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Home My WebLink About12-16-2014 Regular MeetingMinutes of the Fairhope Airport Authority December 16, 2014 The Fairhope Airport Authority met Tuesday, December 16, 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, Charlie Bassett, Rod Platt and Jack Burrell. Present also was David Bagwell, attorney. Cynthia A Boothe took the minutes. The minutes of the November 18, 2014 meeting were considered and approved on a motion by Pam Caudill, second by Rod Platt with Charlie Bassett and Jack Burrell abstaining. Discussion and resolution regarding RFP process for two corporate hangar pads: Charles Zunk presented a diagram showing a proposal for two corporate hangar pads and fuel farms for two prospective tenants. He is in the process of drafting an RFP for a ground lease based on a rate per square foot of space used. After a group discussion a resolution was proposed to allow Charles Zunk as Chairman of the Authority to go forward with the RFP process, receive bids and execute the contracts. With a motion by Charlie Bassett and second by Pam Caudill it was unanimously passed. Discussion and resolution regarding Landlord's Waiver request: Charles Zunk went over the Landlord's Waiver request by Regions Bank to make it easier for Continental Motors to negotiate any loans needed for their future use while they are the FBO at the airport with the exception of the fuel farm. After a discussion by the group a resolution was proposed to go forward with the waiver request and with a motion made by Joe McEnerney and a second by Rod Platt it was unanimously passed. Discussion of June 2015 Air Race Classic: Pam Caudill stated that she met with Robin of Continental Motors and went over the plans that have been made for the Air Race. The race will include approximately 110 racers and they have already made arrangements for them to stay at the Hampton Inn and also the Holiday Inn. Several activities have already been scheduled and they will also be contacting various girls clubs to participate in some of the scheduled activities. She will be meeting with the terminus committee involved with the race during the second week of January and will have a more definite schedule of activities to present at the next meeting. Update on "The Academy": Charlie Bassett stated that the Academy should be ready to open in January 2015. The City will be making final inspections in the next few days and that the schools have already started to move in furniture and equipment. Update on FY2014 All) Grant Construction: Charles Zunk stated that the contractor is making good progress with the project and that the drains have been delivered and will be installed soon. Update on two pending land sales: Charles Zunk stated that the final details of the land sales are almost complete and they should be closing shortly. Treasurer's report: Joe McEnerney stated that it is correct but does not yet show the yearend audit adjustments. He also stated that $140,000.00 was spent on Academy expenses. There being no further business, the meeting was adjourned at 5:17PM. ell CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTAL FUNDS FINANCIAL STATEMENTS MEASUREMENT FOCUS - CURRENT FINANCIAL RESOURCES MODIFIED ACCRUAL BASIS OF ACCOUNTING MONTH ENDING SEPTEMBER 30, 2014 AUDITED BALANCE SHEET ASSETS CHECKING ACCOUNT FNB CERTIFICATE OF DEPOSIT CITIZEN'S CERTIFICATE OF DEPOSIT FNB CONSTRUCTION ACCOUNT PNC OPERATING ACCOUNT PNC CONSTRUCTION ACCOUNT BBVA-ACADEMY MONEY MARKET BBVA-ACADEMY CONSTR ACCOUNT FAA PROJECT TOTALASSETS LIABILITIES DEFERRED RENT FUND BALANCE AND NET EARNINGS FUND BALANCE NET EARNINGS TOTAL LIABILITIES AND NET EARNINGS INCOME STATEMENT 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 TOTALREVENUES ENDING BALANCE 103,466.55 103,167.23 332,996.40 47, 544.61 639,012.01 101,602.74 170.00 1,327,959.54 2,632,500.00 705,896.91 (2,010,437.37) 1,327, 959.54 CURRENT MONTH YEAR TO DATE 630.96 9,253.36 104,416.66 510,500.00 6,263.30 58,732.00 573.30 6,879.60 7,350.00 88,200.00 57.55 9,223.77 - 6,215.00 119,291.77 689,003.73 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 - - 664.48 1,059.22 11,098.93 6,874.76 2,064,045.98 10,590.79 129,523.21 - 255,000.00 TOTAL EXPENSES 139,255.40 2,699,441.10 NET EARNINGS (19,963.63) (2,010,437.37) ADJUSTMENT OF NET EARNINGS TO NET CASH FLOW Net Earnings for the month ended Sept 30, 2014, before adjustment 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 Sept 30, 2014 $ (19,963.63) (2,010,437.37) 113,844.59 - $ 93,880.96 $ (2,010,437.37) Jill Cabaniss, Finance Director 1 /20/2015 CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTWIDE FINANCIAL STATEMENTS MEASUREMENT FOCUS - ECONOMIC RESOURCES ACCRUAL BASIS OF ACCOUNTING MONTH ENDING SEPTEMBER 30, 2014 AUDITED BALANCE SHEET ASSETS CHECKING ACCOUNT FNB CERTIFICATE OF DEPOSIT CITIZEN'S CERTIFICATE OF DEPOSIT FNB CONSTRUCTION ACCOUNT PNC OPERATING ACCOUNT PNC CONSTRUCTION ACCOUNT BBVA-ACADEMY MONEY MARKET BBVA-ACADEMY CONSTR ACCOUNT FAA PROJECT LAND AND CONSTRUCTION IN PROGRESS CAPITAL IMPROVEMENTS ACCUMULATED DEPRECIATION DEFERRED EXPENSE - BOND ISSUE TOTAL ASSETS LIABILITIES 2010 PNC LOAN-DEFEASE 2007 ALLIED IRISH LETTER OF CREDIT DEFERRED INFLOWS OF RESOURCES SERVICE CONCESSION ARRANGEMENT REVENUE APPLICABLE TO FUTURE YEARS NET POSITION RETAINED EARNINGS INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT NET EARNINGS TOTAL LIABILITIES AND CAPITALIZATION INCOME STATEMENT CURRENT MONTH REVENUES FUEL SALES 630.96 CITY OF FAIRHOPE APPROPRIATION 104,416.66 T HANGER RENT 6,263.30 PUBLIC SAFETY RENT 573.30 FBO CONTINENTAL/OFFICE RENT 7,350.00 FAIRHOPE AIRPORT ACADEMY LOC - INTEREST INCOME 57.55 FAA GRANT - TOTAL REVENUES 119,291.77 EXPENSES INSURANCE PROPERTY TAX TRAVEL/DUES/MEETINGS BANK FEES LEGAL PROFESSIONAL SERVICES OFFICE AND GENERAL SUPPLIES MAINTENANCE EQUIPMENT MAINTENANCE FAIRHOPE AIRPORT ACADEMY EXPENSE ANNUAL DEPRECIATION EXPENSE MISCELLANEOUS INTEREST EXPENSE ELECTRICITY 92.50 2,380.00 113.54 4,300.00 113 844 59 ENDING BALANCE 103,466.55 103,167.23 332,996.40 47,544.61 639,012.01 101,602.74 170.00 13,125, 920.44 14,440,600.75 (3,353,681.96) 25,540,798.77 8,440,000.00 2,632,500.00 (1,380,962.58) 15,772,839.00 76,422.35 25,540,798.77 YEAR TO DATE 9,253.36 510,500.00 58,732.00 6,879.60 88,200.00 9,223.77 6,215.00 689,003.73 30,938.00 3,288.44 925.81 24,583.00 102,151.58 3,924.18 1,427.90 71, 869.59 232,186.26 664.48 10,590.79 129,523.21 1,059.22 11,098.93 TOTAL EXPENSES 132,380.64 612,581.38 NET EARNINGS (13,088.87) 76,422.35 Jill Cabaniss, Finance Director 1 /20/2015 CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTAL FUNDS FINANCIAL STATEMENTS MEASUREMENT FOCUS - CURRENT FINANCIAL RESOURCES MODIFIED ACCRUAL BASIS OF ACCOUNTING MONTH ENDING DECEMBER 31, 2014 INCLUDES SEPT'14 AUDIT ADJUSTMENTS BALANCE SHEET ASSETS CHECKING ACCOUNT FNB CERTIFICATE OF DEPOSIT CITIZEN'S CERTIFICATE OF DEPOSIT FNB CONSTRUCTION ACCOUNT PNC OPERATING ACCOUNT PNC CONSTRUCTION ACCOUNT BBVA-ACADEMY MONEY MARKET BBVA-ACADEMY CONSTR ACCOUNT FAA PROJECT TOTAL ASSETS LIABILITIES DEFERRED RENT FUND BALANCE AND NET EARNINGS FUND BALANCE NET EARNINGS TOTAL LIABILITIES AND NET EARNINGS INCOME STATEMENT REVENUES FUEL SALES CITY OF FAIRHOPE APPROPRIATION T HANGER RENT PUBLIC SAFETY RENT FBO CONTINENTAL/OFFICE RENT FAIRHOPE AIRPORT ACADEMY LOC INTEREST INCOME SALE OF ASSETS MISCELLANEOUS INCOME FAA GRANT EXPENSES INSURANCE PROPERTY TAX TRAVEUDUES/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 TOTALREVENUES ENDING BALANCE 103,531.15 31,552.87 410,699.92 339,160.84 139,012.28 217,641.57 170.00 1,241,768.63 2,632,500.00 (1,304,540.46) (86,190.91) 1,241,768.63 CURRENT MONTH YEAR TO DATE 1,675.80 2,940.76 34,386.00 103,158.00 (4,000.00) 800.00 601.97 1,203.94 12,750.00 32,850.00 41.11 142.31 260,000.00 260,000.00 10,000.00 10,000.00 31,687.00 31,687.00 347,141.88 442,782.01 88.27 276.98 2,575.00 8,070.00 79,309.04 89,274.11 113.56 338.32 4,505.00 12,055.00 243,430.92 383,925.64 1,111.62 3,286.51 10,597.13 31,746.36 TOTAL EXPENSES 341,730.54 528,972.92 NET EARNINGS 5,411.34 (86,190.91) ADJUSTMENT OF NET EARNINGS TO NET CASH FLOW Net Earnings for the month ended Dec 31, 2014, before adjustment Adjustment for expenditures related to Airport Academy $ 5,411.34 (86,190.91) 243,430.92 383,925.64 Jill Cabaniss, Finance Director 1 /20/2015 CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTWIDE FINANCIAL STATEMENTS MEASUREMENT FOCUS - ECONOMIC RESOURCES ACCRUAL BASIS OF ACCOUNTING MONTH ENDING DECEMBER 31, 2014 INCLUDES SEPT'14 AUDIT ADJUSTMENTS BALANCE SHEET ENDING BALANCE ASSETS CHECKING ACCOUNT FNB CERTIFICATE OF DEPOSIT _ CITIZEN'S CERTIFICATE OF DEPOSIT 103,531.15 FNB CONSTRUCTION ACCOUNT 31,552.87 PNC OPERATING ACCOUNT 410,699.92 PNC CONSTRUCTION ACCOUNT 339,160.84 BBVA-ACADEMY MONEY MARKET 139,012.28 BBVA-ACADEMY CONSTR ACCOUNT 217,641.57 FAA PROJECT 170.00 LAND AND CONSTRUCTION IN PROGRESS 13,125,920.44 CAPITAL IMPROVEMENTS 14,440,600.75 ACCUMULATED DEPRECIATION (3,353,681.96) DEFERRED EXPENSE - BOND ISSUE TOTAL ASSETS 25,454,607.86 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 2,632,500.00 NET POSITION RETAINED EARNINGS 1,014,505.52 INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 13,453,793.25 NET EARNINGS (86,190.91) TOTAL LIABILITIES AND CAPITALIZATION 25,454,607.86 INCOME STATEMENT CURRENT MONTH YEAR TO DATE REVENUES FUEL SALES CITY OF FAIRHOPE APPROPRIATION T HANGER RENT PUBLIC SAFETY RENT FBO CONTINENTAUOFFICE RENT FAIRHOPE AIRPORT ACADEMY LOC INTEREST INCOME SALE OF ASSETS MISCELLANEOUS INCOME FAA GRANT EXPENSES INSURANCE PROPERTY TAX TRAVEUDUES/MEETINGS BANK FEES LEGAL PROFESSIONAL SERVICES OFFICE AND GENERAL SUPPLIES MAINTENANCE EQUIPMENT MAINTENANCE FAIRHOPE AIRPORT ACADEMY EXPENSE MISCELLANEOUS INTEREST EXPENSE ELECTRICITY 1,675.80 2,940.76 34,386.00 103,158.00 (4,000.00) 800.00 601.97 1,203.94 12,750.00 32,850.00 41.11 142.31 260,000.00 260,000.00 10,000.00 10,000.00 31,687.00 31,687.00 TOTAL REVENUES 347,141.88 442,782.01 88.27 276.98 2,575.00 8,070.00 79,309.04 89,274.11 113.56 338.32 4,505.00 12,055.00 243,430.92 383,925.64 10,597.13 31,746.36 1,111.62 3,286.51 TOTAL EXPENSES 341,730.54 528,972.92 NET EARNINGS 5,411.34 (86,190.91) Jill Cabaniss, Finance Director 1 /20/2015