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Fort Wayne-Allen County Airport Authority

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Fort Wayne-Allen County Airport Authority FORT WAYNE-ALLEN COUNTY AIRPORT AUTHORITY FORT WAYNE, INDIANA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED DECEMBER 31, 2018 Prepared by: Douglas W. Robertson Controller Janice R. Lewis Accounting Nikki E. Davis Accounting This Page Intentionally Left Blank FORT WAYNE-ALLEN COUNTY AIRPORT AUTHORITY TABLE OF CONTENTS I. INTRODUCTORY SECTION (UNAUDITED) .......................................................................... Page(s) Geographic Locator Map............................................................................................................................ 1 Board and Executive Director .................................................................................................................... 2 Letter of Transmittal to Authority Board ................................................................................................ 3-6 Certificate of Achievement for Excellence in Financial Reporting ............................................................ 7 Organizational Chart .................................................................................................................................. 8 Principal Officials and Management .......................................................................................................... 9 Airport Layout Map ................................................................................................................................. 10 II. FINANCIAL SECTION Independent Auditor’s Report ............................................................................................................. 11-13 Management’s Discussion and Analysis (Unaudited) ......................................................................... 14-21 Financial Statements: Statement of Net Position ................................................................................................................. 22-23 Statement of Revenues, Expenses and Changes in Net Position............................................................ 24 Statement of Cash Flows .................................................................................................................. 25-26 Notes to Financial Statements ........................................................................................................... 27-48 Required Supplementary Information (Unaudited): Schedule of the Authority’s Proportionate Share of Net Pension Liability – Public Employees Retirement Fund ........................................................................................................... 49 Schedule of Contributions – Public Employees Retirement Fund ..................................................... 49 Schedule of Changes in the Authority’s Net OPEB Liability and Related Ratios ............................. 50 Schedule of the Authority’s OPEB Contributions .............................................................................. 51 Schedule of OPEB Funding Progress ................................................................................................. 51 Supplementary Information: Combining Schedules Combining Schedule of Net Position ............................................................................................ 52-54 Combining Schedule of Revenues, Expenses and Changes in Net Position ...................................... 55 Combining Schedule of Cash Flows ............................................................................................. 56-57 Other Supplementary Information: Schedule of Debt Service Requirements to Maturity ............................................................................. 58 Schedule of Capital Assets and Accumulated Depreciation .................................................................. 59 Schedule of Revenues-Budget and Actual ............................................................................................. 60 Schedule of Expenses-Budget and Actual ............................................................................................. 61 III. STATISTICAL SECTION (UNAUDITED) Annual Revenues, Expenses and Changes in Net Position ................................................................. 62-64 Principal Revenue Sources, Cost per Enplaned Passenger, and Airline Rates and Charges ............... 65-66 Principal Taxpayers .................................................................................................................................. 67 Tax Levies and Collections ................................................................................................................. 68-69 Assessed Values of Property .................................................................................................................... 70 Property Tax Rates and Tax Levies – All Overlapping Governments ..................................................... 71 Property Values and Construction ............................................................................................................ 72 Ratios of Outstanding Debt ...................................................................................................................... 73 Pledged Revenue Coverage ...................................................................................................................... 74 Allen County Demographic and Economic Statistics .............................................................................. 75 Allen County Principal Employers ........................................................................................................... 76 Fort Wayne International Airport Information .................................................................................... 77-78 Enplaned Passengers ................................................................................................................................ 79 Airline Landed Weights ...................................................................................................................... 80-81 Aircraft Operations ................................................................................................................................... 82 Fort Wayne International Airport Scheduled Airline Service .................................................................. 83 Fort Wayne International Airport (FWA) Smith Field Airport (SMD) INTRODUCTORY SECTION L O C A T I O N FORT WAYNE INTERNATIONAL AIRPORT SMITH FIELD 1 Fort Wayne-Allen County Airport Authority Board and Executive Director Richard B. “Barry” Sturges, Jr., Timothy J. Haffner, Secretary Gregg C. Sengstack, Member Vice President Cornelius “Neil” B. Hayes, Member Jerome “Jerry” Henry, Jr., Member Benjamin “Ben” T. Johnston, Member Scott D. Hinderman, A.A.E. Executive Director of Airports 2 June 27, 2019 To the Members of the Board, and Citizens of Fort Wayne and Allen County: The Comprehensive Annual Financial Report (CAFR) of the Fort Wayne-Allen County Airport Authority for the fiscal year ended December 31, 2018 is submitted with this letter. This report was prepared by the Authority’s financial staff. The financial statements, note disclosures, and other information are the representations of management. Consequently, management assumes full responsibility for the completeness and reliability of the information contained in this report based upon a comprehensive framework of internal control that has been established for this purpose. Internal control is designed to provide reasonable, but not absolute, assurance that the financial statements are free of material misstatements. Reasonable assurance recognizes that the cost of internal control should not exceed the anticipated benefits of such control. BKD, LLP, Certified Public Accountants, have issued an unmodified opinion on the Authority’s financial statements for the year ended December 31, 2018. The independent auditor’s report is located at the front of the financial section on pages 11 and 12 of this report. Management’s discussion and analysis (MD&A) can be found immediately following the report of independent auditors in the financial section of this report. The MD&A includes financial highlights, overview of the financial statements, condensed financial information and analysis, and capital asset and long-term debt activity. MD&A complements this letter of transmittal and should be read in conjunction with it. Profile of the Government – The Authority is an Indiana Municipal Corporation established July 1, 1985 under authority granted by Indiana Statute (IC 8-22-3-1). As detailed in the statute, the Authority was established for the general purpose of acquiring, maintaining, operating, and financing airports in and bordering on Allen County, Indiana. The Authority is empowered to, among other things, issue general obligation and revenue bonds and levy taxes in accordance with statutory provisions. The Authority manages an airport system in Allen County, Indiana composed of Fort Wayne International Airport, a non-hub primary commercial service airport, located in southwest Allen County, and Smith Field Airport, a general aviation airport, located in the north central part of the county. The Authority’s Board consists of six members. Three are appointed by the Mayor of the City of Fort Wayne and three are appointed by the Allen County Commissioners. The appointments are non-authoritative in nature. That is, there is no continuing linkage between the appointing authority and the board member. Board members cannot be removed
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