For the Years Ended September 30, 2020 and 2019 ORLANDO, FLORIDA
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ORLANDO, FLORIDA orlandoairports.net T For the years ended September 30, 2020 and 2019 ORLANDO, FLORIDA For the years ended September 30, 2020 and 2019 Prepared by the Finance Department One Jeff Fuqua Boulevard Orlando, Florida 32827-4392 407.825.2001 | orlandoairports.net AUTHORITY BOARD AND AIRPORT MANAGEMENT Authority Board Position Carson Good Chairman Rafael E. Martinez Vice Chairman The Honorable Jerry Demings, Mayor, Orange County Treasurer The Honorable Buddy Dyer, Mayor, City of Orlando Board Member Airport Management Position Phillip N. Brown, A.A.E. Chief Executive Officer Kathleen M. Sharman Chief Financial Officer Yovannie Rodriquez Chief Administrative Officer Kathy Bond Senior Director of Human Resources and Risk Management Tom Draper Senior Director of Airport Operations Carolyn Fennell Senior Director of Public Affairs and Community Relations Victoria Jaramillo Senior Director of Marketing and Air Service Development Davin Ruohomaki Senior Director of Engineering and Construction Mark Birkebak Director of Engineering Cyrus Callum Director of General Aviation Marie Dennis Director of Finance Tianna Dumond Director of Internal Audit Brian Engle Director of Customer Experience Bradley Friel Director of Planning and Development Brian Gilliam Director of Security Marquez Griffin Director of Airport Operations Gary Hunt Director of Maintenance George Morning Director of Small Business Development Michael Patterson Director of Construction Pete Pelletier Director of Information Technology Deborah Silvers Director of Risk Management Orlando, Florida INTRODUCTORY INTRODUCTORY SECTION Table of Contents Letter of Transmittal Certificate of Achievement Organizational Chart One Jeff Fuqua Boulevard Orlando, Florida 32827-4392 Orlando, Florida 407.825.2001 | orlandoairports.net TABLE OF CONTENTS Introductory Section Letter of Transmittal ..............................................................................1 Certificate of Achievement.........................................................................6 Organizational Chart .............................................................................7 Financial Section INDEPENDENT AUDITOR’S REPORT .............................................................9 MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)...................................11 COMBINED BASIC FINANCIAL STATEMENTS Statements of Net Position as of September 30, 2020 and 2019 . 28 Statements of Revenues, Expenses and Changes in Net Position for the years ended September 30, 2020 and 2019.................................................30 Statements of Cash Flows for the years ended September 30, 2020 and 2019...........................31 Notes to Financial Statements .................................................................33 REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) Single-Employer Pension Plan Schedule of Changes in Net Pension Liability and Related Ratios............80 Single-Employer Pension Plan Schedule of Contributions . .82 Multi-Employer Pension Plan Schedule of Proportionate Share of Net Pension Liability ..................84 Multi-Employer Pension Plan Schedule of Contributions ............................................86 Single-Employer Postemployment Benefits Plan Schedule of Contributions . 88 Single-Employer Postemployment Benefits Plan Schedule of Changes in Liability and Related Ratios .......90 SUPPLEMENTAL SCHEDULES (AS OF AND FOR THE YEAR ENDED SEPTEMBER 30, 2020 UNLESS OTHERWISE INDICATED) COMBINING SCHEDULES Schedules of Net Position .....................................................................94 Schedules of Revenues, Expenses and Changes in Net Position.......................................96 Schedules of Cash Flows ......................................................................97 I For the years ended September 30, 2020 and 2019 One Jeff Fuqua Boulevard Orlando, Florida 32827-4392 407.825.2001 | orlandoairports.net TABLE OF CONTENTS Financial Section (Continued) ORLANDO INTERNATIONAL AIRPORT Schedule of Net Position .....................................................................100 Schedule of Revenues, Expenses and Changes in Net Position .......................................116 Schedules of Net Position as of September 30, 2020 and 2019. 124 Schedules of Revenues, Expenses and Changes in Net Position for the years ended September 30, 2020 and 2019 ................................................126 Schedules of Cash Flows for the years ended September 30, 2020 and 2019 ...........................127 Budgeted Revenues and Interaccount Requirements Compared to Actual (Airport Facilities Revenue Account). .129 Budgeted Expenses Compared to Actual (Airport Facilities Operations and Maintenance Account) ........130 Schedule of Operating Revenues by Source. .132 Land Acquired and Capital Projects Completed. 133 Debt Service Requirements ...................................................................135 ORLANDO EXECUTIVE AIRPORT Schedules of Net Position as of September 30, 2020 and 2019. 152 Schedules of Revenues, Expenses and Changes in Net Position for the years ended September 30, 2020 and 2019 ................................................154 Schedules of Cash Flows for the years ended September 30, 2020 and 2019 ...........................155 Budgeted Revenues and Expenses Compared to Actual ............................................157 Schedule of Operating Revenues by Source. .158 Land Acquired and Capital Projects Completed. 159 SCHEDULE OF CASH, CASH EQUIVALENTS AND INVESTMENTS .................................160 INSURANCE PROGRAM .......................................................................174 II Orlando, Florida Statistical Section (Unaudited) FINANCIAL TRENDS Total Annual Revenues, Expenses and Changes in Net Position . 178 Changes in Cash and Cash Equivalents ..........................................................180 REVENUE CAPACITY Principal Operating Revenues, Airline Rates and Charges and Cost per Enplaned Passenger...............182 DEBT CAPACITY Historical Debt Service Coverage Per Airport Facilities Revenue Bond Resolution........................184 Ratios of Outstanding Debt, Debt Service and Debt Limits . 186 Debt Service Coverage Rate Covenant–Special Purpose Facilities Taxable Revenue Note Series 2018 . 188 CFC Collections by Company...................................................................188 Principal Airport Revenue Payers ...............................................................189 DEMOGRAPHIC AND ECONOMIC INFORMATION Demographic and Economic Statistics . .190 Principal Employers Orlando–Kissimmee Metropolitan Statistical Area . 191 Visitors to Orlando–Metropolitan Statistical Area .................................................192 Shares of Total Enplanements–Largest Air Carrier Airports in Florida..................................193 OPERATING INFORMATION Historical Domestic, International and Total Enplaned Passengers ....................................194 Airline Landed Weights.......................................................................195 Market Share of Air Carriers and Cargo Airlines...................................................196 Historical Airline Market Shares Percentage of Total Passengers . .198 Takeoff and Landing Aircraft Operations–Orlando International Airport . 199 Aircraft Operations–Orlando Executive Airport . .199 Airlines Servicing the Orlando International Airport . .200 Passenger Facility Charges ....................................................................201 Airlines with Maintenance Facilities at Orlando International Airport .................................202 Primary Origination and Destination Passenger Markets............................................203 Authority Staffing Budget ....................................................................204 Airport Information..........................................................................206 III GREATER ORLANDO AVIATION AUTHORITY Orlando, Florida IV Orlando, Florida LETTER OF TRANSMITTAL February 19, 2021 Members of the Authority Greater Orlando Aviation Authority Orlando, Florida The Comprehensive Annual Financial Report (CAFR) of the Greater Orlando Aviation Authority (the “Authority”) of Orlando, Florida, for the fiscal years ended September 30, 2020 and 2019, is hereby submitted. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with management. To the best of our knowledge and belief, the presented data is accurate in all material respects and is reported in a manner that fairly presents the financial position, the results of operations of the Authority, and includes all disclosures necessary to enable the reader to gain the maximum understanding of the Authority’s financial activities. State statute, augmented by the Rules of the Florida Auditor General, requires that financial statements be presented in conformance with accounting principles generally accepted in the United States of America (GAAP) as applicable to governmental entities and audited in accordance with generally accepted auditing standards by licensed independent certified public accountants. This report serves to fulfill these requirements. In addition, pursuant to Section 12 of the Greater Orlando Aviation Authority Act, Chapter 57-1658, Special Laws of Florida, 1957, as amended, an audit of the financial statements has been completed by the Authority’s independent auditors, MSL, P. A.