FY2016 CCDOA Financial Report as of 6302016.pdf - page 43

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Administrative expense decreased from $2.7 million in FY 2014 to $2.4 million in FY 2015, which resulted from a one-
time expense of $0.4 million incurred in FY 2014 to sponsor the 19th World Route Development Forum, which was
held in Las Vegas, Nevada, in October 2013.
Insurance expense decreased by 4.3 percent, from $2.6 million in FY 2014 to $2.5 million in FY 2015, due to a general
decline in premiums.
Discussion of FY 2016 Non-operating Revenues and Expenses
Non-Operating Revenues and Expenses
For the Fiscal Years Ended June 30, 2016, 2015, and 2014
FY
FY
FY
Percentage Percentage
2016
2015
2014
Change
Change
Non-operating Revenue/Expenses Category
(000)
(000)
(000)
2016 - 2015 2015 - 2014
Passenger Facility Charge revenue
89,567
$
83,921
$
79,524
$
6.7%
5.5%
Jet A Fuel Tax revenue
11,337
10,542
10,389
7.5%
1.5%
Interest and investment income (loss)
Unrestricted interest income
7,368
2,634
2,326
179.7%
13.2%
Restricted interest income
2,988
2,251
4,576
32.7%
-50.8%
PFC interest income
1,859
754
746
146.6%
1.1%
Unrealized gain (loss) on investment - derivative instruments
(29,192)
1,174
(16,575)
2,586.5%
-107.1%
Interest expense
(183,010)
(193,252)
(213,922)
-5.3%
-9.7%
Net gain from disposition of capital assets
62
10,182
190
-99.4% -5,258.9%
(99,021)
$
(81,794)
$
(132,746)
$
21.1%
-38.4%
Passenger Facility Charge ("PFC") revenues for FY 2016 increased by $5.6 million, or 6.7 percent. As there were no
changes in the effective rate, this increase for FY 2016 can be attributed to an increase in passenger traffic.
Effective July 1, 1991, the County enacted an ordinance imposing a tax of $0.02 per gallon on jet aviation ("Jet A")
fuel to be allocated to the Department to help facilitate the expansion of air transportation facilities in the region.
This tax has been an important source of funding to address capacity, security, safety, and noise matters
throughout the Airport System. On May 1, 2012, the Board unanimously approved an increase in the Jet Aviation
Fuel Tax from $0.02 to $0.03 per gallon, which went into effect on July 1, 2012. Jet A Fuel Tax revenue increased by
$0.8 million from $10.5 million in FY 2015 to $11.3 million in FY 2016 as a result of an increase in the number of gallons
of Jet A fuel purchased.
Interest income increased during FY 2016 by 116.7 percent, from $5.6 million in FY 2015 to $12.2 million in FY 2016. This
increase can be attributed to a rise in investment rates and the fair value of investments held in the County's
pooled cash and to an increase in funds held by the Trustee. The average investment rate of return for the County's
pooled cash increased from 0.85 percent in FY 2015 to 1.04 percent in FY 2016. The average investment rate of
return for the Trustee cash and cash investments was 0.56 percent in FY 2016 as compared to 0.41 percent in FY
2015.
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