Title
Airport Year to Date Financial Report April 30,2017
Body
Issue/Request:
Monthly Review of Airport Financial Operations
Key Issues:
[Enter text here]
Proposed City Council Motion:
Informational only
Background:
[Enter text here]
Impact/Analysis:
Reports through April 2017 show the Airport fund with a net operating loss of $402,946. The fund has operating revenues of $1,073,005 against expenditures of $1,475,951. Nonoperating items and transfers bring the fund to a year-to-date net loss of $154,752. When depreciation expense of $463,512 is excluded (added back), net income adjusted for depreciation is $308,760. Grant reimbursements make up $263,198 of this income amount.
Operating Revenues are below budget (98%) and above prior year $34,420 or 3%. Rental revenues are exceeding budget by 9% for FY17 and up 18% compared to last year. Fuel revenues are below budget $62,650 (11%) and down $46k (9%) compared to last year. Overall, sales in gallons are down 5,316 gallons or 4% compared to last year. The airport was closed to take offs and landings from April 17th to May 9th and Runway 18/36 will remain closed for the next 4 to 5 months. These closures are the primary reason for lower fuel sales in gallons and dollars. In addition, prices on average are $.61/gallon lower than last year.
Expenditures are under budget $80,975 or 5%. Both salaries and supplies for resale (fuel) are coming in 11% respectively ($82, 000) below budget. OSS&C is under budget $50k or 23%. Items included in this category include fuel used in airport vehicles/equipment and fuel discounts earned on purchases. Maintenance and repairs are $36k (80%) over budget due to repairs on Hangar One and utilities (electric) is over $15k, again primarily due to Hangar One. All other expense categories are performing within 10% or $10,000 of budget.
Presenter
Presenter: Darlene Pickett