trend-defying growth expansion 2012 - Edmonton Airports ...

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Edmonton Regional Airports Authority NOTEs TO FINANcIAL sTATEmENTs December 31, 2008 and 2007 (in thousands of dollars, unless otherwise noted) The significant actuarial assumptions adopted in measuring Edmonton Airports accrued benefit obligations are as follows (weighted-average assumptions as of December 31, 2008): 86 | E D M O N T O N A I R P O R T S Long-term Pension plan sERP benefit plan % % % Discount rate – Beginning of period 5.60 5.60 5.60 Discount rate – End of period 7.50 7.50 7.50 Expected long-term rate of return on plan assets 6.50 - - Rate of compensation increase – Beginning of period 3.75 3.75 3.75 Rate of compensation increase – End of period 3.75 3.75 3.75 Inflation rate – Beginning of period 2.75 2.75 2.75 Inflation rate – End of period 2.75 2.75 2.75 Average remaining service period (years) 11 5 11 b) Edmonton Airports net benefit plan expense is as follows: Long-term Pension plan sERP benefit plan Total $ $ $ $ Current service cost 1,560 213 257 2,030 Interest cost 1,270 47 100 1,417 Expected return on plan assets (1,452) - - (1,452) Amortization of transitional surplus (166) - - (166) Amortization of net actuarial (gain) loss 276 17 (14) 279 Net benefit plan expense included in salaries and employee benefits expense 2008 1,488 277 343 2,108 Net benefit plan expense included in salaries and employee benefits expense 2007 1,217 232 259 1,708
Edmonton Regional Airports Authority NOTEs TO FINANcIAL sTATEmENTs December 31, 2008 and 2007 (in thousands of dollars, unless otherwise noted) c) The distribution of the total fair value of assets of the Pension Plan by major asset category is as follows: 2008 2007 % % Equities 57.6 58.7 Debt securities 37.2 33.5 Cash and other 5.2 7.8 9 Airport improvement fee 100.0 100.0 Effective April 12, 1997, Edmonton Airports implemented an Airport Improvement Fee (“AIF”) to fund capital expenditures and the related financing costs, including the planned redevelopment and expansion of airport and terminal facilities (see note 12(a)) at the International Airport. 2008 2007 $ $ Cumulative revenues (net of collection costs) to December 31 267,115 229,140 Less: Cumulative expenditures to December 31 594,711 495,719 (327,596) (266,579) 10 deferred revenue a) Deferred revenue 2008 2007 $ $ Prepaid lease rent 1,500 1,500 Deferred Capital Contributions 16,190 15,996 17,690 17,496 Less: Accumulated amortization to earnings 3,259 2,202 14,431 15,294 Less: Current portion 1,248 1,186 13,183 14,108 Deferred revenue consists of a prepayment of rent for a long-term lease at the City Centre Airport which is amortized to earnings using the straight-line method over the tenant’s lease term of 52 years. Government contributions for certain capital expenditures at the International Airport, City Centre and Villeneuve airports will be amortized to earnings using the straight-line method over the useful lives of the underlying assets as follows: Useful 2008 2007 Life contribution contribution (years) $ $ Airfield lighting system 15 167 - Baggage conveyor systems 15 27 285 Runway rehabilitation 15 - 25 194 310 2 0 0 8 A N N U A L R E P O R T | 87
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we’ll move 2008 you ANNUAL REPORT
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EA BOARD OF DIRECTORS mEmBErsHip Th
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BOARD MAnDATE 1.0 [ Vision stAtEmEn
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Message from the Chair [ Gordon clA
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sustAinEd ActiVity After two years
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President’s Message 10 | E D M O
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BuildinG WitH our rEGion The growth
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COnTEnTS 18 2 EA BoArd oF dirEctors
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The Best of 2008 [ 1 2 4 trEnd-dEFy
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Kirstin Brown [ mAnAGEr, pAssEnGEr
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WE’RE GROWInG PlACES HoW WE GroW
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WE’RE COnnECTED morE routEs, morE
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“The airport is so incredible in
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MORE OF EvERyTHInG EAsy, EnjoyABlE,
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32 | E D M O N T O N A I R P O R T
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SMART, SPEEDy SySTEMS us Quick conn
Page 38 and 39: BEyOnD Full WHEn you’rE oVEr cApA
Page 40 and 41: Steve Rumley [ dirEctor, projEcts ]
Page 42 and 43: “When the last expansion was buil
Page 44 and 45: EMERGEnCy RESPOnSE 42 | E D M O N T
Page 46 and 47: GEnERAl AvIATIOn onE oF our corE Bu
Page 48 and 49: Diane Trenn [ VicE prEsidEnt, opErA
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Page 52 and 53: FuTuRE-FOCuSED lAnD DEvElOPMEnT 50
Page 54 and 55: SuSTAInABIlITy lEAVinG A positiVE F
Page 56 and 57: FIvE-yEAR CORPORATE GOAlS tHE FiVE-
Page 58 and 59: MANAgeMeNt DISCuSSIoN & ANALySIS Th
Page 60 and 61: 2008 FINANCIAL PerForMANCe In 2008,
Page 62 and 63: AIF collection costs for 2008 total
Page 64 and 65: outLook The global credit crunch an
Page 66 and 67: movements at ECCA are general aviat
Page 68 and 69: cAPITAL ExPENdITUREs ECP projects r
Page 70 and 71: sOLE sOURcE cOdE (BAsIs FOR sELEcTI
Page 72 and 73: REPORT OF mANAgEmENT The financial
Page 74 and 75: Edmonton Regional Airports Authorit
Page 96 and 97: APPOINTERs city of Edmonton Stephen
Page 98 and 99: 96 | E D M O N T O N A I R P O R T
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