FY2016 CCDOA Financial Report as of 6302016.pdf - page 45

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Passenger Facility Charge ("PFC") revenues for FY 2015 increased by $4.4 million, or 5.5 percent. As there were no
changes in the effective rate, this increase for FY 2015 can be attributed to an increase in passenger traffic and to
timing differences between the collection of PFCs by the airlines and actual enplanements.
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
$0.1 million from $10.4 million in FY 2014 to $10.5 million in FY 2015. This increase relates to a reduction in FY 2014
revenues, which resulted from a vendor overpayment of Jet A Fuel Tax revenues collected in FY 2013.
The unrealized gain or loss on investments in derivative instruments is specified by GASB 53. The Department is
required to recognize, measure, and disclose the changes in the mark-to-market of its interest rate swaps. Refer to
Note 10, "Derivative Instruments – Interest Rate Swaps," for additional details.
In FY 2015, the Department recognized $10.2 million in net gain from the disposition of capital assets. These
dispositions occurred in connection with normal asset turnover and the sale of County land parcels.
Discussion of Income before Capital Contributions
Income Before Capital Contributions
For the Fiscal Years Ended June 30, 2016, 2015, and 2014
FY
FY
FY
2016
2015
2014
Change
Change
(000)
(000)
(000)
2016 - 2015
2015 - 2014
Operating revenues
540,200
$
521,729
$
507,055
$
18,471
$
14,674
$
Operating expenses
239,114
234,368
233,978
4,746
390
Income before depreciation
301,086
287,361
273,077
13,725
14,284
Depreciation and amortization
197,738
198,672
198,247
(934)
425
Income (loss) fromoperations
103,348
88,689
74,830
14,659
13,859
Non-operating expenses
(99,021)
(81,794)
(132,746)
(17,227)
50,952
Income (loss) before capital contributions
4,327
6,895
(57,916)
(2,568)
64,811
Capital contributions
19,222
30,013
9,794
(10,791)
20,219
Increase (decrease) in net position
23,549
36,908
(48,122)
(13,359)
85,030
Net position beginning of year
1,199,868
1,307,623
1,355,745
(107,755)
(48,122)
Cumulative effect of change in accounting principle
-
(144,663)
-
144,663
(144,663)
Net position end of year
1,223,417
$
1,199,868
$
1,307,623
$
23,549
$
(107,755)
$
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