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

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City and County of Denver Municipal Airport System NOTES TO FINANCIAL STATEMENTS December 31, 2010 and 2009 (1) Associated 1999 Swap with RFPC, Ltd. was terminated, and replaced with 2009A Swap Agreement, and associated 2002 Swap with RFPC, Ltd. was terminated on January 12, 2010. The effect of this termination and replacement are not reflected here. The 2007A swaps were terminated on February 5, 2010 and February 10, 2010. Because these swaps were not scheduled to be effective until May 1, 2010, the effect of these swaps is not included. (2) Swaps currently associated by the Airport with $104.655 million 2009C, $75.70 million Series 2008B, and a portion of the Series 2002C Bonds (3) Swaps currently associated by the Airport with $207,025,000 Series 2007F1-F4, $147,800,000 Series 2007G1-G2, and a portion of the Series 2002C Bonds (4) Swaps currently associated by the Airport with $92,600,000 Series 2008C1, and a portion of the Series 2002C Bonds. As rates vary, variable rate bond interest payments and net swap payments will vary. As of December 31, 2010, debt service requirements of the related variable rate debt and net swap payments for the Airport System’s cash flow hedges (1998, 1999 and 2009A swap agreements), assuming current interest rates remain the same, for their terms, were as follows: Interest rate Principal Interest swaps net Total Year: 2011 $ 600,000 $ 1,388,604 $ 19,566,922 $ 21,555,526 2012 600,000 1,386,504 19,566,922 21,553,426 2013 4,700,000 1,384,404 19,566,922 25,651,326 2014 4,800,000 1,367,954 19,566,922 25,734,876 2015 6,045,000 1,351,154 19,566,922 26,963,076 2016-2020 165,425,000 6,093,202 90,790,406 262,308,608 2021-2025 217,830,000 2,098,684 24,796,959 244,725,643 Total $ 400,000,000 $ 15,070,506 $ 213,421,975 $ 628,492,481 Variable Rate Bonds and Swap payments are calculated using rates in effect on December 31, 2010 (13) Denver International Special Facility Revenue Bonds To finance the acquisition and construction of various facilities at Denver International, the City issued three series of Special Facility Revenue Bonds. These bonds are special limited obligations of the City, payable and secured by a pledge of certain revenues to be received from lease agreements for these facilities. The bonds do not constitute a debt or pledge of the full faith and credit of the City or the Airport System, and accordingly, have not been reported in the accompanying financial statements. As of December 31, 2010 and 2009, Special Facility Revenue Bonds outstanding totaled $298,255,000 and $304,260,000, respectively. 60
City and County of Denver Municipal Airport System NOTES TO FINANCIAL STATEMENTS December 31, 2010 and 2009 (14) Compensated Absences Employees may accumulate earned but unused benefits up to specified maximum. The changes in compensated absences for 2010 and 2009 are as follows: Balance Balance Amounts January 1, December 31, due within 2010 Additions Retirements 2010 one year Compensated absences payable $ 8,180,630 $ 6,318,587 $ (6,120,072) $ 8,379,145 $ 2,359,480 Less current (2,359,480) Noncurrent portion $ 6,019,665 Balance Balance Amounts January 1, December 31, due within 2009 Additions Retirements 2009 one year Compensated absences payable $ 7,817,823 $ 1,381,329 $ (1,018,522) $ 8,180,630 $ 2,255,705 Less current (2,255,705) Noncurrent portion $ 5,924,925 (15) Pension Plan Substantially all of the Airport’s employees are covered under the City and County of Denver’s pension plan, the Denver Employees Retirement Plan. Plan Description The following are brief descriptions of the retirement plan. Plan participants should refer to the appropriate source documents or publicly available financial reports for more complete information on the plans. The Denver Employees Retirement Plan (DERP) is a cost-sharing multiple-employer defined benefit plan established by the City to provide pension and post-retirement health benefits for its employees. The DERP is administered by the DERP Retirement Board in accordance with sections 18-401 through 18-430.7 of the City’s Revised Municipal Code. Amendments to the plan are made by ordinance. These Code sections establish the plan, provide complete information on the DERP, and vests the authority for the benefit and contribution provisions with the City Council. The DERP Retirement Board acts as the trustee of the plan’s assets. As of January 1, 2010, the date of the last actuarial valuation, the plan was underfunded; however, there is no Net Pension Obligation reported because the actuarial valuation adjusts contributions in the ensuing year to fully fund the Plan. The Board monitors the Plan continually to ensure an appropriate level of funding. The plan issues a publicly available financial report that includes financial statements and required supplementary information of that plan. Those reports are available by contacting: Denver Employees Retirement Plan 777 Pearl Street Denver, Colorado 80203 61
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