budget for aviation and dulles corridor enterprise funds

Mr. Charles D. SnellingPage 16 of 17Capital Improvement ProgramTable 1-12NewAuthorizationDulles Corridor Enterprise - Capital Improvement ProgramDulles Corridor Improvements (other than Rail)Main Plaza Revenue Collection Tunnel Rehabilitation $ 4,625,000DTR Admin Bldg. Fire System 250,000Total Dulles Toll Road $ 4,875,000Total Dulles Corridor Enterprise $ 4,875,000Other Dulles Corridor Capital ImprovementsThe new authorization for capital improvements related to the Dulles Corridor TollRoad is $4.9 million.SUMMARYThe choices the Airports Authority has made over the last several years,including prudent management of our operating expenses, have made it possible toweather the past years’ economic downturn and maintain our financial strength. TheAirports Authority’s outstanding airport system bonds continue to be rated among thehighest in the aviation industry by the independent rating agencies of Moody’s,Standard and Poor’s, and Fitch 1 . Management continues to believe in the strategicimportance of air service to the Washington region and is cautiously optimistic about theaviation industry in 2012.The Airports Authority’s commitment to building rail to Dulles International andinto Loudoun County will assure greater public access and enhance the futurecompetitiveness of Dulles International.This proposed budget presents a realistic approach to funding the operating andcapital requirements necessary to support the activity and the needs of the AirportsAuthority. Management is focusing efforts on developing opportunities to maximize ournon-airline revenue including advertising, cargo, and in-fill site development for thewestern land areas at Dulles International. The management team continues toeffectively balance our immediate and long-term objectives while looking to provideoperational and technological improvements. We will continue our disciplined approachto monitoring the Airports Authority’s financial performance throughout the year and, ifnecessary, adapt to changing circumstances to ensure our financial stability.1As of the date of this Budget, the underlying ratings on the Airport System Bonds assigned by the rating agencies are “Aa3” by Moody’s, “AA-”by S&P, and “AA-” by Fitch.