raleigh-durham airport authority - Raleigh

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RALEIGH-DURHAM AIRPORT AUTHORITY
RDU Airport, North Carolina
General Purpose Financial Statements
and
Supplemental Information
Years Ended March 31, 2003 and 2002
TABLE OF CONTENTS
Page(s)
INDEPENDENT AUDITORS' REPORT..............................................................................
1
GENERAL PURPOSE FINANCIAL STATEMENTS
Balance Sheets.......................................................................................................................
2–3
Statements of Operations and Retained Earnings .................................................................
4
Statements of Contributed Capital ........................................................................................
5
Statements of Cash Flows .....................................................................................................
6
Notes to General Purpose Financial Statements ...................................................................
7 – 19
INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION ......
20
SUPPLEMENTAL INFORMATION
Summary of Operating Revenues and Expenses Compared with Budget ............................
21
Revenues Compared with Budget .........................................................................................
22 – 32
Comparative Summaries of Operating Expenses by Cost Center.........................................
33 – 34
Expenses Compared with Budget..........................................................................................
35 – 52
Details of Airport and Facilities ............................................................................................
53 – 54
Summary of Depreciation .....................................................................................................
55
Summary of Capital Projects Expenditures Compared with Budget ....................................
56
INDEPENDENT AUDITORS' REPORT
To the Members
Raleigh-Durham Airport Authority
We have audited the accompanying general purpose financial statements of the Raleigh-Durham Airport
Authority as of and for the years ended March 31, 2003 and 2002, 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, 2003 and 2002
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.
In accordance with Government Auditing Standards, we have also issued a report dated July 3, 2003 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
July 3, 2003
1
BALANCE SHEETS
March 31, 2003 and 2002
ASSETS
2003
Current assets
Cash and cash equivalents
Cash and cash equivalents-Bond Series 2001A and B
reimbursements
Short-term investments
Accounts receivable for fees and rentals, less allowance
for doubtful accounts of $310,404 and $17,470 in 2003
and 2002, respectively
Grants receivable
Other current assets
Total current assets
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 2002B
Total restricted assets
Airport and facilities, net
Debt issue costs, net
TOTAL ASSETS
$
6,570,062
2002
$
8,112,636
4,781,875
29,776,933
23,946,923
3,100,584
1,379,491
407,997
46,016,942
2,825,574
753,808
290,763
35,929,704
2,075,325
4,868,000
220,000
220,000
81,496,963
83,792,288
104,401,164
109,489,164
419,048,807
388,545,591
2,473,015
2,506,186
$ 551,331,052
$ 536,470,645
The accompanying notes are an integral part of these general purpose financial statements.
2
BALANCE SHEETS
March 31, 2003 and 2002
LIABILITIES AND EQUITY
2003
Current liabilities
Accounts payable
Retainage and construction accounts payable
Accrued employee compensation
Accrued bond interest payable
Current maturities of long-term debt
Bond Anticipation Note-Series 2002B
General Airport Revenue Bonds-Series 2001B
Other long-term debt
General Airport Revenue Bonds-Series 2002A
Special Facilities Revenue Bonds
Total current liabilities
$
4,940,101
12,601,919
1,192,977
4,137,273
2002
$
2,744,895
14,559,029
985,569
4,172,221
35,000,000
3,615,000
1,820,000
1,300,000
64,607,270
4,610,000
4,420,000
3,500,000
34,991,714
191,315,000
28,700,000
1,925,000
221,940,000
194,930,000
3,745,000
74,708,556
273,383,556
3,000,000
3,000,000
26,985,044
26,985,044
Total liabilities
289,547,270
335,360,314
Equity
Contributed capital
Retained earnings
Total equity
90,478,106
171,305,676
261,783,782
90,478,106
110,632,225
201,110,331
$ 551,331,052
$ 536,470,645
Long-term debt
General Airport Revenue Bonds-Series 2001A and B
General Airport Revenue Bonds-Series 2002A
Other long-term debt
Special Facility Revenue Bonds
Deferred revenue
Deferred rent credit
Rents paid in advance
TOTAL LIABILITIES AND EQUITY
3
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
2003
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
Net increase (decrease) in fair value of investments
Loss on retirement of fixed assets
Bond interest expense, net
Total non-operating revenues (expenses)
Income before capital contributions
Capital contributions
Net earnings before cost associated with financing and
termination of Terminal C Complex agreement
Income associated with financing Terminal C Complex
Net settlement of Terminal C transaction
Net earnings
Retained earnings at beginning of year
Retained earnings at end of year
22,364,712
10,267,762
983,279
14,914,537
1,537,324
9,269,750
2,091,484
61,428,848
2002
$
23,162,078
6,864,368
963,384
10,562,847
1,301,970
9,334,756
1,573,802
53,763,205
7,600,242
3,861,780
3,092,642
2,935,763
2,688,337
1,146,471
440,341
470,381
901,934
4,206,882
27,344,773
19,980,933
47,325,706
14,103,142
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
1,874,491
165,718
(2,759,383)
(719,174)
13,383,968
3,623,952
2,020,628
(160,039)
(262,704)
(2,621,673)
(1,023,788)
13,577,448
5,949,316
17,007,920
43,665,531
60,673,451
110,632,225
19,526,764
639,108
20,165,872
90,466,353
$ 171,305,676
$ 110,632,225
4
STATEMENTS OF CONTRIBUTED CAPITAL
2003
City of Durham
City of Raleigh
Durham County
Wake County
State of North Carolina
Federal Government
Other Contributed Capital
$
796,500
796,500
796,500
796,500
7,592,167
79,667,805
32,134
$ 90,478,106
2002
$
796,500
796,500
796,500
796,500
7,592,167
79,667,805
32,134
$ 90,478,106
5
STATEMENTS OF CASH FLOWS
2003
Operating activities
Operating income
Adjustments to reconcile operating income to net cash
provided by operating activities
Amortization
Bad debts
Depreciation
Loss 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 (used in) investing activities
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
Proceeds from debt issuance
Contributed capital
Net cash used in capital and related financing activities
2002
14,103,142
$
14,601,236
183,643
292,934
19,980,933
-
118,021
17,706,754
262,704
(567,944)
(117,234)
2,195,206
(1,957,110)
207,408
34,320,978
406,504
45,060
690,053
6,163,696
76,397
40,070,425
(31,401,552)
29,901,824
165,718
336,881
(997,129)
(30,888,256)
33,916,491
(160,039)
561,395
3,429,591
-
(3,550,000)
(1,687,751)
5,237,751
(559,800)
(103,031,878)
(8,365,340)
(9,030,000)
65,000,000
2,998,269
(52,988,749)
(87,132,263)
(7,431,174)
(9,267,303)
5,308,677
(98,522,063)
DECREASE IN CASH AND CASH EQUIVALENTS
(19,664,900)
(55,022,047)
Cash and cash equivalents - beginning of year
112,513,800
167,535,847
92,848,900
$ 112,513,800
CASH AND CASH EQUIVALENTS - END OF YEAR
$
6
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
March 31, 2003 and 2002
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 is
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 recognizes capital contributions as revenue, rather than as contributed
capital. Nonexchange transactions for the Authority include Federal and State grants and contributions
by the Authority’s four owning bodies. 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
March 31, 2003 and 2002
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 and 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 $19,980,933 and $20,282,878 for 2003 and 2002, respectively; of which
$1,284,304 and $2,576,124 related to the Terminal C complex prior to acquisition.
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
March 31, 2003 and 2002
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, 2003, no air carrier accounted for more
than 9% of the Authority’s operating revenues.
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 $37,655,810 and a bank balance of
$42,408,267. Of this bank balance, $401,174 was covered by federal depository insurance while the
balance of $42,007,093 was covered by collateral held under the Pooling Method. Approximately
$30,000,000 of the bank balance is the Series 2002B Bond Anticipation Note restricted deposit. The
Authority is required to maintain a minimum balance of $250,000 in its cash concentration account.
9
March 31, 2003 and 2002
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 $177,250 and $337,167 for 2003 and 2002, 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 $ 29,631,977 $
North Carolina Capital
Management Trust
- $
N/A
N/A
- $ 29,631,977 $ 29,776,933
N/A
4,233,738
4,233,738
$ 33,865,715 $ 34,010,671
Restricted Funds
G/O Bond Collateral
U. S. Government Agencies $ 2,075,325 $
- $
- $ 2,075,325 $ 2,075,325
General Airport Revenue
Bonds
2001A - Proceeds
Management Trust
N/A
N/A
N/A
5,802,014
5,802,014
Forward Purchase Agreements 44,832,214
-
-
44,832,214
44,832,214
10
March 31, 2003 and 2002
Note 3 – Deposits and investments (continued)
A
B
C
Fair
Value (1)
Cost (1)
General Airport Revenue
Bond
2002 - Proceeds
Management Trust
N/A
N/A
$ 46,907,539 $
(1)
N/A
- $
536,174
536,174
- $ 53,245,727 $ 53,245,727
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
2003
$
2002
35,067,464 $ 35,067,464
297,049,489
285,584,756
60,013,434
149,355,439
59,512,805
37,959,108
3,924,926
3,924,925
11,469,955
11,276,421
Construction in progress
467,038,073
180,171,142
523,168,113
126,991,700
Less accumulated depreciation
647,209,215
228,160,408
650,159,813
261,614,222
$ 419,048,807 $ 388,545,591
During 2003 and 2002, interest costs of approximately $5,720,387 and $7,997,404, net of interest earned
of approximately $1,522,225 and $4,285,954, were capitalized as part of the cost of construction in
progress.
11
March 31, 2003 and 2002
Note 5 – Long-term debt
Long-term debt consists of the following at March 31:
2003
2002
Amounts due to trustee
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)
-
78,208,556
Series 2001A 4.00 – 5.50% General Airport Revenue
Bonds, maturing in varying installments beginning in
2005 to 2031.
156,975,000
156,975,000
Series 2001B 4.00 – 4.375% General Airport Revenue
2002 to 2014.
37,955,000
42,565,000
Series 2002A 1.15% Adjustable Rate Airport Revenue
2003.
30,000,000
-
Series 2002B 1.91% Bond Anticipation Note, maturing
in 2004.
35,000,000
-
3,745,000
8,165,000
Total bond obligations
263,675,000
285,913,556
Less current maturities
41,735,000
12,530,000
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.
$ 221,940,000 $ 273,383,556
12
March 31, 2003 and 2002
Note 5 – Long-term debt (continued)
Debt maturities for the next five years and thereafter are as follows:
Year Ending
March 31
2004
2005
2006
2007
2008
thereafter
General
Airport
Revenue
Bond Series
2001A
General
Airport
Revenue
Bond Series
2001B
Adjustable
Rate Airport
Revenue
Bond Series
2002
Bond
Anticipation
Note Series
2002B
Amounts Due
Special District
GO Bond
Series 1992
$
2,840,000
2,985,000
3,150,000
3,320,000
144,680,000
$
3,615,000
3,295,000
3,425,000
3,565,000
3,710,000
20,345,000
$
1,300,000
1,400,000
1,500,000
1,600,000
1,700,000
22,500,000
$
35,000,000
-
$
1,820,000
1,925,000
-
$156,975,000
$
37,955,000
$
30,000,000
$
35,000,000
$
3,745,000
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 month ending March 31, 2002 was 1.38%.
On May 1, 2002, American prepaid and retired the Series 1995A and 1995B Special Facility Revenue
Refunding Bonds totaling $78,300,000. These bonds, which were considered conduit debt, financed the
Terminal C Building facilities and equipment, all of which were leased to American for a 40-year
period. In June 2002, the Authority entered into an agreement with American to purchase American’s
remaining interest in Terminal C and the associated facilities for $30,000,000. As a result of the above
events, the Authority eliminated certain asset and liability account balances that had been established to
account for the original lease and financing transaction. The financial statement effect is reported in the
statement of operations under the caption “Net Settlement of Terminal C Transaction.”
13
March 31, 2003 and 2002
On February 27, 2001, the Authority issued the $156,975,000 Airport Revenue Bonds Series 2001A
under the Master Trust Indenture. The Bonds are 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 Trust Indenture. The Bonds are 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.
These bonds have rate covenants associated with them, whereby the Authority must maintain a debt
service coverage ratio of no less than 125%. The debt service coverage ratio at March 31, 2003 is
calculated as follows:
Net revenues
$
Annual debt service
35,958,566
11,546,138
Calculated debt service coverage ratio
311%
On June 13, 2002, the Authority issued the $30,000,000 Adjustable Rate Airport Revenue Bonds Series
2002 under the Master Trust Indenture. The Bonds are obligations of the Authority, secured by and
payable from the Net Revenues of the Authority, and under certain circumstances, the proceeds of the
Bonds, investments earnings, and certain other funds and accounts. The interest rate for the Bonds is set
weekly and at March 31, 2003 was 1.15%. The proceeds are to be used to finance a portion of the cost
of acquiring and purchasing certain rights and interests of American Airlines, Inc. under the RaleighDurham Airport Facilities Lease and Use Agreement dated November 1, 1985, to finance the cost of
rehabilitation of certain buildings and equipment related to the forgoing acquisition and purchase, and to
finance the cost of certain other capital improvements to aeronautical facilities located at the airport.
On December 18, 2002, the Authority issued the $35,000,000 Bond Anticipation Notes Series 2002B
under the Master Trust Indenture. The Note is a obligation of the Authority, secured by and payable
from the Net Revenues of the Authority, and the proceeds from the Authority’s General Airport
Revenue Bond Issue, Series 2003 proposed to be issued in 2003. The proceeds are to be used to fund
the initial costs of constructing a general aviation terminal and an operations center; constructing a ramp
expansion, including the relocation of Taxiway D; and improving Terminal C and associated facilities,
including architectural, pre-construction and construction.
14
March 31, 2003 and 2002
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, 2003 and 2002, $2,075,325 and
$4,868,000, 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.
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. The Authority made its final payment on the 1993 Series bonds in March
2003.
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 20% and 18% of airport operating revenues
for 2003 and 2002. The leases cover periods ranging up to a maximum of 40 years and contain
provisions for fixed and contingent rentals based on revenues. For the years ended March 31, 2003 and
2002, contingent rentals comprised $12,451,000 and $9,619,290, respectively, of the total rental
revenues.
Minimum future rentals on noncancelable operating leases for the next five fiscal years are
approximately:
Year Ending
March 31
Amount
2004
2005
2006
2007
2008
15
$
8,423,000
8,299,000
7,701,000
6,796,000
5,848,000
$
37,067,000
March 31, 2003 and 2002
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 4.91% 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, 2003, 2002 and 2001 were $1,086,950, $941,035 and $828,811, respectively.
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, 2003 and 2002 were $107,803 and $87,031 respectively,
which consisted of $79,326 and $63,106 from the Authority, and $28,477 and $23,925 from the law
enforcement officers, respectively.
16
March 31, 2003 and 2002
Note 7 – Employee retirement plans (continued)
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, 2003, 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
33
34
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.
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.
17
March 31, 2003 and 2002
Note 7 – Employee retirement plans (continued)
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, 2003, the Authority
made contributions to the State for death benefits of $22,026. 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.
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.
18
March 31, 2003 and 2002
Note 8 – Commitments and contingencies (continued)
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, 2003, the Authority has contractual commitments for
Authority expansion programs of approximately $70,200,000.
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
Transportation Security Administration (TSA), an agency of the Department of Homeland Security, 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” and GASB Statement 38 “Certain Financial Statements Note Disclosures.” These
statements will require the Authority to provide a management and discussion analysis of its operating
results. The Authority does not anticipate any other significant changes to its financial statements as a
result of the adoption of these statements.
Note 11 – Subsequent event
In February 2003, the Authority received final approval from the FAA to begin charging a $3 passenger
facility charge (“PFC”). This charge became effective May 1, 2003.
19
INDEPENDENT AUDITORS' REPORT ON
SUPPLEMENTAL INFORMATION
To the Members
Raleigh-Durham Airport Authority
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, 2003 and 2002 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
July 3, 2003
20
RALEIGH - DURHAM AIRPORT AUTHORITY
SUMMARY OF OPERATING REVENUES AND EXPENSES
COMPARED WITH BUDGET
Year Ended March 31, 2003
Percent of
Budget
Actual
Budget
Operating revenues
Parking
Airfield
General aviation
Terminals
Air cargo
Rental car
Other
Total operating revenues
$ 22,364,712
10,267,762
983,279
14,914,537
1,537,324
9,269,750
2,091,484
61,428,848
$ 24,000,000
11,599,716
928,715
15,735,326
1,710,970
8,268,775
1,261,789
63,505,291
93.2%
88.5%
105.9%
94.8%
89.9%
112.1%
165.8%
96.7%
Operating expenses
Complex expenses
Department expenses
22,422,439
24,903,267
47,325,706
26,734,133
25,431,935
52,166,068
83.9%
97.9%
90.7%
$ 14,103,142
$ 11,339,223
124.4%
NET OPERATING INCOME
21
REVENUES COMPARED WITH BUDGET
PARKING REVENUES
Actual
Budget
Percent of
Budget
Parking revenues
Parking fees
Contra revenue
$
22,661,938
(297,226)
$
24,000,000
-
94.4%
N/A
TOTAL PARKING REVENUES
$
22,364,712
$
24,000,000
93.2%
22
AIRFIELD REVENUES
Actual
Landing fees
Commercial airlines
Commuters and others
Total landing fees
$ 6,035,362
2,448,534
8,483,896
Other
Fuel flowage fees
Fuel farm uplift fees
DCA Flight Security Charge
Other airfield revenues
Total other
TOTAL AIRFIELD REVENUES
23
Budget
$
Percent of
Budget
6,804,180
2,708,336
9,512,516
88.7%
90.4%
89.2%
421,610
801,334
557,442
3,480
1,783,866
300,000
800,000
980,000
7,200
2,087,200
140.5%
100.2%
56.9%
48.3%
85.5%
$ 10,267,762
$ 11,599,716
88.5%
GENERAL AVIATION REVENUES
Actual
Budget
Percent of
Budget
General Aviation
Fixed space rents
Percentage rents
$
958,231
25,048
$
909,715
19,000
105.3%
131.8%
TOTAL GENERAL AVIATION REVENUES
$
983,279
$
928,715
105.9%
24
TERMINAL REVENUES
Actual
Budget
Percent of
Budget
Terminal A Complex
Fixed space rents
AirTran Airways
Anton Airfood
Aeronautical Radio
Air Canada
Air Midwest
Atlantic Coast Airlines
America West
CC Air
CLS Management
The Book Cellar
Continental Airlines
Delta Airlines
DAL Global Services
Gearbuck Aviation Services
Elizabeth Chapel Church
Talent Source
Globe Airport Security
Iskcon
Lee Airport Concessions
Northwest Airlines
Paradies Shops
Rampco
Southwest Airlines
State Employee's Credit Union
US Airways
Transportation Security Administration
Wachovia
Total fixed space rents
$
25
219,110
49,660
600
107,166
7,115
375,017
232,658
3,000
848,094
1,225,686
1,200
1,200
300
3,506
26,320
300
4,197
531,729
20,394
954,538
1,579
1,123,805
33,393
1,315
5,771,882
$
237,254
49,660
600
97,720
319,414
208,272
6,600
150
843,916
1,216,725
1,200
1,200
300
10,520
26,320
300
6,280
535,255
20,394
1,200
954,690
1,579
1,319,835
1,315
5,860,699
92.4%
100.0%
100.0%
109.7%
N/A
117.4%
111.7%
N/A
100.5%
100.7%
100.0%
100.0%
100.0%
33.3%
100.0%
100.0%
66.8%
99.3%
100.0%
100.0%
100.0%
85.1%
N/A
100.0%
98.5%
TERMINAL REVENUES
Actual
Percentage rents
Airport Channel
AJ Tavern/Greenleaf's
A&W All American Food
ACC Shop
A Southern Season
Anton US Air Club
Brooks Brothers
Business Traveler Services
CLS Management
Carolina Varsity Bar
Classic Food Services
Gelato Amare/Jazzy Juice
Godfather's
Golden Corral
WH Smith Books Company
Interspace Airport Advertising
Jump
Lee Airport Concessions:
Gourmet Bean
Gelato
Jersey Mike's
Natural Snacks
Lone Wolf Publishing
Majestic Terminal Services
PGA Tour Shop
Paradies Airport Shops
Popeye's Chicken
Rapido's
RDU Press Plus
Seattle's Best Coffee
Smarte Cart
Superior Shine
The Book Cellar
Telephones - AT&T
Telephones - Kellee Communications
24-Hour Flower
World Duty Free
Total percentage rents
26
Budget
Percent of
Budget
12,750
158,101
45,548
52,535
109,412
738
46,037
1,794
32,857
311,326
12,890
10,192
37,406
67,858
71,510
513,843
16,908
12,500
62,000
100,600
62,000
51,600
62,400
20,000
84,600
13,400
51,500
50,400
58,700
580,000
36,000
102.0%
255.0%
45.3%
84.7%
212.0%
N/A
73.8%
N/A
164.3%
368.0%
N/A
76.1%
72.6%
134.6%
121.8%
88.6%
47.0%
38,128
6,427
21,775
25,527
4,387
1,189
6,448
62,365
92,472
40,097
482,508
12,376
10,102
28,945
45,054
44,442
3,466
37,500
2,464,913
25,700
8,300
2,500
133,100
60,900
271,200
16,500
12,800
5,700
25,000
40,000
30,000
3,000
1,880,400
148.4%
N/A
262.3%
N/A
175.5%
N/A
N/A
N/A
69.5%
65.8%
177.9%
96.7%
177.2%
115.8%
112.6%
148.1%
115.5%
N/A
131.1%
TERMINAL REVENUES
Actual
Miscellaneous rents
Security - checkpoint A
Security - law enforcement
Utilities
Janitorial
Conference room
Total miscellaneous rents
Total Terminal A Complex revenues
Budget
Percent of
Budget
558,201
110,123
81,473
120,490
4,377
874,664
522,284
98,387
50,000
13,500
684,171
106.9%
111.9%
162.9%
N/A
32.4%
127.8%
9,111,459
8,425,270
108.1%
7,267
3,462,514
88,096
9,249
1,500
12,068
1,829
125
212,444
2,070
13,921
17,778
3,828,861
3,836,691
12,068
1,804,050
161,911
17,779
5,832,499
N/A
90.2%
N/A
N/A
N/A
100.0%
N/A
N/A
11.8%
N/A
N/A
100.0%
65.6%
Terminal C Complex
Fixed space rents
Aeronautical Radio
American Airlines
American Eagle Airlines
Charter Express
CLS Management
Colonial Pipeline
Fleet Delivery Service
Iskcon
Midway Airlines
Sky Chefs
State Employees Credit Union
Transportation Security Administration
U.S. Postal Service
27
TERMINAL REVENUES
Actual
Percentage rents
24-Hour Flower
Anton's Airfood:
Cyber Café
Jersey Mike's
A&W All American Food
Pinehurst Microbrewery
Maui Taco
Airport Channel
CLS Management
Cash Plaace
Classic Food Service
Interspace Airport Advertising
Lee Airport Concessions:
Gelato Amare/Jazzy Juice
Seattle's Best Coffee
Vie De France
Lone Wolf Publishing
RDU Air Ventures:
WH Smith Gifts
WH Smith News
Smarte Cart
Travelex
The Paradies Shops:
A Southern Season
ACC Shop
The Book Cellar
RDU Press Plus
PGA Tour Shop
Telephones - AT&T
Sky Chefs
28
Budget
Percent of
Budget
1,208
1,650
73.2%
222,166
33,319
23,520
8,183
17,553
4,823
2,137
378
300,613
53,600
17,300
37,100
20,500
19,800
11,500
2,750
275,000
414.5%
192.6%
63.4%
39.9%
88.7%
N/A
77.7%
N/A
109.3%
14,979
28,811
-
11,000
30,200
2,500
49.6%
N/A
-
16,886
18,129
114,434
2,439
-
36,200
46,300
43,900
5,000
2,400
46.6%
39.2%
260.7%
48.8%
-
9,397
47,023
24,444
496,498
1,386,940
47,900
30,000
7,100
17,600
28,000
30,000
27,700
350,000
1,155,000
19.6%
267.2%
88.2%
141.9%
120.1%
TERMINAL REVENUES
Actual
Miscellaneous rents
Midway employee parking
FIS international passenger deplaning fee
Security check point
Security law enforcement cost recovery
Total Terminal C Complex revenues
TOTAL TERMINAL REVENUES
29
Budget
Percent of
Budget
2,763
372,585
172,974
38,955
587,277
13,440
257,794
51,323
322,557
20.6%
N/A
67.1%
75.9%
182.1%
5,803,078
7,310,056
79.4%
$ 14,914,537
$ 15,735,326
94.8%
AIR CARGO REVENUES
Actual
North Cargo Complex
Fixed space rents
Airborne Express
BAX Global
Emery Worldwide
Federal Express
United Parcel Service
Total North Cargo Complex revenues
$
South Cargo Complex
Fixed space rents
American Airlines
Anton Airfood
Delta Airlines
Gate Gourmet
Kellee Communications Group, Inc.
Midway Airlines
Quantem Aviation
Southwest Airlines
Swissport CFE, Inc.
Percentage rents
Gategourmet
Total South Cargo Complex revenues
TOTAL AIR CARGO REVENUES
121,554
135,023
184,131
334,637
246,115
1,021,460
121,553
135,023
184,132
334,637
246,115
1,021,460
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
199,425
21,881
67,113
4,557
1,065
5,890
114,644
42,277
1,200
9,692
467,744
245,508
7,064
70,494
8,923
121,489
45,141
1,200
9,691
509,510
81.2%
309.8%
95.2%
51.1%
N/A
N/A
94.4%
93.7%
100.0%
100.0%
91.8%
48,120
48,120
180,000
180,000
26.7%
26.7%
515,864
689,510
74.8%
1,710,970
89.9%
$ 1,537,324
30
Budget
$
Percent of
Budget
$
RENTAL CAR REVENUES
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
$
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 RENTAL CAR REVENUES
$
31
21,327
45,689
29,119
13,216
10,363
81,120
42,837
12,448
256,119
Budget
$
Percent of
Budget
45,690
29,119
13,216
10,363
81,102
42,837
12,448
234,775
N/A
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
109.1%
660,007
1,816,173
827,620
544,996
460,338
2,766,291
1,200,970
226,095
511,141
9,013,631
492,000
1,567,000
888,000
450,000
388,000
2,654,000
1,022,000
200,000
373,000
8,034,000
134.1%
115.9%
93.2%
121.1%
118.6%
104.2%
117.5%
113.0%
137.0%
112.2%
9,269,750
$ 8,268,775
112.1%
OTHER REVENUES
Actual
Fixed space rents
First Flight Centennial
NC Department of Transportation
RTRP (RDU Center Tenant)
Off airport businesses
Airport Express
Total fixed rents
$
Percentage rents
Off airport - Thrifty parking
Off airport - other
Other miscellaneous rents
ID badges
Taxi licenses and trip fees
FAA Security Grant
Employee parking lot
Utilities complex revenue
TOTAL OTHER REVENUES
800
4,217
31,019
37,371
72,225
1,094
146,726
4,800
31,019
37,370
68,000
9,600
150,789
16.7%
N/A
100.0%
100.0%
106.2%
11.4%
97.3%
46,831
194,055
240,886
20,000
136,000
156,000
234.2%
142.7%
154.4%
93,679
236,038
711,486
373,616
1,414,819
43,500
321,500
290,000
655,000
215.4%
73.4%
N/A
128.8%
216.0%
289,053
300,000
96.4%
1,261,789
165.8%
$ 2,091,484
32
Budget
$
Percent of
Budget
$
COMPARATIVE SUMMARIES OF OPERATING EXPENSES BY COST CENTER
Year Ended March 31, 2003 and 2002
Amount
2003
Operating expenses
Airport facilities
Administrative
Law enforcement
Airport maintenance
Parking
Emergency services
Visitor services
Communications
Operations
Grounds transportation division
2002
Percent of Total
Operating Expenses
2003
2002
$
22,422,439
4,089,662
3,144,804
3,169,753
6,954,586
1,349,928
440,341
622,328
924,983
4,206,882
$
17,131,977
3,616,776
2,012,167
2,764,851
6,540,056
1,379,681
347,319
555,470
700,600
4,113,072
47.4%
8.6%
6.6%
6.7%
14.7%
2.9%
0.9%
1.3%
2.0%
8.9%
43.7%
9.2%
5.1%
7.1%
16.7%
3.5%
0.9%
1.4%
1.8%
10.5%
$
47,325,706
$
39,161,969
100.0%
100.0%
33
COMPARATIVE SUMMARIES OF OPERATING EXPENSES BY COST CENTER
Actual
Operating expenses (excluding depreciation)
Airport facilities
Administrative
Law enforcement
Airport maintenance
Parking
Emergency services
Visitor services
Communications
Operations
Total operating expenses (excluding depreciation)
$
Depreciation
Airport facilities
Administrative
Law enforcement
Airport maintenance
Parking
Emergency services
Communications
Operations
Total depreciation
7,600,242
3,861,780
3,092,642
2,935,763
2,688,337
1,146,471
440,341
470,381
901,934
4,206,882
27,344,773
Budget
$
14,822,197
227,882
52,162
233,990
4,266,249
203,457
151,947
23,049
19,980,933
TOTAL OPERATING EXPENSES
$
34
47,325,706
$
Percent of
Budget
8,132,275
4,330,325
2,432,875
2,975,975
2,416,925
1,153,325
451,050
424,625
917,925
4,110,750
27,346,050
93.5%
89.2%
127.1%
98.6%
111.2%
99.4%
97.6%
110.8%
98.3%
102.3%
100.0%
16,033,249
219,471
42,205
199,405
5,382,962
201,183
156,076
16,858
22,251,409
92.4%
103.8%
123.6%
117.3%
79.3%
101.1%
97.4%
136.7%
89.8%
49,597,459
95.4%
EXPENSES COMPARED WITH BUDGET
AIRPORT FACILITIES OPERATING EXPENSES
Actual
Airport facilities
Airfield complex
Contracted services
Fuel farm operation
Electricity
Fuel - natural gas
Fuel - vehicles and equipment
Repairs and maintenance
Equipment
General
Snow removal
Permit administration
Supplies
Telephone
Insurance
Depreciation
Total airfield complex
$
Terminal A complex
Electricity
Flight video display
Fuel - natural gas
Insurance
Insurance claim
Public address and music system rental
Elevators/escalators
Repairs and maintenance/buildings and grounds
General
HVAC
Janitorial
Waste disposal
Supplies
Telephone
Depreciation
Total Terminal A complex
35
156,403
762,134
81,150
893
1,565
Budget
$
Percent of
Budget
159,100
800,000
72,500
1,000
98.3%
95.3%
111.9%
N/A
156.5%
15,010
6,904
79,198
200
148,856
1,568
215,351
3,229,745
4,698,977
10,000
20,000
104,000
225
185,000
1,250
190,475
3,771,982
5,315,532
150.1%
34.5%
76.2%
88.9%
80.5%
125.4%
113.1%
85.6%
88.4%
778,468
1,700
102,964
98,362
2,015
1,888
1,260
75,402
660,000
1,000
108,000
1,000
87,000
10,000
1,900
1,000
66,750
117.9%
170.0%
95.3%
113.1%
20.2%
99.4%
126.0%
113.0%
44,624
32,907
1,155,398
99,079
83,487
2,352
2,995,680
5,475,586
70,000
70,000
881,200
93,350
105,000
2,000
3,730,289
5,888,489
63.7%
47.0%
131.1%
106.1%
79.5%
117.6%
80.3%
93.0%
Actual
Budget
Percent of
Budget
Terminal C complex
Contracted services
Electricity
Flight video display
Fuel - natural gas
Insurance
Insurance claim
Public address and music system rental
Repairs and maintenance/buildings and grounds
Equipment
General
HVAC
Janitorial
Waste disposal
Supplies
Telephone
Depreciation
Total Terminal C complex
473
745,687
766
130,732
89,828
2,015
1,658
1,445
44,807
1,065,000
125,000
2,500
79,450
10,000
3,400
5,000
56,000
N/A
70.0%
N/A
104.6%
113.1%
20.2%
48.8%
28.9%
80.0%
1,440
39,054
97,915
458,557
46,292
120,429
606
762,727
2,544,431
75,000
67,600
712,000
110,700
185,600
2,568,609
5,065,859
N/A
52.1%
144.8%
64.4%
41.8%
64.9%
N/A
29.7%
50.2%
Cargo complex
General repairs and maintenance
Electricity
Fuel - natural gas
Insurance
Insurance claim
Repairs and maintenance/HVAC
Waste disposal
Supplies
Depreciation
Total cargo complex
865
55,131
41,289
40,592
1,007
318
1,380
140
897
1,161
1,733,985
1,876,765
5,500
94,500
45,000
35,900
5,000
350
1,700
2,000
39,400
10,000
1,922,338
2,161,688
15.7%
58.3%
91.8%
113.1%
20.1%
90.9%
81.2%
7.0%
2.3%
11.6%
90.2%
86.8%
36
Actual
General aviation complex
Telephone
Electricity
Elevator/escalator repairs and maintenance
General repairs and maintenance
HVAC repairs and maintenance
Janitorial
Supplies
Insurance
Insurance claim
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
Equipment
General
Janitorial
Waste disposal
HVAC
Supplies
Insurance
Insurance claim
Telephone
Depreciation
Total other location complex
37
Budget
Percent of
Budget
3,136
6,542
2,350
414
2,969
2,817
655
23,852
1,007
118
1,401,319
1,445,179
2,550
5,300
1,800
1,000
2,825
2,625
1,000
21,100
5,000
125
1,967,841
2,011,166
123.0%
123.4%
130.6%
41.4%
105.1%
107.3%
65.5%
113.0%
20.1%
94.4%
71.2%
71.9%
3,053
302
74,864
78,219
2,700
1,500
74,864
79,064
113.1%
20.1%
100.0%
98.9%
18,063
3,614
318
2,864
15,700
1,600
50
350
1,700
115.1%
225.9%
90.9%
168.5%
2,222
17,721
12,423
22,969
10,211
16,251
10,012
403
3,123
1,223,105
1,343,299
43,800
15,600
22,000
4,200
20,000
8,850
2,000
3,050
1,117,023
1,255,923
N/A
40.5%
79.6%
104.4%
243.1%
81.3%
113.1%
20.2%
102.4%
109.5%
107.0%
Actual
Ground transportation complex
Electricity
Taxi buyout
Contracted services-Code Orange requirement
AVSEC supplies
HVAC
General
Equipment
Janitorial
Snow removal
Waste disposal
Supplies
Telephone
Insurance
Insurance claim
Depreciation
Total ground transportation complex
Utilities complex
Contracted services
Electricity
Insurance
Supplies
Water and sewer
General
Water system
Telephone
Depreciation
Total utilities complex
TOTAL AIRPORT FACILITIES
$
38
Budget
Percent of
Budget
538,035
55,799
498
40,124
504
1,446
474,000
300
1,450
113.5%
N/A
166.0%
N/A
N/A
99.7%
1,044
18,994
2,210
25,984
16,822
46,367
2,051
54,714
3,560
111,644
4,030
3,284,757
4,208,583
1,000
38,500
20,000
15,600
6,750
78,500
2,300
70,000
3,850
98,750
20,000
3,343,147
4,174,147
104.4%
49.3%
11.1%
166.6%
249.2%
59.1%
89.2%
78.2%
92.5%
113.1%
20.2%
98.3%
100.8%
1,774
4,794
963
450
7,754
603,259
1,200
4,300
50
850
450
19,500
600,000
147.8%
111.5%
113.3%
100.0%
39.8%
100.5%
14,635
973
784
116,014
751,400
16,050
30,350
3,750
105,765
782,265
91.2%
3.2%
20.9%
109.7%
96.1%
22,422,439
$ 26,734,133
83.9%
ADMINISTRATIVE EXPENSES
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
Equipment
Janitorial
Supplies
Printer supplies
Printing
Postage
Copying
Insurance
Legal fees
Media and documentation
Depreciation
Total facilities and environmental
39
Budget
108,575
18,299
36,182
25,379
188,435
188,435
$
Percent of
Budget
360,575
17,350
35,800
25,275
439,000
-
30.1%
105.5%
101.1%
100.4%
42.9%
N/A
-
439,000
-
298,122
40,306
28,910
31,222
9,019
1,909
2,407
1,673
14,377
16,044
1,092
414,350
39,225
27,700
31,700
9,000
1,600
4,000
400
5,500
14,000
13,025
1,000
71.9%
102.8%
104.4%
98.5%
100.2%
119.3%
60.2%
30.4%
102.7%
123.2%
109.2%
453
61,133
5,457
149
866
3,137
25,723
14,590
25
715
79,119
636,448
200
33,150
2,700
500
350
1,400
3,000
22,750
5,000
700
79,119
710,369
226.5%
184.4%
202.1%
42.6%
61.9%
104.6%
113.1%
291.8%
N/A
102.1%
100.0%
89.6%
Actual
Airport director's office
Salaries
Retirement
Health insurance
Social security
Travel
Electricity
Telephone
Advertising
Promotional
Fuel - natural gas
Janitorial
Supplies
Printing
Postage
Copying
Insurance
Legal fees
Authority per diem
Unemployment compensation
Special moving expenses
Depreciation
Total airport director's office
40
Budget
Percent of
Budget
460,934
51,442
20,471
30,440
53,783
18,433
29,190
5,371
239
4,315
1,909
527,250
50,425
19,825
31,100
51,600
17,550
28,500
3,650
200
8,000
1,600
87.4%
102.0%
103.3%
97.9%
104.2%
105.0%
102.4%
147.2%
119.5%
53.9%
119.3%
30,042
2,264
1,825
3,136
26,347
183,945
4,410
20,742
19,120
148,763
1,117,121
55,250
2,400
100
2,750
2,700
23,300
150,000
3,600
10,000
10,000
140,352
1,140,152
54.4%
94.3%
66.4%
116.1%
113.1%
122.6%
122.5%
207.4%
191.2%
106.0%
98.0%
Actual
Budget
Percent of
Budget
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
376,811
32,473
24,649
27,040
6,411
29,744
4,705
4,029
4,014
5,492
10,005
16,929
23,031
3,349
568,682
393,375
34,625
23,950
29,525
10,000
55,000
4,000
3,700
7,200
6,800
7,850
16,300
27,500
6,500
626,325
95.8%
93.8%
102.9%
91.6%
64.1%
54.1%
117.6%
108.9%
55.8%
80.8%
127.5%
103.9%
83.7%
51.5%
90.8%
Noise
Salaries
Retirement
Health insurance
Social security
Advertising
Contracted services
Repairs and maintenance - equipment
Travel
Supplies
Copying
Legal fees
Postage
Printing
Small equipment
Insurance
Total noise
56,643
3,535
4,846
3,020
9,178
42,125
1,369
1,041
1,128
1,046
222
624
124,777
43,075
4,275
4,575
3,300
8,500
40,000
1,800
3,000
2,000
600
1,500
1,000
3,000
4,000
1,000
550
122,175
131.5%
82.7%
105.9%
91.5%
108.0%
105.3%
76.1%
52.1%
188.0%
69.7%
7.4%
113.5%
102.1%
41
Actual
Administration
Salaries
Retirement
Health insurance
Social security
Employee assistance program
Legal fees
Settlement claim
Travel
Telephone
Supplies
Printing
Copying
Postage
Contracted services
Promotional
Advertising
Total public affairs
267,576
21,796
30,498
18,808
1,800
126,039
30,000
5,363
1,801
7,817
2,311
2,861
3,659
2,061
48,133
7,377
24,443
602,343
42
Budget
296,000
23,200
29,775
22,650
1,000
20,000
5,000
3,750
5,400
2,000
4,750
3,000
3,000
60,000
10,000
25,000
514,525
Percent of
Budget
90.4%
93.9%
102.4%
83.0%
180.0%
630.2%
N/A
107.3%
48.0%
144.8%
115.6%
60.2%
122.0%
68.7%
80.2%
73.8%
97.8%
117.1%
Actual
Budget
Percent of
Budget
Finance
Salaries
Retirement
Health insurance
Social security
Advertising
Oracle ASP services
Travel
Telephone
Small equipment
Supplies
Printing
Copying
Software
Hardware maintenance
Media and documentation
Printer supplies
Postage
Audit
Contracted services
Total finance
608,282
54,415
47,960
43,182
5,348
30,000
2,304
16,110
327
924
6,814
925
7,319
1,479
698
2,918
3,433
21,866
24,239
878,543
588,675
55,925
46,425
45,025
300
9,500
8,100
12,225
150
1,400
7,250
5,000
6,000
500
1,500
900
10,000
4,400
28,000
10,000
841,275
103.3%
97.3%
103.3%
95.9%
56.3%
N/A
28.4%
131.8%
218.0%
66.0%
94.0%
18.5%
122.0%
98.6%
77.6%
29.2%
78.0%
78.1%
242.4%
104.4%
Business development
Salaries
Retirement
Health insurance
Social security
Copying
Postage
Professional/education
Supplies
Telephone
Travel
Total business development
124,049
12,041
7,353
8,699
1,568
381
1,208
1,708
3,122
1,619
161,748
117,150
11,625
7,200
8,950
1,500
500
2,000
1,300
2,250
3,500
155,975
105.9%
103.6%
102.1%
97.2%
104.5%
76.2%
60.4%
131.4%
138.8%
46.3%
103.7%
4,549,796
89.9%
TOTAL ADMINISTRATIVE
$
43
4,089,662
$
OPERATIONS EXPENSES
Actual
Operations
Salaries
Retirement
Health insurance
Social security
Contracted services
Physical examinations
Travel
Telephone
Small equipment
Supplies
Printer supplies
Copying
Postage
Insurance
Printing
AVSEC
Uniforms
Depreciation
TOTAL OPERATIONS
44
Budget
Percent of
Budget
$
394,346
29,270
41,694
31,718
315,661
80
6,737
8,929
16,231
6,111
1,945
17,824
580
1,568
882
19,957
1,709
6,277
415
23,049
$
446,025
27,550
40,175
34,125
279,075
375
10,000
10,000
13,625
5,000
5,000
20,000
300
1,300
1,200
17,650
25
4,000
2,500
16,858
88.4%
106.2%
103.8%
92.9%
113.1%
21.3%
67.4%
89.3%
119.1%
122.2%
38.9%
89.1%
193.3%
120.6%
73.5%
113.1%
42.7%
N/A
16.6%
136.7%
$
924,983
$
934,783
98.95%
LAW ENFORCEMENT EXPENSES
.
Percent of
Budget
Actual
Budget
Law enforcement
Salaries
Retirement
Health insurance
Social security
Contracted services
AVSEC
K-9 program
Travel
Telephone
Small equipment
Supplies
Uniforms
Printing
Copying
Postage
Insurance
Police identification systems
Depreciation
$ 2,402,138
146,041
120,403
177,833
9,292
82,220
1,687
8,537
9,568
19,868
5,756
5,684
24,449
32,111
2,749
6,796
381
35,329
1,800
52,162
$ 1,787,275
162,575
119,200
131,750
60,000
10,000
5,000
10,000
15,400
21,675
4,000
5,300
25,000
35,000
3,000
5,700
750
31,250
42,205
134.4%
89.8%
101.0%
135.0%
92.9%
N/A
33.7%
85.4%
62.1%
91.7%
143.9%
107.2%
97.8%
91.7%
91.6%
119.2%
50.8%
113.1%
N/A
123.6%
TOTAL LAW ENFORCEMENT
$ 3,144,804
$ 2,475,080
127.1%
45
AIRPORT MAINTENANCE EXPENSES
Actual
Airport maintenance
Salaries
Retirement
Health insurance
Social security
Advertising
Contracted services
Telephone
Postage
Travel
Hardware/computer
Electricity
Janitorial
Waste disposal
Snow Removal
Equipment
Fuel
Small equipment
Supplies
Copying
Insurance
Uniforms
Depreciation
Total airport maintenance
$ 1,462,681
118,105
142,712
106,796
228
521
3,658
1,720
19,094
912
3,548
244
51,612
Budget
$
36,631
2,012
1,312
1,453
22,808
3,110
18,700
4,307
73,032
17,190
226,889
2,319,275
Fleet maintenance
Salaries
Health insurance
Social security
Retirement
Supplies
Uniforms
Insurance
Small equipment
Travel
Depreciation
Total fleet maintenance
TOTAL AIRPORT MAINTENANCE
290,457
19,719
21,153
26,013
263,297
22,041
189,954
2,418
7,910
1,047
(633)
7,102
850,478
$ 3,169,753
46
$
Percent of
Budget
1,572,675
130,075
141,425
112,075
500
6,000
3,600
16,550
1,000
2,000
700
39,000
93.0%
90.8%
100.9%
95.3%
N/A
104.2%
61.0%
47.8%
115.4%
91.2%
177.4%
34.9%
132.3%
54,700
2,300
1,350
20,000
4,000
20,000
3,550
64,600
20,000
194,398
2,410,498
67.0%
87.5%
N/A
107.6%
114.0%
77.8%
93.5%
121.3%
113.1%
86.0%
116.7%
96.2%
261,625
19,850
18,550
21,450
245,000
500
250
30,000
150,000
3,500
7,000
2,150
5,007
764,882
3,175,380
111.0%
99.3%
114.0%
121.3%
107.5%
73.5%
126.6%
69.1%
113.0%
48.7%
N/A
141.8%
111.2%
99.8%
PARKING EXPENSES
Actual
Parking
Salaries
Retirement
Health insurance
Social security
Abandoned vehicles
Advertising
Travel
Electricity
Telephone
General
Janitorial
Waste disposal
Equipment
Supplies
Small equipment
Software
Printing
Postage
Copying
Insurance
Contracted services
Hardware/computer
Hardware/maintenance
Printer supplies
Uniforms
Depreciation
$
1,044,954
74,512
78,375
73,869
530
74
1,271
4,414
4,649
42,467
Budget
$
18
50,496
2,279
7,041
25,258
192
6,703
1,752
1,209
6,398
22,386
1,184,823
19,498
17,899
16,032
1,238
4,266,249
TOTAL PARKING
$
47
6,954,586
$
Percent of
Budget
811,950
57,625
77,750
59,050
1,500
10,000
5,000
9,300
32,550
128.7%
129.3%
100.8%
125.1%
35.3%
N/A
12.7%
88.3%
50.0%
130.5%
36,200
900
850
30,000
350
32,850
17,500
1,500
500
5,100
19,800
1,030,000
70,650
75,000
25,000
6,000
5,382,962
N/A
139.5%
253.2%
828.4%
84.2%
54.9%
20.4%
116.8%
241.8%
125.5%
113.1%
115.0%
27.6%
23.9%
64.1%
20.6%
79.3%
7,799,887
89.2%
EMERGENCY SERVICES EXPENSES
Actual
Emergency services
Salaries
Retirement
Health insurance
Social security
Travel
Telephone
Fuel
Waste disposal
Supplies
Uniforms
Small equipment
Printing
Copying
Postage
Insurance
Depreciation
$
TOTAL EMERGENCY SERVICES
845,680
69,500
69,853
62,777
10,501
5,798
16,156
4,754
7,001
440
17,474
7,321
3,790
215
3,659
129
21,423
203,457
$ 1,349,928
48
Budget
$
Percent of
Budget
854,625
64,700
68,500
60,800
13,100
8,800
10,950
3,500
7,100
8,000
400
18,000
8,000
4,300
500
3,000
100
18,950
201,183
99.0%
107.4%
102.0%
103.3%
80.2%
65.9%
147.5%
135.8%
87.5%
110.0%
97.1%
91.5%
88.1%
43.0%
122.0%
129.0%
113.1%
101.1%
$ 1,354,508
99.7%
VISITOR SERVICES EXPENSES
Actual
Visitor services
Salaries
Retirement
Health insurance
Accident insurance
Social security
Advertising
Contracted services
Promotional
Travel
Telephone
Small equipment
Supplies
Uniforms
Printing
Copying
Postage
Insurance
TOTAL VISITOR SERVICES
49
Budget
Percent of
Budget
$
320,429
30,510
34,842
300
23,624
481
574
1,147
5,767
2,044
7,509
682
2,576
983
224
1,045
197
7,407
$
315,300
26,150
34,875
300
24,125
500
13,300
2,200
8,000
2,000
8,200
2,400
2,100
2,400
1,800
600
250
6,550
101.6%
116.7%
99.9%
100.0%
97.9%
96.2%
4.3%
52.1%
72.1%
102.2%
91.6%
28.4%
122.7%
41.0%
12.4%
174.2%
78.8%
113.1%
$
440,341
$
451,050
97.6%
COMMUNICATIONS EXPENSES
Actual
Communications
Salaries
Retirement
Health insurance
Social security
ID system
Travel
Telephone
Supplies
Postage
Printing
Small equipment
Uniforms
Insurance
Depreciation
TOTAL COMMUNICATIONS
50
Budget
Percent of
Budget
$
289,624
22,113
28,241
21,120
1,800
142
144
55,206
31,027
1,170
266
88
8,055
4,601
6,784
151,947
$
266,950
14,825
27,625
18,900
1,100
3,000
36,125
41,300
1,400
650
100
300
5,050
1,300
6,000
156,076
108.5%
149.2%
102.2%
111.7%
N/A
12.9%
4.8%
152.8%
75.1%
83.6%
40.9%
88.0%
159.5%
353.9%
113.1%
97.4%
$
622,328
$
580,701
107.2%
GROUNDS TRANSPORTATION DIVISION EXPENSES
Actual
Salaries
Health insurance
Retirement
Social security
Copying
Insurance
Postage
Printing
Contracted services
Repairs and maintenance - janitorial
Shuttle van rental
Small equipment
Supplies
Telephone
Travel
Uniforms
Total ground transportation
$
51
324,099
28,074
24,324
23,986
4,182
35,668
1,096
1,853
7,490
1,827
1,727,090
24,238
3,373
823,410
401
9,393
15,289
2,825
12,654
3,071,272
Budget
$
301,650
27,725
20,775
21,925
3,200
31,550
2,300
3,000
12,600
2,150
1,717,450
20,500
853,100
500
11,000
9,300
3,000
14,000
3,055,725
Percent of
Budget
107.4%
101.3%
117.1%
109.4%
130.7%
113.1%
47.7%
61.8%
59.4%
85.0%
100.6%
118.2%
N/A
96.5%
80.2%
85.4%
164.4%
94.2%
90.4%
100.5%
GROUNDS TRANSPORTATION DIVISION EXPENSES
Traffic control
Salaries
Health insurance
Retirement
Social security
Contracted services
Insurance
Physical exam
Printing
Small equipment
Supplies
Travel
Uniforms
Total traffic control
TOTAL GROUNDS TRANSPORTATION
DIVISION
$
52
Percent of
Budget
Actual
Budget
871,605
88,653
65,380
63,508
10,210
250
16,008
200
2,029
65
1,395
2,049
171
14,087
1,135,610
808,425
87,450
55,650
57,250
7,000
900
14,150
3,450
2,150
500
1,100
2,100
500
14,400
1,055,025
107.8%
101.4%
117.5%
110.9%
145.9%
27.8%
113.1%
5.8%
94.4%
13.0%
126.8%
97.6%
34.2%
97.8%
107.6%
4,110,750
102.3%
4,206,882
$
DETAILS OF AIRPORT AND FACILITIES
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
$
688,099
34,379,365
35,067,464
$
665,002
32,623,115
33,288,117
Federal and
State Funds
$
23,097
1,756,250
1,779,347
1,127,616
87,253,085
8,482,017
2,186,671
186,313,863
285,363,252
41,507
53,595,184
6,318,460
252,307
162,383,895
222,591,353
1,086,109
33,657,901
2,163,557
1,934,364
23,929,968
62,771,899
50,406,838
2,100,362
52,507,200
50,130,568
2,100,362
52,230,930
276,270
276,270
30,509,088
83,016,288
30,509,088
82,740,018
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
7,099,311
11,518,579
49,510,617
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
7,099,311
11,518,579
42,929,453
15,400
6,100,000
1,014
464,750
6,581,164
Terminal buildings
Terminal A/B
Building and improvements
Leasehold improvements
Terminal C
Acquisition costs
Total terminal buildings
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
RDU Maintenance Facility
Total other buildings
53
DETAILS OF AIRPORT AND FACILITIES
Authority
Funds
Total
Utilities
Pipeline and wells
Water and sewer system
Electrical improvements
North Cargo wastewater system
Total utilities
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
55,907
3,847,274
2,390,987
461,772
560,212
1,724,842
934,764
179,770
10,155,528
55,907
3,793,788
2,390,987
461,772
560,212
1,724,842
934,764
179,770
10,102,042
53,486
53,486
3,316,343
19,762,857
116,502,235
40,589,706
180,171,141
3,316,343
19,762,857
116,502,235
22,111,343
161,692,778
18,478,363
18,478,363
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
General airport revenue bond projects
Other non-terminal area projects
Total construction in progress
TOTAL DETAILS OF AIRPORT AND
FACILITIES
$
Federal and
State Funds
647,209,215
54
$
557,063,173
$
90,146,042
SUMMARY OF DEPRECIATION
2003
Departmental
Administrative
Parking
Emergency services
Airport maintenance
Law enforcement
Facilities and environmental
Operations
Communications
Total departmental
$
148,763
4,266,249
203,457
233,991
52,162
79,119
23,049
151,947
5,158,737
2002
$
184,312
4,018,975
205,729
240,442
47,638
96,166
18,170
160,193
4,971,625
Nondepartmental
Airfield complex
3,229,745
3,523,470
Terminal A complex
Buildings and improvements
2,995,680
2,791,508
Terminal C complex
762,727
2,576,124
General aviation
1,401,319
242,240
Cargo complex
1,733,985
1,684,751
Ground transportation complex
3,284,757
3,290,648
Other locations complex
1,223,105
925,795
116,014
105,765
74,864
170,952
$ 19,980,933
$ 20,282,878
Utilities complex
Rental Car complex
TOTAL DEPRECIATION
55
SUMMARY OF CAPITAL PROJECTS FUNDS
SCHEDULE OF EXPENDITURES COMPARED WITH BUDGET
Expenditures
Current
Year
Prior
Year
Budget
Total
General Airport Projects
$ 27,882,200
Terminal Area Projects
63,825,000
Non-Terminal Area Projects
93,700,000
Aeronautical Facilities Bond Projects
59,350,000
General Airport Revenue Bond Projects
168,100,000
$
22,239,489
33,012,665
46,842,566
57,427,672
58,939,320
$
2,207,513
12,233,119
12,984,511
1,485,010
47,488,756
$
TOTAL CAPITAL PROJECTS
$ 218,461,712
$
76,398,909
$ 294,860,621
$ 412,857,200
56
24,447,002
45,245,784
59,827,077
58,912,682
106,428,076
Unexpended
Budget
March 31, 2003
$
3,435,198
18,579,216
33,872,923
437,318
61,671,924
$ 117,996,579

raleigh-durham airport authority - Raleigh

Transcription

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