COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Years Ended June 30, 2013 and 2012 CAPITAL REGION AIRPORT COMMISSION Richmond International Airport Virginia Prepared by Finance Department Douglas E. Blum Chief Financial Officer Steven C. Owen Director Finance Capital Region Airport Commission MEMBERS OF THE COMMISSION June 30, 2013 OFFICERS Robert M. Atack Chairman Arthur S. Warren Vice Chairman Robert F. Norfleet, Jr. Secretary Aubrey M. Stanley, Jr. Treasurer COMMISSIONERS Algenon L Brown City of Richmond Charles S. Macfarlane City of Richmond Robert F. Norfleet, Jr. City of Richmond Charles R. Samuels City of Richmond Steve A. Elswick County of Chesterfield Daniel A. Gecker County of Chesterfield John V. Mazza, Jr. County of Chesterfield Arthur S. Warren County of Chesterfield Aubrey M. Stanley, Jr. County of Hanover G. Ed Via County of Hanover Robert M. Atack County of Henrico David A. Kaechele County of Henrico Patricia S. O’Bannon County of Henrico Thomas E. Pruitt County of Henrico Capital Region Airport Commission Airport Commissioners President and CEO Marketing & Planning & CFO Air Service Public Safety Engineering Development Real Estate Finance Marketing Police HVAC Grounds Baggage Electronic Systems Accounting ARFF Transportation Handling Electrical Operations/ Procurement Maintenance Communications Building Information Custodial Services Maintenance Technologies Auto/Equip. Maintenance Utilities Grounds Capital Region Airport Commission TABLE OF CONTENTS Years Ended June 30, 2013 and 2012 INTRODUCTORY SECTION LETTER OF TRANSMITTAL .................................................................................................................................. i FINANCIAL SECTION REPORT OF INDEPENDENT AUDITOR ............................................................................................................ 1 MANAGEMENT’S DISCUSSION AND ANALYSIS ......................................................................................... 3 FINANCIAL STATEMENTS STATEMENTS OF NET POSITION .............................................................................................................. 16 STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN NET POSITION ........................................ 17 STATEMENTS OF CASH FLOWS ............................................................................................................... 18 NOTES TO FINANCIAL STATEMENTS ....................................................................................................... 19 REQUIRED SUPPLEMENTARY INFORMATION VIRGINIA RETIREMENT SYSTEM FUNDING PROGRESS ......................................................................... 35 PENSION PLAN SCHEDULE OF EMPLOYER CONTRIBUTIONS ............................................................. 35 SUPPLEMENTAL INFORMATION SCHEDULE OF OPERATING REVENUES ................................................................................................. 36 SCHEDULE OF OPERATING EXPENSES .................................................................................................. 37 SCHEDULE OF OPERATING REVENUES, BUDGET AND ACTUAL ........................................................ 38 SCHEDULE OF OPERATING EXPENSES, BUDGET AND ACTUAL ......................................................... 39 SCHEDULE OF TRANSACTIONS IN ACCOUNTS CREATED BY BOND RESOLUTIONS ....................... 40 SCHEDULE OF CASH, CASH EQUIVALENTS, AND INVESTMENTS IN ACCOUNTS CREATED BY BOND RESOLUTIONS ............................................................................................................................... 43 STATISTICAL SECTION NET POSITION AND CHANGES IN NET POSITION ................................................................................ 44 PRINCIPAL REVENUE SOURCES AND REVENUES PER ENPLANED PASSENGERS ............................. 45 LARGEST OWN-SOURCE REVENUE ........................................................................................................ 46 LARGEST OWN-SOURCE REVENUE RATES ............................................................................................ 46 REVENUE RATES ........................................................................................................................................ 47 REVENUE BOND COVERAGE ................................................................................................................ 47 OUTSTANDING DEBT ................................................................................................................................ 48 MAJOR CUSTOMERS ............................................................................................................................... 49 ENPLANEMENT TRENDS ........................................................................................................................... 49 ENPLANED PASSENGERS ........................................................................................................................ 50 AIRLINE MARKET SHARES ........................................................................................................................ 51 PRIMARY ORIGIN AND DESTINATIONS PASSENGER MARKETS .......................................................... 53 Capital Region Airport Commission TABLE OF CONTENTS Years Ended June 30, 2013 and 2012 STATISTICAL SECTION (Continued) POPULATION IN THE AIR TRADE AREA .................................................................................................. 54 PERSONAL INCOME ................................................................................................................................ 54 PER CAPITA INCOME .............................................................................................................................. 55 PRINCIPAL EMPLOYERS IN THE PRIMARY AIR TRADE AREA ............................................................... 55 EMPLOYMENT DATA ................................................................................................................................ 56 COMMISSION EMPLOYEES ..................................................................................................................... 57 CARGO CARRIER .................................................................................................................................... 58 TAKEOFF AND LANDING OPERATION SUMMARY .............................................................................. 58 INSURANCE COVERAGE ........................................................................................................................ 59 CAPITAL ASSET INFORMATION .............................................................................................................. 60 COMPLIANCE SECTION SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS ........................................................................ 61 REPORT OF INDEPENDENT AUDITOR 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 ...... 62 REPORT OF INDEPENDENT AUDITOR ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROLS OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133 ...................... 64 SCHEDULE OF FINDINGS AND QUESTIONED COSTS .......................................................................... 66 Richmond International Airport Air Cargo Performance Fiscal Years 2004-2013 114.9 120 111.3 112.8 114 107.8 106.4 100.4 100 92.8 81.8 84.4 80 60 40 20 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Richmond International Airport Enplaned Passenger Performance Fiscal Years 2004-2013 2000 1821.8 1738.8 1800 1685 1644 1645 1557.7 1601 1587 1600 1400 1328.5 1228 1200 1000 800 600 400 200 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 October 25, 2013 The Commissioners Capital Region Airport Commission Richmond International Airport, Virginia Members of the Commission: We are pleased to submit for your information the Comprehensive Annual Financial Report of the Capital Region Airport Commission (the “Commission”), for the fiscal year ended June 30, 2013 prepared by the Commission’s Finance Department. Responsibility for both the accuracy of the data presented and the completeness and fairness of the presentation, including all disclosures, rests with management. We believe the data, as presented, is accurate in all material respects; that it is reported in a manner designed to fairly set forth the financial position and results of the operations of the Commission and that all disclosures necessary to enable the reader to gain an understanding of the Commission’s financial affairs have been included. Management has provided a narrative introduction, overview and analysis to accompany the financial statements which is included in the Management Discussion and Analysis (MD&A). This letter of transmittal should be read in conjunction with the MD&A which can be found in the Financial Section of this report. ORGANIZATION OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT The Commission applies the Government Finance Officers Association (GFOA) recommended presentation in financial reporting. THE COMMISSION The Commission was created in 1975 as a political subdivision of the Commonwealth of Virginia by an Act of the Virginia General Assembly (the “Act”) allowing the Commission to own and operate one or more airports to serve the Richmond metropolitan area. Under the Act, any of the City of Richmond (the “City”) and the Counties of Henrico, Charles
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