FY2016 CCDOA Financial Report as of 6302016.pdf - page 14

October 31, 2016
To the Board of County Commissioners
And County Manager
Clark County, Nevada
The Comprehensive Annual Financial Report ("CAFR") of the Clark County Department of Aviation ("Department") for the
fiscal year ("FY") ended June 30, 2016, is submitted herewith. The Finance Division of the Department prepared this report.
The financial statements were audited, as required by Nevada Revised Statues NRS §354.624, by Eide Bailly, LLP.,
independent certified public accountants, whose unmodified audit report is contained herein.
The Department comprises a single enterprise fund of Clark County, Nevada ("County"), and operates as a separate, self-
sufficient enterprise fund of the County. The seven-member Board of County Commissioners ("Board") is responsible for
governing the affairs of the Department. The Director of Aviation is appointed by the Board and reports directly to the
County Manager.
The County owns and the Department operates and maintains McCarran International Airport ("Airport"), the eighth
largest airport in the United States in terms of passenger volume, and four general aviation airports. The Airport occupies
approximately 2,800 acres and is located six miles from downtown Las Vegas and one mile from the Las Vegas “Strip,” the
center of the Las Vegas gaming and entertainment industry. The Airport is primarily an origination and destination ("O&D")
airport and is the second largest O&D airport in the United States, behind only Los Angeles at the end of the first quarter of
calendar year ("CY") 2016. In addition to the Airport, the Department operates North Las Vegas Airport, which caters to
general aviation activity and is the second busiest airport in the State of Nevada in terms of aircraft operations, and
Henderson Executive Airport, a premier corporate aviation facility that features a state-of-the-art terminal, private hangar
facilities, and a Federal Aviation Administration control tower designed to meet the needs of the business aviation
community. In addition, the Department operates Jean Sports Aviation Center and Overton-Perkins Field, which are
primarily used for recreational aviation purposes. All the airports operated and maintained by the Department are
collectively referred to as the Airport System.
Users of the Airport System's facilities provide all the revenues necessary to acquire, operate, and maintain the necessary
services and facilities. The Department is not subsidized by any tax revenues of the County and has been a self-sustaining
entity since 1966.
The metropolitan area of Las Vegas has experienced economic growth since the economic recession, which began in
2008. The growth started in 2011 and continues into 2016. Through August of CY 2016, 28.8 million visitors made their way to
Las Vegas, increasing by 1.7 percent compared to 28.3 million visitors for the first eight months of CY 2015. In CY 2015, the
Las Vegas metropolitan area’s population increased by 8.4 percent since 2010 to over 2.1 million residents, according to
the U.S. Census Bureau. Convention attendance for the first eight months of CY 2016 is up 11.6 percent over the same
period in 2015 to over 4.4 million delegates. The number of conventions in the first eight months of CY 2016 increased 5.1
percent over the previous year. Clark County gaming revenues for the first eight months of CY 2016 remained flat
compared to the same period a year ago. Through August of 2016, gaming revenues in Clark County totaled $6.4 billion.
Hotel/motel occupancy rates increased slightly to 89.7 percent for the first eight months of CY 2015 and through the same
period for CY 2016.
The Airport System brought 43% of the visitors to the Las Vegas area in CY 2015. The Airport has experienced several years
of increases since the economic downturn of FY 2009. Enplanements for FY 2016 were up 15.2 percent compared to FY
2011. Enplanements for FY 2016 saw an increase of 6.7 percent from FY 2015. For the first nine months of CY 2016, total
passenger enplanements increased 5.0 percent over the same period one year ago.
1...,4,5,6,7,8,9,10,11,12,13 15,16,17,18,19,20,21,22,23,24,...169
Powered by FlippingBook