FY2016 CCDOA Financial Report as of 6302016.pdf - page 30

17
The Department’s current assets for FY 2015 decreased by $24.4 million from FY 2014, primarily due to a decrease in
cash and cash equivalents of $18.2 million and a decrease in short-term investments of $29.2 million. These
decreases were offset by increases in trade accounts receivable of $4.1 million and in grants receivable of $19.5
million. The increase in grants receivable mostly relates to reimbursements for the grant awarded for the
rehabilitation of Runway 7L/25R. Collectively, interest receivable, other receivables, inventories, and prepaid
expenses decreased by $0.7 million.
Unrestricted cash and cash equivalents increased during FY 2015 by $96.3 million as additional operating cash was
provided by increases in passenger traffic and non-airline revenues. Restricted cash and cash equivalents
decreased by $115.0 million in FY 2015. Short-term investments decreased by $29.2 million. Restricted cash and cash
equivalents and short-term investments, when combined, declined by $47.3 million, mostly due to cost paid for the
rehabilitation of Runway 7L/25R.
Capital Assets
For FY 2016, capital assets, net of depreciation, decreased by $124.3 million, or 2.6 percent, over FY 2015. This
decrease was due to depreciation of $194.9 million offset by additional capital expenditures of $70.5 million, which
included capitalization of the Siegfried and Roy Park and of the final phase of the rehabilitation of Runway 7L/25R,
the third longest airport runway in the United States, as well as commencement of construction of the northeast
wing/international corridor from the D Gates to the U.S. Custom and Border Protection Facilities in Terminal 3, the
baggage claim floor remodel in Terminal 1, and Terminal 1 ticketing counter and floor area remodel. Refer to Note
6, "Changes in Capital Assets," for more detail relating to the Department’s capital assets.
For FY 2015, capital assets, net of depreciation, decreased by $126.2 million, or 2.6 percent, over FY 2014. This
decrease was due to depreciation of $195.9 million offset by additional capital expenditures of $70.6 million, which
included capitalization of the first of two phases of the rehabilitation of Runway 7L/25R and expenditures for
construction of the Siegfried and Roy Park.
Other Non-current Assets
The Department's other non-current assets consist of restricted investments with a maturity greater than one year,
the fair value of the Department's interest rate swaps, and prepaid expenses. Restricted investments represent
investments held for capital improvements, debt service, and debt service reserves with the Trustee. Total non-
current restricted investments decreased by $105.0 million from $151.9 million in FY 2015 to $46.9 million in FY 2016.
This decrease related to long-term investments advancing to within a year of maturity. Refer to Note 2, "Cash and
Investments," for more detail relating to the Department’s restricted investments.
1...,20,21,22,23,24,25,26,27,28,29 31,32,33,34,35,36,37,38,39,40,...169
Powered by FlippingBook