FY2016 CCDOA Financial Report as of 6302016.pdf - page 86

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
73
Deferred outflows of resources also consist of hedging derivative instruments. Under the provisions of
GASB, the Department is required to record the changes in the fair value or the mark-to-market value
of its interest rate swaps serving as hedging derivatives at the end of the each fiscal year. With the
implementation of GASB 72, the interest rate swaps that were hedging derivative instruments as of June
30, 2016, now are stated at fair value. As of June 30, 2016, the deferred outflows of resources
associated with hedging derivative instruments had a fair value of $75.8 million. The information
required to restate the interest rate swaps that were hedging derivative instruments at fair value as of
June 30, 2015, as required under GASB 72, was not available; therefore, the interest rate swaps are
presented at their mark-to-market value for FY 2015, based on the provisions of GASB 53. As of June 30,
2015, the deferred outflows of resources associated with hedging derivative instruments had a mark-to-
market value of $52.3 million. Refer to Note 10, "Derivative Instruments – Interest Rate Swaps," for
additional details.
Also included in deferred outflows of resources are other deferred costs, which comprise unamortized
losses on bond refundings and deferred losses on imputed debt resulting from the revaluation of
interest rate swaps pursuant to the refunding of hedged bonds. The unamortized losses on bond
refundings are $31.0 million as of June 30, 2016, and $29.9 million as of June 30, 2015. The deferred
losses on imputed debt are $11.8 million as of June 30, 2016, and $13.7 million as of June 30, 2015. The
following schedule details these other deferred costs.
Other Deferred Costs
As of June 30, 2016 and 2015
June 30, 2016 June 30, 2015
Unamortized Losses on Refunded Bonds
(000)
(000)
2008 Series A-2
22
$
42
$
2008 Series A General Obligation
762
831
2008 Series A PFC
451
880
2008 Series B-2
22
42
2008 Series C
2,580
3,028
2008 Series D-2
11,932
12,615
2008 Series D-3
889
966
2010 Series F-1 PFC
223
693
2010 Series F-2 PFC
2,186
2,734
2011 Series B-1
220
414
2011 Series B-2
220
414
2012 Series B PFC
2,911
3,434
2013 Series B General Obligation
118
133
2014 Series A-2
3,466
3,688
2015 Series C PFC
4,960
-
Total unamortized losses on refunded bonds
30,962
29,914
Deferred losses on imputed debt
11,769
13,731
Total other deferred costs
42,731
$
43,645
$
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