Report to the Finance Committee Comprehensive Annual Financial Report. Prepared by the Office of Finance April 2016

Transcription

1 Report to the Finance Committee 2015 Comprehensive Annual Financial Report Prepared by the Office of Finance April 2016

2 Audit Opinion date April 11, 2016 Unmodified or clean audit opinion on financial statements Includes financial statements for: 2015 Comprehensive Annual Financial Report (CAFR) Aviation Enterprise Fund, and Dulles Corridor Enterprise Fund Posted to Municipal Securities Rulemaking Board s (MSRB) Electronic Municipal Market Access (EMMA) System April 15, 2016 Also available at mwaa.com

3 2015 Comprehensive Annual Financial Report (CAFR) AVIATION ENTERPRISE FUND

4 Aviation Enterprise Fund 2015 Results Are Positive Compared to Prior Year 2015 Revenue* $761.8 million 5.5% higher than Expenses* $369.0 million 3.3% higher than O&M Operating Income * $392.8 million 7.6% higher than 2014 * Generally Accepted Accounting Principles basis Aviation Enterprise Fund 2014 Actual 2015 Actual Percent Change OPERATING REVENUES Aeronautical Revenue Rents $ 254,070,910 $ 276,557, % Landing fees 118,863, ,741, % International arrival fees 25,621,785 23,424, % Passenger conveyance fees 7,260,708 6,198, % Subtotal - Aeronautical Revenue 405,816, ,921, % Non-Aeronautical Revenue Concessions 253,486, ,049, % Rents 40,034,716 39,688, % Utility sales 12,524,281 12,920, % Other 10,314,657 11,261, % Subtotal - Non-Aeronautical Revenue 316,359, ,919, % TOTAL - OPERATING REVENUES $ 722,176,805 $ 761,840, % OPERATING EXPENSES Materials, equipment, supplies, contract $ 170,047,736 $ 170,809, % Impairment loss/design costs 8,000,402 - N/A Salaries and related benefits 147,529, ,220, % Utilities 26,197,069 25,568, % Lease from U.S. Government 5,297,523 5,392, % TOTAL - OPERATING EXPENSES BEFORE DEPRECIATION $ 357,072,530 $ 368,990, % OPERATING INCOME BEFORE DEPREC AND AMORTIZATON $ 365,104,275 $ 392,849, % Depreciation and Amortization 236,314, ,558, % Non Airport Expenses 23,596,716 22,923, % OPERATING INCOME AFTER DEPREC AND AMORTIZATON $ 105,193,169 $ 131,368, %

5 Aviation Enterprise Fund 2015 Results Are Positive Compared to Budget 2015 Revenue * $761.8 million 2.4% higher than budget 2015 Expenses* $369.0 million 4.1% lower than budget Aviation Enterprise Fund 2015 Budget 2015 Actual Percent Change OPERATING REVENUES Aeronautical Revenue Rents $ 296,519,466 $ 276,557, % Landing fees 101,957, ,741, % International arrival fees 25,776,317 23,424, % Passenger conveyance fees 10,540,000 6,198, % Subtotal - Aeronautical Revenue 434,792, ,921, % Non-Aeronautical Revenue Concessions 253,408, ,049, % Rents 35,363,363 39,688, % Utility sales 12,042,573 12,920, % Other 8,018,331 11,261, % Subtotal - Non-Aeronautical Revenue 308,832, ,919, % TOTAL - OPERATING REVENUES $ 743,625,696 $ 761,840, % OPERATING EXPENSES Materials, equipment, supplies, contract services, other $ 185,104,764 $ 170,809, % Salaries and related benefits 166,046, ,220, % Utilities 28,347,684 25,568, % Lease from U.S. Government 5,297,385 5,392, % TOTAL OPERATING EXPENSES BEFORE DEPRECIATION AND NON-AIRPORT EXPENSES $ 384,795,867 $ 368,990, % OPERATING INCOME BEFORE DEPREC AND AMORTIZATON AND NON-AIRPORT EXPENSES $ 358,829,829 $ 392,849, % DEPRECIATION AND AMORTIZATON 238,558,192 N/A NON-AIRPORT EXPENSES 22,923,466 N/A OPERATING INCOME AFTER DEPREC AND AMORTIZATON AND NON-AIRPORT EXPENSES $ 131,368,166 N/A Generally Accepted Accounting Principles basis

6 Aviation Enterprise Fund 2015 Concession Revenues Increased in All Areas 2015 Operating Revenues* 2015 Concessions Revenue Composition* Parking (44%) Rental Cars (14%) Rents 41% Food and Beverage (9%) Fixed Base Operator (6%) Ground Transportation (6%) Other 1% Utility Sales 2% Passenger Fees 4% Landing Fees 14% Concessions 38% Newsstand and Retail (5%) Duty Free (4%) Inflight Caterers (5%) Display Advertising (4%) All Other (3%) Concessions Revenue Growth Rates Concession revenues were 38% of total operating revenues in 2015 compared to 35% in 2014 and 33% in 2013 Concession revenues in 2015 increased $32.6 million (12.8%) from 2014, and $17.2 million (7.3%) in 2014 compared to 2013 as a result of strong performance across major concession categories Parking $110,113,780 $116,494, % $127,169, % Rental Cars 36,416,084 36,298, % 38,965, % Food & Beverage 18,992,489 20,513, % 26,276, % Fixed Base Operator 15,542,501 17,275, % 17,515, % Ground Transportation 9,831,177 12,716, % 16,054, % Newsstand and Retail 12,814,549 11,622, % 13,632, % Inflight Caterers 10,005,313 12,087, % 12,426, % Duty Free 4,666,805 8,189, % 13,143, % Display Advertising 10,240,914 9,295, % 11,320, % Other 7,630,442 8,993, % 9,543, % Total $236,254,054 $253,486, % 286,049, %

7 Aviation Enterprise Fund Balance Sheet Reflects Strong $876 million Net Position as of 2015 Pension Programs are funded at approximately 97% for General Employees and Police Officers and Firefighters retirement plans* 110% 105% 100% 95% 90% Retirement Plan Funded Ratios 109.5% 107.8% 105.4% 106.1% 107.7% 104.2% 101.7% 103.2% 99.5% 96.9% 98.8% 99.0% 98.2% 97.5% 93.3% 91.7% General Employees Police Officers & Firefighters Statement of Net Position December 31, 2015 ASSETS Total current assets $ 1,048,625,455 Non-current assets Total restricted 453,688,336 Total unrestricted 6,338,317 Capital assets 7,616,184,802 Less: accumulated depreciation (3,031,610,767) Total non-current assets 5,044,600,688 TOTAL ASSETS $ 6,093,226,143 DEFERRED OUTFLOWS OF RESOURCES Total deferred outflows $ 93,305,579 TOTAL DEFERRED OUTFLOWS OF RESOURCES $ 93,305,579 LIABILITIES Total current liabilities $ 341,324, Total non-current liabilities 4,967,905,072 TOTAL LIABILITIES $ 5,309,229,817 DEFERRED INFLOWS OF RESOURCES Total deferred inflows $ 1,192,678 TOTAL DEFERRED INFLOWS OF RESOURCES $ 1,192,678 TOTAL NET POSITION $ 876,109,227

8 Aviation Enterprise Fund Debt Service Coverage Has Continuously Improved Debt Service Coverage Ratio

9 2015 Comprehensive Annual Financial Report (CAFR) DULLES CORRIDOR ENTERPRISE FUND

10 Dulles Corridor Enterprise Fund 2015 Results Are Positive Compared to Prior Year 2015 Revenue * $151.4 million 1.9% higher than prior year Dulles Toll Road OPERATING REVENUES 2014 Actual 2015 Actual Percent Change 2015 Expenses* $28.4 million 11.5% higher than prior year 2015 Operating Income* $123.0 million 0.1% lower than prior year Tolls $ 148,652,741 $ 151,417, % OPERATING EXPENSES Materials, equipment, supplies, contract services, other $ 19,330,632 $ 20,537, % Salaries and related benefits 5,948,836 7,696, % Utilities 216, , % TOTAL OPERATING EXPENSES BEFORE DEPRECIATION $ 25,496,119 $ 28,434, % OPERATING INCOME BEFORE DEPRECIATION $ 123,156,622 $ 122,983, % * Generally Accepted Accounting Principles basis

11 Dulles Corridor Enterprise Fund 2015 Results Are Positive Compared to Budget 2015 Revenue * $151.4 million 1.8% lower than budget Dulles Toll Road OPERATING REVENUES 2015 Budget 2015 Actual Percent Change 2015 Expenses* $28.4 million 9.3% lower than budget 2015 Operating Income* $123.0 million 0.1% higher than budget * Budgetary basis Tolls $ 154,166,000 $ 151,417, % OPERATING EXPENSES Materials, equipment, supplies, contract services, other $ 23,326,353 $ 20,537, % Salaries and related benefits 7,426,449 7,696, % Utilities 214, , % Capital equipment 373,000 - N/A TOTAL OPERATING EXPENSES BEFORE DEPRECIATION 31,340,077 28,434, % OPERATING INCOME BEFORE DEPRECIATION $ 122,825,923 $ 122,983, %

12 2015 DTR Toll Transactions were 100% of Forecast Millions JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL 2015* % of Forecast 1 95% 95% 96% 102% 102% 102% 101% 103% 101% 101% 103% 102% 100% % of Forecast 2 99% 99% 100% 102% 107% 106% 102% 102% 102% 105% 100% 94% 102% % of Forecast 3 100% 102% 98% 107% 105% 104% 102% 105% 106% 102% 103% 93% 102% * Preliminary, unaudited (1) 2015 monthly forecast is based upon the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2014 Update Final Report (April 2014) (2) January June 2014 monthly forecast is based pon monthly forecast in association with the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2012 Update Final Report (January 2013); July- December monthly forecast is based upon the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2014 Update Final Report (April 2014) (3) 2013 monthly forecast is based upon the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2012 Update Final Report (January 2013)

13 DTR Toll Revenues Were 98% of Forecast $ * 2015 T&R Forecast Gross Toll Revenue ($Millions) $13 $12 $11 $10 $9 $8 $7 $6 $5 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC $Millions JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL 2015* $ 11.4 $ 10.6 $ 12.4 $ 13.1 $ 13.3 $ 13.4 $ 13.3 $ 13.0 $ 12.9 $ 13.4 $ 12.1 $ 12.5 $ % of Forecast 1 93% 93% 94% 99% 100% 99% 98% 102% 100% 99% 102% 99% 98.3% 2014 $ 11.6 $ 10.7 $ 12.0 $ 12.9 $ 13.3 $ 13.2 $ 13.0 $ 12.6 $ 12.8 $ 13.1 $ 11.5 $ 12.0 $ % of Forecast 2 98% 98% 98% 101% 104% 105% 101% 101% 101% 101% 97% 91% 100% 2013 $ 10.1 $ 9.5 $ 10.2 $ 10.8 $ 11.4 $ 10.8 $ 10.8 $ 11.1 $ 10.8 $ 11.5 $ 10.3 $ 9.9 $ % of Forecast 3 98% 101% 96% 105% 105% 103% 101% 105% 106% 104% 104% 93% 102% * Preliminary, unaudited (1) 2015 monthly forecast is based upon the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2014 Update Final Report (April 2014) (2) January June 2014 monthly forecast is based upon monthly forecast in association with the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2012 Update Final Report (January 2013); July- December monthly forecast is based upon the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2014 Update Final Report (April 2014) (3) 2013 monthly forecast is based upon the CDM Smith Dulles Toll Road Comprehensive Traffic and Revenue Study 2012 Update Final Report (January 2013)

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