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Edmonton Regional Airports Authority - Edmonton International Airport

Edmonton Regional Airports Authority - Edmonton International Airport

AUDITORS’ REPORT TO

AUDITORS’ REPORT TO THE BOARD OF DIRECTORSWe have audited the balance sheet of Edmonton Regional Airports Authority as atDecember 31, 1997 and the statements of earnings and equity in capital assets and changes infinancial position for the year then ended. These financial statements are the responsibility of theAuthority’s management. Our responsibility is to express an opinion on these financial statementsbased on our audit.We conducted our audit in accordance with generally accepted auditing standards. Those standardsrequire that we plan and perform an audit to obtain reasonable assurance whether the financialstatements are free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit also includes assessingthe accounting principles used and significant estimates made by management, as well as evaluatingthe overall financial statement presentation.In our opinion, these financial statements present fairly, in all material respects, the financial positionof the Authority as at December 31, 1997 and the results of its operations and the changes in itsfinancial position for the year then ended in accordance with generally accepted accounting principles.Chartered AccountantsEdmonton, CanadaMarch 6, 19983

EDMONTON REGIONAL AIRPORTS AUTHORITYBalance SheetDecember 31, 1997, with comparative figures for 1996Assets1997 1996Current assets:Cash and restricted cash (note 4) $ 1,420,726 $ 3,101,232Accounts receivable [note 3(a)(v)] 11,848,672 9,418,931Consumable inventory 561,007 548,221Prepaid expenses and other 255,647 192,46014,086,052 13,260,844Deferred pension charge (note 14) 551,966 274,416Deferred financing charges (note 5) – 279,615Tangible capital assets (note 6) 44,795,996 35,620,349$59,434,014 $49,435,224Liabilities and Equity in Capital AssetsCurrent liabilities:Accounts payable and accrued liabilities [note 6(b)] $6,682,472 $ 5,523,402Deferred rent payable (note 7) 7,449,265 6,850,320Current portion of long-term debt 362,051 1,489,93014,493,788 13,863,652Tenants' security deposits held 530,303 527,184Long-term debt (note 8) 12,400,226 15,153,16227,424,317 29,543,998Equity in capital assets:Contributed capital [note 3(b)] 3,804,915 3,804,915Equity in capital assets 28,204,782 16,086,31132,009,697 19,891,226Subsequent event [note 8(a)]Contingencies (note 17)Commitments (note 18)$59,434,014 $49,435,224See accompanying notes to financial statements.On behalf of the Board:DirectorDirector4

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