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PEACHTREE CITY AIRPORT AUTHORITY (A Component Unit of the City of Peachtree City, Georgia) PEACHTREE CITY, GEORGIA

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PEACHTREE CITY AIRPORT AUTHORITY (A Component Unit of the City of Peachtree City, Georgia) PEACHTREE CITY, GEORGIA PEACHTREE CITY AIRPORT AUTHORITY (A Component Unit of the City of Peachtree City, Georgia) PEACHTREE CITY, GEORGIA FINANCIAL STATEMENTS SEPTEMBER 30, 2017 AND 2016 PEACHTREE CITY AIRPORT AUTHORITY TABLE OF CONTENTS PAGE Independent auditors' report 1 - 2 Management's discussion and analysis 3 - 6 Financial statements: Statements of net assets 7 Statements of revenues, expenses, and changes in net assets 8 Statements of cash flows 9 - 10 Notes to financial statements 11 - 20 Compliance: Independent auditors' 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 21 - 22 Advisory Assurance Tax Private Client INDEPENDENT AUDITORS' REPORT To the Board of Directors of Peachtree City Airport Authority Report on the Financial Statements We have audited the accompanying financial statements of Peachtree City Airport Authority, a component unit of the City of Peachtree City, Georgia (Authority), which comprise the statements of net assets as of September 30, 2017 and 2016, and the related statements of revenues, expenses, and changes in net assets, and cash flows for the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Peachtree City Airport Authority as of September 30, 2017 and 2016, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Aprio, LLP Five Concourse Parkway, Suite 1000, Atlanta, Georgia 30328 404.892.9651 Aprio.com Independently Owned and Operated Member of Morison KSi Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis on pages 3 through 6 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 17, 2018, on our consideration of Peachtree City Airport Authority’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Peachtree City Airport Authority’s internal control over financial reporting and compliance. Atlanta, Georgia January 17, 2018 PEACHTREE CITY AIRPORT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) SEPTEMBER 30, 2017 MANAGEMENT'S DISCUSSION AND ANALYSIS Our discussion and analysis of the Peachtree City Airport Authority's (Authority) financial performance provides an overall review of the Authority's financial activities for the fiscal year ending September 30, 2017. Please read it in conjunction with the Authority's financial statements, which begin on page 7. The intent of this discussion is to enhance the reader's understanding of the Authority's financial performance. Financial Highlights The Authority's total current assets increased by $182,816. The Authority's capital assets, net of accumulated depreciation decreased by $272,574. The Authority's total liabilities increased by $37,002. The Authority's operating revenues increased by $29,254. The Authority's operating expenses before depreciation increased by $119,538. Using this Financial Report This annual report consists of management's discussion and analysis and the financial statements. The financial statements include the statements of net assets; the statements of revenues, expenses, and changes in net assets; and the statements of cash flows. In addition, the notes to the financial statements provide additional information that is essential to a full understanding of the data provided in the financial statements. These notes begin on page 11. Financial Analysis Table 1 provides a summary of the Authority's Net Assets for 2017 compared to 2016: Table 1 Net Assets as of September 30, Assets 2017 2016 Current assets $ 1,637,985 $ 1,455,169 Restricted assets 186,641 92,837 Capital assets, net of accumulated depreciation 21,900,388 22,172,962 Total assets $ 23,725,014 $ 23,720,968 Liabilities and Net Assets Total liabilities $ 585,154 $ 548,152 Net assets Invested in capital assets, net of related debt 21,649,760 21,890,611 Restricted 1,080 1,388 Unrestricted 1,489,019 1,280,816 Total net assets 23,139,859 23,172,815 Total liabilities and net assets $ 23,725,013 $ 23,720,967 -3- PEACHTREE CITY AIRPORT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) SEPTEMBER 30, 2017 Table 2 provides a summary of the Authority's Changes in Net Assets for 2017 compared to 2016: Table 2 Changes in Net Assets for the Years Ended September 30, 2017 2016 Operating revenues Sales $ 1,392,118 $ 1,391,615 Rental income 634,308 588,570 Rental car commissions 7,622 3,051 Miscellaneous revenue 14,594 36,152 Total operating revenues 2,048,642 2,019,388 Operating expenses Purchases 971,810 861,530 Salaries and benefits 551,211 519,634 Utilities and telephone 101,265 112,494 Insurance 39,076 40,140 Terminal and grounds upkeep 54,500 60,586 Bank fees and credit card processing fees 30,590 36,239 Professional fees 27,253 31,952 Other 44,688 38,280 Total operating expenses before depreciation 1,820,393 1,700,855 Operating income before depreciation 228,249 318,533 Nonoperating revenues (expenses) 80,399 82,318 Income before depreciation and capital contributions 308,648 400,851 Depreciation expense (680,569) (709,176) Capital contributions - federal and state 338,965 200,424 Decrease in net assets (32,956) (107,901) Net assets, beginning of year 23,172,815 23,280,716 Net assets, end of year $ 23,139,859 $ 23,172,815 Analysis of Overall Financial Position and Results of Operations The Authority experienced a profit reduction from operations in the amount of $90,284 in 2017 over the previous year. This was due to an increase in the price of fuel. Lease revenue increased by $45,738 while fuel sales decreased
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