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 2011A condensed summary of the Department’s net assets for the last three fiscal years is presentedbelow (in thousands):April 30,2012 2011 2010AssetsCurrent and Other Assets $ 190,659 $ 193,192 $ 174,987Capital Assets, Net 649,399 658,936 678,866Total Assets $ 840,058 $ 852,128 $ 853,853LiabilitiesCurrent and Other Liabilities $ 35,199 $ 34,283 $ 36,965Long-Term Liabilities 285,576 305,088 323,311Total Liabilities 320,775 339,371 360,276Net AssetsInvested in Capital, Net of Debt 355,499 346,051 344,927Restricted 96,776 100,868 75,847Unrestricted 67,008 65,838 72,803Total Net Assets 519,283 512,757 493,577Total Liabilities and Net Assets $ 840,058 $ 852,128 $ 853,853Net assets invested in capital assets, net of the related debt (approximately 68.5% and 67.5% of theDepartment’s net assets at April 30, 2012 and 2011, respectively) represent the Department’sinvestment in capital assets less the related indebtedness outstanding used to acquire those assets.The Department uses these capital assets to provide services to its customers and consequentlythese assets are not available for future spending. Although the Department’s investment in itscapital assets is reported net of related debt, it should be noted that the resources needed to repaythis debt must be provided from other sources, since it is unlikely that the capital assets will beliquidated to pay liabilities.An additional portion of the Department’s net assets (approximately 18.6% and 19.7% of theDepartment’s total net assets at April 30, 2012 and 2011, respectively) represents resources that aresubject to external restrictions on how they may be used. The assets that were transferred from theSpecial Facility Fund were considered restricted, accounting for much of the growth in restrictednet assets during FYE11.The remaining balance of net assets (approximately 12.9% and 12.8% of the Department’s netassets at April 30, 2012 and 2011, respectively) is considered unrestricted and is available for theongoing needs of the Department.A-6
City of Kansas City, Missouri Department of AviationManagement’s Discussion and AnalysisYears Ended April 30, 2012 and 2011SUMMARY OF STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETSAs previously noted, net assets increased in FYE12 by approximately $6.5 million. Operatingrevenues increased by approximately $6.1 million while operating expenses, excludingdepreciation and amortization, decreased by approximately $1.0 million resulting in a $7.1 millionincrease in operating income before depreciation and amortization. A more complete analysis ofthe Department’s operating revenues and expenses is included below. Although depreciation andamortization expense increased by approximately $1.9 million, the Department’s total operatingloss was reduced by $5.2 million or 16.6% from FYE11. Non-operating revenue increased byapproximately $1.3 million largely as a result of increased Passenger Facility and CustomerFacility charge collections. Non-operating expenses remained relatively flat in total and capitalcontributions for the year increased slightly from FYE11.In FYE11, net assets increased by approximately $19.2 million largely as a result of the closing ofthe Special Facility Fund and the resulting $19.3 million non-reciprocal transfer to the departmentrecorded as a Transfer. Operating revenues increased by approximately $4.1 million and operatingexpenses, excluding depreciation and amortization, decreased by approximately $1.1 millionresulting in a $5.2 million increase in operating income before depreciation and amortization.Depreciation and amortization expense declined by approximately $4.5 million or 7.7% as someassets have reached the end of their depreciable lives. The Department’s total operating loss wasreduced by $9.7 million, or 23%, from FYE10. Non-operating revenue remained constant for theyear but non-operating expenses fell by $1.8 million as a result of lower debt service costs. Capitalcontributions were $10.1 million, or 38% lower than the previous year as a result of lowerconstruction activity.A-7
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Annual Report 2012 - Kansas City International Airport

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