FY2016 CCDOA Financial Report as of 6302016.pdf - page 120

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
107
(d) Projected Maturities and Interest on Variable Rate Bonds, Bond Anticipation Notes, and Swap
Payments
Using the rates in effect on June 30, 2016, the approximate maturities and interest payments of the
Department’s variable rate debt and bond anticipation notes associated with the interest rate swaps,
as well as the net payment projections on the floating-to-fixed interest rate swaps, are presented in the
following table.
Due for the Fiscal Year
Principal
Interest
Principal
Interest
Net Swap Payments
Total
Ended June 30,
(000)
(000)
(000)
(000)
(000)
(000)
2017
14,130
$
4,500
$
-
$
7,056
$
29,316
$
55,002
$
2018
23,620
4,399
165,125
3,528
17,966
214,638
2019
84,195
4,042
-
-
6,816
95,053
2020
86,675
3,674
-
-
7,003
97,352
2021
87,705
3,302
-
-
7,183
98,190
2022-2026
241,700
12,811
-
-
38,788
293,299
2027-2031
216,045
8,375
-
-
37,682
262,102
2032-2036
159,940
4,927
-
-
19,072
183,939
2037-2041
172,220
1,439
-
-
2,198
175,857
Total
1,086,230
$
47,469
$
165,125
$
10,584
$
166,024
$
1,475,432
$
Variable Rate Bonds
Bond Anticipation Notes
11.) DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources consist of deferrals associated with pension accounting established under
GASB 68, the fair value of a hedging derivative instrument for FY 2016 under GASB 72 and the mark-to-
market value of the hedging derivative instruments for FY 2015 under GASB 53, and the unamortized
gains incurred on refunded bonds.
Deferred inflows of resources also consist of the hedging derivative instrument swap #12A. Under the
provisions of GASB 53, the Department is required to record the changes in the value of its interest rate
swaps serving as hedging derivatives at the end of the each fiscal year. With the implementation of
GASB 72, the interest rate swaps that were hedging derivative instruments as of June 30, 2016, now are
stated at fair value. As of June 30, 2016, the deferred inflows of resources associated with derivative
instrument swap #12A had a fair value of $0.9 million. The information required to restate the interest
rate swaps that were hedging derivative instruments at fair value as of June 30, 2015, as required under
GASB 72, was not available; therefore, the interest rate swaps are presented at their mark-to-market
value for FY 2015 based on the provisions of GASB 53. As of June 30, 2015, the deferred inflows of
resources associated with derivative instrument swap #12A had a mark-to-market value of $2.7 million.
Refer to Note 10, "Derivative Instruments – Interest Rate Swaps," for additional details.
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