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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 AuthorityInterest Expense. Interest expense will decrease by $56.0 million from $183.6 million in2011 to $127.7 million in 2012. Included in this amount are the Commercial Paper (CP)Program interest expenses, the fees associated with the liquidity facilities and the swaptransaction payments. Excluded from interest expense is interest accruing in the leasepayment reserve account, which is considered part of the lease payment for the Airports to thefederal government. Also excluded is capitalized interest.Reserve RequirementsTable 3-21Statement ofBond2012 Bond Debt Service Operations Debt ServicePrincipal $ 127,675,000 $ 140,349,000Interest 193,642,000 242,203,000Total Debt Service $ 321,317,000 $ 382,552,000In accordance with the Airline Agreement and the Master Indenture, the increases in theOperation and Maintenance Reserve and the Emergency Repair and Rehabilitation Reserveare funded from airline rates and charges.Non-Operating RevenueInterest Income. An estimated $19.9 million in interest will be earned during 2012. Interestincome will decrease by $3.1 million in 2012, from $16.8 million in 2011 based on declininginterest rates. Not included as interest income is the interest accruing in the federal leasepayment reserve account which is payable to the U. S. Treasury on the semiannual leasepayment dates and it is considered a part of the federal lease payment for the Airports. Alsoexcluded is interest earned on bond funds.Forward Interest Rate Swaps. Year-to-date through September 30, 2011, the fair value ofthe swaps resulted in an unrealized loss of approximately $87.6 million. The AirportsAuthority’s Total Assets are adjusted by the current unrealized amount monthly. It isreasonable to expect that since the current value of the swaps is tied to changes in prevailinginterest rates, this unrealized gain or loss will fluctuate significantly over the life of thetransactions. Neither the unrealized gain nor unrealized loss affects the rates and charges tothe Airlines.Net Remaining RevenueThe NRR is budgeted at $92.5 million for 2011 and $92.8 million for 2012. Under the AirlineAgreement, NRR is allocated between the Airports Authority and the Airlines according to anestablished formula. The Airlines’ share, included in the 2012 operating revenues astransfers, is $75.5 million.60

2012 BUDGETMetropolitan Washington Airports AuthorityCOMPARISON OF 2010 ACTUAL TO 2011 AND 2012 BUDGETTable 3-22Actual Budget Budget(dollars in thousands) 2010 2011 2012Operating RevenuesRents $ 224,040 $ 268,162 $ 294,239Rent Transfers 35,970 36,729 45,032Landing Fees 101,638 119,259 123,197Landing Fee Transfers 21,868 17,998 18,128Tenant Equipment Charges 3,566 3,303 3,223Tenant Equipment Transfers 795 788 728Concessions 193,992 194,071 187,440TSA Security Fees 1,248 1,237 1,261International Arrivals Building Fees 12,289 17,145 20,498International Arrivals Building Fees Transfers 2,510 2,850 2,506Passenger Conveyance Fees 6,653 9,392 6,934Passenger Conveyance Transfers 4,327 5,698 9,142Utilities 8,105 9,312 8,264Other Revenues 6,693 7,679 7,162Total Operating Revenues $ 623,694 $ 693,623 $ 727,756Operating ExpensesPersonnel Compensation $ 108,963 $ 113,941 $ 115,119Employee Benefits 38,560 43,078 44,080Travel 832 1,257 1,186Lease and Rental Payments 6,212 5,393 5,477Utilities 25,727 29,941 30,352Telecommunications 1,539 1,415 1,20042025 Aviation Drive 597 1,350 913Dulles East Building - - (998)Services 106,215 98,968 103,937Supplies, Materials and Fuels 13,950 18,365 18,682Insurance and Risk Management 7,309 8,785 8,785Noncapital Equipment 1,655 1,812 1,992Noncapital Facility Projects 1,549 1,296 1,510Capital Equipment 123 105 105Capital Facility Projects - - -Total Operating Expenses $ 313,231 $ 325,706 $ 332,341Net Revenues $ 310,463 $ 367,918 $ 395,414Debt ServiceBond Principal Payments (87,883) (107,389) (193,642)Interest Expense (149,185) (183,646) (127,675)Reserve Requirements (5,794) (1,236) (1,222)Nonoperating RevenueInterest Income 15,943 16,829 19,894Net Remaining Revenue $ 83,543 $ 92,476 $ 92,76961

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