Title
Airport Year to Date Financial Report Februrary 28,2017
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 February 2017 show the Airport fund with a net operating loss of $326,813. The fund has operating revenues of $876,701 against expenditures of $1,203,514. Nonoperating items and transfers bring the fund to a year-to-date net loss of $167,059. When depreciation expense of $370,851 is excluded (added back), net income adjusted for depreciation is $203,851. Grant reimbursements make up $147,818 of this income amount.
Operating Revenues are right at budget (100%) and above prior year $35,646 or 4%. Rental revenues are exceeding budget by 9% for FY2017 and up 17% compared to last year. Fuel revenues are below budget $30,784 (7%) and down $34k (8%) compared to last year. Lower fuel prices are the primary driver for lower revenues compared to last year. Overall, sales in gallons are up 1,800 gallons or 2% compared to last year. Prices on average are $.82/gallon lower than last year. Staff noted January had 14 IFR days.
Expenditures are under budget $41,590 or 3%. Salaries and wages are the main driver in the overall decrease coming in at $31,328 (11%) under budget. OSS&C is under budget $29k or 17%. Items included in this category include fuel used in airport vehicles/equipment and fuel discounts earned on purchases. Both of these are below budget due to lower costs. Maintenance and repairs are $18k (50%) over budget. This is expected to level out as the year continues. All other expense categories are performing within 10% or $10,000 of budget.
Presenter
Presenter: Darlene Pickett