FY2016 CCDOA Financial Report as of 6302016.pdf - page 50

The Master Indenture of Trust, dated May 1, 2003, which governs the issuance of senior and subordinate lien debt,
requires the Department to have net revenues available for bond debt service coverage equal to 1.25 times the
amount of debt service on senior lien debt and 1.10 times the amount of debt service on aggregate senior and
subordinate lien debt. PFC bonds have no debt service coverage requirement due to the fact that any debt
service not payable from PFC proceeds is payable as debt service subordinate to the senior lien bonds. As of June
30, 2016, the coverage on the senior lien debt was 4.52, and the coverage of aggregate senior and subordinate
lien debt was 1.65.
The Department continues to meet the challenge of providing users of the Airport System with quality facilities that
meet the demands of growth, safety, and security while conscientiously and creatively managing the
Department’s bonding capacity and keeping airline costs as low as possible.
Future Outlook
In FY 2016, passenger enplanements increased by 6.7 percent. The Airport System has experienced an increase of
4.0 percent in passenger growth into FY 2017 through September 2016. The Department will continue its System-
wide cost containment measures, explore ways to increase non-aeronautical revenues, manage its outstanding
debt, and defer any capital spending not already committed in an effort to keep the cost for users of the Airport
System as low as possible.
Additional Information
Further information on the results of the Department's financial position is provided in the accompanying audited
financial statements and notes for the fiscal years ended June 30, 2016 and 2015. This financial report provides the
Department's customers, investors, and creditors with a general overview of the Department’s financial condition.
The report also presents information about funds it receives and monies it spends for the fiscal periods reported. For
questions about this report or additional financial information, please contact the Finance Division, Clark County
Department of Aviation, at P.O. Box 11005, Las Vegas, NV 89111-1005. Financial and statistical information for the
Department may also be found on its website at
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