Authority Board Members
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Albany County Airport Authority As of January 1, 2021 Authority Board Members Samuel A. Fresina Kevin R. Hicks, Sr. Chair Vice-Chair Term Expires: December 31, 2024 Term Expires: December 31, 2024 Lyon M. Greenberg, MD Steven H. Heider Thomas A. Nardacci Treasurer Member Member Term Expires: December 31, 2021 Term Expires: December 31, 2021 Term Expires: December 31, 2024 Sari O’Connor John-Raphael Pichardo Member Member Term Expires: December 31, 2024 Term Expires: December 31, 2023 Authority Board Members As of December 31, 2020 Rev. Kenneth J. Doyle Anthony Gorman Samuel A. Fresina Lyon M. Greenberg, MD Steven H. Heider Kevin R. Hicks, Sr. Sari O’Connor Authority Management Philip F. Calderone, Esq. Chief Executive Officer Michael F. Zonsius, CPA Chief Financial Officer Christine C. Quinn, Esq. Authority Counsel ALBANY COUNTY AIRPORT AUTHORITY COMPREHENSIVE ANNUAL FINANCIAL REPORT Years Ended December 31, 2020 and 2019 Prepared by the Finance Department Michael F. Zonsius, CPA Chief Financial Officer Margaret Herrmann Chief Accountant A Component Unit of the County of Albany Town of Colonie, New York www.albanyairport.com CUSIP #012123XXX Additional information relating to the Airport Authority is available at the Airport’s website: www.flyalbany.com If you would like any further information, contact the Chief Financial Officer at (518) 242- 2204 or at Albany County Airport Authority, 737 Albany Shaker Rd, Main Terminal, Suite 300, Albany, NY 12211 TABLE OF CONTENTS PAGE(S) I. INTRODUCTORY SECTION Albany County Airport Authority: Members and Principal Officers Inside Front Cover Chairman’s Message 1 Letter of Transmittal 2 Organizational Chart 11 Certificate of Achievement for Excellence in Financial Reporting 12 II. FINANCIAL SECTION Independent Auditor’s Report 16 Management’s Discussion and Analysis 19 Financial Statements: Comparative Statements of Net Position 28 Comparative Statements of Revenues, Expenses and Changes in Net Position 30 Comparative Statements of Cash Flows 31 OPEB Trust Statements of Fiduciary Fund Net Position 32 OPEB Statements of Changes in Fiduciary Fund Net Position 33 Notes to Financial Statements 35 Required Supplementary Information: Schedule for the Authority’s Proportionate Share of Net Pension Liability 62 Schedule for the Authority’s Contributions 62 Schedule of Changes in the Airport’s Net OPEB Liability and Related Ratios 63 Actuarially Determined Contribution – Deficiency / (Excess) 64 OPEB Actuarial Methods and Assumptions 65 Other Supplemental Information: Schedule of Debt Service Requirements to Maturity 68 Schedule of Governmental Payments and Services 69 Insurance Schedule 70 Independent Accountant’s Report on Applying Agreed- Upon Procedures-Customer Facility Charges 71 Statement of Revenues, Expenses and Changes in Net Position-Customer Facility Charges 72 III. STATISTICAL SECTION Total Annual Revenues, Expenses and Changes in Net Position 74 Changes in Cash and Cash Equivalents 76 Principal Revenue Sources and Cost per Enplaned Passenger 78 Ratios of Outstanding Debt 80 Revenue Bond Debt Service Coverage 82 Population in the Air Trade Area 84 Major Employers in Air Trade Area 85 Colleges and Universities in the Air Trade Area 86 Airport Information 87 Enplaned Passengers 88 Airline Landed Weights 90 Aircraft Operations 92 Airlines Serving the Albany International Airport 95 Scheduled Jet Airline Service 96 Primary Origination and Destination Passenger Markets 97 IV. COMPLIANCE SECTION Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 100 Schedule of Expenditures of Federal and New York State Department of Transportation Financial Assistance and Notes thereto 102 Independent Auditor’s Report on Compliance for each Major Federal Program and on Internal Control over Compliance Required by the Uniform Guidance 104 Independent Auditor’s Report on Compliance for the New York State Department of Transportation Financial Assistance Program and Report on Internal Control Over Compliance Required by New York State Codification of Rules and Regulations 106 Schedule of Findings and Questioned Costs 108 Independent Auditor’s Report on Compliance for the Passenger Facility Charge Program and Report on Internal Control over Compliance Required by the Federal Aviation Administration 109 Schedule of Passenger Facility Charges Collected and Expended And Notes thereto 111 Passenger Facility Charge Program Schedule of Findings And Questioned Costs 112 Biographies of the Members of the Albany County Airport Authority 113 Biographies of the Albany County Airport Authority Senior Staff 116 This page intentionally left blank Introduction ALBANY COUNTY AIRPORT AUTHORITY TELEPHONE: 518-242-2222 ALBANY INTERNATIONAL AIRPORT ADMIN FAX: 518-242-2641 ADMINISTRATION BUILDING FINANCE FAX: 518-242-2640 SUITE 200 SITE: www.albanyairport.com ALBANY, NEW YORK 12211-1057 Chairman’s Message March 15, 2021 It goes without saying, we are truly experiencing unprecedented times. First and foremost we extend our thoughts to everyone affected by COVID-19 and our gratitude to first responders and airport workers both here and worldwide. As always, our primary responsibility is the safety and health of our passengers, airport users, and airport employees. As the pandemic started to take hold, we implemented an Airport COVID-19 Task Force to deliver accurate and timely information on the spread of the virus and to provide measures that would allow the mitigation and spread of the virus within the Airport. These measures worked effectively and as the year came to a welcomed close, the Airport implemented low-cost COVID-19 saliva-base testing to all travelers and Staff. As a result of these and other measures, the airport received the Global Biorisk Advisory Council’s (GBAC) full GBAC SAR Accreditation and the Airport Health Accreditation (AHA) from the Airports Council International (ACI) World. As this is being written, vaccinations are being done throughout the country, and it is our hope that this will bring an end to this crisis. The pandemic caused unimaginable reductions in the number of domestic airline passengers that went from 841 million in 2019, to an estimated 358 million in 2020. This decrease, 483 million (57.4 percent), brought passenger levels back to those last experienced in 2004. Not all too dissimilar results were experienced by this Airport, as enplanement levels also declined, from 1.518 million in 2019 to approximately 520 thousand in 2020, a decrease of 65.7 percent. As vaccinations increase and we transition to a “new” normal, we expect passenger levels to trend upward above 2020 levels but still well below those experienced in 2019. The year, however, was not without its successes. In addition to the notoriety and world acclaim from our rapid COVID response and achievements mentioned above, the airport opened its new $43.8 million 1,000 space parking garage, completed $11.6 in terminal improvements and constructed an airport gateway sign welcoming visitors to the Capital Region. These projects were made possible with a $22.1 million grant funded by Governor Andrew Cuomo. The Airport also teamed with GE Research & Development and GE Aviation and was designated a digital incubator for post COVID technology. The close of 2020 marked the completion of the fifth and final year of the current five-year Airport Use and Lease Agreement and Common Cargo Carrier Airfield Use Agreement. This agreement was renegotiated for a one-year term with options that may extend up to five years ensuring the Airport’s most important aviation business relationships are soundly in place for years to come. In 2021, the Airport Authority will undertake a Master Plan process, the first in nearly 20 years, and will continue to both operate and improve Airport facilities and operations, in accordance with its adopted budget and capital plans. In the coming year, under the leadership of our Chief Executive Officer, Philip Calderone, the Airport Authority will continue our mission to provide travelers with outstanding service in full recognition that our success as an airport is dependent on the skills and dedication of all the employees at Albany International Airport. Samuel A. Fresina Chairman 1 Introduction ALBANY COUNTY AIRPORT AUTHORITY TELEPHONE: 518-242-2222 ALBANY INTERNATIONAL AIRPORT ADMIN FAX: 518-242-2641 ADMINISTRATION BUILDING FINANCE FAX: 518-242-2640 SUITE 200 SITE: www.albanyairport.com ALBANY, NEW YORK 12211-1057 March 15, 2021 TO THE MEMBERS OF THE AUTHORITY: The Comprehensive Annual Financial Report (CAFR) of the Albany County Airport Authority (Authority) for the fiscal year ended December 31, 2020 is hereby submitted to the Authority Board and all others interested in the financial condition of Albany International Airport (Airport). This report is published in accordance with the requirements of the State of New York (State) enabling legislation creating the Authority, Article 9, Section 2800 of the Public Authorities Law, and the master bond resolution covering the issuance of indebtedness by the Authority. Pursuant to those requirements, this Comprehensive Annual Financial Report of the Authority has been prepared in accordance with general accepted accounting principles (GAAP) in the United States of America. This report consists of four sections: Introductory, Financial, Statistical, and Compliance. The basic financial statements included