As the Kansas Turnpike Authority finishes up one of the busiest construction seasons of its 2015 Long Term Needs Study, it reports a continued strong financial position and positive impact on the state’s economy.
KTA’s most recent annual report for fiscal year 2019 shows KTA’s net position increased by $45.5M and long-term debt decreased by $27.7M. The agency retained the highest bond rating for the government owned toll road sector – an Aa2 rating – from Moody’s Investors Service.
The report also reflects the KTA’s investment of $35.6M on construction projects (repair or maintenance) aimed at preserving the system’s infrastructure during fiscal year 2019.
These direct expenditures result in a spinoff effect within the larger Kansas economy according to a recent economic impact study. Data from a three-year period (2016-2018), show KTA expenditures produce a 2.2 to 1 return on investment and create 1,377 jobs, contributing $236.2M to the economy.
The study, prepared by the Economic Development Research Group, Inc., also shows 12% of the state economy (gross state product) relies on the Turnpike to help move goods.
“KTA’s strong financial foundation allows the organization to be an important partner for Kansas’ future transportation needs and to continue making customer-driven improvements to the Turnpike system,” said Steve Hewitt, KTA’s Chief Executive Officer. “By all indications, these reports indicate a bright future for the Kansas Turnpike Authority.”
Both reports can be found on KTA’s website:
• FY2019 Annual Report: https://www.ksturnpike.com/about/annual-report
• Economic Impact Study summary: https://www.ksturnpike.com/about/strategic-direction