Airport Finance 101 Session 3 - Capital Funding
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1 Airport Finance 101 Session 3 - Capital Funding
2 Capital Development Funding Improvement Projects usually require substantial funding to be implemented In business world capital is associated with funds used to generate more funds (ex., build new plants to make more product) Airport facilities are capital Airports needs major funds for projects Airfield (Runways, taxiways, aprons) Terminal Building & amenities ARFF and SRE buildings & equipment
3 Airport Capital Improvement Programs (ACIP) Generally needed to plan & program future development usually 5-6 years out* Intended to prioritize development needs in order to identify & assess financial needs ACIPs should include: - Prioritized Project Needs & Schedule - Project Justification - Detailed Project Cost Estimates - Realistic Picture of Potential Funding Sources * Note: ACIP required for FAA AIP funding
4 Federal Funding Airport Improvement Program (AIP) Funds come from ticket & fuel taxes, & other fees Only eligible projects are allowed - must be explicitly mentioned in AIP Handbook - if FAA silent not eligible Certain assurances must be agreed to ( strings ) - FAA Advisory Circulars become mandatory - Agree to protect & maintain airport 20 years - Abide by other federal mandates (DBE, Davis-Bacon, etc.)
5 Federal Funding AIP Fund Distribution Separate pool of funds for various categories - Apportionment (entitlement) funds for commercial airports (based on pax levels) general aviation airports ($150,000/yr) - Discretionary funds - Noise & Environmental Projects - Set-asides & special appropriations
6 Federal Funding FAA Airport Improvement Program (AIP) Entitlement funds based on previous CY enplanements $ / EnPax min pax max pax min AIP max AIP* ,000 50,000 1,000,000 1,000, , ,000 1,000,000 1,820, , ,000 2,210,000 4,420, ,001 1,000,000 2,860,000 5,720, ,000,001 no limit 22,000,000 26,000,000 Note: Large/Medium Hub Airports give back 50%/75% based on PFC level ($3 or $4.50)
7 Federal Funding Discretionary Funds Allocations based on ranked national priorities Safety Security Design Standards Reconstruction Capacity
8 Federal Funding Federal Share of Eligible Projects Large & medium hubs 75% noise projects 80% Other airports 90%
9 State Funding Many states will split non-federal share of projects (50/50) with sponsor Some states have separate program to fund projects not normally federally eligible or high priority (ex, T- hangars, fuel farms, etc.) - 80/20 for aviation needs - 50/50 for economic development (hangars, etc.)
10 Local Funding Local Capital Budget FAA/State contributions yield 95% of project cost Some airports break-even on cost vs revenue but need help meeting capital budget needs Smaller airports may have to be subsidized by municipal (tax) funds or other contributions
11 Passenger Facility Charge (PFC) FAR Part Airports allowed to collect $1, $2, $3, $4, or $4.50 PFC Used for FAA-approved project (sponsor decides priority) AIP eligible Noise mitigation Enhanced competition (broad interpretation) PFC s are treated as local funds Federal requirements are not necessary may be used for sponsor share of FAA projects may be used to fund stand-alone projects may be used to pay finance costs (debt service)
12 Customer Facility Charge (CFC) Fee usually imposed on car rental transactions Used to repay operating & financing costs for ground transportation improvements Consolidated rental car facilities (ConRACs) Bus & people movers Roadways No restrictions but usually aligned w/ground transportation CFC charge collected by rental car companies per day ($1 - $6 /day) per transaction ($3 - $10)
13 Airport Debt First Instance of Airport Related Debt Group of Tulsa businessmen pledged amounts 5,000 25,000 to buy land to build a new airport Used Stud Horse Note as vehicle for investors Collectively pledged $172,000 for 390 acres Investment paid back in airport fees
14 Airport Debt Used primarily for LARGE capital projects - costs too large/risky for any single investor - debt syndicated among many investors - based on airport s creditworthiness - bonding capability based on a number of factors Airline service & traffic characteristics Airport rates & charges Community s economic base Current finances and debt Current senior airport management
15 Airport Debt General Obligation (G.O.) Bonds issued by municipalities for variety of public works based on community s full faith, credit & taxing power generally pay lower interest rates (10-15 yr terms) sometimes limited to fraction of taxable property General Airport Revenue Bonds (GARB) backed by airport revenue guaranteed by airlines to make up short-falls (usually in form of increased landing fees) higher interest rates & longer terms (25-30 years)
16 Airport Debt PFC-Backed Bonds PFCs can be used as pledged revenues for Airport debt Double-barreled PFC bonds combines PFC revenues with general airport revenues PFC s back-up general revenue to repay debt Stand-alone PFC bonds secured solely by PFC revenues Stand-alone PFC debt typically must demonstrate higher historical coverage of future debt service of 1.35x 2.00x coverage
17 Airport Debt Special Revenue (or Facility) Bonds - issued by airport to build special facility (terminal, hangar, maintenance facility) - secured by revenue from facility (corporate guarantee) - higher risk = higher interest
18 Private Sector Financing Fairly common for revenue-producing facilities Public-private partnership (PPP) - Public provides infrastructure (land, utilities, etc.) - Private sector provides financing for development - Public takes over at end of term For larger infrastructure needs full privatization - Private sector leases whole terminal (or airport) - Fully responsible for development & operation - Public receives guaranteed income plus % of profit
19 Capital Project Funding Sources Airport Capital Project Funding Sources General Airport Revenue Bonds Passenger Facility Charges AIP Grants Operating Revenues/Retained Earnings State Grants Third Party / Special Facility Debt Source: GAO study.
20 Putting It All Together Airports come in all kind of flavors to serve the travelling public People need to travel Airports are the origination/destination portal Community provides the facility (which costs $$$) People pay for the services - Airline tickets - Concessions, parking, etc. - Property leases & rentals Community reinvests revenue to maintain & develop airport and
21 Putting It All Together
22 For More Information... Reference material for this program and more available at: Airport Finance 101 Dr. David A. Byers Quadrex Aviation, LLC
23 Pick Your Topic Topics for Later Discussion Benchmarking Negotiating Strategies PFCs CAFR s Strategic Business Plans Compliance Issues Rate Making Policies Bankruptcies Innovative Financing FAA Forms 126/127 Concessions Non-Aeronautical Revenue Aeronautical Use Agreements Revenue Diversion
24 Putting It All Together Aeronautical Revenues Landing Fees Leases & Rents Fuel Fees Non-Aeronautical Revenues Parking Concession Fees Leases & Rents Capital Resources AIP PFCs CFCs Bonds 12% 10% 7% 4% 2% Personnel 32% 33% Contract Services Capital Projects Other Comm/Utilities Supplies/Materials Paid Out Claims
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