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Spokane Airports Spokane Airport Board Creating a world class airport experience Spokane, Washington i Creating a world class airport experience ii COMPREHENSIVE ANNUAL FINANCIAL STATEMENTS FOR THE YEARS ENDING DECEMBER 31, 2014 & 2013 Prepared By Dave Armstrong, CPA, Finance Director Charlie Pflieger, CPA, Accounting Manager Sherrie Rydbom, Accounting Analyst With the assistance of the Finance Department Spokane, Washington iii TABLE OF CONTENTS TABLE OF CONTENTS INTRODUCTORY SECTION Transmittal Letter ................................................................................................................... 1-13 GFOA Certificate of Achievement ............................................................................................14 Spokane Airport Board ...............................................................................................................15 Organizational Chart ..................................................................................................................16 FINANCIAL SECTION Independent Auditor’s Report .............................................................................................. 17-18 Management Discussion and Analysis ..................................................................................... 19-28 Statement of Net Position ..................................................................................................... 29-30 Statement of Revenues, Expenses, and Changes in Net Position ........................................ 31-32 Statements of Cash Flows ………………………………………………………………….33-34 Notes to the Financial Statements ......................................................................................... 35-69 Note 1 Significant Accounting Policies ....................................................................... 35-41 Note 2 Cash and Investments ........................................................................................ 41-44 Note 3 Receivable from Government Agencies ..................................................................45 Note 4 Inventory ..................................................................................................................45 Note 5 Change in Capital Assets ................................................................................... 46-47 Note 6 Long-Term Debt ................................................................................................ 48-53 Note 7 Operating Leases .....................................................................................................53 Note 8 Pension and Benefit Plans ................................................................................. 53-64 Note 9 Deferred Compensation ..................................................................................... 64-65 Note 10 Rental Income under Operating Leases ..................................................................65 Note 11 Related Party Leases ..............................................................................................66 Note 12 Environmental Liabilities ................................................................................ 66-67 Note 13 Commitments and Contingencies ..........................................................................67 Note 14 Grants .....................................................................................................................68 Note 15 Net Position ...........................................................................................................68 Note 16 Risk Management ..................................................................................................69 Note 17 Subsequent Events .................................................................................................69 i REQUIRED SUPPLEMNTAL INFORMATION Other Postemployment Health Care Benefits ................................................................. 70-71 STATISTICAL SECTION Statistical Information Groups ........................................................................................................72 Financial Trends Statement of Net Position ................................................................................................. 73-74 Combining Statement of Revenues, Expenses, and Changes in Net Position ................... 75-76 Statement of Revenues, Expenses, and Changes in Net Position – SIA ........................... 77-78 Statement of Revenues, Expenses, and Changes in Net Position – Airport Business Park 79-80 Statement of Revenues, Expenses, and Changes in Net Position – Felts Field .................. 81-82 Revenue Capacity Principal Revenue Sources ............................................................................................... 83-84 Principal Revenue Payers ................................................................................................. 85-86 Rates and Charges ............................................................................................................ 87-88 Operating Information Capital Assets and Other Airport Information ........................................................................89 Number of Employees by Department ...................................................................................90 Enplanements, Deplanements, Cargo, and Operations by Carrier .................................... 91-92 Schedule of Passenger Facility Charges Collected and Used………………………… 93-94 Passenger Facility Projects by Application ....................................................................... 95-96 Debt Capacity Ratio of Outstanding Debt by Type ................................................................................. 97-98 Pledged Revenue Coverage – SIA and Felts Field ......................................................... 99-100 Pledged Revenue Coverage – Airport Business Park ................................................... 101-102 Pledged Revenue Coverage – PFC Projects ................................................................. 103-104 Demographic and Economic Information Principal Employers .............................................................................................................105 Population, Personal Income, Per Capita, and Unemployment ............................................106 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........................................................................................................... 107-108 ii Auditing Standards ...................................................................................................................109 INTRODUCTORY SECTION Spokane International Airport B U S I N E S S P A R K A N D F E L T S F I E L D 9000 W. AIRPORT DR., SUITE 204 SPOKANE, WA 99224 (509) 455-6455FAX (509) 624-6493 www.spokaneairports.net June 4, 2015 To the Airport Board: It is our pleasure to present the Comprehensive Annual Financial Report (CAFR) of the Spokane Airport Board (Board) for the fiscal year ended December 31, 2014. Responsibility for the accuracy of the data, completeness, and fairness of the presentation, including all disclosures, of the report rests with the Airport management. To the best of our knowledge and belief, the enclosed information is accurate and complete in all material respects and reported in a manner designed to present fairly the financial position, results of operations, and cash flows in accordance with Generally Accepted Accounting Principles (GAAP) as promulgated by the Government Accounting Standards Board (GASB). GAAP requires management to provide a narrative overview and analysis to accompany the financial statements in the form of a Management’s Discussion and Analysis (MD&A). This introductory letter should be read in conjunction with the MD&A, which can be found immediately following the report of the independent auditors in the financial section of the CAFR. Organization The Spokane Airport Board was established July 30, 1962, by the Airport Joint Operation Agreement entered into by the City of Spokane and County of Spokane. The City and the County entered into an agreement for the purpose of jointly improving, operating, and maintaining Spokane International Airport and Felts Field under the laws of the State of Washington later codified as RCW 14.08. A 1982 agreement between the City and the County formally identified the opportunity to develop property surrounding the airport and encouraged the development of that property through the Airport Industrial Park Master Plan as a source of revenue for the Airport. A 1990 amendment to the Airport Joint Operation Agreement formally identified three operating areas, Spokane International Airport (SIA), Airport Business Park (ABP), and Felts Field, to be collectively known as the Airport. The 1990 amendment also vested to the Board, to the fullest extent permissible by state and federal law, authority for the management and operation of the Airport for aeronautical and industrial development purposes. The Airport Board consists of seven members appointed by the City and the County. Three Board members are appointed by the City of Spokane, one of which is to be a member of the City Council; three are appointed by the County of Spokane, one of which is to be a member of the Board of County Commissioners; and the seventh is appointed jointly by the City and the County. The Board
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