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Alleghenycountyairportauthority 2012 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE ALLEGHENY COUNTY AIRPORT AUTHORITY TABLE OF CONTENTS Page PART 1 — INTRODUCTORY SECTION Letter of Transmittal i–iv GFOA Certificate of Achievement for Excellence in Financial Planning v Listing of Board of Directors and Officers vi Organizational Chart vii PART II — FINANCIAL SECTION Independent Auditors Report 1–2 Management’s Discussion and Analysis 3–12 Basic Financial Statements Statements of Net Position 13–14 Statements of Revenues, Expenses and Changes in Net Position 15 Statements of Cash Flows 16–17 Notes to Basic Financial Statements 18–42 Supplemental Information Operating Revenues Budget Vs Actual 43–44 Summary Expense Variance Report 45–46 Operating Expense Line Item Budget Vs Actual 47–51 Departmental Expense Budget Report 52–71 Calculations of Coverage: Schedule of Pledged Revenues, Operation and Maintenance Expenses, and Deposit Requirement Payments and Other Available Funds 72 Notes to Debt Service Coverage Calculations 73 PART III — STATISTICAL SECTION Schedule Context 74 Airport Facilities and Services 75–80 Statements of Revenues, Expenses, and Changes in Net position 81–82 Net position by Component 83 Summary of Airline Fees 84 Rates and Cost Per Enplaned Passengers 85 History of Total Concessions Per Enplanement 86 Enplaned Passengers by Airline Group 87 Pittsburgh International Airport Activity Statistics 88 Year 2012 Airline Revenue Derived by Carrier 89 Year 2012 Operating Revenue by Category 90 Operating Expenses by Business Unit — Year 2012 91 Count of Employees by Department 92 County Information 93–94 Schedule of Debt Service Requirements 95–96 Reconciliation of Total Debt to Statement of Net Position 97 v PIT - ALLEGHENY COUNTY AIRPORT AUTHORITY BOARD MEMBERS AND OFFICERS On November 5th, 1999, a new era began when the Airport Authority assumed administration of both Pittsburgh International and Allegheny County Airports from Allegheny County. Under a lease with an initial term of 25 years and two additional 25 year option terms, the Allegheny County Airport Authority, governed by a board appointed by the Allegheny County Chief Executive, operates the two premier airports that serve the Pittsburgh region. Board Members Chairman David Minnotte Vice Chairman Rich Stanizzo Treasurer Dennis Davin Secretary Ashley Henry Shook Anthony Bridge Robert L. Lewis Hon. Jan Rea Cynthia Shapira Hon. Matthew Smith Officers President & Chief Strategy Officer Bradley D. Penrod, AAE Executive Vice President & CFO James R. Gill, CPA, AAE Chief Operating Officer Stephanie L. Saracco, AAE vi ALLEGHENY COUNTY AIRPORT AUTHORITY C Board Members President & r Chief Strategy Officer Director Senior Director Communications Development Development Strategy Development Implementation Media Relations Public Relations Government Affairs Executive Vice President & Chief Chief Operating Officer Financial Officer Manager Director Director Director Senior Manager Director Director Information Technology Director Director Business Administration Controller Procurement Human Resources Maintenance & Capital County Airport Facilities Airfield Operations Improvements Safety, Security & Training Planning DBE & Civil Rights Financial Employment & Procedures & Networking Compliance Airfield Operations Field Planning Services Programs Accounting EEO/AA Support Services v i Contracts & i Application Concessions Finance Purchasing Employee Relations Fire Resue Facilities Safety Grant Management Development Administration Operations & User Training & Payroll Labor Relations Airline Services Support Development Benefits & Director Grants Accounting Telecommunications Compensation Engineering & Construction Project Management Engineering Services Environmental Compliance Architectural Services Director Director Air Service Development Corporate & Community Affairs Air Cargo Development Commercial Air Service Development Corporate & Community Affairs Allegheny County Airport Authority (A Component Unit of County of Allegheny, Pennsylvania) Financial Statements as of and for the Years Ended December 31, 2012 and 2011, and Independent Auditors’ Report ALLEGHENY COUNTY AIRPORT AUTHORITY (A Component Unit of County of Allegheny, Pennsylvania) TABLE OF CONTENTS Page INDEPENDENT AUDITORS’ REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS 3–12 FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011: Statements of Net Position 13–14 Statements of Revenues, Expenses, and Changes in Net Position 15 Statements of Cash Flows 16–17 Notes to Financial Statements 18–42 INDEPENDENT AUDITORS’ REPORT To the Board of Directors of Allegheny County Airport Authority: Report on the Financial Statements We have audited the accompanying statements of net position of the Allegheny County Airport Authority (the “Authority”), a component unit of County of Allegheny, Pennsylvania, as of December 31, 2012 and 2011, and the related statements of revenues, expenses, and changes in net position 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of 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 auditor’s 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 Authority’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 Authority’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 the Authority as of December 31, 2012 and 2011, and the changes in financial position and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis on page 3 to 12 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. Supplementary and Other Information Our audit was conducted for the purpose of forming an opinion on the basis financial statements. The accompanying supplementary information such as the budget vs. actual, summary and departmental expense variance reports and the calculations of coverage and the other information, such as the introductory and statistical sections, as listed in the foregoing tables of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The accompanying supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other
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