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SUPPLEMENTAL FINANCIAL ANALYSIS <br />APPENDIX B <br />Cash Flow Analysis and Overall Feasibility <br />Table 5-9 of the Master Plan Update details anticipated cash flow from operating activities for the period <br />FY 2009-FY 2016. This analysis forecasts that net operating revenue will increase from $596,322 to <br />$2.024 million in FY 2016. It further details programmed debt service associated with the issuance of <br />PFC-backed bonds in FY 2011 and FY 2014 for capacity-related projects associated with improvements <br />to the terminal access road and phased expansions to the terminal building. Collectively, debt service of <br />$7.9 million was expected to be made during this period from both PFC as well as general Airport <br />revenues. Finally, this plan displays the capacity of EUG to make deposits of $800,723 to its Operating <br />and Capital Reserve Fund during the period FY 2011-2015. <br />Table B-8 <br />The revised plan described in this supplemental analysis () assumes no debt will be issued by <br />EUG in the next five (5) years. Since debt financed projects are not scheduled to be undertaken, EUG <br />will be capable of enhancing its reserve balances for its Operating & Maintenance Reserve Fund as well <br />as Operating and Capital Reserve Fund. As presented, contributions to this fund are expected to range <br />from approximately $750,000 to $290,000 during this period. Increasing the available balance in the <br />Operating and Capital Reserve Fund could enable EUG to pursue cash-only projects in Years 6-10 of its <br />Capital Improvement Plan and forgo issuance of debt for projects. In addition, continuation of accruing <br />two (2) months of operating fund reserves in the O&M Reserve Fund enables EUG to be positioned for <br />uncertain economic conditions. <br />Table B-8 <br />Eugene Airport <br />Master Plan Update <br />PROJECTED AIRPORT CASH FLOW FROM OPERATING ACTIVITIES <br />Projected <br />20112012201320142015 <br />CASH FLOW - OPERATING ACTIVITIES <br />Airport Revenue$7,287,657$7,471,922$7,661,240$7,855,755$8,055,614 <br />Operating Expense 6,591,254 6,854,073 7,128,429 7,414,870 7,713,976 <br />Net Revenue$696,403$617,849$532,812$440,885$341,638 <br /> Deposit to O&M Reserve Fund 52,385 (43,803) (45,726) (47,740) (49,851) <br /> Deposit to Operating and Capital Reserve Fund$748,788$574,045$487,086$393,145$291,787 <br />Source: Mead & Hunt, Inc. <br />B-13 <br />Eugene Airport Master Plan Update <br />(February 2010) <br /> <br />