FY 2020 Forecast
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FY 2020 Forecast Finance Department P.O. Box 619428 DFW Airport, Texas 75261-9428 Dallas/Fort Worth International Airport Rates, Fees, and Charges Forecast Fiscal Year 2020 TABLE OF CONTENTS 1 SUMMARY 4 DFW COST CENTER Executive Summary 1 - 2 DFW Cost Center Summary 26 Executive Summary Detail 3 - 4 5 COST ALLOCATIONS 2 AIRFIELD SERVICES COST CENTER Overhead Allocation 27 Airline Cost Summary 5 Allocation of Operating and Maintenance Expenses 28 Cost Per Enplanement 6 Joint Revenue Bond Existing Debt Service 29 Enplaned Passengers 7 - 8 Joint Revenue Bond New Debt Service 30 Airfield Cost Center Summary 9 - 10 Calculation of Airline Landing Fee 11 6 Commercial Development Business Unit Signatory Airlines Landing Weights and Fees 12 East Cargo Area Complex Detail 31 Non-signatory Airlines Landing Weights and Fees 13 Net Leased Ground Rent Detail 32 - 37 3 TERMINAL SERVICES COST CENTER Terminal Cost Center Summary 14 - 15 Terminal Leased Square Feet 16 Terminal Cost Summary 17 FIS Facility Fees 18 DFW Terminal Contribution 19 Airline Terminal Rents 20 - 21 Terminal B Management Space Rentals 22 Terminal C Management Space Rentals 23 Terminal D Management Space Rentals 24 Terminal E Management Space Rentals 25 Dallas/Fort Worth International Airport Rates, Fees, and Charges Forecast Business Units Executive Summary Fiscal Year 2020 ($000's) Increase/ 2020 Budget 2019 Budget (Decrease) 2018 Actual Airline Revenue1 $501,528 $498,372 $3,156 $458,679 Non-Airline Revenue 445,944 417,286 28,659 408,157 Total Revenue1 947,472 915,658 31,814 866,836 Total O & M Expense 529,285 496,230 33,055 464,081 Net Debt Service2 324,697 334,987 (10,291) 319,902 Total Expense & Debt Service 853,982 831,217 22,764 783,983 1 Net to DFW Capital Account $93,491 $84,440 $9,050 $82,853 1 Includes trueups and threshold adjustment. 2 See pages 29 through 30 for a breakout of Net Debt Service. 1 Dallas/Fort Worth International Airport Rates, Fees, and Charges Forecast Business Units Executive Summary Fiscal Year 2020 ($000's) Increase/ Business Units 2020 Budget 2019 Budget (Decrease) 2018 Actual Revenue Airfield Cost Center $191,795 $183,473 $8,322 $196,915 Terminal Cost Center 414,639 394,947 19,692 343,517 DFW Cost Center 411,515 386,084 25,431 375,864 Total Revenue 1,017,948 964,503 53,445 916,296 Total O & M Expense 529,285 496,230 33,055 464,081 Net Debt Service1 324,697 334,987 (10,291) 319,902 Total Expense & Debt Service 853,982 831,217 22,764 783,983 Net to DFW Capital Account before Threshold Adjustment $163,967 $133,286 $30,681 $132,314 Threshold adjustment to Airfield Cost Center 70,476 48,846 21,630 49,460 Net to DFW Capital Account $93,491 $84,440 $9,050 $82,853 1 See pages 29 through 30 for a breakout of Net Debt Service. 2 Dallas/Fort Worth International Airport Rates, Fees, and Charges Forecast Business Units Executive Summary Detail Fiscal Year 2020 ($000's) Increase/ 2020 Budget 2019 Budget (Decrease) 2018 Actual Operating Revenues Airfield Cost Center Landing Fees $108,662 $122,946 ($14,284) $149,384 Airline Bad Debt (155) (272) 117 (156) Fueling System 5,739 5,662 77 5,680 Corporate Aviation 2,837 2,781 56 2,597 Aircraft Parking 650 327 323 348 DPS 3,556 3,153 402 3,520 Other 30 30 - 14 Threshold Adjustment 70,476 48,846 21,630 49,460 Trueup from Airfield Cost Center - - - (13,933) Total Airfield Revenues 191,795 183,473 8,322 196,915 Terminal Cost Center Airline Terminal Leases 331,900 313,282 18,618 266,299 FIS Revenue 27,608 25,849 1,759 26,147 Turn Fee Revenue 32,708 35,968 (3,260) 31,012 TSA Rent 3,566 3,269 296 3,272 Catering Fee 7,539 6,653 886 7,060 Concessions O&M Reimubursement 8,096 7,146 950 7,082 DPS 2,891 2,702 189 3,017 Other 331 77 253 206 Capital Transfer to Terminal Cost Center - - - - Terminal Contribution 2,842 2,944 (102) 3,990 Trueup from Terminal Cost Center - - - (578) Total Terminal Revenue 417,481 397,890 19,590 347,507 DFW Cost Center Commercial Development 55,334 48,547 6,787 45,691 Non-Terminal Concessions 2,479 2,111 368 2,167 Rental Car Ground Rent 5,729 5,566 163 5,407 Rental Car Center % Rent 27,568 28,859 (1,291) 27,688 Utilities 6,181 5,780 401 6,178 Parking 148,012 145,507 2,505 146,462 Terminal Concessions 95,209 86,039 9,170 84,312 Taxis and Limos 33,374 29,711 3,663 23,612 Employee Transportation 18,379 16,800 1,579 17,536 DPS 1,587 1,465 122 1,635 Other 2,542 2,056 486 3,364 Terminal Contributions (2,842) (2,944) 102 (3,990) Threshold Adjustment (70,476) (48,846) (21,630) (49,460) Interest Income 15,123 13,643 1,479 11,812 Total DFW Revenue 338,197 334,295 3,902 322,414 Total Consolidated Revenue $947,472 $915,658 $31,814 $866,836 3 Dallas/Fort Worth International Airport Rates, Fees, and Charges Forecast Business Units Executive Summary Fiscal Year 2020 ($000's) Increase/ 2020 Budget 2019 Budget (Decrease) 2018 Actual EXPENSES O&M Costs Salaries and wages $168,017 $159,813 $8,204 $148,746 Benefits 78,227 74,180 4,047 74,575 Contracts 204,677 187,342 17,335 175,670 Maintenance and other supplies 24,214 23,919 295 21,245 Insurance 5,602 5,714 (111) 4,990 Utilities 27,183 25,620 1,563 26,290 General, administrative and other 8,284 9,694 (1,410) 7,938 Contingency 6,000 4,000 2,000 - Operating Reserve 7,080 5,948 1,133 4,628 Total O&M 529,285 496,230 33,055 464,081 Debt Service Existing Debt Service 243,177 253,518 (10,341) 282,917 New Debt Service 236,879 233,303 3,576 174,931 Commercial Paper 3,801 - 3,801 - RAC Debt Service 14,273 14,273 - 14,275 Hotel Debt Service 5,081 4,907 174 4,700 Gross Debt Service 503,210 506,001 (2,790) 476,823 Offsets: Capitalized Interest New Debt - 2,668 (2,668) 8,883 Interest Income (interest & sinking fund) 282 - 282 591 Debt Service 502,929 503,333 (404) 467,348 Debt Service Paid By PFC's 146,000 145,855 145 129,017 Debt Service Paid By CFC's 19,397 19,231 166 19,093 Debt Service Paid By DFW Capital Account 12,210 11,952 258 12,276 Debt Service Paid By PFIC 453 134 320 134 Net Debt Service After PFC's 324,868 326,160 (1,292) 306,829 25% Debt Coverage 124,782 125,833 (1,051) 116,837 10% Debt Coverage 380 - 380 - Coverage Balance 125,833 116,983 8,850 103,764 Incremental Coverage for Allocation (671) 8,850 (9,521) 13,073 Net Coverage for Allocation to Cost Centers (671) 8,850 (9,521) 13,073 Commercial Paper Dealer Fees 500 - 500 - Net Debt Service After PFC's 324,868 326,160 (1,292) 306,829 Total Net Debt Service 324,697 334,987 (10,290) 319,902 Total Expenses 853,982 831,217 22,764 783,983 Net to DFW Capital Account $93,491 $84,440 $9,050 $82,853 4 Dallas/Fort Worth International Airport Rates, Fees, and Charges Forecast Airline Cost Summary Fiscal Year 2020 ($000's) Increase/ 2020 Budget 2019 Budget (Decrease) 2018 Actual Airline Cost/Revenue Passenger Landing Fees $97,808 $111,663 ($13,855) $121,922 Cargo Landing Fees 10,854 11,283 (429) 13,529 Terminal Leases 331,900 313,282 18,618 265,772 FIS Fees 27,608 25,849 1,759 26,147 Turn Fees and Terminal Office Rents 32,708 35,968 (3,260) 30,960 Aircraft Parking 650 327 323 348 Total Airline Revenue/Cost $501,528 $498,372 $3,156 $458,679 5 Dallas/Fort Worth International Airport Rates, Fees, and Charges Forecast Calculation of Cost Per Enplanement (CPE) Fiscal Year 2020 ($000's) Increase/ 2020 Budget 2019 Budget (Decrease) 2018 Actual Passenger Airline Enplanements1 37,861 36,665 1,196 34,503 Passenger Airline CPE Airline Cost/Revenue $501,528 $498,372 $3,156 $458,679 Less: Cargo Landing Fees (10,854) (11,283) 429 (13,529) Total PAX Airline Revenue 490,674 487,089 3,585 445,150 CPE - Use Agreement Basis2 $12.96 $13.28 ($0.32) $12.90 1 Corporate Aviation enplanements are excluded from CPE calculation. 2 Actual rates, not in 000's. 6 Dallas/Fort Worth International Airport Rates, Fees and Charges Forecast Enplaned Passengers Fiscal Year 2020 (000's) Increase/ 2020 Budget 2019 Budget (Decrease) 2018 Actual Scheduled Passenger Airlines 1 AeroMexico 55 53 2 50 2 Air Canada 118 111 7 107 3 Air France 19 - 19 - 4 Alaska Air 232 220 12 226 5 American 25,975 24,166 1,809 23,597 6 American Eagle 6,268 6,715 (448) 5,509 7 Avianca Taca 40 24 16 23 8 Boutique Air - - - 9 9 British Airways 84 99 (15) 94 10 Cayman Airways - - - 0.1 11 Delta 1,510 1,367 143 1,303 12 Emirates 105 99 6 101 13 Etihad - - - 35 14 Frontier 232 94 138 102 15 Icelandair - 30 (30) 9 16 Interjet 65 58 6 58 17 Japan Airlines 65 62 3 56 18 JetBlue 80 94 (14) 89 19 Korean Air 55 56 (1) 53 20 Lufthansa 81 81 1 77 21 Public Charters - 5 (5) 3 22 Qantas 110 124 (15) 111 23 Qatar 90 102 (12) 95 24 Southern Airway Express - - - 11 25 Spirit 1,391 1,660 (268) 1,425 26 Sun Country 125 86 38 89 27 United 1,096 1,285 (189) 1,222 28 Via Air - - - 0.3 29 Volaris 40 24 16 22 30 WOW Air - 16 (16) 16 31 WestJet - - - 7 Total Scheduled Passenger Airlines 37,837 36,632 1,205 34,497 7 Dallas/Fort Worth International Airport Rates, Fees and Charges Forecast Enplaned Passengers Fiscal Year 2020 (000's) Increase/ 2020 Budget 2019 Budget (Decrease) 2018 Actual Total Scheduled Passenger Airlines 37,837 36,632 1,205 34,497 Non-Scheduled Service Corporate Aviation 32 26 6 9 Caris Air Services - - 0.2 Other Passenger Carriers - 15 (15) 5 Total Non-Scheduled Service 32 41 (9) 15 Total 37,869 36,673 1,196 34,512 Enplanements by Terminal Terminal A 10,065 10,275 (210) 9,374 Terminal B 5,231 5,341 (111) 4,757 Terminal C 10,893 10,310 583 9,999 Terminal D 6,092 5,399 693 5,311 Terminal E 5,557 5,306 251 5,043 Other 32 41 (9) 29 Total Enplanements by Terminal 37,869 36,673 1,196 34,512 8 Dallas/Fort Worth International Airport Rates, Fees, and Charges Forecast Airfield Cost Center Summary