|
SUPPLEMENTAL FINANCIAL ANALYSIS
<br />APPENDIX B
<br />Table B-3
<br />, entitled, Capital Improvement Plan Funding Analysis, depicts the capacity of the Airport’s PFC
<br />program to absorb any shortfall in FAA entitlement funds should enplanements not achieve the level
<br />sufficient to generate $2.75 million per year. As presented, the Airport’s authority to impose a PFC is
<br />scheduled to continue beyond November 2011. If this is achieved, sufficient funding for the local match
<br />required for this plan is achieved by the first quarter of fiscal year 2014. Accordingly, should FAA
<br />entitlement funds lag due to enplanements not meeting expectations, or should FAA Discretionary
<br />funding not be made available, the Airport is capable of extending PFC authority in order to address any
<br />shortfall. Table B-3 further depicts the transfer of local funds in FY2011 to match anticipated FAA grants
<br />and how this temporary transfer is capable of being refunded by PFC receipts in the subsequent year.
<br />Table B-3
<br />Eugene Airport
<br />Master Plan Update
<br />CAPITAL IMPROVEMENT PLAN FUNDING ANALYSIS
<br />Cumulative
<br />Entitlement
<br />CapitalRequiredFundingAnticipatedPassengerRequiredAnnualRequired
<br />ImprovementFAASurplusFAAFacility PFCPFCLocal
<br />YearCostsEntitlements(Shortfall)Discretionary 1/Charges 2/FundsBalanceFunds 2/
<br />2011$7,800,000$2,751,263$0$4,658,737$0$390,000-$390,000$390,000
<br />2012$2,895,000$2,750,250$1,013$0$840,278$144,750$305,528$0
<br />2013$2,855,000$2,712,250$41,039$0$1,472,168$142,750$1,634,946$0
<br />2014$4,420,000$2,774,000$59,341$0$156,054$1,646,000$145,000$0
<br />2015$2,900,000$2,755,000$114,945$0$0$145,000$0$0
<br />CIP TOTAL$20,870,000$13,742,763$4,658,737$2,468,500$2,468,500$0$0
<br />Sources: City of Eugene, Department of Public Works
<br /> Mead & Hunt, Inc.
<br />Notes: 1/ It is anticipated that no surplus/shortfall will be experieced in these revenue sources over the planning period.
<br /> 2/ A detailed cash-flow analysis that examines the Airport's ability to fund the required local share of project costs
<br /> from the Operating and Capital and Depreciation Reserve Funds that the Airport maintains will be presented later
<br /> in this analysis.
<br />Historical and Projected Airport Revenues
<br />Tables 5-4 and 5-5 of the Master Plan Update present historical and anticipated revenues for EUG.
<br />Historical revenue trends were calculated for the period FY 2003-2009 (Budget) while the forecast period
<br />considered fiscal years 2010-2016. As noted in these tables, total Airport revenue for FY 2008 and FY
<br />2009 was expected to total $7,146,353 and $7,134,010 respectively. Audited actual results, presented in
<br />Table B-4
<br />, totaled $7,613,965 for FY 2008 and $6,718,224 in FY 2009. While actual results for FY 2008
<br />exceeded expectations, this gain was more than offset by a precipitous 11.4 percent drop in revenues
<br />experienced in FY 2009. Despite these variations, annual percentage growth rates for airport revenues
<br />B-6
<br />Eugene Airport Master Plan Update
<br />(February 2010)
<br />
<br />
|