts that are difficult to predict. Clearly, if the Thruway proceeds with its
planned 45 percent average increase, some truck drivers will seek alternate routes. To
the extent that such alternatives include out-of-state highways, businesses in New York
that serve long-distance carriers will lose revenue and may reduce employment as a
result. Where trucking activity remains in New York but moves to non-tolled routes,
taxpayers will pick up incremental costs for repairs to State and local highways that
experience more rapid deterioration due to an increase in heavy traffic.
This report provides an assessment of the Thruway Authority‟s financial condition in order
to inform the public discussion related to the proposed toll increase. It identifies areas of
fiscal stress, such as increasing debt service costs and overly optimistic traffic estimates
in past years, and highlights areas of weakness and concern identified in audits by the
2
3. Office of the State Comptroller as well as independent consultant reports. It concludes
with a series of recommendations that the Authority should consider before acting on
additional toll increases.
Thruway Authority’s Current Financial Condition
Thruway revenues have not kept pace with expenses in recent years. Thruway-
generated revenues consist of passenger and commercial tolls, plaza rental payments,
and a variety of other receipts. (Thruway-generated resources do not include federal aid
or bond proceeds; other resources, such as fund balances and reserves, may also be
available.) From 2002 through 2011, Thruway-generated revenues grew by 4.0 percent
on average annually, while expenses grew by 5.0 percent on average. In the most recent
year, 2011, Thruway-generated revenue fell by 1.0 percent while expenses rose 7.0
percent.
Thruway Authority Revenues and Expenses, 2002-2011
(in millions of dollars)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
SOURCES
Passenger Revenue 253.9 257.2 264.8 311.1 333.7 324.7 347.1 400.8 413.1 403.9
Commercial Revenue 169.5 170.0 174.8 200.1 220.7 215.6 215.6 210.8 228.1 230.2
Other Revenue 26.5 27.4 30.4 36.4 39.6 41.4 33.5 26.7 31.3 31.4
Total Thruway Revenue 449.9 454.6 470.0 547.6 594.0 581.7 596.2 638.3 672.5 665.5
Year-to-Year Revenue Growth 1.8% 1.0% 3.4% 16.5% 8.5% -2.1% 2.5% 7.1% 5.4% -1.0%
Bond proceeds* N/A N/A N/A 60.4 154.8 198.3 299.5 258.4 305.8 366.0
Federal Aid 32.7 44.0 70.6 43.1 22.7 30.9 17.6 10.0 8.7 0.0
USES
Thruway 278.4 284.3 310.7 319.8 335.2 349.3 337.3 346.7 364.2 370.0
Canal System 31.9 30.7 6.3 38.2 42.8 45.9 45.2 48.7 46.0 51.3
Total Operating Expenses 310.3 315.0 317.0 358.0 378.0 395.2 382.5 395.4 410.2 421.3
Thruway Capital 195.6 195.7 173.6 124.4 230.2 326.3 324.9 295.0 350.9 417.1
Canal System Capital 38.4 33.3 15.0 21.0 14.4 44.2 30.3 26.1 26.8 27.4
Total Capital Expenses 234.0 229.0 188.6 145.4 244.6 370.5 355.2 321.1 377.7 444.5
Debt Service 93.2 94.0 92.7 108.4 128.5 135.8 163.5 176.9 191.2 181.8
Total Expenses 637.5 638.0 598.3 611.8 751.1 901.5 901.2 893.4 979.1 1,047.6
Year-to-Year Spending Growth -0.5% 0.1% -6.2% 2.3% 22.8% 20.0% 0.0% -0.9% 9.6% 7.0%
* N/A = no reported bond proceed information for the years 2002-2004.
Source: Thruw ay Authority submissions pursuant to Public Authority Law Section 2804.
Revenue – Passenger and commercial tolls account for about 95 percent of Thruway-
generated revenues, with the remainder coming from concession payments and interest
earnings on Thruway funds. Over the five-year period between 1997 and 2002, revenue
grew by 3.4 percent annually on average. In the next five-year period, including the toll
increase adopted in 2005, Thruway revenue grew by 5.2 percent annually on average.
3
4. Following the toll increases beginning in 2008, Thruway-generated revenue has grown by
3.4 percent annually on average.
The Thruway Authority is currently planning to increase tolls for commercial users
(excluding two-axle trucks) by an average of 45 percent. The Authority has described the
increase, which would generate an estimated $371 million in new revenue from October
2012 through 2016, as “modest.”
The difference between Thruway-generated revenues and expenses is made up
principally with federal aid and bond proceeds. Federal aid has dropped sharply in recent
years, falling to zero in 2011. During the period from 2002 through 2007, federal aid
averaged $40.7 million a year.
Expenses – Thruway spending falls into three broad categories: operational expenses,
capital (infrastructure) spending, and debt service on Thruway bonds.
Thruway Expenses 1988 – 2016
(millions of dollars)
$500
$400
$300
$200
Projected
$100
$0
1988 1993 1998 2003 2008 2013
Operating Expenses Capital Debt Service
Source: Thruway Authority
Operating expenses – The Authority‟s operating expenses include costs related to the
day-to-day operation of the Thruway and the Canal System. Over the past ten years,
annual Thruway Authority spending has grown 35.8 percent, increasing from $310.3
million in 2002 to $421.3 million in 2011. The cumulative ten-year cost was $3.7 billion.
Thruway operations, which comprise the direct costs of operating the 570-mile road and
4
5. bridge system, accounted for 86.5 percent of this spending. The costs of operating the
canals made up 10.5 percent of the total, while economic development grants and
reserves represented 1.8 percent and 1.2 percent, respectively, over the ten-year period.
Capital spending – The Thruway Authority expends significant amounts yearly to repair
and replace its roadway and bridges. The past ten years have seen several swings in
capital spending. Average annual capital spending during this period was $291.1 million,
including $223 million in highway and bridge work, $40.4 million for facilities and plazas,
and $27.7 million for canals.
Although the Thruway Authority lists its planned capital projects in its annual budget
plans, there is no indication that this listing reflects a comprehensive, prioritized capital
plan. Publicly available documents provide no specific indication that the determination
of the Thruway‟s highway and bridge needs is based on actual traffic or engineering
requirements. Without such information there is no way for the toll-paying public to be
certain that the Thruway‟s limited resources are deployed efficiently and appropriately.
Debt Service – Since 1992, when the Legislature and the Governor decided to continue
Thruway tolls after the original bonds were repaid, the Thruway has issued General
Revenue Bonds on nine separate occasions (1992, 1993, 1995, 1997, 1998, twice in
2005, 2007, and 2012). Some of the early proceeds from these bonds were used to
refinance the $84.5 million debt remaining from the Thruway‟s original bonds, which had
been scheduled to be paid off in 1996.2
The Thruway Authority has relied heavily on debt to support its capital program. Annual
debt service payments have been steadily climbing in recent years and will continue to do
so in the near future. This is a result of the capital needs associated with maintaining the
Authority‟s aging infrastructure, as well as a decline in the use of current resources (pay-
as-you-go) to finance the Thruway Authority‟s capital program. The portion of the
Thruway capital program financed on a pay-as-you-go basis declined significantly, from
nearly 60 percent to less than 20 percent, from 2005 to 2011.
The Thruway currently has $3.28 billion in outstanding General Revenue Bonds.3 Annual
debt service payments were $93 million in 2002, and have risen since to reach $181.9
million in 2011. The Thruway estimates that by 2016 debt service costs will climb to
$312.4 million, a 72 percent increase in just five years and a 236 percent increase since
2002. These figures exclude the costs associated with the replacement of the existing
Tappan Zee Bridge.
2
New York State Thruway Authority, General Revenue Bonds, Series A, Official Statement, August 14, 1992, p. 2 and p. B-9.
3
Thruway website, accessed August 7, 2012. Thruway Authority debt outstanding totaled $14.1 billion for the Authority‟s fiscal year
ended December 31, 2011. Of that total, almost $11.1 billion is State-supported debt, which is not paid for with Thruway tolls or
revenues. The State uses the Authority to issue bonds to support capital projects funded with State Personal Income Tax, gasoline
taxes and other revenues. References in this report to the Thruway‟s finances focus on the Authority‟s own revenues and expenses,
and exclude such State-supported projects.
5
6. Annual Debt Service Costs 1988 – 2016
(in millions of dollars – Estimated Future Costs in Red)
$350
$300
2012 - Debt payments
jump
$250
2005 - Debt costs rise -
toll increases begin
$200
1992 - Thruway refinances
$150 debt and takes over canals
$100
$50
$0
1988 1993 1998 2003 2008 2013
Source: Thruway Authority
Paying back its debt consumes an increasing share of Thruway expenses. Debt service
accounted for 17 percent of Thruway Authority spending on average between 2002 and
2011. The Thruway projects that its debt service costs will jump to 23.9 percent on
average in the five years from 2012 to 2016, reaching 25.2 percent in the final year of the
current plan.
It is clear that debt, which is one means to finance capital spending, has become a
driving force in the Thruway‟s budget. Toll increases now largely go to meet debt
obligations, rather than current and future needs. Dramatically increasing debt service
costs are placing a greater burden on the Thruway Authority and are contributing to its
fiscal stress. As with the State as a whole, the Thruway‟s heavy reliance on debt has put
it in a position of having limited flexibility to address its capital investment and operational
needs.
Traffic Estimates – For the past seven years, the Thruway has consistently over-
estimated traffic growth.4 This is another factor contributing to the Authority‟s fiscal
stress. Traffic on the Thruway peaked in 2005 at 281.8 million trips and has steadily
fallen since then. By 2011, the total was 245 million trips, a drop of 13 percent from the
2005 level. This decline is the result of higher fuel prices, the recession and continuing
economic weakness, and the impact of toll increases between 2005 and 2010.5
4
New York State Thruway Authority, General Revenue Bonds, Official Statements, Series G, September 21, 2005, Series H, October
3, 2007, and Series I, June 27, 2012.
5
Jacobs Engineering Group, New York State Thruway Authority Financial Requirements and Proposed Toll Adjustments 2012-2016,
May 2012, page III-6.
6
7. Thruway Traffic – Estimate vs. Actual
(millions of trips)
330
310
290
270
250
230
210
1993 1998 2003 2008 2013
Actual 2005 Estimate
2007 Estimate 2012 Estimate
Source: Thruway Authority
Throughout this period of decline, the Thruway Authority has projected ever-increasing
traffic. In 2005, the Authority estimated that the total would reach 311.6 million trips by
2010; the actual figure was 247.6 million, a difference of 64 million trips, some 21 percent
less than predicted. The story was similar in 2007, when the Thruway predicted that
2011 traffic would total 276 million trips. The actual figure was 245 million, or nearly 12
percent less. The Thruway‟s latest estimate, made in the Spring of 2012, projects that
traffic will increase by 5.2 percent by 2016. If the increase in traffic does not materialize
as expected, toll revenues may be lower than projected, as has happened repeatedly in
previous years.
Cost of the New York State Canal System
The Thruway has spent over $1.1 billion since 1992 to support the New York State Canal
Corporation. Thruway budget estimates indicate that it will cost another $436.5 million to
operate and repair the canals between 2013 and 2016. Although the New York State
Constitution forbids the Legislature to sell, abandon or otherwise dispose of the canals,
choices regarding operational control and financial support for the Canal System are
policy matters to be determined by the Governor and the Legislature. 6
6
New York State Constitution, Article XV.
7
8. Canal Expenses 1992 – 2012
(in millions of dollars)
$120
$100
$80
$60
$40
$20
$0
1992 1995 1998 2001 2004 2007 2010
Operating Development Fund Capital
Source: Thruway Authority
Note: 2012 expenses are estimates.
The canals are an important resource used for hydropower, agriculture, industry and
recreation, as well as a significant part of New York‟s history and development. When
the Governor and the Legislature assigned the Thruway Authority the task of operating,
maintaining and developing the Canal System starting in 1992, the policy change
reflected two central premises.7 First, the transfer of responsibility from the State‟s
General Fund would not detract from the Authority‟s core mission of providing a safe,
convenient and affordable highway system. Second, the Authority‟s financial resources
and organizational expertise, along with the then-newly created Canal Recreationway
Commission, would position the underused Canal System to improve its facilities and
marketing such that new users would be attracted from around the country, and even
around the world.
Neither of these hoped-for outcomes has occurred. The Thruway Authority has invested
more than $1.1 billion in the Canal System, and this drain of toll resources has also
contributed to the deterioration of the Authority's financial condition over the past decade.
Meanwhile, despite major investments and new amenities, pleasure-craft activity on the
Canal System in recent years is down by nearly one-third since the period immediately
before the Thruway Authority assumed control.8 Furthermore, operational and capital
expenses for the Canal System are projected to consume, on average, a larger share of
total Thruway expenses from 2012 to 2016 (9.9 percent) than during the years 2002 to
7
Chapter 766, Laws of 1992. See also Governor‟s Approval Memorandum for Approval Number 48 and Memorandum of the
Assembly Rules Committee re A. 12138-A/S.9015.
8
2010 New York State Statistical Yearbook, Nelson A. Rockefeller Institute of Government, page 609.
8
9. 2011 (8.3 percent).9 Operational costs for the Canal System are projected at $55.7
million in 2012, with additional capital expenses of approximately $51.4 million.
Audits by the Office of the State Comptroller
The Office of the State Comptroller conducts periodic audits and other reviews of the
Thruway Authority‟s finances, as it does with other State agencies and public authorities.
A 2005 audit identified questions regarding the Authority‟s debt issuance costs and
services. In 2007, when the Authority announced plans for a new round of toll increases
to take effect over three years, Comptroller DiNapoli directed auditors to undertake a
focused examination of the finances and operations of the Authority, including
examination of E-ZPass tolls and capital spending and board governance at the Canal
Corporation, a Thruway subsidiary. The resulting report identified issues including lack of
prioritization and oversight of capital projects generally, continuous cost overruns in
capital projects within the Canal System, uncollected E-ZPass tolls, and wide fluctuations
in annual operating costs which suggested lack of attention to proper cost controls.
The report recommended a series of steps to improve management of the Authority‟s
operations, finances and capital planning. Such reforms would include maximization of
existing revenue streams, prioritization of projects within the overall capital plan, and
improved financial controls to minimize cost overruns on construction and maintenance
projects.
In 2012, auditors from the Office of the State Comptroller examined what actions, if any,
Authority officials have taken to implement the recommendations in a 2008 report
regarding maximization of E-ZPass tolls and fees. This new examination, the results of
which are contained in a separate August 2012 report, found that the Thruway Authority
had made progress in correcting some of the previously identified problems, but that
additional improvements are needed. The Authority has requested a collection agency to
take action regarding approximately $18 million in outstanding toll and fee receivables for
the two-year period ending March 31, 2012.
The Navigant Report and SAGE Commission Review
In May 2012, the Thruway Authority released the results of a study it had commissioned
to review the Authority‟s history of financial and management decisions. The report by
Navigant Capital Advisors included numerous criticisms of the Authority‟s past financial
and management choices and recommended a variety of reforms to operations, capital
planning and borrowing practices. Key points in the report, many of which echoed
previous findings in audits by the Office of the State Comptroller, included:
“Since 2001, growth rate of expenses has exceeded revenue.”
The Thruway Authority Board and management “historically have taken a „hands-
off‟ approach with assets such as the Canal and have neither identified nor acted
upon key revenue enhancement and cost containment initiatives sufficient to offset
their burden.”
9
For certain years during the 2002 to 2011 period, expenses for the Canal System also include spending related to economic
development projects.
9
10. The Authority‟s capital program has been characterized by “weak project
execution,” lack of independent review to justify individual projects, and
“insufficient coordination of strategic and financial planning.”
The Navigant report cited an analysis of State transportation agencies conducted in 2011
by the Governor‟s Spending and Government Efficiency (SAGE) Commission.
Referencing SAGE Commission information, Navigant found that “administrative/support
functions are staffed at equal levels, though the NYDOT has a system of lane miles more
than 15 times the size of the Thruway Authority” – raising questions about potentially
excessive administrative costs at the Authority.10 A preliminary assessment by the SAGE
Commission found that $50 million to $82 million in savings might be attained from
administrative support consolidation, field and core activity consolidation, and strategic
realignments among the Department of Transportation, the Thruway Authority, and the
Bridge Authority.11
“Organizational changes including consolidation with other transportation agencies and
divisions offer substantial potential savings opportunities but have yet to be acted upon,”
Navigant concluded. “Duplicate division consolidation at Thruway and Canals alone could
realize meaningful savings.”
The Jacobs Engineering Report
Under Section 2804 of the Public Authorities Law, certain authorities including the
Thruway Authority must provide a detailed report on the need and implication of any
increase in tolls or fees before proceeding with such changes. In May 2012, the Authority
released a report by Jacobs Engineering Group which reviewed the Authority‟s finances
and recommended the toll increase that now is under formal consideration by the
Authority Board. The Authority is also required to produce this report to satisfy certain
requirements in its General Bond Resolution.
The Jacobs report identified a declining debt service coverage ratio as the impetus for a
significant toll increase. That measure represents the ratio of net revenues to debt
service – in effect, the Authority‟s ability to pay off borrowing as it has committed to
bondholders. The Thruway Authority‟s General Bond Resolution requires a minimum
coverage ratio of 1.2, while the Authority Board has adopted Fiscal Management
Guidelines that provide for a minimum ratio of 1.5.
The Jacobs report estimated that, with current tolls, the Authority‟s coverage ratio would
decline to 1.49 in 2012, 1.24 in 2013 and below the 1.2 level required in current bond
covenants in 2014, 2015 and 2016. Failure to meet the coverage ratio contained in the
General Bond Resolution could result in downgrading of Thruway Authority bonds, thus
increasing future borrowing costs, among other potential negative ramifications.
The Jacobs report further estimates that, with the proposed toll increase, the Authority‟s
coverage ratio would decline to 1.42 in 2015 and 1.29 in 2016. Because such ratios are
below the Authority‟s adopted Fiscal Management Guidelines, the report concluded that,
10
Navigant Capital Advisors, New York State Thruway Authority Executive Summary Report, May 24, 2012, page 24.
11
SAGE Commission Presentation, December 15, 2011, pages 10-15.
10
11. “further actions may be . . . required during the final year of the 2012-2015 Multi-Year
Capital Program.” Such further actions could include additional toll increases or other
budgetary changes.
Thruway Plans for Operational Streamlining
As described earlier in this report, previous audits by the Office of the State Comptroller
as well as the independent Navigant review commissioned by the Thruway Authority
found substantial opportunities for cost savings in Authority operations. In recent months,
under new leadership, the Authority has clearly embarked upon a path of identifying and
implementing significant changes. The scope of such changes, however, is not yet clear.
In releasing the Navigant report in May 2012, the Thruway Authority announced it was
considering an operational streamlining program including alignment of employee
benefits with other State agencies and other changes. Operational cuts of $25 million
were planned for 2012, and the Authority Board was expected to consider a two-year
plan “to reduce operating expenses by $100 million.”
In June 2012, the Thruway Authority placed a notice of its proposed toll increase and
related public hearings in the New York State Register, as required by the State
Administrative Procedure Act.12 The notice stated that, in proposing the 45 percent
average increase in tolls for certain users, the Authority had established goals including
maintenance of a debt service coverage ratio of at least 1.6 in 2012. In addition, the
notice stated, “Through an aggressive operational streamlining program, the Authority will
achieve $119.5 million in savings from 2013 through 2016.” Details of such streamlining,
representing an average of approximately $30 million annually, have not yet been made
public.
Conclusion and Recommendations
In setting the level of tolls for users, the Thruway Authority must balance competing
needs. It must generate adequate resources for operations, essential capital investments
and debt service, while providing a transportation network for New York State that is both
affordable and economically competitive.
The Authority has described its proposed 45 percent increase as “modest.” Reasonably,
numerous Thruway users, truck drivers, business leaders and others across the State
have questioned this characterization.
The Jacobs report suggests that the toll increase “will maintain the Thruway‟s position as
a relatively inexpensive toll facility.” Certain toll highways in other states – including
Virginia, Delaware and Maryland – impose commercial rates that are higher than the
current Thruway tolls on five-axle trucks and would remain higher even after the
proposed increase. However, motor fuel taxes and other costs in each of these three
states are substantially lower than those in New York. As of July 2012, combined local,
state and federal taxes on diesel fuel were less than 50 cents per gallon in Delaware,
12
New York State Register, June 20, 2012, page 19.
11
12. Maryland and Virginia, but 73.5 cents in New York, according to the American Petroleum
Institute.13 The Thruway‟s tolls for larger trucks are currently 43 percent higher than
those on the main branch of the Massachusetts Turnpike, and would rise further out of
line after the planned increase.
Recent news reports have indicated that the Thruway Authority has considered setting
the toll on the new Tappan Zee Bridge at $14, up from $5 on the existing bridge, to help
pay for the new span. On August 10, the Governor released a letter to the Thruway
Authority Chairman and Executive Director asking that the contemplated $14 level for the
new bridge toll be reduced. In combination with any major increase, high tolls on the rest
of the Thruway System could have significant negative impacts on traffic. Such impacts,
in turn, could depress the revenue gains the Authority is counting on to support debt
service payments and increase the need for State-funded or locally funded capital
investments on non-tolled highways or roads if significant truck traffic moves off the
higher-cost Thruway.
Until the Thruway Authority has specified and begun to achieve the significant cost
savings it plans to undertake, it is not possible to determine how much new revenue must
be obtained to support projected debt service payments in coming years. It is also
unclear what steps, if any, the Authority is pursuing to target the potential new revenues
from existing sources that have been identified by the Office of the State Comptroller and
in the Navigant report. In short, the Authority is pursuing a significant toll increase while
other, less economically disruptive options may yet be available.
Before finalizing action on another toll increase, the Thruway Authority should consider
steps including:
Publicly and specifically identifying options for operational cost savings, including
recommendations by the Office of the State Comptroller and Navigant as may be
appropriate, as well as steps already identified or still under consideration by the
SAGE Commission.
Reforming the Thruway Authority‟s capital planning and borrowing practices.
Establishing a prioritized plan for capital improvements, aligned with the
Authority‟s financial resources and the infrastructure goals of the State as a whole,
would provide the public and elected officials an opportunity to address the
comparative importance of competing projects.
Requesting an independent analysis of the Canal System that would examine
ways to improve and streamline operations, seek new funding streams, and
develop a realistically attainable vision for its future role in the upstate economy.
Analyzing past and present traffic estimates to identify sources of erroneous
projections that have led to revenue shortfalls and, if necessary, to fine-tune
projections for the next few years.
Reporting traffic and revenue levels quarterly, and issuing financial and
management updates periodically throughout the year, to enhance public
confidence in the operational streamlining and other improvements that Thruway
leaders indicate are now underway.
13
American Petroleum Institute website, oil and natural gas overview, accessed August 8, 2012.
12