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budget for aviation and dulles corridor enterprise funds

budget for aviation and dulles corridor enterprise funds

2012 BUDGETMetropolitan

2012 BUDGETMetropolitan Washington Airports AuthorityConcession Revenue:Concession revenue is projected to decrease 3.4 percent over the 2011 Budgetprimarily due to the revised rental car contract at Reagan National.2012 Aviation Operation and Maintenance ProgramThe Aviation O&M Program provides for the day-to-day operation and maintenance ofReagan National and Dulles International including those functions performed centrally.Included in this program are operating expenses, debt service, and capital equipment andfacility projects and noncapital expenditures.Table 3-2Operating Expenses $ 332,341,000Debt Service 321,317,000Total O&M Program $ 653,658,000Cost AllocationThe 2012 Aviation Budget includes a reduction of $8.2 million of overhead costs for theAirports Authority that is initially paid from the Aviation Enterprise Fund, but is appropriatelyallocable to the Dulles Corridor Enterprise Fund as costs associated with the operation of theDulles Toll Road, or as cost of the Dulles Corridor Metrorail Project. Of the $8.2 million, $5.1million will be allocated to the Dulles Toll Road. The remaining $3.1 million will be allocatedas administrative overhead to the Dulles Rail Project.The Airports Authority’s NRR is projected to increase by 0.3 percent over the 2011 Budget.Operating revenues are projected to increase by 4.9 percent and total operating expensesare projected to increase by 6.0 percent in 2012. The overall increase in total operatingexpenses is a result of operating expenses increasing by 2.0 percent and debt serviceincreasing by 10.4 percent.Highlights of the 2012 operating expenses to support continuing operations and maintainfacilities include the following:The 2012 Budget includes a total of $2.5 million for incumbent staffcompensation increases through the Performance Management Partnership(PMP) program for the performance period January 1 through December 31,2012, reflecting an average increase of 2.5 percent to the overall personnelcompensation.The Airports Authority’s 2012 cost for health insurance reflects annualization ofcosts associated with additional employees and no changes to plan coverage.There is no change to the employee contribution to health insurance for 2012.Funding of the Government Accounting Standards Board (GASB) Statements38

2012 BUDGETMetropolitan Washington Airports AuthorityNo. 43 and No. 45 in 2012 for post retirement health and life insurance liabilitiesdecreased by $487.1 thousand based on the current actuarial estimate.Maintenance of facilities, including the terminals, concourses and buildings, isaccomplished with a balance of both in-house and contractual personnel.Security and safety requirements such as airport access control systems, policeovertime and costs for guard services are included in the 2012 Budget.It is anticipated that the total estimated expense of $1.2 million for lawenforcement support of the Transportation Security Administration (TSA) will beprimarily offset by revenues.Utility expenses increased by $410 thousand to reflect current expensealignment.The new authorization in the COMIP includes $4.9 million for twelve parkingoperations shuttle buses, and $2.4 million, for public safety vehicles.An increase of $316.8 thousand for supplies and materials reflects anadjustment to reflect current expense alignment offset by costs associated withutilities and supplies, as well as computer supplies.An increase of $180.9 thousand for noncapital equipment purchases andreplacements of noncapital equipment.Based on leasing in 2012, the net loss projected for the 45025 Aviation DriveBuilding at Dulles International is $913.3 thousand.Effective November 1, 2011, the Airports Authority gained ownership andcontrol of the Dulles East Office Building at Dulles International. This buildingsite was leased to a developer under a 40-year, long-term land lease executedprior to the Airports Authority’s transfer from the Federal government. Thebuilding is currently 82.8 percent leased and is expected to show a net profit of$997.6 thousand. A total of $4.2 million has been added in the services categories. Of this, $1.4million is for additional custodial costs for Dulles International. Other itemsinclude: information technology, financial policies and maintenance contractors.39

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