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

City and County of Denver
Municipal Airport System
STATEMENTS OF CASH FLOWS
Years Ended December 31, 2010 and 2009
2009
2010 (as restated)
Cash flows from operating activities:
Receipts from customers $ 620,610,627 $ 549,008,417
Payments to suppliers (299,439,071) (236,656,345)
Interfund activity payments to other funds (17,511,948) (18,377,890)
Payments to employees (111,763,153) (115,818,382)
Net cash provided by operating activities 191,896,455 178,155,800
Cash flows from noncapital financing activities
Operating grants received 400,500 -
Proceeds from imputed debt on swap termination 10,570,000 22,100,000
Transfers in - 11,829
Net cash provided by noncapital financing activities 10,970,500 22,111,829
Cash flows from capital and related financing activities
Proceeds from issuance of debt 1,638,822 242,022,569
Principal paid on notes payable (16,361,259) (15,857,491)
Principal paid on revenue bonds (153,550,000) (203,770,000)
Interest paid on revenue bonds (164,093,290) (174,024,087)
Bond issuance costs paid (2,691,088) (3,603,956)
Interest paid on notes payable (1,651,876) (2,580,180)
Capital grants receipts 23,632,392 46,065,090
Passenger Facility Charges 101,421,580 96,359,346
Purchases of capital assets (36,210,196) (56,414,768)
Payments of accrued expenses for capital assets (36,251,283) (33,228,489)
Payments to escrow for current refunding of debt - (4,082)
Payments to bond reserve fund (899,631) -
Proceeds from sale of capital assets 155,290 1,210,576
Net cash used in capital and related
financing activities (284,860,539) (103,825,472)
Cash flows from investing activities:
Purchases of investments (4,736,385,532) (9,218,474,839)
Proceeds from sales and maturities of investments 4,821,530,276 8,997,007,219
Proceeds from sales of assets held for disposition 3,178,985 273,948
Proceeds from swap termination 11,092,000 -
Swap termination payment (10,570,000) (22,100,000)
Interest rate swap settlements (37,895,232) (36,282,420)
Payments to maintain assets held for disposal (7,677,058) (8,753,045)
Insurance recoveries for Stapleton environmental remediation 10,115,852 8,615,889
Interest and dividends on investments and cash equivalents 73,650,159 38,832,535
Net cash provided by (used in) investing activities 127,039,450 (240,880,713)
Net increase (decrease) in cash and cash equivalents 45,045,866 (144,438,556)
Cash and cash equivalents, beginning of year 168,822,954 313,261,510
Cash and cash equivalents, end of year $ 213,868,820 $ 168,822,954
See accompanying notes to financial statements 28