Rebates checks totaling over $2.2 million early December
MDX today announced that over 37,000 checks to members of the Authority’s Cash Back Toll Dividend Program (CBTD) totaling over $2.2 million.
“We are excited to be spreading a little holiday cheer this season in the form of cash back rebate checks to our members,” said MDX Chairman Louis Martinez. “The average person who qualified for a rebate as part of the program will receive about $75.00, which could mean a little extra relief this holiday season.”
Approximately 83,000 drivers signed up for the MDX Cash Back Toll Dividend Program during two open enrollment periods. Of those, approximately 46% or 37,951 people will receive rebate checks when they are issued by MDX in early December. MDX held two open enrollment periods in 2015 – from January 1 to April 30 and again from July 7 to August 31. “What we saw after analyzing the data was very interesting,” Martinez said. “We noticed that a lot of people who signed up for the program didn’t actually use MDX expressways frequently during the qualifying periods.”
According to MDX, of those who did not qualify for a cash back rebate this year, over 30,000 of them paid less than $50 in tolls in the six-month qualifying period, spending between $10 – $40.
“This shows us that for all of the rhetoric you hear from organizations that are against tolls, over 54% of Cash Back Toll Dividend Program members are spending $8 a month or less driving on MDX expressways. They may use the I-95, the I-95 Express Lanes or the Turnpike, which are not managed by MDX,” Martinez said. “But if you listen to the groups that are against tolling, you might get the impression that people are mortgaging their houses to pay their MDX tolls and that is simply not true.”
Each year, the MDX Board of Directors will declare a distribution of dividends to members of the CBTD program each fiscal year, which occurs from July 1 through June 30, after the agency has closed its financial books. This distribution of dividends is declared after MDX meets its financial obligations, including making its annual principal and interest payments, meeting its senior debt coverage ratio and covering its operation and maintenance costs. The 2015 dividend distribution of 30% was announced at the agency’s Board of Directors meeting in September.
MDX is preparing to open enrollment in the Cash Back Toll Dividend Program again starting in January 2016. For more information, visit http://mdxway.com/cashback.
MDX operates and maintains five user-supported expressways in Miami- Dade County – SR 112/Airport Expressway, SR 836/Dolphin Expressway, SR 874/Don Shula Expressway, SR 878/ Snapper Creek Expressway, and SR 924/Gratigny Parkway. MDX expressways are funded by toll revenue, which is reinvested back into the
community and funds the construction of projects that alleviate traffic congestion, create thousands of local jobs and provide new opportunities to small and local businesses. The agency also gives back a portion of its annual revenue to drivers through the MDX Cash Back Toll Dividend Program.