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

City and County of Denver
Municipal Airport System
STATEMENTS OF NET ASSETS
December 31, 2010 and 2009
Liabilities
Current liabilities:
Vouchers payable 29,529,578
2009
2010 (as restated)
$ $ 34,259,867
Due to other City agencies 7,206,481 23,668,950
Compensated absences payable 2,359,480 2,255,705
Other liabilities 8,204,483 1,606,260
Revenue credit payable 40,000,000 29,334,593
Deferred rent 23,095,107 23,054,356
Total current unrestricted liabilities 110,395,129 114,179,731
Current liabilities payable from restricted assets:
Vouchers payable 24,165,133 19,321,389
Retainages payable 17,019,196 22,531,914
Accrued interest and matured coupons 25,342,787 25,203,128
Notes payable 10,789,052 14,584,003
Other liabilities 31,471,049 28,888,635
Revenue bonds 133,605,000 112,395,000
Total current unrestricted liabilities 242,392,217 222,924,069
Total current liabilities 352,787,346 337,103,800
Noncurrent liabilities:
Bonds payable:
Revenue bonds, net of current portion 3,841,940,000 4,023,745,000
(Less) plus:
Deferred losses on bond refundings (253,473,480) (274,564,624)
Net unamortized premiums 60,975,306 59,207,645
Total bonds payable, noncurrent 3,649,441,826 3,808,388,021
Interest rate swaps 207,548,413 166,418,445
Notes payable 20,640,245 33,206,553
Compensated absences payable 6,019,665 5,924,925
Total noncurrent liabilities 3,883,650,149 4,013,937,944
Total liabilities 4,236,437,495 4,351,041,744
Deferred inflows
Accumulated increase in fair value of
hedging derivatives 12,788,811 34,518,619
Net Assets (Deficit)
Invested in capital assets, net of related debt (388,461,289) (291,114,739)
Restricted for:
Capital projects 22,959,179 13,062,862
Debt service 643,063,432 645,031,962
Unrestricted 277,461,788 235,597,016
Total net assets $ 555,023,110 $ 602,577,101
See accompanying notes to financial statements 26