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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 AuthorityFINANCIAL TRENDS CHARTTable 3-208007006005004003002001000Actual 2010 Budget 2011 Budget 2012Total Revenues 558.0 693.6 727.8Operating Expenses 327.1 325.7 332.3Net Revenues 230.9 367.9 395.5Debt Service 237.1 291.0 321.3Net Remaining Revenue 100.3 92.5 92.8$ millionsFinancial Trends58

2012 BUDGETMetropolitan Washington Airports AuthoritySTATEMENT OF OPERATIONSThe Airports Authority financial statements are prepared on an accrual basis in accordancewith Generally Accepted Accounting Principles (GAAP). For budget and rate settingpurposes, however, expenses included in the Statement of Operations have been modified toconform with the provisions of the Airline Agreement as follows:● Capital equipment and capital facility projects included in the O&M Program aretreated as operating expenses and are recovered in full in the year purchased.●interest rate.●Investment in COMIP is recovered by amortizing projects using a tax exemptThe bond-financed CCP is recovered through annual debt service.Operating RevenuesOperating revenues are estimated to increase from $693.6 million in 2011 to $727.8 million in2012, an increase of $34.1 million or 4.9 percent. Several important revenue impacts arereflected in this increase.Operating ExpensesOperating expenses by Airport include Consolidated Functions expenses allocated betweenthe Airports, except for air service development and the Dulles International office building,which are allocated to Dulles International. For the Office of Public Safety, the headquartersstaff expenses are allocated between the Airports and police and fire expenses are includedby Airport.Net RevenuesIn 2012, Reagan National is expected to have net revenues of $94.3 million and DullesInternational of $301.1 million, for combined net revenues of $395.4 million.Debt ServiceThe Airline Agreement provides that the actual debt service for the bond-financed CCP isrecovered annually. While projects financed from bonds are being constructed, the interest iscapitalized and funded from the bond proceeds. Included in the Statement of Operations isthat portion of debt service recovered through rates and charges. Capitalized interest isexcluded.Bond Principal Payments. Bond principal payments for cost recovery purposes will increaseby $86.3 million, from $107.4 million in 2011 to $193.6 million in 2012. This does notinclude the $40 million which is recommended to be funded through the PFCs program.59

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