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Issued CAFR Metropolitan Knoxville Airport Authority

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Issued CAFR Metropolitan Knoxville Airport Authority Year Metropolitan COMPREHENSIVE 2020 Knoxville Airport ANNUAL Authority FINANCIAL REPORT An instrumentality of the City of Knoxville, Tennessee For the fiscal years ended June 30, 2020 and 2019 www.flyknoxville.com Prepared By: Accounting and Finance Department of Metropolitan Knoxville Airport Authority Metropolitan Knoxville Airport Authority An instrumentality of the City of Knoxville, TN For the Fiscal Years ended June 30, 2020 and 2019 2020 Comprehensive Annual Financial Report Prepared By: Accounting and Finance Department of Metropolitan Knoxville Airport Authority www.flyknoxville.com This page intentionally left blank INTRODUCTORY SECTION This section contains the following subsections: Table of Contents Metropolitan Knoxville Airport Authority Officials Letter of Transmittal and Exhibits Organizational Chart 1 This page intentionally left blank 2 METROPOLITAN KNOXVILLE AIRPORT AUTHORITY NOTES TO FINANCIAL STATEMENTS (continued) TABLE OF CONTENTS 5. Long-TermIntroductory Debt (continued)section Metropolitan Knoxville Airport Authority Officials 5 Letter of transmittal and exhibits 7 Scheduled DebtOrganizational Service chartRequirements 16 As of June 30,Financial 2016, sectionscheduled debt service requirements of the variable-rate debt and net swap payments, assuming currentIndependent interest auditor’s rates report remain the same for their term are as follows. As rates vary, variable19 -rate bond interest paymentsManagement’s and net discussion swap payments and analysis will vary. 22 Financial statements: Statements of net position 31 Year endingStatements of revenues,Variable expenses Rate and changes Bonds in net position Interest Rate 33 June 30 Statements of cashPrincipal flows Interest Swaps, net 34 Total Notes to financial statements 36 2017 Statistical section$ 4,590,000 (unaudited) $ 562,983 $ 985,043 $ 6,138,026 Schedule 1: Operating revenues and expenses—last ten fiscal years 52 2018 Schedule 2: Debt4,825,000 service coverage —last ten 522fiscal,361 years 830,113 53 6,177,474 2019 Schedule 3: Ratio5,075,000s of debt service and outstanding479,483 debt —last ten fiscal years667,315 54 6,221,798 2020 Schedule 4: McGhee5,335,000 Tyson Airport annual terminal434,090 rents and landing fees—496,213last ten fiscal years 55 6,265,303 2021 Schedule 5: Airline5,610,000 arrivals and departures—386,211last ten fiscal years 316,408 56 6,312,619 Schedule 6: Historical airline passenger activity—last ten fiscal years 57 2022-2026 Schedule 7: Distribution32,520,000 of airline passengers1,107,156—fiscal year ended June 30, 2019405,195 57 34,032,351 2027-2028 Schedule 8: Cargo12,680,000—last ten fiscal years 86,013 - 58 12,766,013 Schedule 9: Distribution of cargo—fiscal year ended June 30, 2019 58 Total Schedule 10: $Aircraft70,635,0 landed00 weights—last$3,578,297 ten fiscal years $3,700,287 59$77,913,584 Schedule 11: Aircraft landed weights—ten fiscal year trend history 60 6. Fair ValueSc hedule 12: Total passengers—ten fiscal year trend history 61 Schedule 13: Distribution of total cargo—ten fiscal year trend history 62 Schedule 14: Authority employees and demographic data—population 63 The Authority Schedulecategorizes 15: Demographic its fair value data —measurementsunemployment informationwithin the last fair ten value calendar hierarchy years established64 by generally accepted accountingSchedule principles. 16: Demographic The datahierarchy—per capita is based personal on income the valuation last ten calendar inputs years used to measure64 the fair value Schedule 17: Demographic data—total personal income last ten calendar years 64 of the assets. ScheduleLevel 1 18: inputs Demographic are quoted data—top prices employers in activein Knoxville markets area for for last identical ten calendar assets. years Level65 2 inputs are significant otherSchedule observable 19: Airlines inputs. serving Level McGhee 3 inputs Tyson Airportare significant unobservable inputs. 66 Schedule 20: Flight information 67 Schedule 21: Companies conducting business on airport property 68 Debt securitiesSchedule are valued 22: Use ofbased debt proceedson the securities’ relationship to benchmark quoted prices.69 Derivative instruments areSchedule valued 23: using Insurance a market in force approach that considers benchmark interest rates. 70 Schedule 24: Major airport capital improvements completed 71 The following Scheduletable sets 25: Capital forth asset by informationlevel, within the fair value hierarchy, the fair value of 72the Authority’s Compliance section investments andSchedule interest of eratexpenditures swap liabilitiesof federal awardsas of ,June state financial30, 2016 assistance: and passenger facility charges collected and expended 74 Schedule of long-term debt principal andLevel interest 1 requirementsLevel 2 Level 3 78Total Investments: Schedule of changes in long-term debt by individual issue 79 Independent auditor’s report on internal control over financial reporting and on compliance Government debtand othersecurities matters based on an$ audit of financial– statements$ 39,998,469 performed $ – $ 39,998,469 in accordance with Governmental Auditing Standards 80 Interest rate swapIndependent liabilities auditor’s report on$ compliance for–each $major 4,502,609 federal program $ and the passenger– $ 4,502,609 facility charge program and on internal control over compliance in accordance with the Uniform Guidance 82 The following Scheduletable sets of findings forth and by questioned level, within costs the fair value hierarchy, the fair value of 84the Authority’s investments andCorrective derivative action investments plan and schedule as of of Juneprior year30, audit2015 find: ings 85 Level 1 Level 2 Level 3 Total Investments: 3 Government debt securities $ – $ 40,071,930 $ – $ 40,071,930 Derivative instruments: Interest rate swaps $ – $ 4,883,863 $ – $ 4,883,863 45 This page intentionally left blank 4 METROPOLITAN KNOXVILLE AIRPORT AUTHORITY NOTES TO FINANCIAL STATEMENTS (continued) OFFICIALS 5. Long-TermAs of June Debt 30, 2020 (continued) Scheduled DebtBoard Service of Commissioners Requirements Position Term Expires As of June 30,Eddie 2016 Mannis, scheduled debt service requirementsChairman of the variable-rateJune debt 30, and 202 3net swap payments, assuming current interest rates remain the same for their term are as follows. As rates vary, variable-rate bond interest paymentsBrian M. and Simmons net swap payments will vary. Vice Chairman June 30, 2025 Charles R. Harr Secretary June 30, 2022 Year ending Variable Rate Bonds Interest Rate Joseph M. Dawson Assistant Secretary June 30, 2023 June 30 Principal Interest Swaps, net Total Ursula Bailey June 30, 2026 2017 $ 4,590,000 $ 562,983 $ 985,043 $ 6,138,026 2018 Julia A. Bentley 4,825,000 522,361 830,113 June 30, 2024 6,177,474 2019 Maribel Koella 5,075,000 479,483 667,315 June 30, 2021 6,221,798 2020 5,335,000 434,090 496,213 6,265,303 2021 Jeff W. Smith 5,610,000 386,211 316,408 June 30, 2023 6,312,619 2022-202Howard6 Vogel 32,520,000 1,107,156 405,195 June 30, 2027 34,032,351 2027-2028 12,680,000 86,013 - 12,766,013 Total $70,635,000 $3,578,297 $3,700,287 $77,913,584 OFFICERS AND KEY STAFF MEMBERS 6. Fair ValuePatrick W. Wilson, A.A.E. President The AuthorityNancy categorizes White, CPA ,its C.M. fair value measurementsVice within President the of fairFinance value hierarchy established by generally accepted accountingJames H. Evans, principles. Jr., C.M. The hierarchy is basedVice onPresident the valuation of Marketing inputs & Air used Service to Developmentmeasure the fair value of the assets. Level 1 inputs are quoted prices in active markets for identical assets. Level 2 inputs are significant otherTrevis observableD. Gardner, A.A.E. inputs. Level 3 inputs areVice significant President ofunobservable Airport Operations inputs. Bryan White, PE, C.M. Vice President of Engineering & Planning Debt securitiesWillie T.are Aiken valued based on the securities’Director relationship of Public Safetyto benchmark quoted prices. Derivative instruments are valued using a market approach that considers benchmark interest rates. Becky Huckaby, APR, A.A.E. Vice President of Public Relations The followingYin Chen,table CPA sets forth by level, within theController fair value hierarchy, the fair value of the Authority’s investments and interest rate swap liabilities as of June 30, 2016: Treva H. Best, CAP, OM Senior Executive Assistant Mark Mamantov Level Legal1 Counsel,Level Bass, Berry2 & SimsLevel PLC 3 Total Investments: Government debt securities $ – $ 39,998,469 $ – $ 39,998,469 Interest rate swap liabilities $ – $ 4,502,609 $ – $ 4,502,609 The following table sets forth by level, within the fair value hierarchy, the fair value of the Authority’s investments and derivative investments as of June 30, 2015: Level 1 Level 2 Level 3 Total Investments: 5 Government debt securities $ – $ 40,071,930 $ – $ 40,071,930 Derivative instruments: Interest rate swaps $ – $ 4,883,863 $ – $ 4,883,863 45 This page intentionally left blank 6 M E T R O P O L I TA N KNOXVILLE AIRPORT AUTHORITY December 9, 2020 To the Board of Commissioners of the Metropolitan Knoxville Airport Authority: The Comprehensive Annual Financial Report of the Metropolitan Knoxville Airport Authority (the Authority) for the fiscal year ended June 30, 2020, is hereby submitted. The purpose of the report is to present fairly and disclose fully the Authority’s financial position and the results of its operations. The report consists of four sections: Introductory, Financial, Statistical and Compliance. The
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