FY2016 CCDOA Financial Report as of 6302016.pdf - page 29

16
Summary of the Statements of Net Position
As of June 30, 2016, 2015, and 2014
FY
FY
FY
2016
2015
2014
Change 2015
Change 2014
(000)
(000)
(000)
to 2016
to 2015
Assets and deferred outflows of resources:
Current assets
1,165,428
$
949,273
$
973,709
$
216,155
$
(24,436)
$
Capital assets, net
4,642,096
4,766,349
4,892,573
(124,253)
(126,224)
Other noncurrent assets
87,155
202,939
89,544
(115,784)
113,395
Total assets
5,894,679
5,918,561
5,955,826
(23,882)
(37,265)
Deferred outflows of resources
142,537
116,810
98,643
25,727
18,167
Total assets and deferred outflows of resources
6,037,216
$
6,035,371
$
6,054,469
$
1,845
$
(19,098)
$
Liabilities, deferred inflows of resources and net position:
Current liabilities
284,849
$
234,830
$
228,048
$
50,019
$
6,782
$
Noncurrent liabilities
4,504,656
4,558,903
4,513,163
(54,247)
45,740
Total liabilities
4,789,505
4,793,733
4,741,211
(4,228)
52,522
Deferred inflows of resources
24,294
41,770
5,635
(17,476)
36,135
Net position:
Net investment in capital assets
619,109
666,778
775,098
(47,669)
(108,320)
Restricted
378,611
323,215
279,968
55,396
43,247
Unrestricted
225,697
209,875
252,557
15,822
(42,682)
Total net position
1,223,417
1,199,868
1,307,623
23,549
(107,755)
Total liabilities, deferred inflows of resources, and net position
6,037,216
$
6,035,371
$
6,054,469
$
1,845
$
(19,098)
$
Changes to net position:
Operating revenues
540,200
$
521,729
$
507,055
$
18,471
$
14,674
$
Operating expenses
(239,114)
(234,368)
(233,978)
(4,746)
(390)
Depreciation and amortization
(197,738)
(198,672)
(198,247)
934
(425)
Net non-operating expense
(99,021)
(81,794)
(132,746)
(17,227)
50,952
Capital contributions
19,222
30,013
9,794
(10,791)
20,219
Total net change in net position
23,549
$
36,908
$
(48,122)
$
(13,359)
$
85,030
$
Current Assets
The Department’s current assets consist mainly of cash and cash equivalents, investments with a maturity of 12
months or less, and trade accounts receivable. Also included in current assets are various other receivables such as
interest income, grant receivables, inventories of parts and supplies, and prepaid operating expenses.
The Department’s current assets for FY 2016 increased by $216.2 million from FY 2015, primarily due to an increase in
cash and cash equivalents of $146.3 million, an increase in short-term investments of $73.2 million, and an increase
in trade accounts receivable of $15.6 million. These increases were offset by a decrease in grants receivable of
$20.1 million, mostly related to reimbursements received for the grants awarded for the rehabilitation of Runway
7L/25R. Collectively, interest receivable, other receivables, inventories, and prepaid expenses increased by $1.2
million.
Unrestricted cash and cash equivalents increased during FY 2016 by $51.7 million as additional operating cash was
provided by increases in passenger traffic and non-airline revenues. Restricted cash and cash equivalents
increased by $94.6 million in FY 2016. Short-term investments increased by $73.2 million. Restricted cash and cash
equivalents and short-term investments, when combined, increased by $167.8 million, partly due from transferring
unrestricted funds to restricted funds to fund the full redemption of the Clark County, Nevada, Airport System
Subordinate Lien Revenue Bonds, Series 2006A ("Series 2006A Bonds"), which were called on July 1, 2016, and also
due to investments previously classified as long-term now maturing as short-term.
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