Home California Assemblymember Frazier Urges MTC to Suspend Bridge Toll Collections

Assemblymember Frazier Urges MTC to Suspend Bridge Toll Collections

by ECT

On Tuesday, Assemblymember Jim Frazier (D-Fairfield) has formally asked the Metropolitan Transportation Commission (MTC) to immediately reconsider their position and to suspend toll collections on the people of the Bay Area for the bridges it manages.

According to Frazier, much like the rest of our country, Bay Area residents are facing financial trouble in the days ahead and it is more than reasonable that the MTC gives the people still using the bridges during quarantine (nurses, doctors, first responders, crucial goods drivers) every break they can afford in these uncertain times.

Here is a copy of his letter:

Dear Ms. McMillan,

 As you are aware, we are in unprecedented times with the COVID-19 crisis impacting everyone in California. Despite the risk, our most essential workers, by definition, are still called upon to get to work wherever they are needed. This means the only people crossing the Bay Area toll bridges are the ones we are relying upon to see us all through this crisis – nurses, doctors, emergency responders, and drivers delivering the crucial goods that keep us going during our quarantine.

 With this in mind, I call upon you to immediately reconsider whether or not MTC can suspend toll collection on the bridges it manages. The people of the Bay Area are facing enough financial trouble in the days ahead, it seems reasonable for us all to give them every break we can afford.

I understand that your staff believe you have to continue collecting tolls in order to maintain service of your considerable debt. It appears, however, that you may have some room in your finances. According to Schedule 11 of MTC’s 2019 Comprehensive Annual Financial Report, agency revenues were $790 million compared to debt service obligations of $521 million, which equaled a 1.52 debt-to-service ratio. Schedule 11 states that the sum sufficient coverage – bond covenant requirement is 1.00.  On average, $790 million in revenues equates to roughly $66 million per month. Given this, MTC could forego 2 months of revenue and still collect roughly $659 million, giving MTC more than 1.25 debt to service ratio.

Of course your accounting staff have a much better idea than I do, as all I have to base my judgement on is past financial statements. One thing is certain, my constituents and other Bay Area residents deserve a chance for some relief in this difficult time when there is any opportunity. Thank you for your consideration of this important issue. Should you have any questions, please contact my Chief Consultant, Eric Thronson, at (916) 319-2093

 HONORABLE JIM FRAZIER,
CHAIR Assembly Committee on Transportation

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2 comments

Oh jimmy Apr 1, 2020 - 8:46 am

Oh jimmy why don’t don’t you remind the gas tax and fees you shoved down our throats

Oh jimmy Apr 1, 2020 - 8:47 am

Oh jimmy why don’t don’t you resend the gas tax and fees you shoved down our throats

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