Columbus Regional Airport Authority. Financial Statements. March 31, Respectfully Submitted. Randy Bush, CPA, CIA. Chief Financial Officer

Transcription

1 Columbus Regional Airport Authority Financial Statements March 31, 2018 Respectfully Submitted Randy Bush, CPA, CIA Chief Financial Officer Unaudited for internal purposes

2 CRAA Operating Revenue & Expenses REVENUE ACTUAL BUDGET VARIANCE % ACTUAL VARIANCE PARKING $9,501 $9,363 $ % $8,768 $733 MANAGEMENT COMMENTS CURRENT YEAR BUDGET VARIANCE: REVENUE AIRLINES 8,172 8,275 (103) -1.2% 8, GROUND TRANSPORTATION 2,603 2, % 2, CONCESSIONS & MISC LESSEES 2,265 2, % 2, AIR FREIGHT 1,551 1,601 (50) -3.1% 1, HOTEL 1,063 1, % 1,073 (10) GENERAL AVIATION % 905 (40) GROUND HANDLING FEES FOREIGN TRADE ZONE % INTERMODAL LIFT FEES (65) -21.7% OTHER INCOME (12) -8.8% 175 (49) $27,569 $27,548 $21 0.1% $26,302 $1,267 Total Operating Revenue has a positive budget variance of $21. PARKING - $138 The favorable variance is due to an increase in ticket volume in Garage parking as a result of an increase in passenger traffic. AIRLINES - ($103) The unfavorable variance is due to a decrease in landing fees as the airlines are utilizing lighter planes as well as a reduction in flights for Frontier. This is partially offset by an increase in space rent due to Spirit and an increase in gate use fees. GROUND TRANSPORTATION - $53 The favorable variance is primarily due to a rental car commission increase related to an audit finding offset by a general decrease in monthly rental car commissions. Rental car ground rent is also favorable as well as TNC fees. AIR FREIGHT - ($50) The unfavorable variance is due to decreased into plane fees related to the timing of cargo charter flight events budgeted that have not occurred yet as well as a decrease in cargo landing fees. This is partially offset by an increase in ground fuel sales. INTERMODAL LIFT FEES - ($65) The unfavorable variance is due to fewer lift fees compared to budget. EXPENSES SALARIES & WAGES $8,121 $7,695 ($426) -5.5% $7,294 ($827) BENEFITS & PERSONNEL 2,145 2, % 2, SUPPLIES & MATERIALS 1,508 1,489 (19) -1.3% 997 (511) SERVICES 5,985 6, % 5,128 (857) HOTEL SERVICES (30) -5.3% 581 (15) CONTRACT LABOR FBO/GSE % 464 (28) CONTRACT LABOR OTHER 2,437 2,432 (5) -0.2% 1,950 (487) OTHER EXPENSES $21,284 $21,953 $ % $19,016 ($2,268) EXPENSES Total Operating Expenses have a positive budget variance of $669. SALARIES & WAGES - ($426) The unfavorable variance is the result of an increase in overtime due to snow and ice events and using existing staff in an overtime capacity to back fill for vacant positions. There is also an increase in the PTO disbursement compared to the budget. These are partially offset by vacancies throughout the organization. BENEFITS & PERSONNEL - $438 The favorable variance is a result of vacant positions anticipated to utilize health insurance and OPERS. SERVICES - $666 The favorable variance is the result of the timing of spend for professional services, airport and software maintenance, staff training and development, and advertisement and marketing costs. This is partially offset by the an increase in contracted snow removal services for the parking lots. OPERATING INCOME BEFORE DEPRECIATION $6,285 $5,595 $ % $7,286 ($1,001) 1

3 COLUMBUS REGIONAL AIRPORT AUTHORITY COMPOSITION OF OPERATING REVENUE (Current Year Percentage) COMPOSITION OF OPERATING EXPENSES (Current Year Percentage) GENERAL AVIATION 3.1% CONCESSIONS & MISC LESSEES 8.2% GROUND HANDLING FEES 3.2% GROUND TRANSPORTATION 9.4% HOTEL 3.9% SUPPLIES & MATERIALS 7.1% BENEFITS & PERSONNEL 10.1% SERVICES 28.1% HOTEL SERVICES 2.8% PARKING 34.5% AIRLINES 29.6% CONTRACT LABOR FBO/GSE 2.3% OTHER INCOME 2.5% AIR FREIGHT 5.6% SALARIES & WAGES 38.3% CONTRACT LABOR OTHER 11.3% UTILITY COSTS (Year over Year / Year to Date) CRAA SALARIES & WAGES (LCK & CMH) 2018A $1,174 Head Count Part Time 10 Overtime 2018B $1, A 2016A $1,019 $1,049 Filled 416 Vacant 39 Full Time 26 $573 $ A $1,157 Seasonal 3 Reported through pay period ending 3/24/18. RENTAL CAR ACTIVITY (Year over Year / Year to Date) Number of Transactions Gross Receipts 2/28/2018 2/28/2017 Variance 34,681 34,239 36, ,783 67,381 70,553 AVIS $1,913 $1,948 ($36) BUDGET 1,182 1,411 (229) DOLLAR (195) THRIFTY ENTERPRISE 2,158 1, HERTZ 2,308 2, NATIONAL 2,078 2, ALAMO (7) February Year to Date Reported 1 month in arrears. TOTAL $10,979 $10,947 $31 2

4 COLUMBUS REGIONAL AIRPORT AUTHORITY JOHN GLENN INTERNATIONAL HOTEL OPERATIONS EXPENSES BY COST CENTER Variance REVENUE $1,063 $1,035 $28 EXPENSES ($30) Net Operating Income $467 $469 ($2) Airfield Apron $2,447 $472 $2,432 $492 Revenue Per Available Room Average Daily Rate Occupancy Rate Terminal $3,609 $3,733 $88.88 $85.52 $ $ % 68.2% Prkg./Ground Trans. Leased Properties $2,889 $789 $2,677 $858 G&A Support $7,266 $7,832 Statistical Results are reported as of 2/28/18. NON-AIRLINE REVENUE LEASABLE LANDSIDE BUILDINGS JOHN GLENN COLUMBUS GATES (Square Feet) Occupied 220,833 $15,550 Air Cargo ,000 Air Cargo ,000 $15,345 Vacant 24,000 DELTA 6 Gate Inventory FRONTIER 1 SOUTHWEST 5 TOTAL 29 SPIRIT 1 UNITED 3 YTD Use of Unleased Gates Variance $205 Total 244,833 % of Total Revenue 65.8% % Occupied 90% AMERICAN 7 UNLEASED 6 Reported as of 2/28/ AMERICAN DELTA UNITED MISC. 11 3

5 COLUMBUS REGIONAL AIRPORT AUTHORITY RICKENBACKER INTERNATIONAL RICKENBACKER OPERATING INCOME Revenue Variance Variance 2018 Aviation - Business Services $1,437 $1,464 ($27) $1,198 $239 Aviation - Public Airport 1,349 1,397 (48) 1, Aviation - Airside Buildings (80) Real Estate (57) Indirect (1) Total 3,816 3,948 (132) 3, Expenses Aviation - Business Services 1,084 1, (181) Aviation - Public Airport 1,456 1,397 (59) 1,263 (193) Aviation - Airside Buildings (72) 172 (127) Real Estate Indirect (158) Total 3,679 3, ,118 (560) Net Operating Income $137 $183 ($46) $370 ($232) 2017 FBO OPERATIONS LEASABLE LANDSIDE BUILDINGS Variance (Square Feet) GROUND FUEL EVENT FEES UNLEADED $3,800 $3,299 $501 DIESEL 32,535 27,470 5,065 Occupied 289,435 $36,335 $30,769 $5,566 FUEL INTO PLANE FEES Air Cargo ,800 CARGO $161,034 $228,492 ($67,458) Air Cargo ,000 PASSENGER 32,460 42,255 (9,795) Vacant 31,800 $193,494 $270,747 ($77,253) NUMBER OF AIRCRAFT TURNS Total 321,235 CARGO (19) PASSENGER (10) AVIATION RETAIL FUEL SALES (GALLONS) % Occupied JET A 34,533 18,750 15,783 AVGAS 987 1,625 (638) 35,520 20,375 15, %

6 Statement of Net Position Analysis ASSETS 3/31/ /31/2017 VARIANCE CASH BALANCES CASH & CASH EQUIVALENTS $174,059 $165,637 $8,422 UNRESTRICTED FUNDS: % of Total ACCOUNTS RECEIVABLE, NET 15,487 20,593 (5,106) REVENUE FUND $25, % INVENTORY & PREPAIDS 2,972 3,150 (179) GENERAL PURPOSE FUND 56, % LAND, PROPERTY & EQUIPMENT, NET 752, ,463 (5,909) O&M/R&R FUND 12, % DEPOSITS, DEFERRED OUTFLOWS 16,904 16,904 - HOTEL ESCROW FUND % LIABILITIES SECURITY DEPOSIT FUND % RESTRICTED FUNDS: 96, % CURRENT LIABILITIES: PASSENGER FACILITY FUND 19, % ACCOUNTS PAYABLE $6,992 $9,626 ($2,635) RENTAL CAR FACILITY FUND 56, % REVOLVING CREDIT FACILITY 9,500 9,500 - BOND DEBT SERVICE FUND 1, % ACCRUED EXPENSES 18,006 18,975 (969) RETAINAGE DEPOSIT FUND % UNEARNED INCOME, DEFERRED INFLOWS 3,197 3, , % LONG-TERM LIABILITIES: TOTAL CASH $174,059 REVENUE BONDS 78,509 80,983 (2,474) UNFUNDED PENSION LIABILITY 38,666 38,666 - TOTAL LIABILITIES & DEFERRED INFLOWS 154, ,861 (5,991) NET POSITION TOTAL ASSETS & DEFERRED OUTFLOWS $961,975 $964,746 ($2,771) NET POSITION - BEGINNING OF YEAR 803, ,613 20,272 INCREASE (DECREASE) IN NET POSITION 3,220 20,272 (17,052) NET POSITION - END OF PERIOD 807, ,886 3,220 TOTAL LIABILITIES, DEFERRED INFLOWS & NET POSITION $961,975 $964,746 ($2,771) Unrestricted Cash on Hand (Days) Days Unrestricted Cash on Hand Board & Airline Approved Moody's Average* *Benchmark from Moody's 2016 Airport Medians Report for an A2 airport DEBT STRUCTURE CAPITAL EXPENDITURES Debt Per Enplaned Outstanding Balance Passenger 2017 Approved Capital $91,542 Revolving Credit Facility (72% LIBOR +85 bps) $ 9,500 Total Cash Expenditures to Date $7,255 Long-Term Debt % of Approved Capital 8% CMH Revenue Bonds: Series (Mat. 2021, 1.66%) 7,758 $50.92 Total Accrued Expenditures to Date $6,839 Series (Mat. 2030, 2.48%) 34,508 $19.91 % of Approved Capital 7% Series (Mat. 2023, 1.62%) 36,243 Revolving Credit Facility & Debt $ 88,009 78,509 CRAA Moody's Total Baseline to Date $14,647 Average* % of Baseline to Date 47% *Benchmark from Moody's 2016 Airport Medians Report for an A2 airport. 5