RALEIGH-DURHAM AIRPORT AUTHORITY Raleigh, North Carolina
Transcription
RALEIGH-DURHAM AIRPORT AUTHORITY Raleigh, North Carolina
RALEIGH-DURHAM AIRPORT AUTHORITY Raleigh, North Carolina General Purpose Financial Statements and Supplemental Information Years Ended March 31, 2002 and 2001 RALEIGH-DURHAM AIRPORT AUTHORITY TABLE OF CONTENTS Years Ended March 31, 2002 and 2001 Page(s) INDEPENDENT AUDITORS' REPORT.............................................................................. 1 GENERAL PURPOSE FINANCIAL STATEMENTS Balance Sheets....................................................................................................................... 2–3 Statements of Operations and Retained Earnings ................................................................. 4 Statements of Changes in Contributed Capital ..................................................................... 5 Statements of Cash Flows ..................................................................................................... 6 Notes to General Purpose Financial Statements ................................................................... 7 – 20 INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION ...... 21 SUPPLEMENTAL INFORMATION Summary of Operating Revenues and Expenses Compared with Budget ............................ 22 Revenues Compared with Budget ......................................................................................... 23 – 31 Comparative Summaries of Operating Expenses by Cost Center......................................... 32 – 33 Expenses Compared with Budget.......................................................................................... 34 – 50 Details of Airport and Facilities ............................................................................................ 51 – 52 Summary of Depreciation ..................................................................................................... 53 Summary of Capital Projects Expenditures Compared with Budget .................................... 54 INDEPENDENT AUDITORS' REPORT To the Members Raleigh-Durham Airport Authority Raleigh, North Carolina We have audited the accompanying general purpose financial statements of the Raleigh-Durham Airport Authority as of and for the years ended March 31, 2002 and 2001, as listed in the table of contents. These general purpose financial statements are the responsibility of the Authority's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statements presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Raleigh-Durham Airport Authority as of March 31, 2002 and 2001, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. As discussed in Note 2, the Authority adopted the provisions of Governmental Accounting Standards Board Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, as of March 31, 2002. In accordance with Government Auditing Standards, we have also issued a report dated June 25, 2002 on our consideration of the Raleigh-Durham Airport Authority’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. Greensboro, North Carolina June 25, 2002 1 RALEIGH-DURHAM AIRPORT AUTHORITY BALANCE SHEETS March 31, 2002 and 2001 ASSETS 2002 Current assets Cash and cash equivalents Cash and cash equivalents-Bond Series 2001A reimbursement Short-term investments Accounts receivable for fees and rentals, less allowance for doubtful accounts of $17,470 in 2002 and 2001 Grants receivable Other current assets Total current assets $ 8,112,636 23,946,923 2001 $ 10,766,432 6,840,973 25,598,737 2,825,574 753,808 290,763 35,929,704 3,232,078 113,169 335,823 46,887,212 4,868,000 4,785,188 Restricted assets Collateral for general obligation bonds Short-term investments State of North Carolina Underground Storage Tank Trust Fund Deductible Aeronautical Facilities Revenue Bonds Cash and cash equivalents - Bond Series 2001A and B Total restricted assets 220,000 220,000 104,401,164 109,489,164 149,928,442 154,933,630 Airport and facilities, net 388,545,591 314,224,210 2,506,186 2,653,444 $ 536,470,645 $ 518,698,496 Debt issue costs, net TOTAL ASSETS The accompanying notes are an integral part of these general purpose financial statements. 2 RALEIGH-DURHAM AIRPORT AUTHORITY BALANCE SHEETS March 31, 2002 and 2001 LIABILITIES AND EQUITY 2002 Current liabilities Accounts payable Retainage and construction accounts payable Accrued employee compensation Accrued bond interest payable Current maturities of long-term debt Special Facilities Revenue Bonds General Airport Revenue Bonds Other long-term debt Total current liabilities $ 2,744,895 14,559,029 985,569 4,172,221 2001 $ 2,054,842 8,395,333 909,172 1,257,724 3,500,000 4,610,000 4,420,000 34,991,714 3,550,000 5,005,000 4,262,303 25,434,374 74,708,556 194,930,000 3,745,000 273,383,556 78,202,024 199,540,000 8,165,000 285,907,024 26,985,044 26,412,639 Total liabilities 335,360,314 337,754,037 Equity Contributed capital Retained earnings Total equity 90,478,106 110,632,225 201,110,331 90,478,106 90,466,353 180,944,459 $ 536,470,645 $ 518,698,496 Long-term debt Special Facility Revenue Bonds General Airport Revenue Bonds Other long-term debt Deferred revenue Rents paid in advance TOTAL LIABILITIES AND EQUITY The accompanying notes are an integral part of these general purpose financial statements. 3 RALEIGH-DURHAM AIRPORT AUTHORITY STATEMENTS OF OPERATIONS AND RETAINED EARNINGS Years Ended March 31, 2002 and 2001 2002 Operating revenues Parking Airfield General aviation Terminals Air cargo Rental car Other Total operating revenues Operating expenses Airport facilities Administrative Law enforcement Airport maintenance Parking Emergency services Visitor services Communications Operations Ground transportation Subtotal Depreciation Total operating expenses Operating income $ Non-operating revenues (expenses) Investment interest income Capital contributions Net increase (decrease) in fair value of investments Gain (loss) on retirement of fixed assets Loss on retirement of debt Bond interest expense, net Total non-operating revenues (expenses) Net earnings before cost associated with financing Terminal C Complex Income (costs) associated with financing Terminal C Complex Net earnings Retained earnings at beginning of year Retained earnings at end of year 23,162,078 6,864,368 963,384 10,562,847 1,301,970 9,334,756 1,573,802 53,763,205 2001 $ 21,861,006 8,195,701 659,069 8,788,957 1,252,319 10,333,283 1,969,106 53,059,441 4,396,847 3,336,299 1,964,529 2,524,409 2,521,081 1,173,952 347,319 395,277 682,430 4,113,072 21,455,215 17,706,754 39,161,969 14,601,236 3,479,727 2,531,051 1,591,882 2,290,203 1,988,096 976,163 365,630 410,200 531,472 2,653,353 16,817,777 16,307,078 33,124,855 19,934,586 2,020,628 5,949,316 (160,039) (262,704) (2,621,673) 4,925,528 2,944,151 728,256 47,344 (551,284) (3,235,039) (66,572) 19,526,764 19,868,014 639,108 20,165,872 90,466,353 (880,804) 18,987,210 71,479,143 $ 110,632,225 $ 90,466,353 The accompanying notes are an integral part of these general purpose financial statements. 4 RALEIGH-DURHAM AIRPORT AUTHORITY STATEMENTS OF CHANGES IN CONTRIBUTED CAPITAL Years Ended March 31, 2002 and 2001 Balance at Beginning of Year Year ended March 31, 2002 City of Durham City of Raleigh Durham County Wake County State of North Carolina Federal Government Other Contributed Capital Year ended March 31, 2001 City of Durham City of Raleigh Durham County Wake County State of North Carolina Federal Government Other Contributed Capital $ Capital Projects Grants Annual Appropriations Balance at End of Year 796,500 796,500 796,500 796,500 7,592,167 79,667,805 32,134 $ - $ - $ 796,500 796,500 796,500 796,500 7,592,167 79,667,805 32,134 $ 90,478,106 $ - $ - $ 90,478,106 $ 784,000 784,000 784,000 784,000 7,592,167 79,317,978 32,134 $ 12,500 12,500 12,500 12,500 - $ 349,827 - $ $ 90,078,279 $ 50,000 $ 349,827 $ 90,478,106 796,500 796,500 796,500 796,500 7,592,167 79,667,805 32,134 The accompanying notes are an integral part of these general purpose financial statements. 5 RALEIGH-DURHAM AIRPORT AUTHORITY STATEMENTS OF CASH FLOWS Years Ended March 31, 2002 and 2001 2002 Operating activities Operating income Adjustments to reconcile operating income to net cash provided by operating activities Amortization Depreciation Loss (gain) on retirement of fixed assets Changes in operating assets and liabilities Accounts receivable Other current assets Accounts payable Retainage and construction accounts payable Accrued employee compensation Net cash provided by operating activities Investing activities Purchases of short-term investments Proceeds from maturities of short-term investments Investment income (loss) on valuation account Interest on cash deposits Net cash provided by investing activities $ 14,601,236 2001 $ 19,934,586 118,021 17,706,754 262,704 133,018 16,307,078 (47,344) 406,504 45,060 690,053 6,163,696 76,397 40,070,425 8,065 (200,488) 254,059 3,286,649 30,602 39,706,225 (30,888,256) 33,916,491 (160,039) 561,395 3,429,591 (14,722,779) 32,124,330 728,256 497,196 18,627,003 (3,550,000) (1,687,751) 5,237,751 (3,550,000) (3,983,380) 7,533,380 Capital and related financing activities Financing activities associated with Terminal C Complex Principal payments Interest paid Proceeds received from American Airlines Other capital and financing costs Debt issuance costs Additions to airport and facilities Bond interest paid on long-term debt Principal payments on long-term debt Loss on retirement of debt Proceeds from debt issuance Contributed capital Net cash provided by (used in) capital and related financing activities (87,132,263) (7,431,174) (9,267,303) 5,308,677 (2,214,879) (41,640,989) (3,022,135) (53,511,197) (551,284) 204,545,000 286,658 (98,522,063) 103,891,174 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (55,022,047) 162,224,402 Cash and cash equivalents - beginning of year 167,535,847 5,311,445 $ 112,513,800 $ 167,535,847 CASH AND CASH EQUIVALENTS - END OF YEAR The accompanying notes are an integral part of these general purpose financial statements. 6 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 1 – The Authority In 1939, the General Assembly of the State of North Carolina enacted legislation authorizing the governing bodies of the City of Durham, the City of Raleigh, the County of Durham, and the County of Wake jointly to acquire, establish and operate airports. It was provided that the governing bodies would appoint a joint board to carry out the provisions of the act, and the Raleigh-Durham Airport Authority (the “Authority”) is the board so appointed. Legal title to all properties is vested jointly in the governing bodies. Each of the four governing bodies makes an annual appropriation of $12,500, which in the year ended March 31, 2002 was accounted for as nonexchange transactions in accordance with Statement No. 33 of the Government Accounting Standards Board. Note 2 – Summary of significant accounting policies Basis of presentation - fund accounting – The accounts of the Raleigh-Durham Airport Authority are organized and operated on a fund basis. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts recording its assets, liabilities, equity, revenues and expenses. The Authority accounts for its operations in one fund type, the enterprise fund. An enterprise fund is used to account for operations that are (a) financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. Basis of accounting – All assets and all liabilities associated with the operation of the Authority are included on its balance sheets. Enterprise fund equity is segregated into contributed capital and retained earnings components. As required for periods beginning after June 15, 2000 by Statement 33 of the Government Accounting Standards Board, Accounting and Financial Reporting for Nonexchange Transactions, the Authority has begun recognizing capital contributions as revenue in the current year, rather than as contributed capital. Nonexchange transactions for the Authority include Federal and State grants and contributions by the Authority’s four owning bodies. No adjustment to the balance of the contributed capital account is required. The enterprise fund of the Authority is presented in the financial statements on the accrual basis of accounting. Under this basis, revenues are recognized in the accounting period when earned and expenses are recognized in the period when incurred. As permitted by accounting principles generally accepted in the United States of America, the Authority has elected to apply only applicable FASB statements and interpretations issued before November 30, 1989 in its accounting and reporting practices for its operations. 7 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 2 – Summary of significant accounting policies (continued) Budgetary control – The Authority adopts an annual budget ordinance as required by the Local Government Budget and Fiscal Control Act of the North Carolina General Statutes. The budget ordinance is prepared on the modified accrual basis of accounting as required by North Carolina law. This budget is adopted and amended at the functional level with management control on a departmental basis. Appropriations under this ordinance lapse at year end. Cash equivalents – The Authority considers highly liquid investments, including restricted assets, with a maturity of 90 days or less to be cash equivalents. Investments – The Authority records its investments in marketable securities at their estimated fair value except for money market investments (including U.S. Treasury and Agency obligations) having a remaining maturity at purchase of one year or less. Grants receivable – Grants receivable from governmental agencies for capital construction projects are recorded in the period actual costs are incurred. The actual amount of payment on these grants is subject to final audit by the applicable agency. Airport and facilities – The airport and facilities are recorded at cost. Provision for depreciation has been made to amortize the cost of the assets over their estimated useful lives by the straight-line method. Depreciation expense was $20,282,878 and $18,917,935 for 2002 and 2001, respectively; of which $2,576,124 and $2,610,857 related to the Terminal C complex. The majority of internal engineering costs are capitalized in connection with related capital projects. All capital projects are budgeted under project ordinances, which span more than one year. These appropriations continue until the related project is complete. Debt issue costs – Debt issue costs are amortized over the lives of the related bonds. Vacation and sick leave compensation – The Authority allows full time employees to accumulate up to 30 days earned vacation leave, and such leave is fully vested when earned provided the employee has completed a mandatory six month probationary period. Accumulated vacation pay is recorded as a current liability and reflected in accrued employee compensation. Employees can accumulate an unlimited amount of sick leave. Unused sick leave accumulated at the time of retirement may be used in determining length of service for retirement benefit purposes. Also, employees who voluntarily terminate employment prior to retirement may convert unused sick leave in excess of 30 days to vacation leave at a rate of two days of sick leave for one day of vacation leave. This policy is limited to converting a maximum of 60 days of sick leave into 30 days of vacation leave. Since the resulting leave is fully vested when earned, it is recorded as a liability along with ordinary vacation leave. 8 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 2 – Summary of significant accounting policies (continued) Interest expense – The Authority capitalizes material interest costs related to construction projects. The objective of interest capitalization is to reflect the total asset cost and to provide the related depreciation charges against revenues of future periods that benefit from the asset use. Income tax status – Income of the Authority is excludable from federal income tax under Section 115 of the Internal Revenue Code. Concentration of credit risk – For the year ended March 31, 2002, no air carrier accounted for more than 6% of the Authority’s operating revenues. Reclassifications – Certain items in the March 31, 2001 statements have been reclassified to conform to the March 31, 2002 presentation. There was no effect on net earnings or equity as previously reported. Note 3 – Deposits and investments Deposits – All deposits of the Authority are made in board-designated official depositories and are collateralized as required by North Carolina General Statute 159-31. Depositories must collateralize public deposits in excess of federal depository insurance coverage by using one of two options. The Authority's depository uses the Pooling Method, which is a collateral pool, under which all uninsured deposits are collateralized with securities held by the State Treasurer's agent in the name of the State Treasurer. Since the State Treasurer is acting in a fiduciary capacity for the Authority, these deposits are considered to be held by the Authority's agent in the Authority's name. Depositories using the Pooling Method report to the State Treasurer the adequacy of their pooled collateral covering uninsured deposits. The State Treasurer does not confirm this information with the Authority or the escrow agent. Because of the inability to measure the exact amount of collateral pledged for the Authority under the Pooling Method the potential exists for under collateralization, and this risk may increase in periods of high cash flows. However, the State Treasurer of North Carolina enforces strict standards of financial stability for each depository that collateralizes public deposits under the Pooling Method. At year-end, the Authority's deposits had a carrying amount of $4,155,174 and a bank balance of $9,509,161. Of this bank balance, $400,000 was covered by federal depository insurance while the balance of $9,109,161 was covered by collateral held under the Pooling Method. The Authority is required to maintain a minimum balance of $400,000 in its operating checking accounts and a minimum balance of $100,000 in its cash concentration accounts. 9 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 3 – Deposits and investments (continued) Investments – North Carolina General Statute 159-30(c) authorizes the Authority to invest in obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States; obligations of certain non-guaranteed federal agencies; certain high quality issues of commercial paper and banker's acceptances; and the North Carolina Cash Management Trust, an SEC registered mutual fund. The carrying value of investments approximates fair value and excludes accrued interest receivable of $337,167 and $310,625 for 2002 and 2001, respectively. The Authority's investments are categorized to give an indication of level of risk assumed by the Authority at year-end. In the following table, Column A includes investments for which the securities are held by the Authority or its agent in the Authority's name. Column B includes investments for which the securities are held by the counterparty's trust department or agent in the Authority's name. Column C includes investments for which the securities are held by the counterparty, or by its trust department or agent, but not in the Authority's name. Column C investments would be in violation of the custodial arrangements as defined in North Carolina General Statutes. Both column A and column B investments are in compliance with said Statutes and differ only in the nature of the custodial relationship. Investments in the North Carolina Cash Management Trust are exempt because the Authority does not own any identifiable securities, but is a shareholder of a percentage of the fund. A B C Cost (1) Fair Value (1) Unrestricted Funds U. S. Government Agencies $ 23,972,984 $ North Carolina Capital Management Trust - $ N/A N/A - $ 23,972,984 $ 23,946,923 N/A 4,185,926 4,185,926 $ 28,158,910 $ 28,132,849 Restricted Funds G/O Bond Collateral U. S. Government Agencies $ 4,862,700 $ - $ 10 - $ 4,862,700 $ 4,868,000 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 3 – Deposits and investments (continued) A B C Fair Value (1) Cost (1) General Airport Revenue Bond 2001A - Proceeds North Carolina Capital Management Trust N/A N/A $ 4,862,700 $ (1) N/A - $ 103,991,079 103,991,079 - $ 108,853,779 $ 108,859,079 The difference between cost and fair value results from changes in market interest rates, creating a net increase in fair value. The Authority generally holds its investments to maturity. Accordingly at the maturity, net increase or decrease in fair value, if any, will reverse. Note 4 – Airport and facilities, net Airport and facilities consists of the following at March 31: Estimated Useful Lives Land Landing field and grounds Terminal buildings Other buildings Utilities Equipment 5 to 20 Years 5 to 45 Years 5 to 30 Years 5 to 20 Years 3 to 20 Years 2002 $ 2001 35,067,464 $ 34,388,119 285,584,756 282,945,890 149,355,439 136,440,859 37,959,108 39,649,962 3,924,925 3,924,925 10,739,980 11,276,421 Construction in progress 523,168,113 126,991,700 508,089,735 48,926,336 Less accumulated depreciation 650,159,813 261,614,222 557,016,071 242,791,861 $ 388,545,591 $ 314,224,210 During 2002 and 2001, interest costs of approximately $7,997,404 and $671,034, net of interest earned of approximately $4,285,954 and $842,491, were capitalized as part of the cost of construction in progress. 11 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 5 – Long-term debt Long-term debt consists of the following at March 31: 2002 2001 Amounts due to trustee Special Facility Revenue Bonds, Series 1985, (varying interest rates, 7.75% to 9.625%), partially refunded by Special Facility Refunding Revenue Bonds, Series 1996. Special Facility Refunding Revenue Bonds, Series 1995, (varying interest rates, adjusted daily), maturing in installments from 2002 to 2015. Unamortized bond discount $ - $ 78,300,000 (91,444) 3,550,000 78,300,000 (97,976) 78,208,556 81,752,024 Series 2001A 4.00 – 5.50% General Airport Revenue Bond, maturing in varying installments beginning in 2005 to 2031 156,975,000 156,975,000 Series 2001B 4.00 – 4.375% General Airport Revenue Bond, maturing in varying installments beginning in 2002 to 2014 42,565,000 47,570,000 8,165,000 12,370,000 285,913,556 298,667,024 - 57,303 285,913,556 12,530,000 298,724,327 12,817,303 Amounts due to the Special Airport District of Durham and Wake Counties Series 1992 5.75% and Series 1993 4.97% General Obligation Bonds maturing in varying installments beginning in 1994 to 2005 Total bond obligations Amounts due for capital lease 6.79% capital lease due in monthly installments of $5,388 including interest Less current maturities $ 273,383,556 $ 285,907,024 12 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 5 – Long-term debt (continued) Debt maturities for the next five years and thereafter are as follows: Year Ending March 31 2003 2004 2005 2006 2007 2008 and thereafter General Airport Revenue Bond Series 2001A Special Facility Revenue Bonds General Airport Revenue Bond Series 2001B Amounts Due Special District GO Bond Series 1992 and 1993 $ 3,500,000 3,500,000 3,500,000 3,500,000 4,500,000 59,800,000 $ 2,840,000 2,985,000 3,150,000 148,000,000 $ 4,610,000 3,615,000 3,295,000 3,425,000 3,565,000 24,055,000 $ 4,420,000 1,820,000 1,925,000 - $ 78,300,000 $ 156,975,000 $ 42,565,000 $ 8,165,000 The Special Facility Revenue Refunding Bonds, Series 1995 (SFRRBs), were issued in October 1995 to partially refund the Special Facilities Revenue Bonds, Series 1985. They are limited obligations of the Authority and are payable solely from, and secured by, a pledge of revenues to be received by the Authority pursuant to the Financing Agreement between the Authority and American Airlines, Inc. (“American”). American will make payments sufficient to pay, when due, the principal amount and interest on the SFRRBs. The SFRRBs are not secured by the general revenues of the Authority. The interest rates on the bonds, adjusted daily, are established by the Remarketing Agent as the minimum rate necessary, in the judgment of the Remarketing Agent taking into account prevailing market conditions, to enable the Remarketing Agent to sell the bonds at a price equal to the principal amount plus accrued interest. The average interest rate for the months ending March 31, 2002 and 2001 was 1.38% and 2.93%, respectively. The Special Facility Revenue Bonds (SFRBs), Series 1985, are limited obligations of the Authority and are payable solely from, and secured by, a pledge of revenues to be received by the Authority pursuant to the Financing Agreement between the Authority and American. American will make payments sufficient to pay, when due, the principal and interest on the SFRBs. The SFRBs are not secured by the general revenues of the Authority. 13 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 5 – Long-term debt (continued) Payment of the principal and interest on the SFRBs is made over 30 years. Facilities financed by the SFRBs are leased to American for a 40-year period. Those facilities consist of Terminal Building C, the Terminal C aircraft parking apron, an air cargo building, a flight-catering kitchen, a bulk fuel storage farm and fuel hydrant distribution system and an employee parking lot. The income received in consideration for the use of those facilities is recognized over 40 years while the debt service is recognized over the maximum term of the SFRBs (30 years). All of the American occupied facilities are owned by the Authority and will continue to be owned by the Authority at the lease expiration. The costs associated with financing the Terminal C Complex at March 31 are as follows: 2002 Interest expense Rental revenue from Terminal C Complex $ Depreciation Amortization of bond issue costs and discounts Net income (costs) associated with financing Terminal C Complex $ 2001 (1,687,751) $ 4,938,753 (3,983,380) 5,749,203 3,251,002 (2,576,124) (35,770) 1,765,823 (2,610,857) (35,770) 639,108 $ (880,804) American is paying directly to the bond trustee the total debt service on the SFRBs in addition to paying the Authority ground rent for the leased premises and reimbursing the Authority for any maintenance and/or operating expenses incurred. Therefore, there is no negative or positive cash flow for the Special Facility Revenue Bonds sustained by the Authority. Cash flows related to Terminal C Complex at March 31 are as follows: 2002 2001 American payments applied to debt service Debt service payments $ 5,237,751 $ (5,237,751) Net cash flows $ - $ 7,533,380 (7,533,380) - The General Obligation Bonds were issued by the Special Airport District of Durham and Wake Counties (the “Special District”) to provide funds for construction of a new air carrier runway and parking and roadway improvements. The financing agreement calls for the Authority to present, as of March 31 of each year, reasonable evidence to the Special District of its ability to meet these obligations during the Special District's upcoming fiscal year. At March 31, 2002 and 2001, $4,868,000 and $4,785,188, respectively, were held in short-term investments to comply with this requirement. These investments are reported under restricted assets as collateral for General Obligation Bonds in the balance sheets. 14 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 5 – Long-term debt (continued) On February 27, 2001, the Authority issued the $156,975,000 Airport Revenue Bonds Series 2001A under the Master Indenture. The Bonds are special obligations of the Authority, secured by and payable from the Net Revenues of the Authority, and under certain circumstances, the proceeds of the Bonds, investment earnings, amounts set aside in the Series 2001 Reserve Fund and certain other funds and accounts. The proceeds are being used for the design and construction of several improvements to the Airport, including the construction of a garage, two warehouse buildings to house support equipment, alterations to existing parking structures, roadways, bridges, toll plazas, walkways, and alterations to a pedestrian tunnel. On February 27, 2001, the Authority issued the $47,570,000 Airport Revenue Refunding Bonds Series 2001B under the Master Indenture. The Bonds are special obligations of the Authority, secured by and payable from the Net Revenues of the Authority, and under certain circumstances, the proceeds of the Bonds, investment earnings, amounts set aside in the Series 2001 Reserve Fund and certain other funds and accounts. The proceeds are being used to refund the Public Parking Revenue Bonds. During the year ended March 31, 2000, the Authority entered into a lease agreement for the lease of computer equipment. This lease qualifies as a capital lease for accounting purposes. It requires thirtysix monthly payments of $5,388 and the Authority does not receive title to the computer equipment at the end of the lease term, but may at its option, return the equipment or lease at fair market value. On May 12, 1992 and on January 6, 1993, the Special District issued $18,380,000 and $21,940,000 of General Obligation Refunding Bonds, Series 1992 and 1993, respectively. The Series 1992 and 1993 bonds were issued to advance refund $38,360,651 of outstanding General Obligation Bonds, Series 1983 and 1985. The Series 1992 and 1993 bonds have average interest rates of 5.75% and 4.97%, respectively. The net proceeds of $38,225,877 (after payment of $134,774 in issuance costs) plus an additional $2,000,000 of Series 1983 debt service reserve funds were deposited into an irrevocable trust to provide all future debt service payments on the Series 1983 and 1985 Bonds. As a result, the Series 1983 and 1985 Bonds are considered to be defeased and the liability for those bonds has been removed from the financial statements. Note 6 – Leases The Authority leases land, buildings and terminal space with a cost of approximately $164 million and a carrying value of approximately $92 million to the airlines, car rental agencies, restaurant and other businesses located at the airport. Revenues from these leases, which are included in buildings and grounds and general aviation revenue, were approximately 18% and 16% of airport operating revenues for 2002 and 2001. The leases cover periods ranging up to 40 years and contain provisions for fixed and contingent rentals based on revenues. For the years ended March 31, 2002 and 2001, contingent rentals comprised $9,619,290 and $8,238,952, respectively, of the total rental revenues. 15 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 6 – Leases (continued) Minimum future rentals on noncancelable operating leases including Terminal C deferred rental revenue, for the next five fiscal years are approximately: Year Ending March 31 Amount 2003 2004 2005 2006 2007 $ 8,479,000 8,197,000 8,172,000 7,607,000 6,713,000 $ 39,168,000 Note 7 – Employee retirement plans Local Governmental Employees' Retirement System Plan Description – The Authority contributes to the statewide Local Governmental Employees' Retirement System (LGERS), a cost-sharing multiple-employer defined benefit pension plan administered by the State of North Carolina. LGERS provides retirement and disability benefits to plan members and beneficiaries. Article 3 of G.S. Chapter 128 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. The Local Governmental Employees' Retirement System is included in the Comprehensive Annual Financial Report (CAFR) for the State of North Carolina. The State's CAFR includes financial statements and required supplementary information for LGERS. That report may be obtained by writing to the Office of the State Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699-1410, or by calling (919) 981-5454. Funding Policy – Plan members are required to contribute six percent of their annual covered salary. The Authority is required to contribute at an actuarially determined rate. The current rate for employees not engaged in law enforcement and for law enforcement officers is 4.93% and 4.78%, respectively, of annual covered payroll. The contribution requirements of members are established and may be amended by the North Carolina General Assembly. The Authority’s contributions to LGERS for the years ended March 31, 2002, 2001 and 2000 were $941,035, $828,811 and $734,339, respectively. The contributions equaled the required contributions for each year, except for the contributions for March 31, 2002, which were $2,500 less than the required amount. 16 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 7 – Employee retirement plans (continued) Supplemental Retirement Income Plan for Law Enforcement Officers Plan Description – The Authority contributes to the Supplemental Retirement Income Plan (Plan), a defined contribution pension plan administered by the Department of State Treasurer and a Board of Trustees. The Plan provides retirement benefits to law enforcement officers employed by the Authority. Article 5 of G.S. Chapter 135 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. Funding Policy – Article 12E of G.S. Chapter 143 requires the Authority to contribute each month an amount equal to five percent of each officer's salary, and all amounts contributed are vested immediately. Also, the law enforcement officers may make voluntary contributions to the plan. Contributions for the year ended March 31, 2002 and 2001 were $87,031 and $82,627 respectively, which consisted of $63,106 and $60,789 from the Authority, and $23,925 and $21,838 from the law enforcement officers, respectively. Law Enforcement Officers Special Separation Allowance Plan Description – The Authority administers a public employee retirement system (the “Separation Allowance”), a single-employer defined benefit pension plan that provides retirement benefits to the Authority’s qualified sworn law enforcement officers. The Separation Allowance is equal to .85 percent of the annual equivalent of the base rate of compensation most recently applicable to the officer for each year of creditable service. The retirement benefits are not subject to any increases in salary or retirement allowances that may be authorized by the General Assembly. Article 12D of G.S. Chapter 143 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. All full-time law enforcement officers of the Authority are covered by the Separation Allowance. At March 31, 2002, the Separation Allowance’s membership consisted of: Retirees receiving benefits Terminated plan members entitled to but not yet receiving benefits Active plan members Total 1 26 27 A separate report was not issued for the plan. Summary of Significant Accounting Policies Basis of Accounting – The Authority has chosen to fund the Separation Allowance on a pay as you go basis. Pension expenditures are made from operating accounts, which are maintained on the accrual basis of accounting. 17 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 7 – Employee retirement plans (continued) Method Used to Value Investments – No funds are set aside to pay benefits and administration costs. These expenditures are paid as they come due. Contributions – The Authority is required by Article 12D of G.S. Chapter 143 to provide these retirement benefits and has chosen to fund the benefit payments on a pay as you go basis through appropriations made in the operating budget. The Authority’s obligation to contribute to this plan is established and may be amended by the North Carolina General Assembly. There were no contributions made by employees. Other Postemployment Benefits The Authority has also elected to provide death benefits to employees through the Death Benefit Plan for members of the Local Governmental Employees’ Retirement System (Death Benefit Plan), a multiple-employer, State-administered, cost-sharing plan funded on a one-year term cost basis. The beneficiaries of those employees who die in active service after one year of contributing membership in the System, or who die within 180 days after retirement or termination of service and have at least one year of contributing membership service in the System at the time of death are eligible for death benefits. Lump sum death benefit payments to beneficiaries are equal to the employee’s 12 highest months salary in a row during the 24 months prior to the employee’s death, but the benefit may not exceed $20,000. All death benefit payments are made from the Death Benefit Plan. The Authority has no liability beyond the payment of monthly contributions. Contributions are determined as a percentage of monthly payroll, based upon rates established annually by the State. Separate rates are set for employees not engaged in law enforcement and for law enforcement officers. Because the benefit payments are made by the Death Benefit Plan and not by the Authority, the Authority does not determine the number of eligible participants. For the fiscal year ended March 31, 2002, the Authority made contributions to the State for death benefits of $9,875. The Authority’s required contributions for employees not engaged in law enforcement and for law enforcement officers represented 0.11% and 0.14% of covered payroll, respectively. The contributions to the Death Benefit Plan cannot be separated between the postemployment benefit amount and the other benefit amount. Note 8 – Commitments and contingencies Subsequent to the opening of the Terminal C Complex and the commencement of American Airlines North-South hub operations, various parties filed claims against the Authority for alleged adverse condemnation of real property by reason of aircraft operations in the vicinity of the claimants' property. In early 1991, most of the parties agreed to a binding arbitration of all claims before a panel of three arbitrators. As of March 31, 1999, all claims have been settled through arbitration, negotiation or dismissal. The costs for settling these claims totaled approximately $3.65 million. The Authority has capitalized these costs, as they will be included in future landing and fuel flowage fees charged to airport users. 18 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 8 – Commitments and contingencies (continued) The Authority is also a defendant in various other legal proceedings incidental to its business. The Authority intends to defend such proceedings vigorously and, in the opinion of the management, the ultimate liability, if any, of the Authority in these proceedings is not expected to have a material adverse effect on the financial position of the Authority. Risk management – The Authority is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets, injuries to employees and the general public, and natural disasters. The Authority carries commercial insurance against risks of loss, including property and public liability insurance and worker’s compensation. Settled claims from these risks have been far less than commercial insurance coverage. Construction commitments – At March 31, 2002, the Authority has contractual commitments for Authority expansion programs of approximately $194,600,000. Note 9 – September 11th impact The terrorist attacks of September 11, 2001 significantly adversely affected the North American transportation system, including operations of the Authority. Specifically, since September 11, 2001,enplanements at the Airport and the receipt of revenues have been adversely affected and may continue to be negatively affected by restrictions on the Airport and the financial condition of the air travel industry. Like many airport operators, the Authority has experienced increased operating costs due to compliance with federally mandated and other security and operating changes. In addition, the FAA may, require further enhanced security measures and impose additional restrictions on the Airport, which may affect future Authority results. The Authority cannot predict the likelihood of future incidents similar to September 11, 2001, the likelihood of future air transportation disruptions or the impact on airports or airlines from such incidents or disruptions. Note 10 – Future pronouncements During the year ended March 31, 2004, the Authority will be required to implement GASB Statement 34 “Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments.” Note 11 – Subsequent events On May 1, 2002, all remaining $78,300,000 Special Facility Revenue Bonds issued by the Authority were prepaid and retired by American Airlines. See Note 5 to these financial statements describing this indebtedness. 19 RALEIGH-DURHAM AIRPORT AUTHORITY NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS March 31, 2002 and 2001 Note 11 – Subsequent events (continued) On June 13, 2002, the Authority issued Adjustable Rate Airport Revenue Bonds, Series 2002 (AMT) in the amount of $30,000,000. The proceeds were used primarily to finance a portion of the cost of acquiring and purchasing certain rights and interests of American Airlines under the Raleigh-Durham Airport Facilities Lease and Use Agreement dated November 1, 1985, between the Authority and American Airlines and to rehabilitate certain buildings and equipment related to the lease and use agreement, and to make certain other capital improvements. The bonds are subject to mandatory redemption in part on November 1, in the years 2003 through 2017 through a sinking fund requirement that commences November 1, 2003. The final maturity of the bonds is November 1, 2017. 20 INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION To the Members Raleigh-Durham Airport Authority Raleigh, North Carolina Our audits were conducted for the purpose of forming an opinion on the general purpose financial statements as of and for the years ended March 31, 2002 and 2001 taken as a whole. The following supplemental information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the Authority. Such information has been subjected to the auditing procedures applied in our audits of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. Greensboro, North Carolina June 25, 2002 21 RALEIGH - DURHAM AIRPORT AUTHORITY SUMMARY OF OPERATING REVENUES AND EXPENSES COMPARED WITH BUDGET Year Ended March 31, 2002 Operating revenues Parking Airfield General aviation Terminals Air cargo Rental car Other Total operating revenues Operating expenses Complex expenses Department expenses Budget adjustment for AVSEC (1) Total operating expenses NET OPERATING INCOME (1) Percent of Budget Actual Budget $ 23,162,078 6,864,368 963,384 10,562,847 1,301,970 9,334,756 1,573,802 53,763,205 $ 25,000,000 7,854,590 781,712 10,658,307 1,265,555 10,878,101 1,243,190 57,681,455 92.6% 87.4% 123.2% 99.1% 102.9% 85.8% 126.6% 93.2% 17,131,976 22,029,992 18,864,331 19,687,160 90.8% 111.9% 39,161,968 1,146,900 39,698,391 98.6% $ 14,601,237 $ 17,983,064 81.2% Aviation Security ("AVSEC") expenses are included in various line items of complex and department expenses. No actual expenses for AVSEC are presented as identifying these expenses within various areas was not cost effective. 22 RALEIGH - DURHAM AIRPORT AUTHORITY REVENUES COMPARED WITH BUDGET PARKING REVENUES Year Ended March 31, 2002 Actual Budget Percent of Budget Parking revenues Parking fees Contra revenue $ 23,471,547 (309,469) $ 25,000,000 - 93.9% N/A TOTAL PARKING REVENUES $ 23,162,078 $ 25,000,000 92.6% 23 RALEIGH - DURHAM AIRPORT AUTHORITY REVENUES COMPARED WITH BUDGET AIRFIELD REVENUES Year Ended March 31, 2002 Actual Landing fees Commercial airlines Commuters and others Total landing fees $ 5,461,059 965,759 6,426,818 Fuel flowage fees Other airfield revenues TOTAL AIRFIELD REVENUES Budget 6,824,940 750,650 7,575,590 80.0% 128.7% 84.8% 337,599 279,000 121.0% 99,951 - N/A 7,854,590 87.4% $ 6,864,368 24 Percent of Budget $ $ RALEIGH - DURHAM AIRPORT AUTHORITY REVENUES COMPARED WITH BUDGET GENERAL AVIATION REVENUES Year Ended March 31, 2002 Actual Budget Percent of Budget General Aviation Fixed space rents Percentage rents $ 939,632 23,752 $ 765,712 16,000 122.7% 148.5% TOTAL GENERAL AVIATION REVENUES $ 963,384 $ 781,712 123.2% 25 RALEIGH - DURHAM AIRPORT AUTHORITY REVENUES COMPARED WITH BUDGET TERMINAL REVENUES Year Ended March 31, 2002 Actual Budget Percent of Budget Terminal A Complex Fixed space rents AirTran Airways Anton Airfood Aeronautical Radio Air Canada Atlantic Coast Airlines CC Air The Book Cellar Continental Airlines Delta Airlines Dal Global Services Gearbuck Aviation Services Elizabeth Chapel Church Talent Source Globe Airport Security Midwest Express Iskcon Lee Airport Concessions Orion Aviation Northwest Airlines Paradies Shops Rampco Southwest Airlines State Employee's Credit Union USAirways Trans World Airlines United Airlines Wachovia Total fixed space rents $ 26 216,051 49,660 600 97,720 126,502 6,040 6,810 743,353 1,088,052 1,200 1,200 300 7,198 27,838 350 6,280 481,777 20,394 1,200 830,684 1,579 1,261,162 84,723 201,252 1,315 5,263,240 $ 217,383 49,660 600 97,720 2,700 6,600 1,800 691,247 1,068,120 1,200 300 23,304 85,597 300 7,383 6,272 468,666 20,394 1,200 864,246 1,579 1,334,924 245,389 350,937 1,315 5,548,836 99.4% 100.0% 100.0% 100.0% 4685.3% 91.5% 378.3% 107.5% 101.9% N/A 100.0% 100.0% N/A 119.5% 116.7% 85.1% 102.8% 100.0% 100.0% 96.1% 100.0% 94.5% 34.5% 57.3% 100.0% 94.9% RALEIGH - DURHAM AIRPORT AUTHORITY REVENUES COMPARED WITH BUDGET TERMINAL REVENUES Year Ended March 31, 2002 Actual Percentage rents Airport Channel AJ Tavern/Greenleaf's A&W All American Food ACC Shop A Southern Season Anton Temporary Stores Brooks Brothers Business Traveler Services Carolina Varsity Bar Classic Food Services Gelato Amare/Jazzy Juice Kellee Communications WH Smith Books Company Interspace Airport Advertising Lee Concessions Hot Dogs Gourmet Bean Gelato Jersey Mike's Natural Snacks Lone Wolf Publishing Mutual of Omaha Paradies Airport Shops Poppye's Chicken RDU Press Plus Seattle's Best Coffee Smarte Cart Superior Shine The Book Cellar Telephones - AT&T Telephones - Bell South 24-Hour Flower World Duty Free Total percentage rents 27 Budget Percent of Budget 16,329 622,499 7,848 3,583 4,369 26,463 91,914 587,143 30,000 81,000 47,300 66,000 42,000 41,000 11,500 67,300 20,600 33,100 577,200 54.4% N/A 68.2% N/A 21.2% N/A 277.7% 101.7% 10,490 36,284 6,014 73,249 4,949 3,917 30,888 524,876 12,987 7,191 25,943 55,653 1,040 3,236 2,156,865 2,800 4,200 6,200 2,900 27,500 180,300 283,900 14,900 12,800 8,300 19,000 75,000 3,200 31,900 1,689,900 374.6% 863.9% N/A 1181.4% N/A 135.1% 112.3% N/A 101.5% 86.6% 136.5% 74.2% N/A 101.1% 127.6% RALEIGH - DURHAM AIRPORT AUTHORITY REVENUES COMPARED WITH BUDGET TERMINAL REVENUES Year Ended March 31, 2002 Actual Miscellaneous rents Security - checkpoint A Security - law enforcement Utilities Lockers - Smart Cart Conference room Total miscellaneous rents Budget Percent of Budget 289,516 97,568 79,432 222 13,632 480,370 286,660 99,121 33,400 600 12,500 432,281 101.0% 98.4% 237.8% 37.0% 109.1% 111.1% 7,900,475 7,671,017 103.0% 1,853,332 10,494 17,516 1,881,342 1,853,332 10,494 17,463 1,881,289 100.0% 100.0% 100.3% 100.0% Percentage rents Sky Chefs 615,442 750,000 82.1% Miscellaneous rents Midway Employee Parking RDU Concession Management Fee Security Total miscellaneous rents 54,221 69,116 42,251 165,588 195,750 118,000 42,251 356,001 27.7% 58.6% 100.0% 46.5% 2,662,372 2,987,290 89.1% $ 10,562,847 $ 10,658,307 99.1% Total Terminal A Complex revenues Terminal C Complex Fixed space rents American Airlines Colonial Pipeline U.S. Postal Service Total fixed space rents Total Terminal C Complex revenues TOTAL TERMINAL REVENUES 28 RALEIGH - DURHAM AIRPORT AUTHORITY REVENUES COMPARED WITH BUDGET AIR CARGO REVENUES Year Ended March 31, 2002 Actual North Cargo Complex Fixed space rents Airborne Express BAX Global Emery Worldwide Federal Express United Parcel Service Total North Cargo Complex revenues $ 111,736 126,770 172,985 309,538 225,406 946,435 Budget $ Percent of Budget 111,736 126,770 172,986 309,538 225,407 946,437 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% South Cargo Complex Fixed space rents Anton Airfood Delta Airlines Gate Gourmet Kellee Communications Group Inc. Quantem Aviation Southwest Airlines Swissport CFE, Inc. WH Smith Books Company United Airlines Total fixed space rents 21,811 31,950 8,923 5,325 70,290 18,002 1,200 9,958 9,585 177,044 7,064 31,950 8,923 38,340 19,170 1,200 9,691 12,780 129,118 308.8% 100.0% 100.0% N/A 183.3% 93.9% 100.0% 102.8% 75.0% 137.1% Percentage rents Gearbuck Aviation Services Gategourmet Total percentage rents 6,615 171,876 178,491 190,000 190,000 N/A 90.5% 93.9% 355,535 319,118 111.4% 1,265,555 102.9% Total South Cargo Complex revenues TOTAL AIR CARGO REVENUES $ 1,301,970 29 $ RALEIGH - DURHAM AIRPORT AUTHORITY REVENUES COMPARED WITH BUDGET RENTAL CAR REVENUES Year Ended March 31, 2002 Actual Fixed space rents Alamo Rent-A-Car Avis Rent-A-Car Budget Rent-A-Car Dollar Rent-A-Car Enterprise Car Rental The Hertz Corporation National Car Rental Triangle Rent-A-Car Total fixed space rents $ Percentage rents Alamo Rent-A-Car Avis Rent-A-Car Budget Rent-A-Car Dollar Rent-A-Car Enterprise Car Rental The Hertz Corporation National Car Rental Triangle Rent-A-Car Off Airport - Thrifty Total percentage rents TOTAL RENTAL CAR REVENUES $ 30 19,800 45,689 29,119 12,545 10,687 81,102 42,837 12,448 254,227 Budget $ Percent of Budget 21,327 45,689 29,119 13,216 10,363 81,102 42,837 12,448 256,101 92.8% 100.0% 100.0% 94.9% 103.1% 100.0% 100.0% 100.0% 99.3% 661,355 1,704,720 1,095,484 493,067 403,232 2,851,525 1,223,461 227,547 420,138 9,080,529 823,000 2,003,000 1,082,000 587,000 229,000 3,295,000 1,741,000 318,000 544,000 10,622,000 80.4% 85.1% 101.2% 84.0% 176.1% 86.5% 70.3% 71.6% 77.2% 85.5% 9,334,756 $ 10,878,101 85.8% RALEIGH - DURHAM AIRPORT AUTHORITY REVENUES COMPARED WITH BUDGET OTHER REVENUES Year Ended March 31, 2002 Actual Fixed space rents First Flight Centennial NC Department of Transportation RTRP (RDU Center Tenant) Off airport businesses Airport Express Total fixed rents $ 4,800 31,019 37,371 72,021 7,360 152,571 Budget $ Percent of Budget 4,800 31,019 37,371 67,000 6,000 146,190 100.0% 100.0% 100.0% 107.5% 122.7% 104.4% Percentage rents Off airport - VIP parking Off airport - other Total percentage rents 157,033 42,092 199,125 127,000 42,000 169,000 123.6% 100.2% 117.8% Other miscellaneous rents ID badges Taxi licenses and trip fees Employee parking lot Total miscellaneous rents 64,176 343,006 326,446 733,628 30,000 382,000 90,000 502,000 213.9% 89.8% 362.7% 146.1% Utilities complex revenue 488,478 426,000 114.7% 1,243,190 126.6% TOTAL OTHER REVENUES $ 1,573,802 31 $ RALEIGH - DURHAM AIRPORT AUTHORITY COMPARATIVE SUMMARIES OF OPERATING EXPENSES BY COST CENTER Year Ended March 31, 2002 and 2001 Amount 2002 Operating expenses Airport facilities Administrative Law enforcement Airport maintenance Parking Emergency services Visitor services Communications Operations Grounds transportation division Total operating expenses 2001 Percent of Total Operating Expenses 2002 2001 $ 17,131,976 3,616,776 2,012,167 2,764,851 6,540,056 1,379,681 347,319 555,470 700,600 4,113,072 $ 16,289,092 2,780,248 1,636,486 2,517,512 4,649,302 1,107,419 365,630 567,680 558,133 2,653,353 43.7% 9.2% 5.1% 7.1% 16.7% 3.5% 0.9% 1.4% 1.8% 10.5% 49.2% 8.4% 4.9% 7.6% 14.0% 3.3% 1.1% 1.7% 1.7% 8.0% $ 39,161,968 $ 33,124,855 100.0% 100.0% 32 RALEIGH - DURHAM AIRPORT AUTHORITY SUMMARIES OF OPERATING EXPENSES BY COST CENTER COMPARED WITH BUDGET Year Ended March 31, 2002 Actual Operating expenses (excluding depreciation) Airport facilities Administrative Law enforcement Airport maintenance Parking Emergency services Visitor services Communications Operations Grounds transportation division (1) Budget adjustment for AVSEC Total operating expenses (excluding depreciation) $ Depreciation Airport facilities Administrative Law enforcement Airport maintenance Parking Emergency services Visitor services Communications Operations Grounds transportation division Total depreciation TOTAL OPERATING EXPENSES (1) $ 4,396,847 3,336,298 1,964,529 2,524,409 2,521,081 1,173,952 347,319 395,277 682,430 4,113,072 Budget 4,084,819 3,510,597 1,836,569 2,458,584 2,201,642 1,176,548 345,800 396,462 526,694 3,771,175 107.6% 95.0% 107.0% 102.7% 114.5% 99.8% 100.4% 99.7% 129.6% 109.1% 21,455,214 1,146,900 21,455,790 100.0% 12,735,129 280,478 47,638 240,442 4,018,975 205,729 160,193 18,170 17,706,754 14,779,512 205,835 44,873 217,836 2,557,438 201,828 203,840 31,439 18,242,601 86.2% 136.3% 106.2% 110.4% 157.1% 101.9% N/A 78.6% 57.8% N/A 97.1% 39,698,391 98.6% 39,161,968 $ $ Aviation Security ("AVSEC") expenses are included in various line items of complex and department expenses. No actual expenses for AVSEC are presented as identifying these expenses within various areas was not cost effective. 33 Percent of Budget RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET AIRPORT FACILITIES OPERATING EXPENSES Year Ended March 31, 2002 Actual Airport facilities Airfield complex Contracted services AVSEC Electricity Fuel - natural gas Fuel - vehicles and equipment Repairs and maintenance Equipment General Snow removal Permit administration Relocation/gates Supplies Telephone Insurance Depreciation Total airfield complex $ Terminal A complex Electricity Flight video display Fuel - natural gas Fuel - vehicles and equipment Hardware/computer Insurance Insurance claim Permit administration Public address and music system rental Elevators/escalators Repairs and maintenance/buildings and grounds General HVAC Janitorial Waste disposal Small equipment Software 34 11,526 73,172 1,125 - Budget $ Percent of Budget 5,000 73,200 1,000 N/A 100.0% N/A - 4,316 5,627 111,764 200 9,125 131,433 1,277 115,090 3,523,470 3,988,125 12,500 40,000 200 18,000 163,850 1,300 96,166 3,804,760 4,215,976 34.5% 14.1% N/A 100.0% 50.7% 80.2% 98.2% 119.7% 92.6% 94.6% 654,093 1,547 107,916 1,254 94,888 10,426 390 1,056 53,539 654,100 1,500 83,900 500 5,000 79,284 3,400 900 3,000 50,000 100.0% 103.1% 128.6% 250.8% 119.7% 306.6% 43.3% 35.2% 107.1% 52,486 73,745 800,624 94,242 270 16,750 48,000 78,500 718,100 80,000 15,000 109.3% 93.9% 111.5% 117.8% N/A 111.7% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET AIRPORT FACILITIES OPERATING EXPENSES Year Ended March 31, 2002 Actual Supplies Telephone Depreciation Total Terminal A complex Terminal C complex Electricity Insurance Permit administration Repairs and maintenance/buildings and grounds Equipment General Janitorial Waste disposal Supplies Total Terminal C complex Cargo complex General repairs and maintenance Electricity Fuel - natural gas Insurance Insurance claim Permit administration Elevators/escalators Repairs and maintenance/HVAC Supplies Depreciation Total cargo complex General Aviation complex Telephone Electricity Elevator/escalator repairs and maintenance General repairs and maintenance HVAC repairs and maintenance 35 Budget Percent of Budget 77,726 2,010 2,791,508 4,834,470 95,000 1,800 3,855,366 5,773,350 81.8% 111.7% 72.4% 83.7% 600 93,401 - 300 78,044 2,100 200.0% 119.7% - 668 3,029 2,700 8,166 108,564 21,250 5,200 3,600 7,600 118,094 N/A 58.3% 75.0% 107.4% 91.9% 1,343 54,602 8,517 26,536 5,520 230 520 1,265 1,684,751 1,783,284 5,000 54,600 4,150 22,167 1,800 300 1,550 400 750 1,684,751 1,775,468 26.9% 100.0% 205.2% 119.7% 306.7% 76.7% 33.5% 168.7% 100.0% 100.4% 2,555 5,768 1,500 487 979 2,400 3,900 1,800 1,000 9,000 106.5% 147.9% 83.3% 48.7% 10.9% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET AIRPORT FACILITIES OPERATING EXPENSES Year Ended March 31, 2002 Actual Supplies Insurance Insurance claim Permit administration Depreciation Total general aviation complex Rental Car Complex Insurance Insurance claim Depreciation Total rental car complex Other locations complex Electricity Fuel - natural gas Fuel - vehicle and equipment Permit administration Elevators/escalators Repairs and maintenance Equipment General Janitorial Waste disposal HVAC Supplies Insurance Insurance claim Telephone Depreciation Total other location complex Ground transportation complex Electricity AVSEC Fuel - vehicles and equipment 36 Budget Percent of Budget 209 21,176 5,520 30 242,240 280,464 2,000 17,691 1,800 50 245,880 285,521 10.5% 119.7% 306.7% 60.0% 98.5% 98.2% 1,612 2,146 170,952 174,710 1,348 700 74,864 76,912 119.6% 306.6% 228.4% 227.2% 15,769 2,291 334 230 1,311 13,686 1,400 50 300 1,550 115.2% 163.6% 668.0% 76.7% 84.6% 145 13,994 15,311 22,734 7,648 23,951 11,044 2,760 3,035 925,795 1,046,352 500 22,500 13,000 20,000 9,750 12,500 9,223 900 3,800 1,390,699 1,499,858 29.0% 62.2% 117.8% 113.7% 78.4% 191.6% 119.7% 306.7% 79.9% 66.6% 69.8% 479,614 7,787 441 479,700 500 100.0% N/A 88.2% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET AIRPORT FACILITIES OPERATING EXPENSES Year Ended March 31, 2002 Actual Permit administration Repairs and maintenance HVAC General Equipment Janitorial Snow removal Elevators/escalators Waste disposal Supplies Small equipment Telephone Insurance Insurance claim Depreciation Total ground transportation complex Utilities complex Contracted services Fuel - natural gas Electricity Fuel - vehicles and equipment Permit administration Supplies Water and sewer Repairs and maintenance General Water system Telephone Depreciation Total utilities complex TOTAL AIRPORT FACILITIES 37 Budget Percent of Budget 430 1,100 39.1% 581 14,050 7,680 24,911 43,897 29,812 2,194 85,545 3,846 131,408 32,505 3,290,648 4,155,349 500 57,500 40,000 29,000 5,000 64,700 2,000 65,000 2,400 4,300 109,810 10,600 3,617,427 4,489,537 116.2% 24.4% 19.2% 85.9% 877.9% 46.1% 109.7% 131.6% 89.4% 119.7% 306.7% 91.0% 92.6% 1,192 66 4,439 450 17,450 611,806 2,450 4,000 50 450 10,000 480,000 48.7% N/A 111.0% 100.0% 174.5% 127.5% 15,991 3,499 105,765 760,658 2,600 22,500 1,800 105,765 629,615 71.1% 194.4% 100.0% 120.8% $ 17,131,976 $ 18,864,331 90.8% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET ADMINISTRATIVE EXPENSES Year Ended March 31, 2002 Actual Administrative Major Capital Improvements Program Salaries Health insurance Retirement Social security $ Less amount capitalized as airport development Total major capital improvements program Facilities and Environmental Salaries Retirement Health insurance Social security Contracted services Fuel - natural gas Professional dues and education Uniforms Travel Electricity Telephone Small equipment Repairs and maintenance Equipment Janitorial Hardware Supplies Printer supplies Printing Postage Copying Insurance Legal fees Media and documentation Permit administration Physical examinations Depreciation Less amount capitalized as airport development Total facilities and environmental 38 130,147 12,572 36,612 19,985 199,316 178,772 Budget $ Percent of Budget 130,147 12,572 36,612 19,985 199,316 - 100.0% 100.0% 100.0% 100.0% 100.0% - 20,544 199,316 10.3% 220,339 40,245 30,022 26,883 74,635 1,550 2,637 64 4,207 13,781 15,399 188 220,339 40,245 30,022 26,883 22,500 1,800 4,500 400 5,500 13,300 12,900 200 100.0% 100.0% 100.0% 100.0% 331.7% 86.1% 58.6% 16.0% 76.5% 103.6% 119.4% 94.0% 94 16,090 2,995 385 1,231 2,530 40,866 3,533 64 721 44 96,166 594,669 186,406 200 12,400 100 2,700 1,200 400 1,200 3,300 34,141 5,000 200 700 93,855 533,985 - 47.0% 129.8% 110.9% 96.3% 102.6% 76.7% 119.7% 70.7% 32.0% 103.0% N/A 102.5% 111.4% - 408,263 533,985 76.5% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET ADMINISTRATIVE EXPENSES Year Ended March 31, 2002 Actual Airport director's office Salaries Retirement Health insurance Social security Contracted services Professional dues and education Travel Electricity Telephone Advertising Promotional Fuel - natural gas Repairs and maintenance Janitorial Supplies Printing Postage Copying Insurance Legal fees Triangle J-Core program Authority per diem Unemployment compensation CIAL moving expenses Depreciation Total airport director's office Customer service and organizational support Salaries Retirement Health insurance Social security Tuition assistance Contracted services Copying Postage Professional education Travel Telephone Promotional Printing Supplies Total customer service and organizational support 39 Budget Percent of Budget 458,706 46,525 18,687 31,226 21,456 51,191 75,855 27,980 5,238 281 8,730 1,550 458,706 46,525 18,686 31,226 54,500 20,800 26,900 5,800 200 10,000 2,100 100.0% 100.0% 100.0% 100.0% N/A 93.9% 364.7% 104.0% 90.3% 140.5% 87.3% 73.8% 35,425 2,693 103 2,767 2,514 27,311 176,998 10,000 3,710 11 14,351 184,312 1,207,620 21,000 1,700 100 2,000 3,000 22,814 100,000 10,000 4,200 20,000 15,000 111,980 987,237 168.7% 158.4% 103.0% 138.4% 83.8% 119.7% 177.0% 100.0% 88.3% 0.1% 95.7% 164.6% 122.3% 351,131 28,715 21,229 25,053 6,696 49,619 3,779 2,989 4,733 6,931 9,252 9,756 21,775 7,986 549,644 351,131 28,714 21,229 25,053 10,000 54,000 5,100 5,500 9,250 8,800 8,700 11,250 29,000 6,500 574,227 100.0% 100.0% 100.0% 100.0% 67.0% 91.9% 74.1% 54.3% 51.2% 78.8% 106.3% 86.7% 75.1% 122.9% 95.7% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET ADMINISTRATIVE EXPENSES Year Ended March 31, 2002 Actual Budget Percent of Budget Noise Salaries Retirement Health insurance Social security Advertising Contracted services Professional dues and education Repairs and maintenance - equipment Travel Supplies Copying Postage Printing Small equipment Insurance Total noise 48,381 2,021 3,916 2,828 9,043 35,383 624 2,793 3 946 1,143 621 175 775 108,652 48,381 2,021 3,916 2,828 8,500 45,000 2,000 3,000 2,500 300 1,500 1,000 300 1,000 647 122,893 100.0% 100.0% 100.0% 100.0% 106.4% 78.6% 31.2% 93.1% 0.1% 315.3% 76.2% 62.1% 58.3% 119.8% 88.4% Administration Salaries Retirement Health insurance Social security Employee assistance program Legal fees Physical examinations Professional dues and education Travel Telephone Supplies Printing Copying Postage Contracted services Promotional Advertising Total public affairs 222,290 16,010 21,709 15,727 850 13,588 371 3,521 (340) 6,724 2,235 2,200 2,761 3,079 104,266 10,195 24,638 449,824 222,290 16,010 21,709 15,727 2,000 20,000 150 5,400 5,150 5,800 1,700 7,600 3,000 1,650 50,750 10,000 25,000 413,936 100.0% 100.0% 100.0% 100.0% 42.5% 67.9% 247.3% 65.2% -6.6% 115.9% 131.5% 28.9% 92.0% 186.6% 205.5% 102.0% 98.6% 108.7% 40 RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET ADMINISTRATIVE EXPENSES Year Ended March 31, 2002 Actual Budget Percent of Budget Finance Salaries Retirement Health insurance Social security Advertising Professional dues and education Promotional Travel Telephone Repairs and maintenance - equipment Small equipment Supplies Printing Copying Software Hardware/computer Hardware maintenance Media and documentation Printer supplies Postage Audit Contracted services Total finance 515,742 41,242 39,159 36,607 4,649 221 3,062 14,763 94 9,361 3,054 5,949 2,211 732 431 232 8,495 4,985 21,866 11,947 724,802 515,742 41,242 39,159 36,607 500 9,200 8,700 12,200 150 800 6,000 5,000 6,600 2,000 500 10,000 3,900 25,500 6,700 730,500 100.0% 100.0% 100.0% 100.0% 50.5% N/A 35.2% 121.0% 62.7% 156.0% 61.1% 90.1% N/A N/A 21.6% 46.4% 85.0% 127.8% 85.7% 178.3% 99.2% Business development Salaries Retirement Health insurance Social security Copying Postage Printing Professional/education Supplies Telephone Travel Total business development 112,307 12,009 9,000 7,922 1,234 419 103 399 1,343 2,691 147,427 112,307 12,009 9,000 7,922 2,000 750 1,950 1,300 3,100 4,000 154,338 100.0% 100.0% 100.0% 100.0% 61.7% 55.9% N/A 20.5% 103.3% 86.8% 95.5% $ 3,616,776 $ 3,716,432 97.3% TOTAL ADMINISTRATIVE 41 RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET OPERATIONS EXPENSES Year Ended March 31, 2002 Actual Operations Salaries Retirement Health insurance Social security Contracted services Physical examinations Professional dues and education Travel Telephone Repairs and maintenance - equipment Small equipment Supplies Printer supplies Copying Postage Insurance Permit administration Printing AVSEC Uniforms Depreciation TOTAL OPERATIONS 42 Budget Percent of Budget $ 336,690 21,269 30,641 21,847 65,452 560 2,763 7,702 16,724 38,208 6,968 41,622 1,249 1,005 18,714 3,905 66,725 386 18,170 $ 336,690 21,269 30,641 21,847 27,500 250 11,000 10,000 12,300 7,000 7,100 20,000 700 1,250 800 13,322 25 2,500 2,500 31,439 100.0% 100.0% 100.0% 100.0% 238.0% 224.0% 25.1% 77.0% 136.0% 545.8% 98.1% 208.1% 99.9% 125.6% 140.5% 156.2% N/A 15.4% 57.8% $ 700,600 $ 558,133 125.53% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET LAW ENFORCEMENT EXPENSES Year Ended March 31, 2002 Percent of Budget Actual Budget Law enforcement Salaries Retirement Health insurance Social security Professional dues and education AVSEC K-9 program Travel Physical examinations Telephone Repairs and maintenance - equipment Small equipment Software Supplies Uniforms Printing Copying Postage Insurance Police identification systems Depreciation $ 1,355,963 124,261 96,525 97,286 6,671 141,013 11,852 12,168 5,959 22,613 3,758 3,154 16,058 20,176 2,418 5,476 647 35,831 2,700 47,638 $ 1,355,963 124,261 96,525 97,286 15,000 15,000 15,000 11,850 13,400 4,500 3,500 2,000 20,000 20,000 3,000 5,400 350 29,934 3,600 44,873 100.0% 100.0% 100.0% 100.0% 44.5% N/A 79.0% 81.1% 50.3% 168.8% 83.5% 90.1% 80.3% 100.9% 80.6% 101.4% 184.9% 119.7% 75.0% 106.2% TOTAL LAW ENFORCEMENT $ 2,012,167 $ 1,881,442 106.9% 43 RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET AIRPORT MAINTENANCE EXPENSES Year Ended March 31, 2002 Actual Airport maintenance Salaries Retirement Health insurance Social security Contracted services Professional dues and education Physical examinations Telephone Postage Travel Hardware/computer Electricity Repairs and maintenance Janitorial Waste disposal Equipment Fuel Small equipment Supplies Copying Insurance Uniforms Depreciation Total airport maintenance $ 1,256,508 104,716 105,730 91,386 312 112 3,126 16,730 1,314 3,371 599 18,866 Budget 1,256,508 104,716 105,730 91,386 600 6,000 7,200 14,700 600 4,000 400 17,400 100.0% 100.0% 100.0% 100.0% 52.0% 1.9% 43.4% 113.8% 219.0% 84.3% 149.8% 108.4% 6,065 2,195 785 10,972 8,863 21,508 3,363 73,462 18,799 233,452 1,982,234 3,500 2,000 2,500 12,400 12,000 25,000 3,400 61,378 19,750 215,050 1,966,218 173.3% 109.8% 31.4% 88.5% 73.9% 86.0% 98.9% 119.7% 95.2% 108.6% 100.8% Fleet maintenance Salaries Health insurance Social security Retirement Fuel - vehicles and equipment Professional dues and education Physical examinations Repairs and maintenance - equipment Supplies Uniforms Insurance Small equipment Travel Depreciation Total fleet maintenance 256,400 17,313 19,471 22,531 243,031 425 29,112 172,623 3,513 9,033 1,386 789 6,990 782,617 256,400 17,313 19,471 22,531 220,000 1,000 250 17,750 140,000 3,000 7,551 2,150 2,786 710,202 100.0% 100.0% 100.0% 100.0% 110.5% 42.5% 164.0% 123.3% 117.1% 119.6% 64.5% N/A 250.9% 110.2% TOTAL AIRPORT MAINTENANCE $ 2,764,851 2,676,420 103.3% 44 $ Percent of Budget $ RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET PARKING EXPENSES Year Ended March 31, 2002 Actual Parking Salaries Retirement Health insurance Social security Abandoned vehicles Professional dues and education Travel Electricity Telephone Repairs and maintenance Janitorial Waste disposal Equipment Supplies Physical examinations Small equipment Printing Postage Copying Insurance Contracted services Hardware/computer Hardware/maintenance Printer supplies Uniforms Depreciation $ 909,590 63,610 74,128 66,543 1,321 3,410 7,112 8,905 39,898 Budget $ 15,524 12,620 387 34,445 519 23,130 1,417 1,169 5,220 33,754 1,096,041 33,808 57,878 25,308 5,344 4,018,975 $ TOTAL PARKING 45 6,540,056 $ Percent of Budget 735,260 57,350 78,180 58,390 1,500 4,000 8,000 10,300 22,800 123.7% 110.9% 94.8% 114.0% 88.1% 85.3% 88.9% 86.5% 175.0% 9,500 13,600 350 20,000 200 29,500 1,000 250 5,000 22,372 923,090 90,000 75,000 30,000 6,000 2,557,438 163.4% 92.8% 110.6% 172.2% 259.5% 78.4% 141.7% 467.6% 104.4% 150.9% 118.7% 37.6% 77.2% 84.4% 89.1% 157.1% 4,759,080 137.4% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET EMERGENCY SERVICES EXPENSES Year Ended March 31, 2002 Actual Emergency services Salaries Retirement Health insurance Social security Professional dues and education Travel Telephone Fuel Physical examinations Repairs and maintenance - equipment Waste disposal Supplies Uniforms Small equipment Printing Copying Postage Insurance Depreciation $ TOTAL EMERGENCY SERVICES 872,373 67,449 60,045 62,399 16,059 7,211 12,165 3,594 4,786 5,437 359 16,474 10,527 5,292 739 2,977 117 25,949 205,729 $ 1,379,681 46 Budget $ Percent of Budget 872,373 67,449 60,045 62,399 11,400 9,000 19,000 4,000 6,750 8,900 300 16,000 8,400 5,600 200 3,000 50 21,682 201,828 100.0% 100.0% 100.0% 100.0% 140.9% 80.1% 64.0% 89.9% 70.9% 61.1% 119.7% 103.0% 125.3% 94.5% 369.5% 99.2% 234.0% 119.7% 101.9% $ 1,378,376 100.1% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET VISITOR SERVICES EXPENSES Year Ended March 31, 2002 Actual Visitor services Salaries Retirement Health insurance Accident insurance Social security Tuition assistance Advertising Contracted services Professional dues and education Promotional Travel Telephone Repairs and maintenance - equipment Small equipment Supplies Uniforms Printing Copying Postage Insurance TOTAL VISITOR SERVICES 47 Budget Percent of Budget $ 242,914 20,514 27,412 300 19,128 286 1,645 4,240 2,657 5,593 1,633 6,846 193 537 2,232 (178) 3,440 554 202 7,171 $ 242,914 20,514 27,412 200 19,128 1,400 2,495 2,000 8,000 1,500 5,400 200 400 2,800 2,100 2,500 700 150 5,987 100.0% 100.0% 100.0% 150.0% 100.0% N/A 117.5% 169.9% 132.9% 69.9% 108.9% 126.8% 96.5% 134.3% 79.7% -8.5% 137.6% 79.1% 134.7% 119.8% $ 347,319 $ 345,800 100.4% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET COMMUNICATIONS EXPENSES Year Ended March 31, 2002 Actual Communications Salaries Retirement Health insurance Social security Professional dues and education Travel Telephone Repairs and maintenance - equipment Supplies Physical examinations Postage Printing Small equipment Uniforms Insurance Depreciation TOTAL COMMUNICATIONS 48 Budget Percent of Budget $ 257,151 16,914 26,725 17,781 100 145 40,670 28,185 1,389 556 51 158 2,397 1,054 2,001 160,193 $ 257,151 16,914 26,725 17,781 750 3,000 39,700 20,000 2,000 550 300 6,600 1,000 3,991 203,840 100.0% 100.0% 100.0% 100.0% 13.3% 4.8% 102.4% 140.9% 69.5% 101.1% N/A 52.7% 36.3% 105.4% 50.1% 78.6% $ 555,470 $ 600,302 92.5% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET GROUNDS TRANSPORTATION DIVISION EXPENSES Year Ended March 31, 2002 Actual Ground transportation Salaries Health insurance Retirement Social security Copying Insurance Physical examinations Postage Printing Professional dues and education Contracted services Repairs and maintenance - equipment Repairs and maintenance - janitorial Shuttle van rental Small equipment Supplies Telephone Travel Uniforms Total ground transportation $ 49 263,035 23,290 21,043 22,162 3,466 36,144 1,501 3,134 7,688 1,900 1,531,600 32,693 6,971 830,769 2,466 11,579 9,502 3,740 12,550 2,825,233 Budget $ 261,900 24,580 17,540 20,560 3,200 30,203 1,800 1,100 14,100 2,450 1,531,620 26,000 3,500 830,800 2,000 5,550 3,300 3,000 10,000 2,793,203 Percent of Budget 100.4% 94.8% 120.0% 107.8% 108.3% 119.7% 83.4% 284.9% 54.5% 77.6% 100.0% 125.7% 199.2% 100.0% 123.3% 208.6% 287.9% 124.7% 125.5% 101.1% RALEIGH - DURHAM AIRPORT AUTHORITY EXPENSES COMPARED WITH BUDGET GROUNDS TRANSPORTATION DIVISION EXPENSES Year Ended March 31, 2002 Actual Traffic control Salaries Health insurance Retirement Social security Contracted services AVSEC dispatch Professional dues and education Insurance Physical exam Printing Repairs and maintenance - equipment Small equipment Supplies Travel Uniforms Total traffic control Budget 751,082 68,906 56,840 55,130 47,276 268,543 350 18,275 468 1,790 360 4,622 2,116 779 11,302 1,287,839 TOTAL GROUNDS TRANSPORTATION DIVISION $ 50 4,113,072 $ Percent of Budget 751,082 68,906 56,840 55,130 5,000 500 15,264 2,750 2,000 500 1,250 1,250 500 17,000 977,972 100.0% 100.0% 100.0% 100.0% 945.5% N/A 70.0% 119.7% 17.0% 89.5% 72.0% 369.8% 169.3% 155.8% 66.5% 131.7% 3,771,175 109.1% RALEIGH - DURHAM AIRPORT AUTHORITY DETAILS OF AIRPORT AND FACILITIES Year Ended March 31, 2002 Authority Funds Total Land Land Land for proposed expansion Total land Landing field and grounds Land reclamation and improvements Runways, taxiways and aprons Lighting and marking Aircraft parking and fencing Roads, walks, fencing and landscaping Total landing field and grounds $ 34,379,365 34,379,365 665,002 32,623,115 33,288,117 $ 23,097 1,756,250 1,779,347 1,127,616 103,944,511 4,765,462 2,186,671 173,560,496 285,584,756 41,507 67,152,926 2,601,905 252,307 149,630,528 219,679,173 1,086,109 36,791,585 2,163,557 1,934,364 23,929,968 65,905,583 50,559,228 2,100,362 52,659,590 50,282,958 2,100,362 52,383,320 276,270 276,270 96,695,849 149,355,439 92,695,849 145,079,169 4,000,000 4,276,270 3,374,678 18,864,319 517,781 870,853 2,183,508 846,431 723,176 190,034 249,521 674,192 2,398,234 7,066,381 37,959,108 3,359,278 12,764,319 516,767 870,853 2,183,508 846,431 258,426 190,034 249,521 674,192 2,398,234 7,066,381 31,377,944 15,400 6,100,000 1,014 464,750 6,581,164 Terminal buildings Terminal A/B Building and improvements Leasehold improvements Terminal C Building and improvements Total terminal buildings $ Federal and State Funds Other buildings Hangars North Cargo buildings North Ramp buildings and improvements North Ramp leasehold improvements South Cargo buildings and improvements South Cargo leasehold improvements Crash, fire and rescue building Parking manager's office Taxicab lounge facility EMS station North Carolina DOT hangar/offices RDU Center and other building improvements Total other buildings 51 RALEIGH - DURHAM AIRPORT AUTHORITY DETAILS OF AIRPORT AND FACILITIES Year Ended March 31, 2002 Total Utilities Pipeline and wells Water and sewer system Electrical improvements North Cargo wastewater system Total utilities TOTAL DETAILS OF AIRPORT AND FACILITIES $ Federal and State Funds 185,553 2,694,833 4,690 1,039,849 3,924,925 96,973 2,577,900 4,690 1,039,849 3,719,412 88,580 116,933 205,513 109,393 4,980,849 2,390,987 416,106 560,212 1,704,340 934,764 179,770 11,276,421 55,907 4,980,849 2,390,987 416,106 560,212 1,704,340 934,764 179,770 11,222,935 53,486 53,486 1,336,291 12,723,926 112,931,483 126,991,700 1,336,291 12,723,926 98,908,161 112,968,378 14,023,322 14,023,322 650,159,813 $ 557,335,128 Equipment Airfield equipment Buildings and grounds Emergency services Law enforcement equipment Facilities development equipment Operations equipment Administrative equipment Other equipment Total equipment Construction in progress Non-program projects Other terminal area projects Other non-terminal area projects Total construction in progress Authority Funds 52 $ 92,824,685 RALEIGH - DURHAM AIRPORT AUTHORITY SUMMARY OF DEPRECIATION Years Ended March 31, 2002 and 2001 2002 Departmental Administrative Parking Emergency services Airport maintenance Law enforcement Facilities and environmental Operations Communications Total departmental $ 184,312 4,018,975 205,729 240,442 47,638 96,166 18,170 160,193 4,971,625 2001 $ 185,380 2,661,206 131,256 227,309 44,604 78,182 12,296 157,480 3,497,713 Nondepartmental Airfield complex 3,523,470 3,588,307 Terminal A complex Buildings and improvements 2,791,508 2,794,071 Terminal C complex Buildings and improvements 2,576,124 2,610,857 General aviation Buildings and improvements Leasehold improvements Total general aviation 242,240 242,240 128,820 4,667 133,487 Cargo complex Buildings and improvements 1,684,751 1,684,751 Grounds transportation complex 3,290,648 3,444,868 Other locations complex 925,795 858,296 Utilities complex 105,765 105,765 Rental Car complex 170,952 199,820 $ 20,282,878 $ 18,917,935 TOTAL DEPRECIATION 53 RALEIGH - DURHAM AIRPORT AUTHORITY SUMMARY OF CAPITAL PROJECTS FUNDS SCHEDULE OF EXPENDITURES COMPARED WITH BUDGET Year Ended March 31, 2002 Budget General Airport Projects $ 31,003,500 Terminal Area Projects 49,525,000 Non-Terminal Area Projects 82,125,000 Aeronautical Facilities Bond Projects 57,950,000 General Airport Revenue Bond Projects 140,600,000 TOTAL CAPITAL PROJECTS $ 361,203,500 Expenditures Current Year Prior Year $ Total 20,170,254 22,052,544 25,625,571 53,319,549 6,906,923 $ 2,069,235 10,960,121 21,216,995 4,108,123 52,032,397 $ $ 128,074,841 $ 90,386,871 $ 218,461,712 54 22,239,489 33,012,665 46,842,566 57,427,672 58,939,320 Unexpended Budget March 31, 2002 $ 8,764,011 16,512,335 35,282,434 522,328 81,660,680 $ 142,741,788