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budget for aviation and dulles corridor enterprise funds

budget for aviation and dulles corridor enterprise funds

Mr. Charles D.

Mr. Charles D. SnellingPage 2 of 17Progress on the Dulles Corridor Metrorail Project continues with constructionunder way along the 11.6 mile alignment of Phase 1 of the Dulles Corridor MetrorailProject from the East Falls Church Metro Station through Tysons Corner to WiehleAvenue on the eastern edge of Reston. All five of the Phase 1 stations are underconstruction; four in Tysons Corner and the Wiehle Avenue Station. Phase 1 of theDulles Corridor Metrorail Project is expected to be substantially completed in 2013 forthe Washington Metropolitan Area Transit Authority (WMATA) to begin acceptancetesting.Preliminary engineering continues on Phase 2 which includes six stations fromWiehle Avenue to Dulles International and continuing to Ashburn. When that work isdone, the Airports Authority will solicit design/build proposals for Phase 2. TheMetropolitan Washington Airports Authority Board has approved a resolution ratifying aMemorandum of Agreement that will ensure the continuation of the Dulles Railextension to Loudoun County. The Memorandum of Agreement is a multi-partyagreement that outlines federal, Commonwealth of Virginia, and Loudoun and FairfaxCounties’ fiscal responsibilities. The current budget recommendation for Phase 2 of theMetrorail Project, including contingency, is $3.2 billion. Approximately $400 million isincluded for project elements that may be developed by Loudoun and Fairfax Counties.Future budget adjustment may be necessary to further align the budget to reflect theimpact of actual final bids as well as a final determination of project elements to bedeveloped by Loudoun and Fairfax Counties. The previously approved budgetauthorization for Phase 2 of the Metrorail Project was $3.831 billion.The Dulles Toll Road and Dulles Corridor Metrorail Project is fully integrated intothe Airports Authority’s operations, and our stakeholders include not only airportcustomers, but also customers of the Dulles Toll Road and our Metrorail fundingpartners.The budget document contains considerable detail about the two EnterpriseFunds. Please note that the Budget Summary sections for the Aviation and DullesCorridor Enterprise Funds describe significant budget highlights.AVIATION ENTERPRISE FUNDThe 2012 Budget for the Aviation Enterprise Fund consists of three Programs:The Aviation Operation and Maintenance (O&M) Program provides for theday-to-day operation and maintenance of the Airports Authority’s facilities,including those functions performed centrally. Included in this program areoperating expenses, debt service, facility projects and equipment expenses. TheAviation O&M Program is funded from airline rates and charges and nonairlinerevenue, including concession and other revenues. The 2012 Budget operatingexpenses, excluding debt service are projected at $332.3 million, 2.0 percentover the 2011 Budget. This is net of a reduction of $8.2 million for allocation ofoverhead and other indirect costs for the Airports Authority that is initially paidfrom the Aviation Enterprise Fund but is appropriately allocable to the DullesCorridor Enterprise Fund.

Mr. Charles D. SnellingPage 3 of 17The Aviation Capital, Operating and Maintenance Investment Program(COMIP) provides for repair work at the Airports, equipment and projects,planning, improvements, snow program, and certain operating initiatives. TheCOMIP budget is funded with the Airports Authority’s share of net remainingrevenue (NRR) from the prior year. The 2012 new program authorization for theCOMIP is projected at $42.6 million.The Aviation Capital Construction Program (CCP) provides for the planning,design, and construction of major facility improvements at both Airports. TheCCP is funded from bond proceeds, passenger facility charges (PFCs) andgrants. The 2012 new program authorization for the CCP is projected at $78.3million.2012 Aviation Planning AssumptionsAirline ActivityThe 2012 U.S. economic outlook shows only modest growth which is largelyreflective of continued high unemployment, a global debt crisis, limited job creation andgrowth, modest growth in gross domestic product, continued dislocation in the realestate market, and other trends still lagging economists’ expectations. Although theirearnings are down from 2010, overall the U.S. airlines industry continues to stayprofitable in 2011, despite major fuel increases.Table 1-1Enplanements and Landed WeightsActual Budget Projection*2010 2011 2012Percent Change2012 Projectionvs. 2011 BudgetReagan NationalEnplanements 9,042,000 9,147,000 9,655,000 5.6%Landed Weights 12,095,000 12,490,000 12,906,000 3.3%Dulles InternationalTotal Enplanements 11,886,000 12,054,000 11,815,000 -2.0%Domestic 8,977,000 8,880,000 8,385,000 -5.6%International 2,909,000 3,174,000 3,430,000 8.1%Landed Weights 18,906,000 19,711,000 19,791,000 0.4%* Enplanement and Landed Weights' projections are from the 2011 Report of the Airport Consultant (ROAC). Landed Weights include Signatory , Non-Signatory and General Av iation.Enplanements are projected to increase 5.6 percent at Reagan National over2011 budgeted enplanements. Actual 2011 enplanements at Reagan National areexpected to be at a historical high. Dulles International’s domestic enplanements areprojected to decrease 5.6 percent in 2012 below the 2011 Budget, while internationalenplanements are projected to increase 8.1 percent over the 2011 Budget. Thecombined domestic and international enplanement projections at Dulles Internationalare a 2.0 percent decrease below 2011 budgeted enplanements.The U.S. Department of Transportation (DOT) has approved a “slot swap”between US Airways and Delta Airlines that will result in Delta transferring 42 pairs of itsslots to US Airways at Reagan National. DOT conditioned the transfer on the carriers

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