Annual Report 2012 - Kansas City International Airport

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FINANCIAL SECTIONTHIS SECTION CONTAINS THE FOLLOWING SUBSECTIONS:INDEPENDENT ACCOUNTANTS’ REPORTOPINION LETTER FROM INDEPENDENT ACCOUNTANTS REGARDING THE FINANCIAL STATEMENTSCONTAINED IN THIS COMPREHENSIVE ANNUAL FINANCIAL REPORTMANAGEMENT’S DISCUSSION AND ANALYSISNARRATIVE ANALYSIS FROM MANAGEMENT DISCUSSING THE CURRENT FISCAL YEAR ACTIVITIESAND THE FINANCIAL STATEMENTS INCLUDED IN THIS COMPREHENSIVE ANNUAL FINANCIAL REPORTFINANCIAL STATEMENTSCOMPARATIVE FINANCIAL REPORTS FOR THE CURRENT AND PRIOR FISCAL YEARS, INCLUDING THESTATEMENTS OF NET ASSETS; STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETSAND STATEMENTS OF CASH FLOWSNOTES TO THE FINANCIAL STATEMENTSSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ADDITIONAL INFORMATION CONCERNING THEDATA REFLECTED IN THE FINANCIAL STATEMENTS
Independent Accountants’ Report on Financial Statementsand Supplementary InformationThe Honorable Mayor andMembers of the City CouncilCity of Kansas City, MissouriWe have audited the accompanying basic financial statements of the City of Kansas City, Missouri (theCity) Airports Fund (the Fund) as of and for the years ended April 30, 2012 and 2011, as listed in thetable of contents. These financial statements are the responsibility of the Fund’s management. Ourresponsibility is to express an opinion on these financial statements based on our audits.We conducted our audits in accordance with auditing standards generally accepted in the United States ofAmerica. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made by management, as wellas evaluating the overall financial statement presentation. We believe that our audits provide a reasonablebasis for our opinion.As discussed in Note 1 to the financial statements, the financial statements present only the Fund and donot purport to, and do not, present fairly the financial position of the City of Kansas City, Missouri as ofApril 30, 2012 and 2011, and the changes in its financial position for the years then ended in conformitywith accounting principles generally accepted in the United States of America.In our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of the City of Kansas City, Missouri Airports Fund as of April 30, 2012 and 2011, andthe changes in its financial position and its cash flows for the years then ended in conformity withaccounting principles generally accepted in the United States of America.Accounting principles generally accepted in the United States of America require that the management’sdiscussion and analysis listed in the table of contents be presented to supplement the basic financialstatements. Such information, although not part of the basic financial statements, is required by theGovernmental Accounting Standards Board, who considers it to be an essential part of financial reportingfor placing the basic financial statements in an appropriate operational, economic or historical context.We have applied certain limited procedures to the required supplementary information in accordance withauditing standards generally accepted in the United States of America, which consisted of inquiries ofmanagement about the methods of preparing the information and comparing the information forconsistency with management’s responses to our inquiries, the basic financial statements and otherknowledge we obtained during our audit of the basic financial statements. We do not express an opinionor provide any assurance on the information because the limited procedures do not provide us withsufficient evidence to express an opinion or provide any assurance.A-1
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Annual Report 2012 - Kansas City International Airport

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