Annual Report 2012 - Kansas City International Airport

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City of Kansas City, Missouri Department of AviationManagement’s Discussion and AnalysisYears Ended April 30, 2012 and 2011This Management’s Discussion and Analysis (MD&A) of the City of KansasCity, Missouri Aviation Department (the Department) provides an introduction andoverview of the Department’s financial statements and activities for the fiscal yearsended April 30, 2012 (FYE12) and April 30, 2011 (FYE11). The Kansas CityAirports Fund is an enterprise fund of the City of Kansas City, Missouri, (the City) andis supported wholly by airport user charges. No general tax fund revenues are used forthe administration, promotion, operation or maintenance of the airports in the system. TheDepartment is charged with the responsibility to operate and maintain the City’s two airports: theKansas City International Airport (MCI) and the Charles B. Wheeler Downtown Airport (MKC).The information contained herein should be considered in conjunction with the financial statementsand notes in order to provide a complete understanding of the financial performance and activitiesthis past year. The City combines the financial operations of the City’s two airports into one set offinancial statements for the entire Department. Approximations are used throughout this MD&A indescribing fluctuations between fiscal years and may not equal actual differences.AIRPORT ACTIVITIES AND HIGHLIGHTSOne of the Department’s leading activityindicators, passenger enplanements, increasedby 5.1% in FYE12. In FYE11, passengerenplanements increased by 0.1%. Theseincreases may indicate that the airport hasreached an inflection point reversing aprevious trend of declining passengerenplanements.The Department’s other leading activityindicator, aircraft landed weight, increased by0.6% in FYE12 after decreasing by 2% in FYE11. This increase may also indicate a reversing of adeclining trend.To a lesser extent, enplaned cargo is also used as an indicator of the Department’s activity.Enplaned cargo decreased by 1.9% in FYE12 after increasing by 1.2% in FYE11.Activity indicators for the past three fiscal years are as follows:April 30,2012 2011 2010Enplanements 5,198,808 4,945,779 4,939,032Landed Weight (000 lbs.) 6,747,497 6,705,619 6,848,740Enplaned Cargo (000 lbs.) 93,038 94,848 93,678A-4
City of Kansas City, Missouri Department of AviationManagement’s Discussion and AnalysisYears Ended April 30, 2012 and 2011OVERVIEW OF THE FINANCIAL STATEMENTSThe accompanying financial statements are prepared on an accrual basis in accordance with U.S.generally accepted accounting principles, as set forth by the Governmental Accounting StandardsBoard (GASB). Revenues and expenses are recognized when earned and incurred, not whenreceived or paid. Capital assets, except land and construction in process, are depreciated over theiruseful lives.The statements of net assets compare the Department’s assets and liabilities, with the differencebetween the two reported as net assets. Over time, increases or decreases in net assets may serve asa useful indicator of the Department’s financial position.The statements of revenues, expenses and changes in net assets present information showing howthe Department’s net assets changed during the year. All changes in net assets are reported as soonas the underlying event giving rise to the change occurs, regardless of the timing of the related cashflows.The statements of cash flows present the change in the Department’s cash and cash equivalentsduring each fiscal year. This information can assist the user of the report in determining how theDepartment financed its activities and how it met its cash needs.The notes to the financial statements provide additional information that is essential to a fullunderstanding of the data in the statements and can be found beginning on page A-22 of this report.FINANCIAL POSITION AND ASSESSMENTSUMMARY OF STATEMENTS OF NET ASSETSAs noted earlier, net assets may serve over time as a useful indicator of the Department’s financialposition. During FYE12, the Department’s net assets increased by approximately $6.5 million.This increase was largely the result of a 6% increase in the Department’s operating revenues duringthe year. During FYE11, the Department’s net assets increased by approximately $19.2 million.This increase was the result of a $19.3 million transfer resulting from the closure of the SpecialFacility Fund. (Please refer to Note 18 for more details on this transfer.)A-5
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Annual Report 2012 - Kansas City International Airport

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