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Home My WebLink About10-21-2014 Regular MeetingMinutes of the Fairhope Airport Authority October 21, 2014 The Fairhope Authority met Tuesday, October 21, 2014 at 4:30PM in the Delchamps Suite, Room 2, in the Civic Center at 161 N Section St. Present: Charles Zunk, Chairman; other members present: Pam Caudill, Joe McEnerney, Rod Platt, and Jack Burrell. Charlie Bassett was absent. Present also was David Bagwell, Attorney, and Bill Ross of Continental Motors. Cynthia A Boothe took the minutes. The minutes of the September 16, 2014 meeting were considered and approved on a motion by Rod Platt, second by Joe McEnerney and unanimously carried. The minutes of the September 30, 2014 special meeting were considered and approved on a motion by Pam Caudill, second by Rod Platt and unanimously carried. Update on The Academy: Charles Zunk stated that construction work on The Academy is going well and more quickly now and should be completed soon. Update on FBO lease: Charles Zunk stated that he and Rod Platt met with the FAA and ALDOT about the lease and after a few suggestions to clarify some of the language in the lease the revision was sent to Continental Motors for review and after they approved the revisions the new lease was signed. Update on PNC Agreement and Consent: Charles Zunk stated that PNC has accepted all the changes to the agreement concerning the recent land sales. Update on FY2014 AIP Grant construction: Charles Zunk stated that having received the money from the state and federal grants that it should take about 30 days to complete the permitting process and after the contractor begins construction it should take about 60 days to complete the dirt work. Update on two pending land sales: Charles Zunk stated that the sale of land for the stream mitigation for a conservation easement was approved by the Planning & Zoning Commission with only a few staff recommendations to take care of to complete the sale. Treasurer's Report: Joe McEnerney stated that $113,000.00 was used on Academy expenses last month and that normal year-end adjustments were being made to the financial statements ending 9-30-2014. , There being no further business, the meeting was adjourned at 4:57PM. CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTWIDE FINANCIAL STATEMENTS MEASUREMENT FOCUS - ECONOMIC RESOURCES ACCRUAL BASIS OF ACCOUNTING MONTH ENDING SEPTEMBER 30, 2014 PRELIMINARY - UNADJUSTED AND UNAUDITED BALANCE SHEET ENDING BALANCE ASSETS CHECKING ACCOUNT _ FNB CERTIFICATE OF DEPOSIT _ CITIZEN'S CERTIFICATE OF DEPOSIT 103,466.55 FNB CONSTRUCTION ACCOUNT 103,167.23 PNC OPERATING ACCOUNT 332,996.40 PNC CONSTRUCTION ACCOUNT 47,544.61 BBVA-ACADEMY MONEY MARKET 639,012.01 BBVA-ACADEMY CONSTR ACCOUNT 101,602.74 FAA PROJECT 170.00 LAND AND CONSTRUCTION IN PROGRESS 11,061,874.46 CAPITAL IMPROVEMENTS 14,728,120.72 ACCUMULATED DEPRECIATION (3,121,495.70) DEFERRED EXPENSE - BOND ISSUE 23,231.00 TOTAL ASSETS 24,019,690.02 LIABILITIES 2010 PNC LOAN-DEFEASE 2007 ALLIED IRISH LETTER OF CREDIT 8,440,000.00 DEFERRED INFLOWS OF RESOURCES SERVICE CONCESSION ARRANGEMENT REVENUE APPLICABLE TO FUTURE YEARS 2,700,000.00 NET POSITION RETAINED EARNINGS 2,160,670.43 INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 12,254,440.43 NET EARNINGS (1,535,420.84) TOTAL LIABILITIES AND CAPITALIZATION 24,019,690.02 INCOME STATEMENT CURRENT MONTH YEAR TO DATE REVENUES FUEL SALES CITY OF FAIRHOPE APPROPRIATION T HANGER RENT PUBLIC SAFETY RENT FBO CONTINENTAL/OFFICE RENT FAIRHOPE AIRPORT ACADEMY LOC INTEREST INCOME FAA GRANT EXPENSES INSURANCE PROPERTY TAX TRAVEL/DUES/MEETINGS BANK FEES LEGAL PROFESSIONAL SERVICES OFFICE AND GENERAL SUPPLIES MAINTENANCE EQUIPMENT MAINTENANCE FAIRHOPE AIRPORT ACADEMY EXPENSE MISCELLANEOUS INTEREST EXPENSE ELECTRICITY TOTALREVENUES 630.96 9,253.36 36,916.66 443,000.00 6,263.30 58,732.00 573.30 6,879.60 7,350.00 88,200.00 57.55 9,223.77 6,215.00 51,791.77 621,503.73 30,938.00 3,288.44 92.50 925.81 2,380.00 24,583.00 - 102,151.58 113.54 3,924.18 - 1,427.90 4,300.00 71,869.59 113,844.59 1,776,529.45 - 664.48 10,590.79 129,523.21 1,059.22 11,098.93 TOTAL EXPENSES 132,380.64 2,156,924.57 NET EARNINGS (80,588.87) (1,535,420.84) Jill Cabaniss, Finance Director 12/31/2014 CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTAL FUNDS FINANCIAL STATEMENTS MEASUREMENT FOCUS - CURRENT FINANCIAL RESOURCES MODIFIED ACCRUAL BASIS OF ACCOUNTING MONTH ENDING SEPTEMBER 30, 2014 BALANCE SHEET ENDING BALANCE ASSETS CHECKING ACCOUNT FNB CERTIFICATE OF DEPOSIT CITIZEN'S CERTIFICATE OF DEPOSIT 103,466.55 FNB CONSTRUCTION ACCOUNT 103,167.23 PNC OPERATING ACCOUNT 332,996.40 PNC CONSTRUCTION ACCOUNT 47,544.61 BBVA-ACADEMY MONEY MARKET 639,012.01 BBVA-ACADEMY CONSTR ACCOUNT 101,602.74 FAA PROJECT 170.00 TOTAL ASSETS 1,327,959.54 LIABILITIES DEFERRED RENT 2,700,000.00 FUND BALANCE AND NET EARNINGS FUND BALANCE 705,896.91 NET EARNINGS (2,077,937.37) TOTAL LIABILITIES AND NET EARNINGS 1,327,959.54 INCOME STATEMENT CURRENT MONTH YEAR TO DATE REVENUES FUEL SALES CITY OF FAIRHOPE APPROPRIATION T HANGER RENT PUBLIC SAFETY RENT FBO CONTINENTAL/OFFICE RENT FAIRHOPE AIRPORT ACADEMY LOC INTEREST INCOME FAA GRANT EXPENSES INSURANCE PROPERTY TAX TRAVEL/DUES/MEETINGS BANK FEES LEGAL PROFESSIONAL SERVICES OFFICE AND GENERAL SUPPLIES MAINTENANCE EQUIPMENT MAINTENANCE FAIRHOPE AIRPORT ACADEMY EXPENSE MISCELLANEOUS INTEREST EXPENSE BOND ISSUE EXPENSE ELECTRICITY CAPITAL PURCHASES -LAND CAPITAL IMPROVEMENTS DEBT SERVICE -INTEREST DEBT SERVICE -PRINCIPAL PAYMENT 630.96 9,253.36 36,916.66 443,000.00 6,263.30 58,732.00 573.30 6,879.60 7,350.00 88,200.00 57.55 9,223.77 - 6,215.00 TOTAL REVENUES 51,791. 77 621,503.73 30,938.00 3,288.44 92.50 925.81 2,380.00 24,583.00 - 102,151.58 113.54 3,924.18 - 1,427.90 4,300.00 71,869.59 113, 844.59 1, 776, 529.45 - 664.48 1,059.22 11,098.93 6,874.76 287,516.53 10,590.79 129,523.21 - 255,000.00 TOTAL EXPENSES 139,255.40 2,699,441.10 NET EARNINGS (87,463.63) (2,077,937.37) ADJUSTMENT OF NET EARNINGS TO NET CASH FLOW Net Earnings for the month ended Sept 30, 2014, before adjustment $ (87,463.63) (2,077,937.37) Adjustment for expenditures related to Airport Academy 113,844.59 1,776,529.45 Adjustment for expenditures related to the use of the Airport's line of credit - - Net cash flow for the month ended Sept 30, 2014 $ 26,380.96 $ (301,407.92) Jill Cabaniss, Finance Director 12/31 /2014