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2018 Comprehensive Annual Financial Report

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2018 Comprehensive Annual Financial Report METROPOLITAN KNOXVILLE AIRPORT AUTHORITY 2018 Comprehensive Annual Financial Report A component unit of the City of Knoxville, Tennessee For the fiscal years ended June 30, 2018 and 2017 PREPARED BY: Accounting and Finance Department of Metropolitan Knoxville Airport Authority www.flyknoxville.com This page intentionally left blank Metropolitan Knoxville Airport Authority Knoxville, Tennessee A COMPONENT UNIT OF THE CITY OF KNOXVILLE Comprehensive Annual Financial Report For the Fiscal Years ended June 30, 2018 and 2017 PREPARED BY THE ACCOUNTING AND FINANCE DEPARTMENT 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-Term Debt (continued) Introductory section Metropolitan Knoxville Airport Authority Officials 5 Scheduled DebtLetter Service of transmittal Requi andrements exhibits 7 As of June 30,Organizational 2016, scheduled chart debt service requirements of the variable-rate debt and net swap16 payments, assuming currentFinancial interest section rates remain the same for their term are as follows. As rates vary, variable-rate bond interest paymentsReport ofand Independent net swap Auditors payments will vary. 19 Management’s discussion and analysis 22 Financial statements: Year endingStatements of net positionVariable Rate Bonds Interest Rate 32 June 30 Statements of Principalrevenues, expenses and changesInterest in net position Swaps, net 34 Total Statements of cash flows 35 2017 Notes to financial$ 4,590,000 statements $ 562,983 $ 985,043 37$ 6,138,026 2018 Statistical section4,825,000 (unaudited) 522,361 830,113 6,177,474 Schedule 1: Operating revenues and expenses—last ten years 52 2019 Schedule 2: Debt5,075,000 service coverage—last ten 479,483years 667,315 54 6,221,798 2020 Schedule 3: Ratios5,335,000 of debt servic e and outstanding434,090 debt—last ten years 496,213 56 6,265,303 2021 Schedule 4: McGhee5,610,000 Tyson Airport annual term386,211inal rents and landing fees—last316,408 ten years 58 6,312,619 Schedule 5: Airline arrivals and departures—last ten calendar years 60 2022-2026 Schedule 6: Historical32,520,000 airline passenger activity—last1,107,156 ten calendar years 405,195 61 34,032,351 2027-2028 Schedule 7: Distribution12,680,000 of airline passengers—calendar86,013 year ended December 31, 2017- 61 12,766,013 Schedule 8: Cargo—last ten calendar years 62 Total Schedule 9: Distribution$70,635,0 00of cargo—calendar $3,578,297 year ended December 31, 2017$3,700,287 62$ 77,913,584 Schedule 10: Aircraft landed weights—last ten calendar years 63 6. Fair ValueSchedule 11: Aircraft landed weights—ten calendar year trend history 64 Schedule 12: Total passengers—ten calendar year trend history 66 Schedule 13: Distribution of total cargo—ten calendar year trend history 68 The Authority Schedulecategorizes 14: Authority its fair employeesvalue measurements and demographic within data—population the fair value hierarchy established70 by generally accepted accountingSchedule principles. 15: Demographic The data—unemploymenthierarchy is based information on the valuation last ten years inputs used to measure71 the fair value Schedule 16: Demographic data—per capita personal income last ten years 71 of the assets. ScheduleLevel 1 17: inputs Demographic are quoted data—total prices personal in incomeactive lastmarkets ten years for identical assets. Level71 2 inputs are significant otherSchedule observable 18: Demographic inputs. Level data—top 3 inputs employer ares significantin Knoxville areaunobservable for last ten years inputs. 72 Schedule 19: Airlines serving McGhee Tyson Airport 74 Debt securitiesSchedule are valued 20: Flight based information on the securities’ relationship to benchmark quoted prices.75 Derivative Schedule 21: Companies conducting business on airport property 76 instruments areSchedule valued 22: using Use ofa debtmarket proceeds approach that considers benchmark interest rates. 77 Schedule 23: Insurance in force 79 The following Scheduletable sets 24: Capital forth asset by informationlevel, within the fair value hierarchy, the fair value of 80the Authority’s Compliance section investments andSchedule interest of expendituresrate swap liabilities of federal awards,as of June state financial30, 2016 assi: stance and passenger facility charges collected and expended 82 Schedule of long-term debt principal andLevel interest 1 requirementsLevel 2 Level 3 86Total Investments: Report of independent auditors on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed Government debtin accordance securities with Governmental$ Auditing –Standards $ 39,998,469 $ – $ 88 39,998,469 Report of independent auditors on compliance for each major federal program and the passenger Interest rate swapfacility liabilities charge program and on$ internal control– over$ compliance4,502,609 in accordance $ with –the $ 4,502,609 Uniform Guidance 90 Schedule of findings and questioned costs 92 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: 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, 2018 (continued) Board of Commissioners Position Term Expires Scheduled Debt Service Requirements As of June 30,Eddie 2016 Mannis, scheduled debt service requirementsChairman of the variable-rateJune debt 30, and 2023 net swap payments, assuming currentBrian M. interest Simmons rates remain the same for theirVice Chairman term are as follows. AsJune rates 30, vary,2025 variable-rate bond interest payments and net swap payments will vary. 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, 2019 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, 2020 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 ValueWilliam F. Marrison, A.A.E. President Nancy White, CPA, C.M. Vice President of Finance The Authority categorizes its fair value measurements within the fair 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 Trevis D. Gardner, A.A.E. Vice President of Airport Operations significant other observable inputs. Level 3 inputs are significant unobservable 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 followingJennifer table Whitaker 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 November 14, 2018 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, 2018, 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 financial statements were audited by Coulter & Justus, P.C., Certified Public Accountants, and the supplementary information was prepared by the Accounting and Finance Department. This report is published in accordance with
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