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(FY12) Conceptual Budget - San Diego International Airport

(FY12) Conceptual Budget - San Diego International Airport

Overview of Financial

Overview of Financial Policies and Guidelines The Authority operates as an enterprise fund and prepares its budget on the accrual basis of accounting. The Authority’s annual audited financial statement is also prepared on the accrual basis. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. The Authority has one fund with many revenue sources and operates as a separate, independent, and local government entity. The Authority’s budget process actively incorporates various financial policies and guidelines articulated by the Board and management. The budget process and final outcome is performance‐based and focused on strategies, initiatives, and key operating & financial indicators. The adopted budget gives the Authority the legal basis for which to expend funds. The operating and capital budgets are discrete documents; however, there are certain expenses within the operating budget that support the capital budget. The incremental effect on the operating budget of capital projects is projected and taken into consideration when the operating budget and forecasts are developed. All Authority codes and policies can be accessed on the Authority website at: http://www.san.org/sdcraa/about_us/codes_policies.aspx Balanced Budget – The Authority will prepare a budget on an annual basis. The Authority’s definition of a balanced budget is one in which revenues and other resources equal or exceed expenditures and other uses. A balanced budget is an integral part of maintaining the Authority’s financial position. Strategies employed to attain this balance include cost reductions, personnel and service efficiencies, developing and diversifying non‐airline revenues, and increasing fees to match program expenses. Revenue – The Authority will seek to maintain a diversified revenue stream with the goal of keeping airline rates and charges as reasonable as possible. The Authority will establish, fix, prescribe and collect rates, fees, rentals and charges in connection with the Airport System so that during each fiscal year net revenues (generally defined as revenue less operations and maintenance expenses) equal at least 125% of aggregate annual debt service on outstanding bonds. Interim Financial Reporting – The Authority has established, and will continue to maintain, a standard of generally accepted accounting practices. The Authority Board receives quarterly reports comparing actual versus budgeted revenue and expense activity. Debt Management – Debt enables the funding for the Authority to build projects that will subsequently be repaid from future revenues. The term "debt" is used in the policy to describe numerous types of financial obligations of the Authority, which may include bonds, subordinate obligations, special facility obligations, and other financings of the Authority. While the issuance of debt is frequently an appropriate method of financing capital projects, prudent financial management requires careful monitoring of debt issuance to ensure there is not an excessive reliance on debt and to preserve the Authority's access to borrowed capital at competitive borrowing rates, while always maintaining sufficient liquidity. On May 6, 2010, the Authority adopted a “Debt Issuance and Management Policy” to govern the debt issuance and management policies and practices of the Authority. The policy stipulates that the Authority's debt issuance and management objectives are to: Manage and monitor existing debt to optimize financial structure, control costs, and ensure compliance with bond financing covenants Oversee the issuance of new debt in order to maintain access to capital markets and other sources of capital financing at a reasonable cost 32

Obtain and maintain the highest possible credit ratings on debt consistent with the overall objectives of the Authority Explore and implement prudent debt structuring ideas when consistent with the debt issuance and management goals described in the policy Provide the required secondary market disclosure to the rating agencies, institutional and retail investors via appropriate repositories Comply with all federal and state laws and regulations, as well as bond indenture, tax compliance, and reimbursement agreement covenants Protect the assets and funds entrusted to the Authority The Authority reviews its outstanding debt, at least annually, for the purpose of determining refinancing or restructuring opportunities, commensurate with applicable tax laws, to lessen its debt service costs. In order to consider refunding of an issue, a present value savings of 3% over the life of the respective issue must be attainable. The Authority will only issue long‐term debt if it meets the required covenants of the outstanding bond indenture including the additional bonds test and reserve requirements. When the Authority finances capital projects by issuing long‐term debt, it will pay back the bonds within a period not to exceed the estimated useful life of the project. The Authority will not use long‐term debt for current operations. The Authority will maintain good communications with the bond rating agencies regarding its financial condition and will follow a policy of full disclosure in every financial report and offering prospectus. It will strive to maintain a A+/A1/A+ public rating on its long‐term debt from Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings, respectively. On September 6, 2007, the Authority adopted a “Policy Regarding the Use and Management of Derivative Products.” A derivative is a financial instrument created from or whose value depends upon (is derived from) the value of one or more separate assets or indices of asset values. Derivative products can be an important interest rate management tool that, when used properly, can increase the Authority’s financial flexibility, provide opportunities for interest rate savings, alter the pattern of debt service payments, create variable rate exposure, change variable rate payments to fixed rate and otherwise limit or hedge variable rate payments. This Derivatives Policy was constructed by Authority staff and its Financial Advisor after obtaining and evaluating the policies of more than 25 major issuers, including airports and counties throughout the country. In addition, sources such as the Government Finance Officers Association, the national trade association for governmental entities, and the credit rating agencies, who have written reports on the evaluation of credit risks associated with derivative products, were consulted. The adopted policy provides for the following: 1. Allows for the Authority to use derivates to increase its financing flexibility 2. Insures that derivatives are used appropriately and not for speculative purposes 3. Provides detailed and conservative criteria regarding qualifications of firms making swap payments (counterparties) or providing financial guarantees, including collateral requirements and exposure limits, to insure that the Authority maintains maximum flexibility and security when negotiating a specific derivative agreement 33

  • Page 1 and 2: San Diego County Regional Airport A
  • Page 3 and 4: 3333Introductory Letter June 2, 201
  • Page 5 and 6: Resource Conservation (N), and Soci
  • Page 7 and 8: Passengers departing from SDIA can
  • Page 9 and 10: near‐term improvement of SDIA hav
  • Page 11 and 12: FY 2012 Budget vs. FY 2012 Conceptu
  • Page 13 and 14: Capital Program The Airport Master
  • Page 15 and 16: The Authority’s outstanding short
  • Page 17 and 18: Calendar Period October -January Ac
  • Page 19 and 20: Sixth Consecutive Award of the GFOA
  • Page 21 and 22: Table of Contents 19
  • Page 23 and 24: FY 2012 ‐ FY 2013 EXPENSE BUDGET
  • Page 25 and 26: Airport Authority Overview 23
  • Page 27 and 28: Executive Management Team Thella F.
  • Page 29 and 30: SDCRAA Organizational Structure Gen
  • Page 31 and 32: 3. Operations Strategy: Operate our
  • Page 33: Overview of Financial Policies and
  • Page 37 and 38: Investments - The Authority invests
  • Page 39 and 40: Budget Overview: Expenses 37
  • Page 41 and 42: Major Drivers of FY 2012 Budget Inc
  • Page 43 and 44: Overview In FY 2012, SDCRAA Total E
  • Page 45 and 46: FY 2013 Operating Supplies expenses
  • Page 47 and 48: FY 2012 Expense Budget by Division
  • Page 49 and 50: FY 2012 Expense Budget by Category
  • Page 51 and 52: Division Personnel Summary FY 2010
  • Page 53 and 54: Personnel Changes FY 2012 Budget vs
  • Page 55 and 56: Budget Overview: Revenue 53
  • Page 57 and 58: FY 2012 Revenue Budget by Major Sou
  • Page 59 and 60: Overview Operating and Non‐Operat
  • Page 61 and 62: FY 2012 Conceptual Budget. In FY 20
  • Page 63 and 64: Grant Reimbursements (Sound Attenua
  • Page 65 and 66: Budget Overview: Projected Fund Bal
  • Page 67 and 68: Executive Division 65
  • Page 69 and 70: Executive Division Organizational S
  • Page 71 and 72: Executive Division Major Drivers of
  • Page 73 and 74: Executive Division FY 2012 - FY 201
  • Page 75 and 76: Executive Division FY 2012 - FY 201
  • Page 77 and 78: Authority Board FY 2012 - FY 2013 O
  • Page 79 and 80: Authority Board Major Drivers of FY
  • Page 81 and 82: Executive Office FY 2012 - FY 2013
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    Chief Auditor FY 2012 - FY 2013 Exp

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    Chief Auditor Departmental Objectiv

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    Chief Auditor Departmental Objectiv

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    General Counsel FY 2012 - FY 2013 E

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    General Counsel Departmental Object

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    8. Support the operational activiti

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    General Counsel Departmental Object

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    Administration Division 97

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    Administration Division Organizatio

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    Administration Division Major Drive

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    Administration Division FY 2012 - F

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    Administration Division FY 2012 - F

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    Human Resources FY 2012 - FY 2013 O

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    Human Resources Major Drivers of FY

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    5. Enhance recruitment sourcing and

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    6. Enhance the customer satisfactio

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    Information Technology FY 2012 - FY

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    Information Technology Major Driver

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    4. Achieve excellent Help Desk supp

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    11. Achieve 99.5% up‐time for the

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    6. Provide technical training for I

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    Procurement FY 2012 - FY 2013 Expen

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    Procurement Departmental Objectives

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    Procurement Departmental Objectives

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    Risk Management FY 2012 - FY 2013 E

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    Risk Management Departmental Object

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    Small Business Development FY 2012

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    Small Business Development Major Dr

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    Small Business Development Departme

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    Training & Organization Development

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    Training & Organizational Developme

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    Development Division 145

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    Development Division Organizational

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    Development Division Major Drivers

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    Development Division FY 2012 - FY 2

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    Development Division FY 2012 - FY 2

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    Facilities Development FY 2012 - FY

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    Facilities Development Major Driver

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    4. By June 30, 2011, provide a mini

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    Facilities Development Departmental

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    Quieter Home Program FY 2012 - FY 2

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    Quieter Home Program Departmental O

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    7. By June 30, 2011, provide sound

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    Facilities Management FY 2012 - FY

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    Facilities Management FY 2012 - FY

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    Facilities Management Departmental

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    Facilities Management Departmental

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    Terminal Development Program FY 201

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    Terminal Development Program Depart

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    Terminal Development Program Depart

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    Finance Division 183

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    The Real Estate Management Departme

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    Finance Division FY 2012 - FY 2013

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    Finance Division Major Drivers of F

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    Finance Division FY 2012 - FY 2013

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    Finance Division FY 2012 - FY 2013

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    Accounting FY 2012 - FY 2013 Expens

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    Accounting Departmental Objectives

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    11. Implement GASB Statement No. 54

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    Business Planning FY 2012 - FY 2013

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    Business Planning Major Drivers of

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    3. Throughout FY 2010, implement, m

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    4. Expand the development and imple

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    Financial Planning & Budget FY 2012

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    Financial Planning & Budget Departm

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    7. Identify critical departmental f

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    6. Enhance grants management by: 1)

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    Ground Transportation FY 2012 - FY

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    Ground Transportation Departmental

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    Real Estate Management FY 2012 - FY

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    Real Estate Management Major Driver

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    4. Continue to support Green Build

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    Marketing & Communications Division

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    The Marketing Department develops,

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    Marketing & Communications Division

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    Marketing & Communications Division

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    Marketing & Communications Division

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    Marketing & Communications FY 2012

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    Air Service Development FY 2012 - F

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    Air Service Development Departmenta

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    Air Service Development Departmenta

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    Airport Noise Mitigation FY 2012 -

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    Airport Noise Mitigation Major Driv

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    4. Obtain Authority Board approval

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    Corporate Services FY 2012 - FY 201

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    Corporate Services Major Drivers of

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    Corporate Services Departmental Obj

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    Inter‐Governmental Relations FY 2

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    Inter‐Governmental Relations Depa

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    Inter‐Governmental Relations Depa

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    Marketing FY 2012 - FY 2013 Organiz

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    Marketing Major Drivers of FY 2012

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    3. Increase the number of visitors

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    Public & Customer Relations FY 2012

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    Public & Customer Relations Major D

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    4. Public Outreach: Elicit meaningf

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    Public & Customer Relations Departm

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    Planning & Operations Division 277

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    The Environmental Affairs Departmen

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    Planning & Operations Division FY 2

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    Planning & Operations Division Majo

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    Planning & Operations Division FY 2

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    Planning & Operations Division FY 2

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    Airport Planning FY 2012 ‐ FY 201

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    Airport Planning Departmental Objec

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    Airport Planning Departmental Objec

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    Airside Operations FY 2012 - FY 201

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    Airside Operations Major Drivers of

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    4. Negotiate a new SAN Aircraft Res

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    Aviation Security & Public Safety F

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    Aviation Security & Public Safety M

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    3. Ensure compliance with Departmen

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    5. Enhance the Authority’s partne

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    Environmental Affairs FY 2012 - FY

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    Environmental Affairs Departmental

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    Environmental Affairs Departmental

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    Landside Operations FY 2012 - FY 20

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    Landside Operations Major Drivers o

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    4. To broaden our local and state m

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    Landside Operations Departmental Ob

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    Debt Service 323

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    Series 2010 Bonds On October 5, 201

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    Revenue Bonds Debt Service Schedule

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    Capital Program 329

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    Sources & Uses of Funds by Fiscal Y

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    Funding Airport Improvement Program

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    Project Descriptions & Funding Sour

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    104130 - North Side Cargo Taxi Lane

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    Landside Projects 103078A - T1 Pede

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    104134 - Dedicated Access Road to T

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    104136 - Airport Electrical Distrib

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    New - Relocate Revenue Control - SA

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    Description: Artwork for face of so

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    Administrative/Other Projects FMD -

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    Expenses CIP # 104119 104125 104134

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    Performance Indicators 353

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    Operating Revenue per Enplanement T

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    Enplaned Passengers per FTEs This d

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    Days Cash on Hand Recognizing the i

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    Airline Cost per Enplaned Passenger

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    Passenger Satisfaction Rating (cont

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    Supplemental Data 365

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    Airline Market Share FY 2003 - FY 2

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    Aircraft Landed Weight Aircraft Lan

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    Terminal Rates Billed to Airlines F

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    Authority Largest Sources of Revenu

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    Households & Income Households 2000

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    Principal Employers 2010 2000 Perce

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    Table of Figures 379

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    Figure 48 - Non‐Airline Revenue p

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    Glossary 383

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    BUDGET CALENDAR - The schedule of k

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