Annual Report 2012 - Kansas City International Airport

City of Kansas City, Missouri Department of AviationStatements of Net AssetsApril 30, 2012 and 2011Liabilities and Net Assets2012 2011Current liabilitiesPayable from unrestricted assetsAccounts and retainages payable $ 8,022,137 $ 6,145,208Accrued payroll, vacation and sick leave 1,209,807 1,024,768Security deposits 227,561 258,621Prepaid lease revenue 2,890,801 3,814,775Accrued claims liability 325,548 509,858Total current liabilities payable from unrestricted assets 12,675,854 11,753,230Payable from restricted assetsAccounts and retainages payable - 547,411Matured bonds and coupons 289,127 299,373Accrued interest and fiscal agent fees 1,988,995 2,127,948Bonds payable, current portion 20,245,000 19,555,000Total current liabilities payable from restricted assets 22,523,122 22,529,732Total current liabilities 35,198,976 34,282,962Non-current liabilitiesAccrued payroll, vacation and sick leave 1,663,151 1,400,646Pension liability 4,244,443 3,278,916Other post employment benefits obligation 4,412,141 4,070,662Accrued claims liability 743,900 1,325,325Bonds payable, net of current portion 274,512,696 295,012,162Total non-current liabilities 285,576,331 305,087,711Total liabilities 320,775,307 339,370,673Net assetsInvested in capital assets, net of related debt 355,499,297 346,051,435RestrictedPrincipal and interest 23,385,500 23,050,916Deferred maintenance and replacement - 750,000Airline operations and maintenance reserve 10,661,000 13,120,550Reserve for law enforcement 74,195 59,229Reserves for construction and debt service 59,401,088 60,643,881Other restricted net assets 3,253,905 3,243,488Total restricted net assets 96,775,688 100,868,064Unrestricted 67,008,364 65,838,286Total net assets 519,283,349 512,757,785Total liabilities and net assets $ 840,058,656 $ 852,128,458See Notes to Financial Statements A-18