HISTORICAL OPERATING RESU LTS

Transcription

1 Okaloosa County, Florida Taxable Airport Revenue Bonds, Series 2007, $9,980,000, Dated: December 13, 2007 Okaloosa County, Florida, Airport Revenue Bonds, Series 2003 (AMT), $10,860,000, Dated August 15, 2003 HISTORICAL OPERATING RESU LTS Historical Operating Results of the Airport For the frscal years ended OPERATI NG REVENUES Charges for Services $8,656,082 $9,451,744 $9,208,230 Miscellaneous 101,441 2, TOTAL OPERATING REVENUES ~8. 757,523 ~9,454, 137 ~9. 21'i9, 1'i32 OPERATING EXPENSES Personal Services 1,425,680 1,395,918 1,840,328 Contractual Services 1,608,640 1,920,115 2,118,909 Supplies 565, , ,649 Utilities 785, , ,259 Other Operating Expenses 1,651,014 2,903,169 2,459,902 Depreciation 3,182, ,226 3,524,789 TOTAL OPERATING EXPENSES ~ ~ ~~~.,~~ 11. ~1~.~~~ 11. ~~~.~~~ OPERATI NG INCOME (LOSS) (462, 182) (1,759,698) (2,371,804) NON-OPERATING REVENUES (EXPENS ES) Intergovernmental Revenues 267,673 47,941 9,553 Investment Income 361, , ,061 Other Non-Operating Income 2,544,993 15,210 12,000 Interest Expense (1 '199,270) (1,172,013) (1,208,154) Other Debt Service Costs (152,531) (141,510) (133,120) PFC/CFC (1) (2,539,492) 3,217,536 2,910,080 Gain/Loss on Disposal of Fixed Assets (1,800) 558 (4,617) TOTAL NON-OPERATING REVENUES(EXPENSES) 1,820,214 2,116,342 1,878,803 INCOME (LOSS) BEFORE OPERATING TRANSFERS 1,358, ,644 (493,001) Capital Contributions 12,217,146 8,916,994 Operating Transfers In 100,000 Operating Transfers Out (1,119,595) (1,039,095) (460,785) NET INCOME (LOSS) 238,437 11,534,695 8,063,208 (1) Formerly incuded in Other Non-Operating Income 2013 $9,128,g18 289,226 ~9.418, 144 2,062,950 2,019, , ,080 1,436,061 3,913, ~~1. 4~~ (1,613,319) 228,101 (83,839) 12,000 (1,235,061) (151,196) 2,954,642 (29,092) 1,695,555 82,236 3,498,413 3,580,649

2 NORTHWEST FLORIDA REGIONAL AIRPORT Northwest Florida Regional Airport (VPS) derives its Airline revenues from landing fees and terminal rentals charged to the airlines serving the Airport and non-aeronautical revenues from a variety of non-airline sources such as retail cars, parking, concessions, retail and other services and amenities provided to passengers, visitors, service providers and employees. In addition, the maxim allowed $4.50 Passenger Facility Charge (PFC) on each sold ticket is collected by Airlines on behalf of the Airport and $4.39 is remitted to the airport on a monthly basis. PFCs are being primarily used to fund the Airport's Current debt service on its 2003 series of bonds and the conventional loan secured to refinance those bonds earlier in 2014 and have been approved to assist with providing the local matching funds for federal and state grants for FAA eligible and airline approved capital projects. The Airport al so collect a $3.75 Customer Facility Charge (CFC) per rental car day from the rental car companies to fund the bond debt issued in 2007 for the construction of a consolidated Rental Car Service Facility on an additional 22.6 acres leased from the Air Force. The total leasehold for VPS is just over 130 acres for which the Airport paid $368,649 in FY 2013 up 3% from the $357,912 paid in FY Landing Fees for the joint use of the Air Force airfield facilities amounted to $120,131 in FY 2013 based on 15,642 operations. The Airport is currently served by Delta Airlines which includes Pinnacle and Atlantic Southeast Airlines providing service through its hub in Atlanta; by United Airlines to its Houston hub; and American Airlines to its Dallas hub. US Airways provides daily service to its Charlotte hub and soon to be discontinued daily service to Washington's Regan National Airport. The Oka loosa County Airports System also operates two General Aviation airports Bob Sikes Airport (CEW near Crestv iew, Florida), and Destin-Fort Wa lton Beach Airport (DTS Dest in, Florida). Airline Revenue: Landing fees, terminal space rental, security fees, baggage handling and loading bridge fees charged to Airlines comprised 18 percent of the Airport' s operating revenues in FY The overall result was a 24.7 percent decrease in Airline revenue compared to FY This decrease in airline revenue reflected the downturn in the economy and the fact that the Airport significantly reduced its operating costs in 2013 from the 2012 numbers that had anticipated increased revenue from the now defunct Vision Airlines service. The final FY2013 cost per enplaned passenger (CEP) was $4.63 or $1.43 per enplanement lower than the final FY2012 cost per enplaned passenger of $6.06. Non-Airline Revenues: These revenues are derived primarily from percentage of gross commissions and counter space rentals from rental car companies and a revenue public parking struct ure. These two sources t oget her accounted for about 54 percent of all Airport operating revenue in FY There was no increase in the parking rates in 2013, but parking revenue decreased 15 percent largely from the decrease in passenger enplanements due to economic conditions. Rental Car revenues also declined by 6 percent in real terms after the adjustment for abated counter space rental revenue provided by the Airport Customer Facility Charges (CFC). Non-operating Revenues: PFC revenues decreased 4.0 percent due to the reduction in passenger traffic in 2013, while the CFC from car rentals increased 7.6 percent. This may be due to longer rental terms with people choosing to rent rather than fly. Operating Expenses: Operating expenses of $11,580,836 (including depreciation) remained virtually flat compared with the prior fiscal year due to a concerted effort to reduce expenditures in anticipation of reduced revenues related to passenger enplanements.

3 Reg ional Shares of Enplanements {see sheet2, f able 1} Historical Enplanements Fiscal Enplaned Year Passengers ### 388,958 ### 407,053 ### 370,558 ### 396,045 ### 399,690 ### 386,321 ### 369, ### , ,428 Annual Percent Change 9.5% 4.7% -9.0% 6.9% 0.9% -3.3% -4.4% 21.6% %..;:3"-7-i'4'-'4.;:.31.; % Average Compounded Annual Growth Rate -0.42% Historical Enplaned Passengers by Airline {see Sheet 2. Table 2} Top 10 Origin and Destination City Markets- Fiscal Year 2012 Total O&D Rank City Pai rs Passengers Percent 1 DFW 70, % 2 DCA 44, % 3 ATL 21, % 4 DEN 16, % 5 LAS 14, % 6 LGA 14, % 7 IAH 14, % 8 LAX 14, % 9 CLT 13, % 10 MSP 13, % Top 10 O&D Passengers 237,987 Remaining O&D Passengers 443,402 Total O&D Passengers 681,384 Commerc ial Operati ons Fiscal Majors/ Regionals/ Ai rport Year Nationals Commuters Total ,964 10,726 14, ,126 5,590 14, ,346 6,716 16, ,680 7,338 15, ,654 12,038 18, ,958 2,544 20, , , , ,342 Compounded Annual Growth Rate FY % % 0.6%

4 Landed Weight {see sheet 2. ta61e 3} Air Carrier Market Share of Total Origin & Destination Passengers Air Carrier O&D Passengers Market Share Delta United (Continental) American US Airways TOTAL 385, % 80, % 163, % 115, % 744, % 2013 Market Share American 21.9% Delta 51.8% United/Continental 10.8%

5 FY2013 DEBT SERVICE COVERAGE CALCULATION Calculation of Amounts Available for Debt Service Operating Revenues Operating Expenses (less depreciation) 9,418, ,117, Net Revenues 2,300, Other Revenues: Interest Earnings on Debt Service and DSRF Accounts PFC Revenues Applied to Eligible Series 2003 Debt Service CFC Revenues Applied to Eligible Series 2007 Debt Service Coverage Amounts from PFC and CFC Revenue 33, , , , Total Other Revenues 2,139, Total Amounts Available for Debt Service 4,439, t '~ ~ '~' '-..., < ~ ~ I...._ "' -. '," ~ '_ ',,,., ~,_ ;' ' I~,.f"" ". " ;: ' ; ~ 'J.' ' j ', I Debt Service Coverage Calculation Total Amounts Available for Debt Service Series 2003 Bond Debt Service Series 2007 Bond Debt Service 4,439, , , Total Revenue Bond Debt Service Revenue Bond Debt Service Coverage 1,684,

6 Regional Shares of Enplanements TABLE 1 Northwest Florida Regional Pensacola International Northwest Florida Beaches (Panama Cit)() Calendar International YMr ~opl a n e m e nts Reqional Share ~nqi a n e m e nt s R~<li9lJ_a l_~h a re ~ nola ne m e n ts Reqional Share Reqional Total , % 526, % 173, % 1,008, , % 668, % 171, % 1 '182, , % 690, % 187, % 1,236, , % 741, % 195, % 1,332, , % 821, % 189, % 1,416, , % 812, % 176, % 1,353, , % 840, % 169, % 1,406, , % 776, % 167, % 1,344, , % 700, % 156, % 1,243, , % 719, % 259, % 1,348, , % 772, % 433, % 1,653, , % 759, % 439, % 1,582, , % 756, % 408, % 1,534,851 Historical Enplaned Passengers by Airline TABLE 2 FY 2009 FY 2010 FY FY 2012 FY 2013 Enplaned Enplaned Enplaned Enplaned Enplaned Passengers Share Passengers Share Passengers Share Passengers Share Passengers Share Airline Delta 189, % 204, % 207, % 202, % 192, % Northwest 59, % 7, % 0 0.0% 0 0.0% 0 0.0% American 74, % 71, % 76, % 79, % 82, % United/Contin 25, % 37, % 38, % 40, % 41, % US Airways 36, % 48, % 50, % 60, % 57, % Vision 75, % 2, % % AIRPORT 386, % 369, % 448, % 385, % 374, % TOTAL -- Landed Weight TABLE 3 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Landed Landed Landed Landed Landed Airline Weight Share Weight Share Weight Share Weight Share Weight Share (1,000 lbs) (1,000 lbs) (1,000 lbs) (1,000 lbs) (1,000 lbs) Delta 207, % 241, % 236, % 230, % 235, % Northwest 80, % 12, % 0 0.0% % 0 0.0% American 90, % 86, % 82, % 82, % 87, % United/Continental 47, % 41, % 38, % 41, % 42, % US Airways 49, % 73, % 64, % 76, % 74, % Vision % 5, % 0 AIRPORT TOTAL 475, % 454, % 565, % 435, % 439, %