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

City and County of Denver
Municipal Airport System
NOTES TO FINANCIAL STATEMENTS
December 31, 2010 and 2009
The carrying value of Stapleton was $9,620,168 and $12,799,153 at December 31, 2010 and 2009, respectively. The
current and anticipated costs accrued for environmental liability for Stapleton was $26,636,123 and $25,496,960 at
December 31, 2010 and 2009, respectively. The Airport has accrued $31,075,645 and $34,437,389 of insurance
recoveries at December 31, 2010 and 2009, respectively. The Airport has received payments for insurance recovery
totaling $10,855,091 in 2010.
(7) Due to Other City Agencies
The City provides various services to the Airport System, including data processing, investing, financial services,
budgeting, and engineering. Billings from the City, both direct and indirect, during 2010 and 2009 totaled $17,511,948
and $18,377,890, respectively, and have been included in operating expenses.
In addition to the above services, the Airport System also pays directly salaries and wages for police, fire and other
City personnel which are reflected as personnel services expenses. The total services paid for City service and
personnel are $46,576,613 and $45,939,203 for the years ended December 31, 2010 and 2009, respectively. The
outstanding liability to the City and its related agencies in connection with these services totaled $7,206,481 and
$23,668,950 at December 31, 2010 and 2009, respectively.
(8) Bonds Payable
Changes in long-term debt for the years ended December 31, 2010 and 2009 were as follows (in thousands):
2010
January 1, Refunded December 31, Amounts due
2010 Additions debt Retirements 2010 within one year
Airport System revenue bonds $ 3,977,855 $ 171,360 $ (178,405) $ (138,224) $ 3,832,586 $ 125,954
Economic defeasance 54,880 - - - 54,880 -
Baggage defeasance 103,405 - - (15,326) 88,079 7,651
Less deferred loss on bonds (274,565) (881) - 21,973 (253,473) -
Plus unamortized premiums 59,208 11,547 - (9,780) 60,975 -
Total bond debt $ 3,920,783 $ 182,026 $ (178,405) $ (141,357) 3,783,047 $ 133,605
Less current portion (133,605)
Noncurrent portion $ 3,649,442
2009
January 1, Refunded December 31, Amounts due
2009 Additions debt Retirements 2009 within one year
Airport System revenue bonds $ 3,907,145 $ 340,135 $ (120,215) $ (149,210) $ 3,977,855 $ 105,784
Economic defeasance 54,880 - - - 54,880 -
Baggage defeasance 137,750 - - (34,345) 103,405 6,611
Less deferred loss on bonds (295,179) (931) - 21,545 (274,565) -
Plus unamortized premiums 63,518 3,618 - (7,928) 59,208 -
Total bond debt $ 3,868,114 $ 342,822 $ (120,215) $ (169,938) 3,920,783 $ 112,395
Less current portion (112,395)
Noncurrent portion $ 3,808,388
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