KTA cuts debt, raises approval in 2022

(File) SUV uses the K-Tag lane on the Kansas Turnpike.
(File) SUV uses the K-Tag lane on the Kansas Turnpike.(Kansas Turnpike Authority)
Published: Nov. 29, 2022 at 12:51 PM CST
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WICHITA, Kan. (WIBW) - A recently released report indicates that the KTA slashed its debt in 2022 as well as raised approval among Kansans.

The Kansas Turnpike Authority says that on Tuesday, Nov. 29, it released its Fiscal Year 2022 annual report and Customer Satisfaction survey results. It said the results indicate the organization has maintained a solid financial position as perception remains positive.

“KTA continues to be focused on staying fiscally responsible as we transition to cashless tolling in 2024,” said Steve Hewitt, KTA’s CEO. “We’ve worked hard to maintain a low toll rate despite the rising inflation and other economic challenges.”

KTA indicated that its most recent annual report found the agency continued to meet its financial goals. It said the net position increased b $52.2 million and long-term debt decreased by $14.5 million.

The Authority also noted that it maintained the highest bond rating possible for a toll authority from Moody’s Investors Service.

“With cashless tolling arriving in 2024, and customers recommending the K-TAG program, there is no reason not to switch to K-TAG,” said Hewitt. “The program is free, sticker K-TAGs are free, and you pay the lowest toll rate.”

According to KTA, results from the customer surveys found that 97% of respondents recommend the utilization of the K-TAG program. It also affirms the agency’s direction to modernize the system. Most travelers supported increased compatibility with other tolling systems, the removal of toll booths and the expansion to accommodate additional traffic.