City and County of Denver Municipal Airport System ANNUAL ...

City and County of Denver
Municipal Airport System
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
December 31, 2010 and 2009
Summary of Revenues, Expenses, and Changes in Net Assets
The following is a summary of the revenues, expenses, and changes in net assets for the years ended December 31, 2010,
2009, and 2008 (in thousands):
2010
2009 *
(as restated)
*
2008
Operating revenues $ 601,402 $ 564,490 $ 540,760
Operating expenses before depreciation
and amortization
(409,865) (379,517) (373,829)
Operating income before
depreciation and amortization
191,537 184,973 166,931
Depreciation and amortization (181,496) (177,583) (168,026)
Operating income (loss) 10,041 7,390 (1,095)
Nonoperating revenues 150,747 171,156 193,655
Nonoperating expenses (238,542) (230,905) (238,643)
Capital grants and contributions 30,200 38,621 14,393
Decrease in net assets (47,554) (13,738) (31,690)
Net assets, beginning of year 602,577 842,300 873,990
Adjustment for fair value of derivatives instruments - (225,985) -
Net assets, beginning of year, as restated 602,577 616,315 873,990
Net assets, end of year $ 555,023 $ 602,577 $ 842,300
* 2009 has been restated for adoption of GASB 53. 2008 has not been restated for adoption of
GASB 53 because it is not practical to do so.
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