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Home My WebLink About11-18-2014 Regular MeetingMinutes of the Fairhope Airport Authority November 18, 2014 The Fairhope Airport Authority met Tuesday, November 18, 2014 at 4:30PM in the Delchamps Suite, Room 1, in the Civic Center at 161 N Section St. Present: Charles Zunk, Chairman; other members present: Pam Caudill, Joe McEnerney, and Rod Platt. Charlie Bassett and Jack Burrell were absent. Present also was David Bagwell, Attorney, and Bill Ross of Continental Motors. Cynthia A Boothe took the minutes. The minutes of the October 21, 2014 meeting were considered and approved on a motion by Pam Caudill, second by Joe McEnerney and unanimously carried. Resolution and Certification for FY2015 AIP Grant: Although not on the original agenda Charles Zunk asked for a motion to add this item. A motion was made by Rod Platt, second by Pam Caudill and unanimously carried. Charles Zunk stated that this item is a preliminary grant notification which states that the Airport Authority authorizes its Chairman, Charles R. Zunk, to make application for a grant for Drainage Improvement Phase I and Construction of East Terminal Area Phase II. Total project cost is expected to be $922,000.00, with $829,800.00 (90%) funded by the FAA, $46,100.00 (5%) funded by,ALDOT, and the final $46,100.00 (5%) to be provided by the Airport Authority. David Bagwell, Attorney for the Airport Authority, stated that in his opinion that the Airport Authority is authorized to commit to the agreement and Joe McEnerney stated that the Authority has the funds to set aside for the 5% that the Airport Authority will be required to provide. A motion to approve the resolution was made by Rod Platt, second by Pam Caudill, and after discussion by the group was unanimously carried. Revision of fuel farm policy: Charles Zunk stated that on March 18, 2014 a resolution was passed by the Airport Authority stating that no private corporate fuel farms would be allowed at the Sonny Callahan Airport at this time. The FAA has notified the Authority that they feel that this policy is in error and that there might be circumstances that would allow permission for a private fuel farm provided that Airport Authority guidelines were followed. A motion to rescind the resolution of March 18, 2014 was made by Rod Platt, second by Pam Caudill and after a group discussion it was unanimously carried. Update on "The Academy": Charles Zunk stated that all of the basic construction is expected to be finished by the end of November and that the schools will then be able to install equipment that will allow them to be open for the winter term. Update on the FBO Lease: Charles Zunk stated that the new lease for the FBO has been signed with Continental Motors and became effective on November 1, 2014. Update on FY2014 All? Grant construction: Charles Zunk stated that there is some construction activity beginning and as soon as the ADEM permit is issued that the contractor will have 60 days to complete the construction. Update on two pending land sales: Charles Zunk stated that the land being sold for the conservation easement has been approved by the Planning & Zoning Commission and the new plat has been signed. The closing for the sale should be within the next week or two. The property being sold to Hy -Grade Valve does not require the approval of the Planning & Zoning Commission and will only need a plat adjustment to be made. The sale for this property should be complete within the next couple of weeks. Discussion of June, 2015 Air Race Classic: Charles Zunk stated that the all ladies Air Race Classic will have its final stop at the Fairhope airport starting June 24, 2015 with all planes due in by 5:OOPM on June 25, 2015. There is an estimated 55 entries expected to participate. The last stop before Fairhope will be in Gadsden, AL so ALDOT would like to use this opportunity to help promote general aviation in the state of Alabama so Pam Caudill has volunteered to lead the effort to help coordinate between Fairhope, Gadsden, the City of Fairhope, and Continental Motors for the race activities. Bill Ross stated that Continental Motors plans to have activities starting with a hangar party after all planes arrive at 5:OOPM on the 25th, aircraft inspections on Friday the 26th, a breakfast meeting on the morning of the 27th and an awards dinner on the evening of the 27th. Bill also stated that they would like to have a mini "learn to fly day' and possible other activities and vendors to help promote aviation. The group also discussed inviting city and state officials and possibly other dignitaries to attend. Treasurer's report: Joe McEnerney stated that the yearend adjustments have not yet been made so he does not have the final yearend numbers yet. There being no further business, the meeting was adjourned �t 5:21PM. c�� CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTWIDE FINANCIAL STATEMENTS MEASUREMENT FOCUS - ECONOMIC RESOURCES ACCRUAL BASIS OF ACCOUNTING MONTH ENDING OCTOBER 31, 2014 DOES NOT INCLUDE YEAR END ADJUSTMENTS (CD 9/30/2014 BALANCE SHEET ENDING BALANCE ASSETS CHECKING ACCOUNT _ FNB CERTIFICATE OF DEPOSIT _ CITIZEN'S CERTIFICATE OF DEPOSIT 103,487.84 FNB CONSTRUCTION ACCOUNT 103,180.37 PNC OPERATING ACCOUNT 360,940.34 PNC CONSTRUCTION ACCOUNT 44,988.09 BBVA-ACADEMY MONEY MARKET 639,013.77 BBVA-ACADEMY CONSTR ACCOUNT 101,592.56 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 24,045,103.45 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 625,249.59 INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 12,254,440.43 NET EARNINGS 25,413.43 TOTAL LIABILITIES AND CAPITALIZATION 24,045,103.45 INCOME STATEMENT CURRENT MONTH YEAR TO DATE REVENUES FUEL SALES 630.28 630.28 CITY OF FAIRHOPE APPROPRIATION 34,386.00 34,386.00 T HANGER RENT 4,160.00 4,160.00 PUBLIC SAFETY RENT - - FBO CONTINENTAL/OFFICE RENT 7,350.00 7,350.00 FAIRHOPE AIRPORT ACADEMY LOC - - INTEREST INCOME 50.19 50.19 FAA GRANT - - TOTAL REVENUES 46,576.47 46,576.47 EXPENSES INSURANCE - - PROPERTY TAX - - TRAVEL/DUES/MEETINGS - - BANK FEES 94.89 94.89 LEGAL 2,660.00 2,660.00 PROFESSIONAL SERVICES 2,521.39 2,521.39 OFFICE AND GENERAL 113.57 113.57 SUPPLIES - - MAINTENANCE 4,150.00 4,150.00 EQUIPMENT MAINTENANCE - - FAIRHOPE AIRPORT ACADEMY EXPENSE - MISCELLANEOUS - - INTEREST EXPENSE 10,581.65 10,581.65 ELECTRICITY 1,041.54 1,041.54 TOTAL EXPENSES 21,163.04 21,163.04 NET EARNINGS 25,413.43 25,413.43 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 OCTOBER 31, 2014 DOES NOT INCLUDE YEAR END ADJUSTMENTS IcD- 9/30/2014 BALANCE SHEET ENDING BALANCE ASSETS CHECKING ACCOUNT - FNB CERTIFICATE OF DEPOSIT - CITIZEN'S CERTIFICATE OF DEPOSIT 103,487.84 FNB CONSTRUCTION ACCOUNT 103,180.37 PNC OPERATING ACCOUNT 360,940.34 PNC CONSTRUCTION ACCOUNT 44,988.09 BBVA-ACADEMY MONEY MARKET 639,013.77 BBVA-ACADEMY CONSTR ACCOUNT 101,592.56 FAA PROJECT 170.00 TOTAL ASSETS 1,353,372.97 LIABILITIES DEFERRED RENT 2,700,000.00 FUND BALANCE AND NET EARNINGS FUND BALANCE (1,372,040.46) NET EARNINGS 25,413.43 TOTAL LIABILITIES AND NET EARNINGS 1,353,372.97 INCOME STATEMENT CURRENT MONTH YEAR TO DATE REVENUES FUEL SALES 630.28 630.28 CITY OF FAIRHOPE APPROPRIATION 34,386.00 34,386.00 T HANGER RENT 4,160.00 4,160.00 PUBLIC SAFETY RENT - - FBO CONTINENTAUOFFICE RENT 7,350.00 7,350.00 FAIRHOPE AIRPORT ACADEMY LOC - - INTEREST INCOME 50.19 50.19 FAA GRANT - - TOTAL REVENUES 46,576.47 46,576.47 EXPENSES INSURANCE - - PROPERTY TAX - TRAVEL/DUES/MEETINGS - - BANK FEES 94.89 94.89 LEGAL 2,660.00 2,660.00 PROFESSIONAL SERVICES 2,521.39 2,521.39 OFFICE AND GENERAL 113.57 113.57 SUPPLIES - - MAINTENANCE 4,150.00 4,150.00 EQUIPMENT MAINTENANCE - - FAIRHOPE AIRPORT ACADEMY EXPENSE - - MISCELLANEOUS - - INTEREST EXPENSE BOND ISSUE EXPENSE - - ELECTRICITY 1,041.54 1,041.54 CAPITAL PURCHASES -LAND CAPITAL IMPROVEMENTS DEBT SERVICE -INTEREST 10,581.65 10,581.65 DEBT SERVICE -PRINCIPAL PAYMENT - TOTAL EXPENSES 21,163.04 21,163.04 NET EARNINGS 25,413.43 25,413.43 ADJUSTMENT OF NET EARNINGS TO NET CASH FLOW Net Earnings for the month ended Oct 31, 2014, before adjustment $ 25,413.43 25,413.43 Adjustment for expenditures related to Airport Academy - - Adjustment for expenditures related to the use of the Airport's line of credit - - Net cash flow for the month ended Oct 31, 2014 $ 25,413.43 $ 25,413.43 Jill Cabaniss, Finance Director 12/31/2014