DALLAS – An economic boom continues to expand the customer base of the North Texas Tollway Authority as the agency makes progress in reducing toll losses through its electronic monitoring system, according to Moody's Investors Service.
"Enforcement efforts boosted collections from video tolls to 45% in fiscal 2014 from 41% in fiscal 2011," Moody's said in a special report Feb. 26.
NTTA also gained legislative backup from Senate Bill 1792, a toll enforcement bill that allows the authority to block or ban violating vehicles from the system as well as block registrations and impound vehicles for habitual violators, the analysts added.
The agency pioneered the use of electronic tolling in 1989 and has improved the system over the years, allowing the removal of coin-operated booths. The system is equipped with cameras that photograph license plates of drivers lacking toll tags. The owners of the car are then billed by mail.
In September 2014, NTTA issued its 3 millionth toll tag featuring interoperability with other toll systems and gates at Dallas-Fort Worth International Airport.
Recent toll rate increases have not had a negative impact on traffic and revenue collections, Moody's said. Current rates average 17.1 cents a mile for electronic toll collection with toll tags and 25.6 cents a mile for video tolls, where an image of the license plate is used to invoice the customer.
The annual 2.75% toll increase is automatically added every two years in odd-numbered years. Any change requires board approval.
Moody's rates NTTA's first-tier revenue bonds A1 and second-tier A2. A subordinate lien is rated Baa2.
"Low gasoline prices spur increased driving on the NTTA's toll roads," Moody's said. "We do not expect that low oil and gas prices will hurt the NTTA's service area economy because the Dallas metropolitan area has a lower concentration of employment in the energy industry than other metropolitan areas in the state."
