BROWARD COUNTY AVIATION DEPARTMENT FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2016 (UNAUDITED)

Transcription

1 FINANCIAL STATEMENTS ()

2 FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE Statements of Net Position 3 Statements of Revenues, Expenses and Changes in Net Position 5 Statements of Cash Flows 6 Schedule of Deposits to and Withdrawals from Special Accounts Created by Airport Bond Resolutions and The Airline Lease & Use Agreement 8 Schedule of Bonds Outstanding and Activity 9 Airport System Revenue Bonds Debt Service Coverage 10 Page 2 of 10

3 STATEMENTS OF NET POSITION SEPTEMBER 30, 2016 AND 2015 ASSETS Current Assets Unrestricted Assets Cash and cash equivalents $ 49,527 $ 29,631 Investments 106, ,910 Accounts receivable, net of allowance of $371 and $371, respectively 12,883 10,358 Due from other governments 4, Inventories Prepaid items 7,137 7,025 Other accounts receivable Total current unrestricted assets 181, ,522 Restricted Assets Cash and cash equivalents 174, ,374 Other accounts receivable Total current restricted assets 175, ,483 Total current assets 357, ,005 Noncurrent Assets Restricted Assets Cash and cash equivalents 157,163 14,936 Investments 578, ,671 Passenger facility charges receivable 4,918 3,892 Due from other governments 9,088 Capital assets Land and improvements 363, ,365 Buildings and facilities 2,089,943 1,806,112 Property held for leasing 499, ,878 Equipment 42,730 40,638 Construction in progress 391, ,159 Total capital assets 3,386,639 3,086,152 Less accumulated depreciation (762,297) (675,615) Total capital assets, net 2,624,342 2,410,537 Total noncurrent assets 3,373,815 2,879,036 TOTAL ASSETS $ 3,730,841 $ 3,209,041 DEFERRED OUTFLOWS OF RESOURCES Deferred charge on refunding $ 1,301 $ 3,806 Deferred outflows on pensions 2,472 2,472 TOTAL DEFERRED OUTFLOWS OF RESOURCES $ 3,773 $ 6,278 Page 3 of 10

4 STATEMENTS OF NET POSITION SEPTEMBER 30, 2016 AND 2015 LIABILITIES Current Liabilities Payable from Unrestricted Assets Accounts payable $ 9,033 $ 8,422 Accrued liabilities 2,820 3,126 Due to other County funds 4,253 4,397 Due to other governments 1,193 1,301 Deposits 5,269 5,417 Unearned revenue 25,907 36,131 Compensated absences 1,974 1,879 Total current liabilities payable from unrestricted assets 50,449 60,673 Payable from Restricted Assets Accounts payable 86,817 89,193 Accrued interest payable 37,974 38,275 Revenue bonds payable 50,990 48,015 Total current liabilities payable from restricted assets 175, ,483 Total current liabilities 226, ,156 Noncurrent Liabilities Revenue bonds payable, net of discount and premiums 2,004,264 1,578,912 Compensated absences 2,708 2,573 Other post employment benefits 1,196 1,110 Net pension liability 13,943 13,943 Total noncurrent liabilities 2,022,111 1,596,538 TOTAL LIABILITIES $ 2,248,341 $ 1,832,694 DEFERRED INFLOWS OF RESOURCES Deferred inflows on pensions $ 1,970 $ 1,970 NET POSITION Net investment in capital assets 979, ,462 Restricted for Debt service 251, ,068 Capital projects 139, ,402 Unrestricted 113,452 76,723 TOTAL NET POSITION $ 1,484,303 $ 1,380,655 Page 4 of 10

5 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION Operating Revenues Airline revenues $ 67,168 $ 60,398 Rental cars 66,583 63,864 Parking 47,554 44,221 Concessions 33,370 27,379 General aviation and fixed based operators 6,532 7,169 Non airline terminal rent and other rents 4,448 4,851 North Perry Airport 1,343 1,259 Cargo 1,840 2,164 Miscellaneous 3,238 2,635 Total operating revenues 232, ,940 Operating Expenses Salaries, wages and benefits 35,768 32,874 Contractual services 45,232 43,110 Law enforcement and fire rescue 28,300 27,619 Utilities 9,157 9,342 Insurance 4,744 4,774 Services provided by other County departments 4,964 5,075 Maintenance, equipment and supplies 6,817 6,051 General and administrative 5,957 6,561 Total operating expenses before depreciation 140, ,406 Operating Income before Depreciation 91,137 78,534 Depreciation 87,777 67,908 Operating Income 3,360 10,626 Nonoperating Revenues (Expenses) Passenger facility charges 59,529 54,606 Interest income 6,893 6,906 Interest expense, net of capitalized interest (54,926) (56,129) Bond issuance costs (3,026) Capital asset donation (7,195) (15,900) Discontinued project cost (122) Gain on disposal of capital assets Other 27 (126) Total nonoperating revenues (expenses) 1,407 (10,555) Profit (Loss) before Capital Contributions and Transfers 4, Capital contributions 98,881 67,269 Transfer out (5,160) 98,881 62,109 Change in Net Position 103,648 62,180 Total Net Position Beginning of Year 1,380,655 1,318,475 Total Net Position End of Year $ 1,484,303 $ 1,380,655 Page 5 of 10

6 COMPARATIVE STATEMENT OF CASH FLOWS Cash Flows from Operating Activities Cash received from customers $ 219,054 $ 228,074 Cash payments to suppliers for goods and services (104,458) (98,312) Cash payments to employees for services (36,213) (33,107) Other cash received Other cash paid (289) Net cash provided by operating activities 78,410 96,529 Cash Flows from Noncapital Financing Activities Transfer out (5,160) Net cash used for noncapital financing activities (5,160) Cash Flows from Capital and Related Financing Activities Proceeds from issuance of bonds 484,033 Proceeds from bond refunding 52,808 Payment to refunded bond escrow agent (53,241) Payment of bond issuance costs (770) (89) Acquisition and construction of property, plant and equipment (290,249) (269,990) Proceeds from sale of capital assets Debt principal payment (48,015) (42,580) Interest and fiscal charges (83,052) (77,448) Capital contributions 86,060 86,460 Receipt of passenger facility charges 58,503 53,758 Net cash provided by (used for) capital and related financing activities 206,183 (249,672) Cash Flows from Investing Activities Purchase of investment securities (769,573) (429,086) Proceeds from sale and maturities of investment securities 640, ,033 Interest and dividends on investments 6,130 7,051 Net cash provided by (used for) investing activities (122,936) 156,998 Net Increase (Decrease) in Cash and Cash Equivalents 161,657 (1,305) Cash and Cash Equivalents, Beginning of Year 219, ,246 Cash and Cash Equivalents, End of Year $ 381,598 $ 219,941 Cash and Cash Equivalents Unrestricted Assets $ 49,527 $ 29,631 Cash and Cash Equivalents Restricted Assets 332, ,310 $ 381,598 $ 219,941 Page 6 of 10

7 COMPARATIVE STATEMENT OF CASH FLOWS Reconciliation of operating income to net cash provided by operating activities Operating income $ 3,360 $ 10,626 Adjustments to reconcile operating income to cash flows from operating activities Depreciation expense 87,777 67,908 Other nonoperating revenues (expenses) 27 (126) (Increase) Decrease in assets and deferred outflows of resources Accounts receivable (2,525) (2,094) Inventories (25) 80 Prepaid items (112) 201 Deferred outflows on pensions (865) Increase (Decrease) in liabilities and deferred inflows of resources Accounts payable 522 2,627 Accrued liabilities (306) (225) Due to other County funds (144) 687 Due to other governments (108) 1,059 Deposits (148) 142 Unearned revenues (10,224) 15,960 Compensated absences Other post employment benefits liability Net pension liability 4,231 Deferred inflows on pensions (3,875) Net adjustments 75,050 85,903 Net cash provided by operating activities $ 78,410 $ 96,529 Noncash Investing, Capital and Financing Activities Amortization of bond discount and premiums $ (7,371) $ (5,402) Amortization of deferred charge on refunding Bond issuance costs deducted from bond proceeds (2,167) Capital contributions 13, Capital assets acquired through current accounts payable 86,817 89,193 Capital asset donation (7,195) (15,900) Change in fair value of investments 423 3,000 Page 7 of 10

8 SCHEDULE OF DEPOSITS TO AND WITHDRAWALS FROM SPECIAL ACCOUNTS CREATED BY AIRPORT BOND RESOLUTIONS AND THE AIRLINE LEASE & USE AGREEMENT Balances Balances 10/1/2015 Deposits Withdrawals 9/30/2016 Bond Debt Service Accounts: 2001 Series J P & I $ 12,859 $ 15,802 $ 15,460 $ 13, Series L P & I 4, , Series O P & I 5,002 7,329 7,257 5, Series P P & I 20,921 27,578 27,152 21, Series Q P & I 24,881 39,070 38,802 25, Series ABC P & I 17,813 28,732 28,614 17, Series ABC P & I 25,247 8,930 16, Series A Capitalized Interest 36,818 17,113 19,705 Debt Service Fund 162,998 23,755 25, ,707 Bond Reserves 96,725 29, ,175 Total Bond Debt Service Accounts $ 346,068 $ 234,657 $ 174,119 $ 406,606 Capital Accounts: Bond Construction Accounts $ 154,511 $ 420,556 $ 205,986 $ 369,081 Discretionary 3, ,039 Renewal & Replacement and Improvements 46, , ,968 77,188 North Perry Airport Capital 810 1,267 1, Passenger Facilities Charges 139,402 59,860 64, ,634 Total Capital Accounts $ 344,399 $ 842,207 $ 601,750 $ 584,856 Airline Fees and Charges Sub Account $ 33,766 $ $ 10,550 $ 23,216 Revenue Operating Account $ 51,289 $ 227,055 $ 226,777 $ 51,567 Total Cash, Cash Equivalents and Investments $ 775,522 $ 1,303,919 $ 1,013,196 $ 1,066,245 Page 8 of 10

9 SCHEDULE OF BONDS OUTSTANDING AND ACTIVITY Optional (O) or Airport System Original Mandatory (M) Final Revenue Bonds Amount Bond Interest Payment Redemption * Maturity Balance at Balance at Date Issued Series Issued Purpose Type % Rate Dates Year Date October 1, 2015 Additions Payments September 30, J 2 $ 73,725 Improvements Serial & 10 1 N/A N/A 10/1/2015 $ 9,905 $ (9,905) $ J 2 75,460 Improvements Term & 10 1 M /1/ ,460 75, L 142,015 Improvements Serial & 10 1 O /1/ ,390 (56,390) O 29,395 Refunding Serial & 10 1 O /1/ ,090 (2,675) 15, O 71,745 Refunding Term & 10 1 M /1/ ,745 71, P 1 217,080 Refunding Serial & 10 1 O /1/ ,375 (11,115) 163, P 2 92,775 Refunding Serial & 10 1 O /1/ ,075 (3,235) 88, Q 1 283,600 Improvements Serial & 10 1 O /1/ ,025 (8,925) 258, Q 1 232,020 Improvements Term & 10 1 M /1/ , , Q 2 51,800 Improvements Serial & 10 1 O /1/ ,105 (1,780) 48, Q 2 53,910 Improvements Term & 10 1 M /1/ ,910 53, A 81,345 Improvements Serial & 10 1 O /1/ ,900 (2,635) 76, A 83,960 Improvements Term & 10 1 M /1/ ,960 83, B 27,395 Improvements Serial & 10 1 O /1/ ,540 (925) 25, B 28,005 Improvements Term & 10 1 M /1/ ,005 28, C 103,265 Improvements Serial & 10 1 O /1/ ,160 (3,345) 96, C 107,710 Improvements Term & 10 1 M /1/ , , A 248,120 Improvements Serial & 10 1 O /1/ , , A 61,990 Improvements Term & 10 1 M /1/ ,990 61, A 116,205 Improvements Term & 10 1 M /1/ , , B 9,575 Improvements Term & 10 1 O /1/2045 9,575 9, C 46,305 Refunding Serial & 10 1 M /1/ ,305 46,305 $ 1,526,375 $ 482,195 $ (100,930) $ 1,907,640 *The optional and mandatory redemptions are at par Page 9 of 10

10 AIRPORT SYSTEM REVENUE BONDS DEBT SERVICE COVERAGE Total Revenues $ 221,526 Investment Earnings $ 6,470 Plus: Transfer from General Purposes Account $ 33,766 $ 261,762 Less: Operation and Maintenance Expenses $ (140,939) Balance Remaining for Debt Service (A) $ 120,823 Total ASR Debt Service (1): Principal Interest Total Series 2001J 2 $ 10,575 $ 5,207 $ 15,782 $ 15,782 Series 2004L Series 2009O 2,810 4,516 7,326 7,326 Series 2012P 1 6,285 8,090 14,375 14,375 Series 2012P 2 8,765 4,425 13,190 13,190 Series 2012Q 1 9,335 22,738 32,073 32,073 Series 2012Q 2 1,870 5,112 6,982 6,982 Series 2013A 2,715 8,274 10,989 10,989 Series 2013B 955 2,685 3,640 3,640 Series 2013C 3,445 10,647 14,092 14,092 Series 2015A 435 1,378 1,813 1,813 Series 2015B Series 2015C 3,800 1,926 5,726 5,726 ASR Debt Service $ 51,294 $ 75,743 $ 127,037 $ 127,037 Passenger facility charge and grant offset $ (58,082) Total ASR Debt Service (B) $ 68,955 ASR Actual Debt Service Coverage (A)/(B) 175% ASR Required Debt Service Coverage (2) 125% (1) Represents annual bond year debt service requirement. (2) Per Section 704 of the Bond Resolution. Page 10 of 10