Lehigh Valley International Airport Queen City Airport Braden Airpark OPERATING AND CAPITAL BUDGETS APPROVED NOVEMBER 29, 2016

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1 Lehigh Valley International Airport Queen City Airport Braden Airpark 2017 OPERATING AND CAPITAL BUDGETS APPROVED NOVEMBER 29, 2016

2 SECTION TABLE OF CONTENTS PAGES 1. Table of Contents 1-3 Strategic Framework Organizational Chart LNAA Budget Summary by Cost Center LVIA Statement of Operating Revenues LNAA Operating Expense Budget Queen City Airport and Braden Airpark Revenue and Expense Budget 6. Insights to Full Time Equivalent (FTE) Information Budgeted Month by Month Cash Flow Report Uses of Cash 2017 Available Cash 8. Appendix A: Airline Rates and Charges Bond Rate Maintenance Covenant 9. Exhibit A: Capital Improvement Program Exhibit B: 2017 Projects - Rated Page 1 of 41

3 STRATEGIC FRAMEWORK Vision: To be a model aviation system, providing the highest levels of service to our diverse customers while serving as a gateway to the community, region and world. Mission: To plan and provide for the current and future air transportation needs of the greater Lehigh Valley by constructing, maintaining and operating safe, efficient, modern and attractive airport facilities, and to promote reliable, competitively-priced air transportation services and to fulfill this mission in an efficient and cost-effective manner. Strategic Focus Areas Core Values Core Competencies Air Service Integrity Agility Financial Sustainability Respect Automation Customer Experience Trust Collaboration Facilities, Equipment and Teamwork Diversification Infrastructure Operational Safety and Service Innovation Security Organization Governance, Culture and People Humility Communications Strategic Focus Areas Fundamental elements or program areas vital for achieving long-term vision. Core Values Framework for day-to-day decision making / Guides our actions and behaviors. Core Competencies Proficiencies that enable an organization to deliver unique value to customers and stakeholders. Performance Measures Criteria used for the measurement of the results (outcomes) and efficiency of processes, services or programs. November 1, 2016 Page 2 of 41

4 BOARD OF GOVERNORS AUDITOR SOLICITOR EXECUTIVE DIRECTOR COMMUNICATIONS / PUBLIC INFORMATION OFFICER EXECUTIVE ASSISTANT DIRECTOR FINANCE & ADMINISTRATION DIRECTOR BUSINESS DEVELOPMENT DIRECTOR COMMERCIAL SERVICES DIRECTOR OPERATIONS & SAFETY DIRECTOR PLANNING & PROGRAMMING DIRECTOR INFORMATION SYSTEMS & TECHNOLOGY FINANCE / ACCOUNTING AIR SERVICE DEVELOPMENT FIXED-BASE OPERATOR / GENERAL AVIATION SERVICES AIRPORT OPERATIONS / COMPLIANCE AIRPORT PLANNING LAN / WAN / WIRELESS COMMUNICATIONS HUMAN RESOURCES / PAYROLL ADVERTISING / MARKETING AIRLINE SUPPORT SERVICES ARFF / EMS ENGINEERING DESIGN / CONSTRUCTION CABLE / FIBER INFRASTRUCTURE ASSET / RISK MANAGEMENT STAKEHOLDER RELATIONS / COMMUNITY ENGAGEMENT AIR CARGO SERVICES SECURITY ACCESS / I.D. BADGING PROJECT / GRANT MANAGEMENT AIRSIDE SYSTEMS (FUEL MONITORING, AIRFIELD LIGHTING, RING DOWN) PROCUREMENT COMPLIANCE CUSTOMER EXPERIENCE / VOLUNTEERS PASSENGER SERVICES OPERATIONS CENTER / DISPATCH ENVIRONMENTAL AFFAIRS & SUSTAINABILITY LANDSIDE SYSTEMS (PAGING SYSTEM, MUFIDS, CUTE, 2- WAY RADIO SYSTEM) PARKING / GROUND TRANSPORTATION TERMINAL CONCESSIONS / PROPERTIES / REAL ESTATE DEVELOPMENT QUEEN CITY AIRPORT POLICE / LAW ENFORCEMENT BUSINESS / FINANCE ( , INTRANET, DOC. MGMT, CELL/LAND TELEPHONY) BRADEN AIRPARK MAINTENANCE / CUSTODIAL SAFETY / SECURITY (CCTV, ACCESS CONTROL, EMERG. PHONES, BADGING, FCR) MAINTENANCE / FACILITIES (CMMS, BUILDING AUTOMATION) Page 3 of 41 PROPOSED 2017

5 Lehigh Northampton Airport Authority Statement of Income -- LVI, Queen City & Braden Airports Preliminary Budget 2017 LVIA OPERATING REVENUES: Budget Var Budget Var % 2016 Variance Variance % Budget Projection to Projection to Projection Budget to Budget to Budget A B C D (C/B) E F G (F/E) Airfield 5,045,920 4,595, , % 3,831,325 1,214, % Terminal 5,591,971 5,375, , % 5,845,703 (253,732) (4.34%) Parking and Roadways 4,586,999 4,456, , % 4,703,073 (116,074) (2.47%) Aviation Leased Areas 2,410,861 2,541,407 (130,546) (5.14%) 2,426,054 (15,193) (0.63%) Non-Aviation Leased Areas 404, , , % 374,469 30, % Ground Handling 4,616,122 2,996,783 1,619, % 3,009,780 1,606, % Aviation Services 3,743,429 3,483, , % 3,306, , % Advertising 303, ,665 94, % 306,000 (2,886) (0.94%) Total Revenues 26,702,969 23,888,871 2,814, % 23,802,531 2,900, % COST OF SALES 2,644,823 2,396, , % 2,464, , % Net Revenue 24,058,146 21,492,742 2,565, % 21,338,088 2,720, % LVIA OPERATING EXPENSES: Airfield 4,031,241 3,694, , % 3,425, , % Terminal 4,671,773 3,898, , % 4,584,078 87, % Parking and Roadways 1,177,029 1,123,678 53, % 1,184,505 (7,476) (0.63%) Aviation Leased Areas 989, ,397 60, % 1,067,494 (77,772) (7.29%) Non-Aviation Leased Areas 224, ,216 93, % 167,973 56, % Ground Handling 3,792,334 2,772,037 1,020, % 2,126,212 1,666, % Aviation Services 822, ,323 85, % 533, , % Advertising 110,184 89,166 21, % 208,789 (98,605) (47.23%) Administration 3,134,812 2,564, , % 2,522, , % Total Expenses 18,954,020 15,939,537 3,014, % 15,820,178 3,133, % LVIA Income (Loss) From Operations 5,104,126 5,553,205 (449,079) (8.09%) 5,517,910 (413,784) (7.50%) OTHER AIRPORTS Queen City Income (Loss) 133, ,234 (58,770) (30.57%) 196,563 (63,099) (32.10%) Braden Airpark Income (Loss) (71,806) (79,876) 8,070 (10.10%) 7,051 (78,857) ( %) Events (Loss) (30,000) (69,158) 39,158 (56.62%) 0 (30,000) 0.00% Air Store (Loss) (167) (100.00%) % Other Airports Inc (Loss) From Operations 31,658 43,367 (11,709) (27.00%) 203,614 (171,956) (84.45%) All Airports Inc (Loss) From Operations 5,135,784 5,596,572 (460,788) (8.23%) 5,721,524 (585,740) (10.24%) NON OPERATING INCOME (EXPENSE): Net Interest (32,001) 4,095 (36,096) (881.47%) (121,651) 89,650 (73.69%) Miscellaneous 30,000 41,278 (11,278) (27.32%) 0 30, % Total Non Operating Income (Expense) (2,001) 45,373 (47,374) (104.41%) (121,651) 119,650 (98.36%) Net Income (Loss) Before Depreciation 5,133,783 5,641,945 (508,162) (9.01%) 5,599,873 (466,090) (8.32%) Bond Fund Expense % % Depreciation (Net of Grants) 4,595,077 4,144, , % 4,136, , % LNAA Net Income (Loss) 538,706 1,497,557 (958,851) (64.03%) 1,462,954 (924,248) (63.18%) Page 4 of 41

6 LEHIGH-NORTHAMPTON AIRPORT AUTHORITY Lehigh Valley International Airport 2017 BUDGET SUMMARY The 2017 Budgeted Net Income before depreciation is $5,133,783 which is $466,090 (8%) lower than the 2016 Budget and $508,162 (9%) lower than the 2016 Projection. Our debt service ratio is 1.62 which covers our required ratio of OPERATING REVENUE BUDGET Total 2017 Operating Revenue Budget (including Braden & Queen City) of $27,892,691 is $2,827,165 more than the 2016 budget and $2,824,827 higher than the 2016 year end projection. The 2017 Airline Rates and Charges are included in the budget packet. Please note the Airline Rates and Charges revenue will vary slightly from the LNAA budgeted revenue due to the differences in cost center rollups. Details follow for each cost center. AIRFIELD LANDING FEES The calculated 2017 landing fee is $4.94, which is $.16 or 3.1% lower than the 2016 budgeted landing fee. Landed weights include the projected increase in air cargo operations for The calculation of our landing fee is included in the budget package. APRON PARKING FEES The apron parking requirement for 2017 is $.69 per thousand pounds of landed weight. The projected increase from the 2016 budget is the result of the increased apron use from air cargo and commercial traffic. Apron fees are determined based on a percentage of airfield direct and indirect operating expenses. The calculation of our apron fee is included in the budget packet. For 2017, apron fees will be allocated based on landed weight. The previous allocation method was based on the number of landing and the associated aircraft s wing span. The billing change based on landed weight is more consistent with the industry standard for billing apron fees. Page 5 of 41

7 TERMINAL RENTS: AIRLINES The 2017 terminal rental rate is calculated at $.12 higher than the 2015 rates. On January 1, 2016, budgeted rates were reduced 5%. Effective January 1, 2017 the rates will be increased 5.5%. The 2017 rate will be $70.86/sq. ft. Additionally, the rate per turn will increase 3.7% to $1,115.86/per turn. The calculations of the terminal rental rate and the per turn fee are included in the budget packet. CONCESSION FEES: Rental car and restaurant/newsstand concession fee revenue was budgeted consistent with the 2016 projection. Although we are estimating a 3% increase in enplaned passengers, revenues were not increased for the rental car concession due to the additional construction work being done on the terminal in early PARKING AND ROADWAYS PARKING LOT FEES Parking revenue for 2017 is budgeted based on projected increase of enplanements of 3% above the 2016 projection or 2.5% below 2016 budgets. The reduction from the 2016 budget reflects the latest trend including the addition of transportation network companies Uber and Lyft. AVIATION AND NON-AVIATION LEASED AREAS HANGAR RENTS, BUILDINGS, LAND RENTS Overall aviation rents were budgeted slightly lower than the 2016 budget primarily based on the reduction in T-Hangar and land rentals. Building rents reflect projected 2017 full occupancy and the associated CPI increase in the current contracts. GROUND HANDLING AIRCRAFT HANDLING Ground handling revenue will increase by 54% from 2016 projected year-end numbers and 53% higher than the 2016 budget. The additional revenue is due to the increased activity projected for the cargo operation. Page 6 of 41

8 AVIATION SERVICE GROUP FUEL SALES The 2017 budget projected activity in gross fuel sales reflect increased activity and fuel prices. The 2017 budget is 6% higher than the 2016 projection and 8% higher than the 2016 budget. Into-Plane fees were increased 9% higher than the 2016 projection and 12% higher than the 2016 budget based on the additional activity associated with air cargo. ADVERTISNG ADVERTISING In 2016, the airport brought advertising in-house and advertising was moved to its own cost center. The increase in projected revenue for 2017 reflects the momentum of the airport s advertising efforts. Page 7 of 41

9 Lehigh Northampton Airport Authority 2017 Statement of Operating Revenues - LVIA Preliminary Budget Budget Var Budget Var % 2016 Variance Variance % Budget Projection to Projection to Projection Budget to Budget to Budget A B C D (C/B) E F G (F/E) OPERATING REVENUES: Airfield: Landing Fees 4,468,812 4,052, , % 3,387,965 1,080, % Apron Parking Fees 487, ,858 68, % 319, , % Land Rents 90, ,560 (33,500) (27.11%) 123,560 (33,500) (27.11%) Total Airfield Fees 5,045,919 4,595, , % 3,831,325 1,214, % Terminal: Rent - Airlines 3,421,019 3,229, , % 3,532,304 (111,285) (3.15%) Rent - Concession & Other 518, ,976 46, % 469,443 48, % Concession Fee - Rental Cars 1,374,405 1,392,267 (17,862) (1.28%) 1,455,018 (80,613) (5.54%) Concession Fee - Restaurant/Newsstand 220, ,336 3, % 237,150 (16,545) (6.98%) Concession Fee - Other 27,121 35,003 (7,882) (22.52%) 116,961 (89,840) (76.81%) Utility Fees & Other 30,399 30, % 34,828 (4,429) (12.72%) Total Terminal Rents 5,591,970 5,375, , % 5,845,704 (253,734) (4.34%) Parking and Roadways 4,586,999 4,456, , % 4,703,073 (116,074) (2.47%) Aviation Leased Areas: Hangar No. 1 Rent 56,738 56, % 0 56, % Hangar No. 2 Rent 33,995 32,398 1, % 27,720 6, % Hangar No. 3 Rent 262, ,293 5, % 258,071 4, % Hangar No. 5 Rent 21,112 20, % 20, % Hangar No. 7 Rent 276, , % 313,344 (36,487) (11.64%) Hangar No. 8 Rent 188, ,156 (4,149) (2.16%) 231,156 (43,149) (18.67%) Hangar No. 9 Rent 751, ,019 16, % 739,011 12, % Hangar No. 10 Rent 491, ,461 (2,472) (0.50%) 473,364 18, % T-Hangars 191, ,922 6, % 201,444 (9,834) (4.88%) Air Cargo Building & Land Rents 100, ,129 (155,259) (60.62%) 123,432 (22,562) (18.28%) Ramp, Gatecard and Other Income 35,246 35,439 (193) (0.54%) 38,016 (2,770) (7.29%) Total Aviation Leased Areas 2,410,861 2,541,408 (130,547) (5.14%) 2,426,054 (15,193) (0.63%) Non-Aviation Leased Areas: Building Rents 404, , , % 374,469 30, % Total Rents 404, , , % 374,469 30, % Ground Handling and Other 4,616,122 2,996,783 1,619, % 3,009,780 1,606, % Aviation Services: Gross Fuel Sales 1,361,598 1,281,925 79, % 1,259, , % Landing Fees 145, ,352 13, % - 145, % Into Plane Fees 2,030,969 1,862, , % 1,807, , % Hangar & Ramp Rentals 200, , % 238,560 (37,633) (15.78%) Miscellaneous Income 4,349 5,547 (1,198) (21.60%) 206 4, % Total Aviation Services 3,743,431 3,483, , % 3,306, , % Advertising 303, ,665 94, % 306,000 (2,886) (0.94%) Total Operating Revenue 26,702,969 23,888,870 2,814, % 23,802,532 2,900, % Cost of Sales 2,644,823 2,396, , % 2,464, , % Net Operating Revenue 24,058,146 21,492,741 2,565, % 21,338,089 2,720, % Page 8 of 41

10 7,000,000 Lehigh-Northampton Airport Authority 2017/2016 LVIA Revenue Budgets 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000, Page 9 of 41

11 Lehigh-Northampton Airport Authority 2017 Revenue Sources Advertising, $303,114, 1% Aviation Services, $3,743,429, 14% Airlines, $5,045,920, 19% Ground Handling, $4,616,122, 17% Terminal, $5,591,971, 21% Aviation/Non- Aviation Leased, $2,815,414, 11% Parking and Roadways, $4,586,999, 17% Page 10 of 41

12 4.5 Average Cargo Flights Per Day By Month Average Cargo Flights Per Day Flight/Day 2016 Budget 2017 Budget flights/day Page 11 of 41

13 LEHIGH-NORTHAMPTON AIRPORT AUTHORITY Lehigh Valley International Airport 2017 OPERATING EXPENSE BUDGET Total 2017 Operating Expense Budget (including Braden & Queen City) of $19,398,638 is up $3,145,283 from the 2016 Budget and up $3,074,975 from the year end projection. The changes in some of the major expense categories are detailed below. SALARIES AND WAGES Salaries and wages reflect a 19% increase over the year-end projection and a 22% increase from the 2016 budget. The increase reflects several adjustments: 1. Ground Handling consistent with the (4) projected daily flights for the cargo operation in % increase in FTEs versus 2016 budget. 3. Increases in wages to reflect market competiveness and recent legislative changes. 4. Assumed 3% increase in salary and wages for the Teamsters Union on July 1, The 3% is an estimate; the current CBA (collective bargaining agreement) ends June 30, Salary and wage increases of 3.5% for Police on January 1, 2017 and 3.5% increase for Aircraft, Rescue and Firefighting (ARFF) on September 1, 2017; these numbers are per their current CBAs. 6. Non-Union includes a 2.5% increase effective January 1, 2017 and an additional 2.5% merit pool for high performers. EMPLOYEE BENEFITS 2017 Benefits are budgeted at a 25% increase from the 2016 projection and a 9% increase to the 2016 budget. The main contributors were: 1. Workman s compensation contribution of 7.2% of payroll. 2. Pension benefits estimated at 7% of all full time salaries % increase in FTEs versus 2016 budget. 4. An 8% increase in medical insurance premiums. 5. Self- insured unemployment claims estimated at 2.5% of salaries. 6. Employee contributions were increased to 6% in 2017 for non-union employees. The ARFF and Police contributions were increased with their latest CBA. We assumed the Teamsters would contribute similar to the other Unions at the commencement of their new CBA. 7. A rebate of $100,000 from the 2016 medical self-insurance. Page 12 of 41

14 PROFESSIONAL SERVICES The 2017 budget reflects a 11% increase versus 2016 year-end projections and a 23% increase to the 2016 budget. The increase of professional services is necessary with the Multimodal and other infrastructure improvements in Additionally, the Authority is planning to conduct an employee compensation analysis to help create a strategic human resource plan for the coming years. LEGAL SERVICES The 2017 Budget reflects a 16% increase from the 2016 year-end projection and a 11% decrease to the 2016 budget. Rates reflect the reduction in legal services with the conclusion of the Willow Brook Farms (WBF) litigation. AUDIT AND FINANCIAL SERVICES The 2017 Budget reflects a 3% decrease from the 2016 year-end projection and a 2% decrease from the 2016 budget. CONTRACT SERVICES The contract services 2017 budget has been increased 20% from the 2016 projection and 50% increase from the 2016 budget. The majority of the increase is due to outside consulting work necessary for environmental compliance, the Multimodal project, other 2017 capital projects, and an average number of snow events for ADVERTISING EXPENSE The advertising budget is for external affairs, general promotion of the airport and new expenses associated with in house advertising. The 2017 budget is 61% higher than the 2016 projection and 66% higher than the 2016 budget. The increase is consistent with the additional projected advertising revenue. TRAINING AND SEMINARS The training and seminars budget reflects a 69% increase versus the 2016 year-end projection and 16% reduction over the 2016 budget. BUSINESS AND TRAVEL EXPENSES The business and travel expense budget reflect a 48% increase versus the 2016 yearend projections and 4% higher than the 2016 budget. HOSPITALITY The hospitality budget reflects a 33% increase versus the 2016 year-end projection and a 26% in the 2016 budget. The hospitality account was added in 2016 to track the care and welfare of non-staff members. EQUIPMENT RENTAL Equipment rental costs were increased significantly in 2017 to meet the new contract requirements of our cargo operations. The 2017 budget is 35% higher than the year end projection and 196% increase over the 2016 budget. Page 13 of 41

15 MATERIALS & SUPPLIES Material and supplies increased 22% from the 2016 year-end projections and decreased 19% from the 2016 budget. Material and supplies are directly impacted by the number of snow events during the year. In 2016, there was only one significant snow storm. MAINTENANCE & REPAIRS Maintenance & Repairs budget has decreased 5% from the 2016 year-end projections and increased 16% from the 2016 budget. Maintenance and repair costs remain high due to age of the Authority s equipment. The two largest cost center budgets are airfield and terminal maintenance. In the airfield, marking paint and lighting repairs are major items. In the terminal, infrastructure repairs are the major items. UTILITIES Overall heating gas and oil, electricity, and water were budgeted at approximately an 6% increase versus the 2016 year-end projection. INSURANCE The 2017 budget reflects increases in police, public officials, crime, and automobile insurance. PAYMENT IN LIEU OF TAXES Required payments to Catasauqua School District and Hanover Township equal 10% of our parking revenue and 2017 is budgeted accordingly. INTEREST EXPENSE Interest expense reflects a 56K over 2016 year end projections. The additional interest is due to the hangar construction loan expected to be closed on the next few months. CREDIT CARD FEES Credit card fees are incurred on sales of fuel and other FBO services, as well as parking lot revenue and will vary proportionately with the revenue. Page 14 of 41

16 Lehigh Northampton Airport Authority 2017 Budgeted Statement of Operating Expenses - LVIA Preliminary Budget 2017 OPERATING EXPENSES: Budget Var Budget Var % 2016 Variance Variance % Budget Projection to Projection to Projection Budget to Budget to Budget A B C D (C/B) E F G (F/E) Salaries and Wages 7,812,161 6,568,371 1,243, % 6,401,547 1,410, % Payroll Taxes 597, ,110 95, % 489, , % Employee Benefits 3,241,352 2,595, , % 2,978, , % Subtotal 11,651,143 9,665,984 1,985, % 9,869,416 1,781, % Professional Services 437, ,880 44, % 355,571 81, % Legal Services 181, ,420 24, % 204,120 (23,120) (11.33%) Audit and Financial Services 110, ,773 (3,773) (3.32%) 108,000 2, % Public Relations 46,500 35,877 10, % 53,500 (7,000) (13.08%) Contract Services 852, , , % 569, , % Advertising Expense 327, , , % 197, , % Printing 18,910 12,864 6, % 12,850 6, % Postage 5,340 3,687 1, % 5,935 (595) (10.03%) Dues and Subscriptions 104,465 83,110 21, % 76,461 28, % Office Supplies 51,290 47,177 4, % 41,881 9, % Telephone 103,238 89,053 14, % 90,177 13, % Training and Seminars 113,455 67,170 46, % 135,450 (21,995) (16.24%) Business and Travel Related 84,008 56,548 27, % 80,591 3, % Hospitality 25,325 18,987 6, % 20,148 5, % Equipment Rental 1,313, , , % 443, , % Materials & Supplies 477, ,293 85, % 588,141 (110,945) (18.86%) Maintenance Repairs 724, ,030 (36,744) (4.83%) 623, , % Heating Gas and Oil 345, ,855 38, % 447,748 (102,652) (22.93%) Electricity 648, ,897 32, % 615,908 32, % Water 98,228 91,654 6, % 95,914 2, % Refuse Collection 44,069 44,086 (17) (0.04%) 41,340 2, % Uniforms 60,310 38,437 21, % 59,299 1, % Insurance 420, ,977 44, % 371,621 48, % Real Estate Taxes 108, ,950 (1) (0.00%) 90,618 18, % Payment in Lieu of Taxes 448, ,886 10, % 470,158 (21,858) (4.65%) Interest Expense * 74,001 17,795 56, % 121,651 (47,650) (39.17%) Credit Card Fees 157, ,777 13, % 142,400 14, % Bad Debt Expense % % Miscellaneous 40,630 31,913 8, % 44,340 (3,710) (8.37%) Total Operating Expenses 19,071,930 15,993,664 3,078, % 15,976,818 3,095, % Allocated to QC (25,482) (21,085) (4,397) 20.85% (20,306) (5,176) 25.49% Allocated to Braden (18,426) (15,246) (3,180) 20.86% (14,683) (3,743) 25.49% Total Operating Expenses after Allocation 19,028,022 15,957,333 3,070, % 15,941,829 3,086, % *Interest Expense is included in Net Interest under Non-operating Income (Expense) on the Summary Page 15 of 41

17 Lehigh-Northampton Airport Authority 2017/2016 Expense Budgets 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , Page 16 of 41

18 Queen City Airport and Braden Airpark Queen City Airport We assumed revenue to be flat versus the 2016 projection and a (4%) decrease from the 2016 budget. Fuel costs expect to go up 5% versus the 2016 projection. We improved the allocation of the labor cost between LVIA, Queen City, and Braden Airpark. The 2017 budget includes an average cost for snow events and an increase in infrastructure. Braden Airpark We assumed revenue to increase 6% versus the 2016 projection and a (14%) decrease from the 2016 budget. Fuel costs expect to go up 5% versus the 2016 projection. We improved the allocation of the labor cost between LVIA, Queen City, and Braden Airpark. The 2017 budget includes an average cost for snow events and an increase in infrastructure. Page 17 of 41

19 Lehigh Northampton Airport Authority Queen City Preliminary Budget Budget Var Budget Var % 2016 Variance Variance % Budget Projection to Projection to Projection Budget to Budget to Budget A B C D (C/B) E F G (F/E) Revenue: Hanger & Ramp Rentals 472, , % 453,912 19, % Fuel Sales-FBO 560, ,700 1, % 623,857 (63,450) (10.17%) Pilot Supplies Sales % 2,221 (2,205) (99.28%) Miscellaneous Income % 2,221 (1,471) (66.23%) Total Revenue 1,034,156 1,032,274 1, % 1,082,211 (48,055) (4.44%) Cost of Sales: Fuel Cost 342, ,103 16, % 375,112 (32,702) (8.72%) Hanger Parts & Goods Sold 1,572 1, % 2,484 (912) (36.71%) Labor costs 289, ,585 9, % 276,497 13, % Total Cost of Sales 633, ,050 25, % 654,093 (20,479) (3.13%) Net Operating Revenue 400, ,224 (23,682) (5.58%) 428,118 (27,576) (6.44%) Operating Expenses: Salaries & Wages 50,435 38,772 11, % 24,782 25, % Payroll Taxes 3,858 2, % 1,896 1, % Employee Benefits 24,631 7,863 16, % 13,732 10, % Subtotal 78,924 49,601 29, % 40,410 38, % Miscellaneous Professional Fee 4,280 12,615 (8,335) (66.07%) 300 3, % Contract Services 12,830 6,377 6, % 33,050 (20,220) (61.18%) Advertising Expense % % Dues & Subscriptions P&E (200) (100.00%) 400 (400) (100.00%) Office Expenses P&E % % Telephone Expense P&E 3,558 3, % 7,750 (4,192) (54.09%) Training & Seminars P&E 1, , % 0 1, % Travel & Business Expenses P&E 1, , % 280 1, % Hospitality % % Equipment Rental P&E 14,316 9,718 4, % 2,785 11, % Materials & Supplies P&E 18,895 17,086 1, % 37,500 (18,605) (49.61%) Maintenance & Repairs 51,397 61,111 (9,714) (15.90%) 33,500 17, % Utilities-Heat 9,084 9,528 (444) (4.66%) 11,498 (2,414) (20.99%) Utilities-Light & Power 22,967 24,130 (1,163) (4.82%) 25,125 (2,158) (8.59%) Utilities-Water 1,216 1, % % Uniform Purchase & Expense 3, , % 1,500 1, % Insurance 0 50 (50) (100.00%) % Credit Card Fees 15,599 14,223 1, % 15, % Bad Debt Expense % % Miscellaneous Expenses P&E % % Allocated 25,482 21,085 4, % 20,306 5, % Total Operating Expenses 267, ,988 35, % 231,555 35, % Net Income (Loss) from Operations 133, ,236 (58,772) (30.57%) 196,563 (63,099) (32.10%) NON-OPERATING COSTS: Depreciation 98,322 93,640 4, % 113,883 (15,561) (13.66%) Total Non-Operating Costs 98,322 93,640 4, % 113,883 (15,561) (13.66%) Net Income after depreciation 35,142 98,596 (63,454) (64.36%) 82,680 (47,538) (57.50%) Page 18 of 41

20 Lehigh Northampton Airport Authority Braden Airpark Preliminary Budget Budget Var Budget Var % 2016 Variance Variance % Budget Projection to Projection to Projection Budget to Budget to Budget A B C D (C/B) E F G (F/E) Revenue: Hanger & Ramp Rentals 102, ,003 2, % 113,744 (11,562) (10.16%) Fuel Sales-FBO 53,384 46,716 6, % 67,040 (13,656) (20.37%) Total Revenue 155, ,719 8, % 180,784 (25,218) (13.95%) Cost of Sales: Fuel Cost 36,121 34,400 1, % 42,851 (6,730) (15.71%) Hanger Parts & Goods Sold % % Labor costs 87,569 57,713 29, % 50,912 36, % Total Cost of Sales 123,834 92,254 31, % 93,763 30, % Net Operating Revenue 31,732 54,465 (22,733) (41.74%) 87,021 (55,289) (63.54%) Operating Expenses: Salaries & Wages 11,502 10,110 1, % 6,061 5, % Payroll Taxes % % Employee Benefits 5,618 2,820 2, % 3,359 2, % Subtotal 18,000 13,703 4, % 9,884 8, % Miscellaneous Professional Fee 3,240 51,496 (48,256) (93.71%) 0 3, % Professional Fees-Public Rel % % Contract Services 2, , % 1,500 1, % Advertising Expense % % Office Expenses P&E % 300 (60) (20.00%) Telephone Expense P&E 2,928 3,005 (77) (2.56%) 2, % Training & Seminars P&E % 500 (200) (40.00%) Travel & Business Expenses P&E 0 31 (31) (100.00%) % Hospitality % % Equipment Rental P&E 2,400 2, % 2, % Materials & Supplies P&E 10,500 4,798 5, % 11,000 (500) (4.55%) Maintenance & Repairs 26,200 19,804 6, % 15,000 11, % Utilities-Light & Power 7,423 8,073 (650) (8.05%) 14,132 (6,709) (47.47%) Utilities-Water 1,668 2,202 (534) (24.25%) 1, % Refuse Services 2,064 1, % 1, % Uniform Purchase & Expense 1, , % 500 1, % Insurance (375) (100.00%) % Credit Card Fees 1,639 1, % 1,742 (103) (5.91%) Bad Debt Expense % % Miscellaneous Expenses P&E 3,200 8,563 (5,363) (62.63%) 3,210 (10) (0.31%) Allocated 18,426 15,246 3, % 14,683 3, % Total Operating Expenses 103, ,342 (30,804) (22.93%) 79,971 23, % Net Income (Loss) from Operations (71,806) (79,877) 8,071 (10.10%) 7,050 (78,856) ( %) NON-OPERATING COSTS: Debt Service 127, , % 127, % Depreciation 71,280 67,886 3, % 23,235 48, % Total Non-Operating Costs 199, ,658 3, % 23,235 48, % Net Income after depreciation & debt service (270,858) (275,535) 4,677 (1.70%) (16,185) (126,901) % Page 19 of 41

21 Full Time Equivalents (FTEs) by Department % Department 2017 Budget (A) Current (B) * Variance (A-B) Variance (A vs. B) Planning % Maintenance (A) % Maintenance (L) % Custodial % Police % ARFF** % Operations Center % Operations Admin % Operations Officers % IT % Aviation Services- QC % Aviation Services- FBO % Aviation Services-LV % Business Development % Aviation Services-Braden % Parking % Passenger Services % Cargo % Properties % Executive Board % HR % Finance % Marketing % Advertisng % Customer Experience % Grand Total % *Current Based on last two week pay period which ended 11/8/16 **FTE Based on 56 Hours for ARFF Page 20 of 41

22 Insights on Additions to Personnel Overall The Authority is adding an additional 38 (20%) full time equivalents (FTEs) versus the 2016 budget and 16 (8%) FTEs versus current staffing. The majority of the increase in staffing is attributable to the increase in air cargo operations. The cargo operation not only requires direct labor support but indirect support through increased police, operations, and administration. With increased attention on developing new tactics for earning revenue and a focus shifted to tackling large scale projects, additional staff is required for maintaining the highest quality of day to day operations at Lehigh Valley International Airport. The Authority will look for efficiencies by automating many of its current tasks. An increase in staff is necessary over the next few years to bridge the gap of technology and infrastructure development which was lacking due to the recession and many years of litigation. Aviation Services-FBO 1 FT Fuel Farm Specialist Required based on increase in weekly fuel loads. 2 PT Fuelers- Required to support the cargo operation. Aviation Services-LV 2 FTEs - Required to support the additional Allegiant activity. Executive Board 1 FT Special Projects Coordinator- required to coordinate, manage and/or support special events, activities, and studies including determining the impact of regulatory requirements. Information Technology 1 FT Tech Support Required to handle upgrades of new software, troubleshooting and provide overall depth to a previously understaffed department. Maintenance Airside 1 FT Supervisor - Required to manage airfield maintenance personnel, maintenance shop purchasing and inventory. 1 FT Mechanic - Addition of engine mechanic to support Air Cargo Ground Service Equipment (24/7). 1 FT Laborer - Addition of entry level laborer to increase support of airfield snow removal & grass cutting. 1 PT Mechanic - Addition of engine mechanic to support Air Cargo Ground Service Equipment (24/7). Page 21 of 41

23 Maintenance Landside 1 FT Supervisor - Required to manage landside maintenance and custodial personnel. 1 FT Painter - Addition of ongoing painting needs of ABE. Operations Officers 2 PT Operations Officers - Required to increase daily Operations coverage from 20hr/day to 24hr/day to support Air Cargo. Parking 1 FTE - Required to increase staffing up to the 2017 budget levels Planning 1 FT Project Manager/Engineer Required to coordinate, manage, and review capital projects and initiatives. This person will also review engineering documents submitted by others to ensure compliance and conformity to the Airport Authority standards. Police 2 FT Police Officers - Required to increase daily coverage of airport mainly to support increased Ground Handling at night from Air Cargo Operations. 1 PT Police Officers - Required to increase daily coverage of airport mainly to support increased Ground Handling at night from Air Cargo Operations. Properties 1 FT Properties Assistant - Required to work on lease administration and address tenant issues. The properties assistant will free up the Manager to spend more time working on business development efforts while adding needed depth to the department... Page 22 of 41

24 Lehigh-Northampton Airport Authority 2017 Budgeted Month by Month Cash Flow Projection a Year b Month JAN FEB MAR APRIL MAY JUNE JULY AUGUST SEPT OCT NOV DEC Totals c Beginning Cash $ 10,200,000 $ 10,230,203 $ 9,328,975 $ 8,209,366 $ 7,804,493 $ 7,000,869 $ 5,939,541 $ 6,622,628 $ 6,905,462 $ 6,667,734 $ 6,585,547 $ 6,227,568 1 LNAA Total Operating Revenues $ 2,061,907 $ 2,116,584 $ 2,260,039 $ 2,329,731 $ 2,234,130 $ 2,245,390 $ 2,321,649 $ 2,362,344 $ 2,158,887 $ 2,234,773 $ 2,209,350 $ 2,168,182 $ 26,702,966 2 LNAA Oper. Expenses & COS Labor $ (1,646,783) $ (1,849,360) $ (1,823,429) $ (1,719,233) $ (1,627,493) $ (1,798,418) $ (1,792,102) $ (1,699,955) $ (1,782,047) $ (2,068,645) $(1,766,321) $ (2,025,054) $ (21,598,840) 3 Fuel Inventory Purchases $ (168,000) $ (168,000) $ (168,000) $ (168,000) $ (168,000) $ (168,000) $ (168,000) $ (168,000) $ (168,000) $ (168,000) $ (168,000) $ (168,000) 4 Queen City Income (Loss) $ 10,150 $ 11,976 $ 123 $ 2,526 $ 12,944 $ 11,758 $ 19,172 $ 11,788 $ 14,096 $ 11,054 $ 14,224 $ 13,654 $ 133,465 5 Braden Airpark Income (Loss) $ (4,899) $ (6,079) $ (8,828) $ (6,008) $ (4,985) $ (7,186) $ (4,413) $ (4,409) $ (7,751) $ (5,887) $ (4,460) $ (6,901) $ (71,806) 6 Event (Loss) $ - $ - $ - $ - $ - $ (15,000) $ - $ - $ - $ - $ - $ (15,000) $ (30,000) 7 Net Interest $ (69) $ (30,863) $ (63) $ (61) $ (30,468) $ (55) $ (53) $ (30,068) $ (81) $ (79) $ (29,702) $ (89) $ (121,651) 8 Debt Service $ (275,261) $ (275,261) $ (275,261) $ (275,261) $ (275,261) $ (275,261) $ (275,261) $ (275,261) $ (275,261) $ (275,261) $ (275,261) $ (275,261) $ (3,303,132) 9 TD Bank Loan Payments $ (55,580) $ (55,580) $ (55,580) $ (55,580) $ (3,900) $ (226,220) 10 Transfers from PFC to Operating $ 200,000 $ 200,000 $ 400,000 $ 100,000 $ 100,000 $ 200,000 $ 1,200, CFC Funds $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 300, Bond Project Funds $ - Funds Available before Capital Purchases, Lease Payments, & Grant 13 Receipts $ 10,346,465 $ 9,998,620 $ 9,282,976 $ 8,542,480 $ 7,966,460 $ 7,419,097 $ 6,065,533 $ 6,944,067 $ 6,870,305 $ 6,520,689 $ 6,590,377 $ 6,144,099 CIP Cash Flow Items: 14 Lease Payments $ (55,337) $ (148,720) $ (72,685) $ (92,762) $ (191,491) $ (115,456) $ (125,805) $ (219,505) $ (143,471) $ (166,042) $ (258,709) $ (182,676) $ (1,772,659) 15 Capital Purchases/Local Contributions $ (1,121,625) $ (1,121,625) $ (1,121,625) $ (1,121,625) $ (1,005,500) $ (1,885,500) $ (340,500) $ (340,500) $ (290,500) $ (290,500) $ (290,500) $ (269,041) $ (9,199,041) 16 FAA/PA Grant Receipts $ 1,060,700 $ 600,700 $ 120,700 $ 476,400 $ 231,400 $ 521,400 $ 1,023,400 $ 521,400 $ 231,400 $ 521,400 $ 186,400 $ 476,400 $ 5,971, Ending Cash $ 10,230,203 $ 9,328,975 $ 8,209,366 $ 7,804,493 $ 7,000,869 $ 5,939,541 $ 6,622,628 $ 6,905,462 $ 6,667,734 $ 6,585,547 $ 6,227,568 $ 6,168,782 $ (5,000,000) 18 Required Bond Cash Reserve $ 3,679,000 $ 3,679,000 $ 3,679,000 $ 3,679,000 $ 3,679,000 $ 3,679,000 $ 3,679,000 $ 3,679,000 $ 3,679,000 $ 3,679,000 $ 3,679,000 $ 3,679, Restricted for AIP Use Only $ 2,235,000 $ 2,235,000 $ 2,235,000 $ 2,235,000 $ 2,235,000 $ 2,235,000 $ 2,235,000 $ 2,235,000 $ 2,235,000 $ 2,235,000 $ 2,235,000 $ 2,235, Unrestricted Cash (15-14) $ 4,316,203 $ 3,414,975 $ 2,295,366 $ 1,890,493 $ 1,086,869 $ 25,541 $ 708,628 $ 991,462 $ 753,734 $ 671,547 $ 313,568 $ 254,782 Notes to Items: 8 Debt Service with BMO Harris. 9 Final Payment on TD Terminal Loan is $3,900 in May Lease Payments include capital items for the Constellation Energy Project and use of the Tetra Lease Line of Credit. 15 Capital Purchases updated to include 2017 Capital Improvement Plan (CIP). 18 Bond Cash Requirement must be met on 12/31 of every year; Bond Cash Reserve = 1/6 of 2017 Budgeted Expenses + $500, Approximately $2,235,000 of Funds Available are reserved for federally approved AIP projects. Other Notes: A Bank Lines of Credit are not shown on exhibit but may be potential sources of Cash. B Bond Construction Project Fund has approximate $4.2 million balance. If Project Funds are used, they will be shown on line #12. C Restricted AIP Funds & Residual Bond Project Funds will be used to offset applicable Capital projects. D Net Changes to Receivables and Payables assumed to be zero. E Net LNAA cash used for capital is $5,000,000 marked in orange Page 23 of 41

25 Lehigh-Northampton Airport Authority 2017 Uses of Cash TD Bank Loan, $226,220, 2% Capital Lease Payments, $1,772,659, 21% CIP Funds (not leased), $3,227,341, 38% Bond Debt Service, $3,303,132, 39% Total Capital Resources: $5,000,000 Page 24 of 41

26 Lehigh-Northampton Airport Authority 2017 Available Cash CFC, $300,000, 2% EST FAA/PA Grant Receipts, $5,971,700, 47% Net Revenue, $5,133,783, 41% PFC, $1,200,000, 10% Total Available Cash $12,605,483 Page 25 of 41

27 Lehigh Valley International Airport Queen City Airport Braden Airpark APPENDIX A Page 26 of 41

28 LEHIGH-NORTHAMPTON AIRPORT AUTHORITY 2017 Airline Rates and Charges Lehigh Valley International Airport Provided by Unison Consulting, Inc. Page 27 of 41

29 TABLE 1 LEHIGH NORTHAMPTON AIRPORT AUTHORITY LEHIGH VALLEY AIRPORT SYSTEM OPERATING EXPENSES Budget Budget Operating Expenses Salaries and Wages $ 6,432,390 $ 7,874,098 Payroll Taxes 521, ,368 Employee Benefits 3,111,700 3,271,601 Subtotal Personnel Costs $ 10,065,557 $ 11,748,067 Professional Services 355, ,080 Legal Services 204, ,000 Audit and Financial Services 108, ,000 Public Relations 53,500 46,500 Contract Services 604, ,555 Advertising Expense 197, ,914 Printing 12,850 18,910 Postage 5,935 5,340 Dues and Subscriptions 76, ,465 Office Supplies 42,681 52,130 Telephone 100, ,724 Training and Seminars 135, ,205 Business and Travel Related 80,941 85,558 Hospitality 26,875 Equipment Rental 448,305 1,330,046 Materials & Supplies 636, ,591 Maintenance Repairs 671, ,883 Heating Gas & Oil 459, ,180 Electricity 655, ,057 Water 97, ,112 Refuse Collection 42,732 46,133 Uniforms 61,299 65,240 Insurance 371, ,156 Real Estate Taxes 90, ,949 Payment in Lieu of Taxes 470, ,300 Interest Expense 121,651 74,001 Credit Card Fees 159, ,437 Bad Debt Expense Miscellaneous 82,937 44,230 Subtotal Other Operating Expenses $ 6,348,484 $ 7,650,571 Total Operating Expenses $ 16,414,041 $ 19,398,638 COST OF SALES NOT ALLOCATED Cost of Sales Aviation Services 2,294,050 2,644,823 Cost of Sales GA Airports 747, ,448 Subtotal Cost of Sales $ 3,041,906 $ 3,402,271 Total Operating Expenses and COS $ 19,455,947 $ 22,800,909 Total Operating Expense Allocation Airfield $ 3,488,759 $ 4,031,241 Terminal 4,693,880 4,671,773 Parking and Roadways 1,188,458 1,177,029 Aviation Leased Areas 1,098, ,722 Non Aviation Leased Areas 170, ,215 Aviation Services 546, ,710 Ground Handling 2,180,421 3,792,334 GA Airports 313, ,616 Advertising 209, ,184 Administration 2,524,148 3,208,814 Total Operating Expenses $ 16,414,041 $ 19,398,638 Source: Authority Management. Page 28 of 41

30 TABLE 2 LEHIGH NORTHAMPTON AIRPORT AUTHORITY LEHIGH VALLEY AIRPORT SYSTEM OPERATING REVENUES Budget Budget OPERATING REVENUE Airfield: Landing Fees $ 3,354,238 $ 4,199,990 Apron Parking Fees 413, ,047 Land Rentals 123,560 90,060 Security 56,644 63,634 Other 200, ,000 Total Airfield Fees $ 4,147,792 $ 5,045,732 Terminal: Airline Rent $ 2,529,395 $ 2,754,332 Per Turn Fees 315, ,060 Passenger Support Services 324, ,626 Security 105, ,177 Concession& Other Rents 363, ,421 Rental Cars 1,455,018 1,374,405 Restaurant/Newsstand 297, ,605 Advertising Other 116,961 27,121 Utility Fees & Other 34,828 30,399 Total Terminal Rents $ 5,542,490 $ 5,710,147 Parking & Roadways $ 4,703,073 $ 4,586,999 Aviation Leased Areas: Hangar 1 Rental $ $ 56,738 Hangar 2 Rental 27,720 33,995 Hangar 3 Rental 258, ,589 Hangar 4 Rental Hangar 5 Rental 20,496 21,112 Hangar 7 Rental 313, ,857 Hangar 8 Rental 231, ,007 Hangar 9 Rental 739, ,848 Hangar 10 Rental 473, ,989 T Hangars 201, ,610 Air Cargo Building & Land Rents 123, ,870 Ramp & Gatecard Fees 38,016 35,246 Total Aviation Leased Areas $ 2,426,054 $ 2,410,861 Non Aviation Leased Areas: Building Rents $ 374,469 $ 404,553 Total Non Aviation Rents $ 374,469 $ 404,553 Aviation Services: Gross Fuel Sales $ 1,259,711 $ 1,361,598 Landing Fees 145,588 Into Plan Fees 1,807,650 2,030,969 Hangar & Ramp Rentals 238, ,927 Miscellaneous Income 206 Total Aviation Services $ 3,306,127 $ 3,739,082 Ground Handling and Other: Ground Handling and Other $ 3,009,780 $ 4,620,471 Total Ground Handling and Other $ 3,009,780 $ 4,620,471 Advertising: Advertising $ 306,000 $ 303,114 Total Advertising $ 306,000 $ 303,114 GA Airports: Hangar & Ramp Rentals $ 567,656 $ 575,165 Fuel Sales FBO 690, ,791 Pilot Supplies Sales 2, Miscellaneous Income 2, Total GA Airports $ 1,262,995 $ 1,189,722 Total Operating Revenue $ 25,078,780 $ 28,010,681 1.) Revenue projections derived from information provided by Authority management. Page 29 of 41

31 TABLE 3 LEHIGH NORTHAMPTON AIRPORT AUTHORITY LEHIGH VALLEY AIRPORT SYSTEM LANDING FEE RATE Budget Budget Direct Operating Expenses $ 3,488,759 $ 4,031,241 Indirect Operating Expenses 504, ,961 O&M Reserve Requirement 1 139, ,269 Debt Service 15,263 15,261 Debt Service Coverage 3,816 3,815 Amortization of Capital Expenditures 160,000 Total Requirement $ 4,152,584 $ 5,049,547 LESS: Apron Expenses 2 399, ,520 LESS: Apron O&M Reserve 13,992 12,527 LESS: Previous Year's Debt Service Coverage 4,792 3,816 LESS: World Fuel Annual Incentive 200, ,000 LESS: Land Rent Credit 123,560 90,060 LESS: Security Surcharge (35%) 56,644 63,634 LESS: Landing Fee Itinerant FBO Credit Net Requirement $ 3,354,238 $ 4,199,990 Total Airline Landed Weight (000 lbs.) 657, ,162 Airline Landing Fee $ 5.10 $ 4.94 Airline Landing Fees $ 3,354,238 $ 4,199,990 1.) Represents 2 months (1/6) of the incremental change in O&M Expenses. 2.) Equals 10% of Direct and Indirect Airfield expenses. Page 30 of 41

32 TABLE 4 LEHIGH NORTHAMPTON AIRPORT AUTHORITY LEHIGH VALLEY AIRPORT SYSTEM APRON REQUIREMENT Budget Budget Direct Operating Expenses $ 399,359 $ 474,520 O&M Reserve Requirement 1 13,992 12,527 Total Requirement $ 413,351 $ 487,047 LESS: Non Signatory Paid Premiums/Diversions Net Requirement $ 413,351 $ 487,047 Total Landed Weight 703,162 Annual Apron Fee $ ) Represents 2 months (1/6) of the incremental change in O&M Expenses. 2.) Beginning in 2017, the Apron monthly requirement will be charged to the airlines based on landed weight. Page 31 of 41

33 TABLE 5 LEHIGH NORTHAMPTON AIRPORT AUTHORITY LEHIGH VALLEY AIRPORT SYSTEM TERMINAL RENTAL RATE Budget Budget Direct Operating Expenses $ 4,693,880 $ 4,671,773 Indirect Operating Expenses 631, ,006 O&M Reserve Requirement 1 8,255 37,144 Debt Service 848, ,791 Debt Service Coverage 212, ,198 Amortization of Capital Expenditures 26,576 Total Requirement $ 6,394,289 $ 6,672,488 LESS: Previous Year's Debt Service Coverage 266, ,223 LESS: Passenger Support Services 2 324, ,626 LESS: Security Surcharge (65%) 105, ,177 Net Requirement $ 5,698,183 $ 6,010,461 Total Rentable Space 75,812 75,812 Total Administrative Space 9,009 9,009 Total Rentable and Admin Space 84,821 84,821 Terminal Rental Rate $ $ Airline Space 52,943 52,943 Airline Rented Space 50,589 50,589 Airline Terminal Rental Revenue $ 3,398,469 $ 3,584,716 1.) Represents 2 months (1/6) of the incremental change in O&M Expenses. 2.) Represents the charges associated with customer service in the Airport (ex. Curbside check in assistance). Page 32 of 41

34 TABLE 6 LEHIGH NORTHAMPTON AIRPORT AUTHORITY LEHIGH VALLEY AIRPORT SYSTEM PER TURN FEE Budget Budget Space Rent Per Enplanement Projected Terminal Fees 3,398,469 3,584,716 Projected Enplanements 323, ,623 Annual Rental Cost per Enplanement [ A ] $ $ 9.86 Projected Enplanements 323, ,623 Gates in Use 7 7 Projected Enplanements per Gate [ B ] 46,240 51,946 Average Rental Fee per Gate [ A * B = C ] $ 485,496 $ 512,102 Total Passenger Operations 5,595 5,619 Days Passenger Operations per Day Total Gates in Use 7 7 Passenger Operations per Day per Gate Days Total Turns per Gate per Year [ D ] Projected Gate Cost per Turn [ C/D = E ] $ $ Estimated Ground Handling Fee Estimated Salary Cost Per Hour $ $ Benefits/Payroll Tax % 49% 49% Est. Hours per Turn Est. Non Salary Expense % 15% 15% Estimated Ground Handling Fee per Turn $ $ Projected Terminal Fees per Turn $ $ Estimated Ground Handling Fee per Turn $ $ Total Fees per Turn $ 1, $ 1, Additional Fees Landing Fee (per 1,000 lbs.) $ 5.10 $ 4.94 Apron Fee (per 1,000 lbs. of landed weight) $ 0.69 Security Fee (per enplanement) $ 0.50 $ ) Operations calculated by Unison Consulting as part of the November 2015 traffic forecast. Page 33 of 41

35 TABLE 7 LEHIGH NORTHAMPTON AIRPORT AUTHORITY LEHIGH VALLEY AIRPORT SYSTEM PASSENGER AIRLINE COST PER ENPLANEMENT Budget Budget Passenger Airline Landing Fees $ 1,743,787 $ 1,836,889 Airline Terminal Rents 2,529,395 2,754,332 Per Turn Fees 315, ,060 Passenger Airline Apron Revenue 413, ,047 Passenger Support Services 324, ,626 Security Surcharge 1 161, ,811 Total Airline Revenues $ 5,488,431 $ 5,926,767 Enplanements 2 323, ,623 Airline Cost Per Enplanement $ $ ) Security Surcharge is $0.50 per enplaned passenger. 2.) Enplanements calculated based on extrapolated 2016 Actual enplanements. Page 34 of 41

36 TABLE 8 LEHIGH NORTHAMPTON AIRPORT AUTHORITY LEHIGH VALLEY AIRPORT SYSTEM CASH FLOW Budget Budget Airline Landing Fees $ 3,354,238 $ 4,199,990 Airline Apron Fees 413, ,047 Airline Terminal Rentals 1 2,845,093 3,089,393 Nonairline Revenues 2 15,424,193 16,831,979 Operating Revenues $ 22,036,874 $ 24,608,410 Operating Expenses $ 16,414,041 $ 19,398,638 Net Operating Income $ 5,622,833 $ 5,209,772 Debt Service $ 3,303,657 $ 3,303,657 O&M Reserve Requirement 437, ,433 Renewal and Replacement Requirement Subordinated Indebtedness Capital Expenditures Net Deposit to General Fund $ 1,881,669 $ 1,408,682 Net Operating Income $ 5,622,833 $ 5,209,772 Plus: Transfers Coverage from Landing Fee 3,816 3,815 Coverage from Terminal Rate 126, ,558 Transfers Net Revenues $ 5,753,222 $ 5,340,145 Debt Service $ 3,303,657 $ 3,303,657 Net Revenue Requirement ) Includes per turn revenue. 2.) Net of cost of sales. 3.) The Net Revenue Requirement per the Series 2015 bond covenant established that the Net Revenue Requirement ratio has to be at least 1.57 the Aggregate Debt Service for such period. Page 35 of 41

37 LEHIGH-NORTHAMPTON AIRPORT AUTHORITY BOND RATE MAINTENANCE COVENANT Under the covenant the Authority agrees that it shall at all times fix, revise, charge and collect rentals, rates, fees and other charges for the use of the Airport in order that in each Fiscal Year the Net Revenues shall at least equal 1.57 times the Aggregate Debt Service for such period. The 2017 Budget is set at a rate of 1.62 times the aggregate debt service. Following is that computation: * Net Revenues $ 5,340,145 ** Aggregate Debt Service $ 3,303,657 Coverage: Net Revenues / Aggregate Debt Service 1.62 * Refer to Table 8 of the Rates and Charges for the calculation of this number ** Annual amount to be deposited to cover the annual Debt Service requirement. Payments are made in equal monthly installments to trustee. Page 36 of 41

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