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Spokane Airports SPOKANE AIRPORT BOARD Spokane, Washington ii i ii i COMPREHENSIVE ANNUAL FINANCIAL STATEMENTS FOR THE YEARS ENDING DECEMBER 31, 2015 & 2014 Prepared By Dave Armstrong, CPA, Finance Director Charlie Pflieger, CPA, Accounting Manager Sherrie Rydbom, Accounting Analyst With the assistance of the Finance Department Spokane, Washington ii TABLE OF CONTENTS INTRODUCTORY SECTION Transmittal Letter ................................................................................................................................. 1-11 GFOA Certificate of Achievement ........................................................................................................... 12 Spokane Airport Board ............................................................................................................................ 13 Organizational Chart ............................................................................................................................... 14 FINANCIAL SECTION Independent Auditor’s Report .................................................................................................................. 15-17 Management Discussion and Analysis ................................................................................................... 18-27 Statement of Net Position .................................................................................................................... 28-29 Statement of Revenues, Expenses, and Changes in Net Position ..................................................... 30-31 Statements of Cash Flows .................................................................................................................. 32-33 Notes to the Financial Statements ....................................................................................................... 34-67 Note 1 Significant Accounting Policies ........................................................................................ 34-41 Note 2 Cash and Investments ..................................................................................................... 41-44 Note 3 Receivable from Government Agencies ............................................................................... 44 Note 4 Inventory ............................................................................................................................... 44 Note 5 Change in Capital Assets ................................................................................................ 44-45 Note 6 Long-Term Debt............................................................................................................... 46-50 Note 7 Operating Leases ................................................................................................................. 50 Note 8 Pension and Benefit Plans .............................................................................................. 50-63 Note 9 Deferred Compensation .................................................................................................. 63-64 Note 10 Rental Income under Operating Leases .............................................................................. 64 Note 11 Related Party Leases .................................................................................................... 64-65 Note 12 Environmental Liability ........................................................................................................ 65 Note 13 Contingencies and Commitments .................................................................................. 65-66 Note 14 Grants ................................................................................................................................. 66 Note 15 Net Position ........................................................................................................................ 66 Note 16 Risk Management .......................................................................................................... 66-67 Note 17 Subsequent Events ............................................................................................................ 67 i REQUIRED SUPPLEMENTAL INFORMATION State Sponsored Pension Plans ........................................................................................................ 68-69 Other Postemployment Health Care Benefits .................................................................................... 70-71 STATISTICAL SECTION Statistical Information Groups ....................................................................................................................... 72 Financial Trends Statement of Net Position ............................................................................................................... 73-74 Combining Statement of Revenues, Expenses, and Changes in Net Position ................................ 75-76 Statement of Revenues, Expenses, and Changes in Net Position – SIA ......................................... 77-78 Statement of Revenues, Expenses, and Changes in Net Position – Airport Business Park .............. 79-80 Statement of Revenues, Expenses, and Changes in Net Position – Felts Field ................................ 81-82 Revenue Capacity Principal Revenue Sources ............................................................................................................ 83-84 Principal Revenue Payers .............................................................................................................. 85-86 Rates and Charges ........................................................................................................................ 87-88 Operating Information Capital Assets and Other Airport Information ....................................................................................... 89 Number of Employees by Department ................................................................................................ 90 Enplanements, Deplanements, Cargo, and Operations by Carrier ................................................. 91-92 Schedule of Passenger Facility Charges Collected and Used ...................................................... 93-94 Passenger Facility Projects by Application ...................................................................................... 95-96 Debt Capacity Ratio of Outstanding Debt by Type ................................................................................................. 97-98 Pledged Revenue Coverage – SIA and Felts Field ........................................................................ 99-100 Pledged Revenue Coverage – Airport Business Park ................................................................. 101-102 Demographic and Economic Information Principal Employers .......................................................................................................................... 103 Population, Personal Income, Per Capita, and Unemployment ......................................................... 104 REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORING AND ON COMPLIANCE AND MATTER Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ......................................................................................................................... 105-106 ii INTRODUCTORY SECTION Spokane International Airport B U S I N E S S P A R K A N D F E L T S F I E L D 9000 W. AIRPORT DR., SUITE 204 SPOKANE, WA 99224 (509) 455-6455FAX (509) 624-6493 www.spokaneairports.net June 3, 2016 To the Spokane Airport Board: The Comprehensive Annual Financial Report (CAFR) of the Spokane Airport Board (Board) for the fiscal year ended December 31, 2015 is hereby submitted. Responsibility for the accuracy of the data, completeness, and fairness of the presentation, including all disclosures, of the report rests with the Airport management. To the best of our knowledge and belief, the enclosed information is accurate and complete in all material respects and reported in a manner designed to present fairly the financial position, results of operations, and cash flows in accordance with Generally Accepted Accounting Principles (GAAP) as promulgated by the Government Accounting Standards Board (GASB). GAAP requires management to provide a narrative overview and analysis to accompany the financial statements in the form of a Management’s Discussion and Analysis (MD&A). The MD&A summarizes the Statement of Net Position along with the Statement of Revenues, Expenses and Changes on Net Position as well as comparing the current year to prior years. This introductory letter should be read in conjunction with the MD&A, which can be found immediately following the report of the independent auditors in the financial section of the CAFR. The independent auditor, Moss Adams, LLP, has rendered an unmodified opinion that the financial statements for the year ended December 31, 2015, present fairly, in all material respects, the financial position, changes in net position and cash flows. Moss Adams also rendered an unmodified opinion regarding the Passenger Facility Charge program in a separate report. The Washington State Auditor’s Office (SAO) performs the Federal single audit of all federally funded grant programs. Participation in the single audit program is mandatory as a condition for continued funding eligibility. The SAO also performs an Accountability Audit consisting of an examination of compliance and the safeguarding of public resources. These results of these
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