FY2016 CCDOA Financial Report as of 6302016.pdf - page 47

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Capital Improvement Program
Each fiscal year, the Department updates its five-year capital improvement plan. As of June 30, 2016, the
Department’s comprehensive five-year capital improvement plan, including projects funded by bonds, notes, and
federal awards, totaled $421.4 million. The following is a summary of the five-year capital improvement plan.
Five-year Capital Plan
As of June 30, 2016
Federal
Capital Improvement
Bond
Total
Funds
Account
Funds
Budget
(000)
(000)
(000)
(000)
Airfield improvements
21,263
$
64,188
$
14,864
$
100,315
$
Terminal improvement projects
30,390
129,274
6,500
166,164
Reliever airport projects
9,675
1,360
382
11,417
McCarran support facilities
-
123,691
19,848
143,539
Total
61,328
$
318,513
$
41,594
$
421,435
$
Percent
14.6%
75.6%
9.9%
100.0%
The Signatory Airlines serving the Department have approved all the projects listed above. All PFC projects have
been approved. Federal grants include the Department’s entitlements. The capital improvement account monies
consist of the Department’s gaming revenue, the net cash flow from the Consolidated Rental Car Facility, and net
operating cash flows. Based on current five-year projections, it is anticipated that future gaming revenues and
future cash flows from the rental car facility coupled with existing funds will adequately fund the capital
improvement account requirements. For the periods FY 2017 through FY 2021, it is projected that revenues from
gaming, deposits from the Co-operative Management Area program, and net rents from the Consolidated Rental
Car Facility will generate $242.7 million. These sources of revenue plus grant contributions and current available
funds will be utilized to fund the Airport System's five-year capital improvement plan.
Debt Management
At June 30, 2016, the Department had $4.2 billion in outstanding debt. This amount was made up of $941.0 million in
senior lien debt, $1,946.2 million in subordinate lien debt, $900.7 million in PFC-pledged debt on parity with the
subordinate lien debt, $339.5 million in third lien debt, and $76.0 million in fourth lien debt. All the current
outstanding debt is naturally or synthetically fixed interest rate debt, with an average interest rate for FY 2016 of
approximately 4.4 percent. Refer to Note 9, "Long-term Debt," for more detail relating to the Department’s
outstanding long-term debt.
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