Pennsylvania Turnpike Commission

COMPREHENSIVE ANNUAL FINANCIAL REPORT

Pennsylvania Turnpike Commission A Component Unit of the Commonwealth of Pennsylvania Fiscal Years Ended May 31, 2016 and 2015

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Pennsylvania Turnpike Commission A Component Unit of the Commonwealth of Pennsylvania

Comprehensive Annual Financial Report

Fiscal Years Ended May 31, 2016 and 2015

Prepared by:

Justin R. Simmons, Senior General Accountant Christopher G. Will, Portfolio Manager Catherine L. Sabo, Accounting Manager

Theodore A. Rusenko, Accounting and Financial Reporting Manager Jamie L. May, Technical Accounting Manager

Anthony Q. Maun, Assistant CFO/Accounting and Budget

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Pennsylvania Turnpike Commission A Component Unit of the Commonwealth of Pennsylvania

Comprehensive Annual Financial Report

Fiscal Years Ended May 31, 2016 and 2015

Table of Contents

Introductory Section

1

Letter of Transmittal

3

Organization Chart

12

List of Principal Officials

13

Certificate of Achievement

14

Financial Section

15

Independent Auditors' Report

17

Management's Discussion and Analysis

21

Basic Financial Statements

Statements of Net Position

37

Statements of Revenues, Expenses, and Changes in Net Position

39

Statements of Cash Flows

40

Notes to Financial Statements

43

Required Supplementary Information

113

Schedule of Commission's Proportionate Share of Net Pension Liability

115

Schedule of Commission's Contributions

116

Schedule of Funding Progress ? Postemployment Healthcare Benefits

117

Other Supplementary Information

119

Section Information

121

As of and for the year ended May 31, 2016

Schedule of Net Position

122

Schedule of Revenues, Expenses, and Changes in Net Position

124

Schedule of Cash Flows

125

As of and for the year ended May 31, 2015

Schedule of Net Position

128

Schedule of Revenues, Expenses, and Changes in Net Position

130

Schedule of Cash Flows

131

Schedules of Cost of Services Detail

134

Statistical Section

135

Summary of Revenues and Expenses

139

Schedule of Net Assets/Net Position

140

Debt Coverage ? All Sections

141

Ratios of Mainline Outstanding Debt and Debt Service Payments

142

Traffic Statistics

143

Revenue Composition as a Percentage of Total Revenue

144

Traffic Composition as a Percentage of Total Vehicles

145

Ten Largest Commercial Customers

146

Percentage of PA Turnpike ETC Traffic by IAG Agency

147

Employment by Nonfarm Related Industries ? Demographic and Economic

148

Number of Employees by Functional Area

149

Vehicle Class Definitions

150

Miscellaneous Statistics

151

Technical Data

152

Chronology, Turnpike Construction

153

Chronology, Turnpike Improvements

154

Chronology, Speed Limits

159

Chronology, Toll Rates

160

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