THE Barnard Dunkelberg JACKSON COUNTY. Airport Authority. Financial HImplementation Plan

Transcription

1 THE Barnard Dunkelberg Company TEAM JACKSON COUNTY Airport Authority Financial HImplementation Plan

2 Table H1 Planning Periods 2011 Base Year Costs Total Escalated Costs Phase I Projects ( ) $56,150,000 $63,421,408 Phase II Projects ( ) 31,700,000 39,567,485 Phase III Projects ( ) 34,000,000 52,970,892 Total Project Costs $121,850,000 $155,959,785 Source: Leibowitz & Horton AMC analysis H.1

3 H.2

4 Table H2 Sources of Capital Funding AIP Entitlement Grants $27,496,336 AIP Discretionary Grants 15,995,794 RAC Customer Facility Charges 3,713,150 Private Third Party Financing 29,345,224 Other Unidentified Funding 67,770,522 Cash Reserves/Net Revenues 11,638,760 Total Sources of Capital Funding $155,959,785 Uses of Capital Funding Phase I Projects ( ) $63,421,408 Phase II Projects ( ) 39,567,485 RAC Customer Facility Charges 52,970,892 Total Uses of Capital Funding $155,959,785 Source: Leibowitz & Horton AMC analysis H.3

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11 ROGUE VALLEY INTERNATIONAL - MEDFORD AIRPORT Jackson County, Oregon MFRMP.123 Table H1 Master Plan Capital Improvement Program Estimated Project Costs and Development Schedule 06-Feb-12 Funding Schedule Total Phase I Phase II Phase III Escalated Capital Improvement Program Total Costs Funds Used for Capital Improvement Projects AIP Entitlement Grants $3,160,550 $2,486,020 $2,527,473 $2,569,933 $2,613,426 $13,357,401 $13,757,411 $381,524 $27,496,336 AIP Discretionary Grants 3,560, ,586, ,849,568 15,995, ,995,794 Passenger Facility Charges 2,970,303 1,329,119 1,361,415 1,394,495 1,428,378 8,483,711 7,679,674 18,422,625 34,586,010 Less Series 2007 PFC Debt Service (1,338,581) (1,339,716) (1,339,816) (1,338,881) (1,336,916) (6,693,909) (6,691,400) (21,374,200) (34,759,509) RAC Customer Facility Charges 408, , , , ,111 2,128,011 1,585,139-3,713,150 Private 3rd Party Financing ,725,688 12,619,536 29,345,224 Other Unidentified Funding ,287,296 20,287,296 18,972,422 28,510,804 67,770,522 Net Operating Cash Flow 600, , , , ,700 1,096, ,254 1,775,397 3,581,583 Funds Available Current Year 9,361,372 3,005,117 8,680,682 3,187,499 30,420,564 54,655,235 52,738,187 40,335, ,729,109 Beginning Cash Balance/Funds Carried Over from Prior Year 13,558,066 15,451,938 11,667,295 11,332,980 11,931,809 13,558,066 4,791,893 17,962,595 13,558,066 Funds Used Current Year (7,467,500) (6,789,760) (9,014,998) (2,588,670) (37,560,480) (63,421,408) (39,567,485) (52,970,892) (155,959,785) Funds Carried Over to Next Year $15,451,938 $11,667,295 $11,332,980 $11,931,809 $4,791,893 $4,791,893 $17,962,595 $5,327,390 $5,327,390 Estimated Project Costs and Development Schedule 2011 Total Base Year Phase I Phase II Phase III Escalated Capital Project Description Costs Total Costs Phase I ( ) 1 Rehab Taxiway C - Continue Loop $3,400,000 $3,502,000 $3,502,000 $3,502,000 2 Rehab Taxiway C - Complete Loop 3,400,000 3,502,000 3,502,000 3,502,000 5 Rehab Runway Design 450, , , ,500 Total Capital Projects 2012 $6,800,000 $7,467,500 $0 $0 $0 $0 $7,467,500 $0 $0 $7,467,500 3 Acquire Snow Removal Equipment $600,000 $636,540 $636,540 $636,540 4 Rehab Gate 1C Apron Area 2,300,000 2,440,070 2,440,070 2,440,070 7 Construct Consolidated RAC Facility 3,500,000 3,713,150 3,713,150 3,713,150 Total Capital Projects 2013 $6,400,000 $0 $6,789,760 $0 $0 $0 $6,789,760 $0 $0 $6,789,760 6 Rehab R/W 14/32, Old Section-South $8,250,000 $9,014,998 $9,014,998 $9,014,998 Total Capital Projects 2014 $8,250,000 $0 $0 $9,014,998 $0 $0 $9,014,998 $0 $0 $9,014,998 8 Rehab Hangar Taxilanes $800,000 $900,407 $900,407 $900,407 9 Construct SRE Building 1,500,000 1,688,263 1,688,263 1,688,263 Total Capital Projects 2015 $2,300,000 $0 $0 $0 $2,588,670 $0 $2,588,670 $0 $0 $2,588, Rehab T/W A, South of T/W C $3,100,000 $3,593,750 $3,593,750 $3,593, Rehab T/W A, North of T/W C 4,400,000 5,100,806 5,100,806 5,100, Acquire R/W 14 RPZ Land 1,800,000 2,086,693 2,086,693 2,086, Acquire 80 ac Parcel on Eastside 17,500,000 20,287,296 20,287,296 20,287, Construct 28K SF Hangar Along Milligan Way 5,600,000 6,491,935 6,491,935 6,491,935 Total Capital Projects 2016 $32,400,000 $0 $0 $0 $0 $37,560,480 $37,560,480 $0 $0 $37,560,480 Total Phase I Project Costs $56,150,000 $7,467,500 $6,789,760 $9,014,998 $2,588,670 $37,560,480 $63,421,408 $0 $0 $63,421,408 Page 1 of 2

12 ROGUE VALLEY INTERNATIONAL - MEDFORD AIRPORT Jackson County, Oregon MFRMP.123 Table H1 Master Plan Capital Improvement Program Estimated Project Costs and Development Schedule 06-Feb-12 Funding Schedule Total Phase I Phase II Phase III Escalated Capital Improvement Program Total Costs Funds Used for Capital Improvement Projects AIP Entitlement Grants $3,160,550 $2,486,020 $2,527,473 $2,569,933 $2,613,426 $13,357,401 $13,757,411 $381,524 $27,496,336 AIP Discretionary Grants 3,560, ,586, ,849,568 15,995, ,995,794 Passenger Facility Charges 2,970,303 1,329,119 1,361,415 1,394,495 1,428,378 8,483,711 7,679,674 18,422,625 34,586,010 Less Series 2007 PFC Debt Service (1,338,581) (1,339,716) (1,339,816) (1,338,881) (1,336,916) (6,693,909) (6,691,400) (21,374,200) (34,759,509) RAC Customer Facility Charges 408, , , , ,111 2,128,011 1,585,139-3,713,150 Private 3rd Party Financing ,725,688 12,619,536 29,345,224 Other Unidentified Funding ,287,296 20,287,296 18,972,422 28,510,804 67,770,522 Net Operating Cash Flow 600, , , , ,700 1,096, ,254 1,775,397 3,581,583 Funds Available Current Year 9,361,372 3,005,117 8,680,682 3,187,499 30,420,564 54,655,235 52,738,187 40,335, ,729,109 Beginning Cash Balance/Funds Carried Over from Prior Year 13,558,066 15,451,938 11,667,295 11,332,980 11,931,809 13,558,066 4,791,893 17,962,595 13,558,066 Funds Used Current Year (7,467,500) (6,789,760) (9,014,998) (2,588,670) (37,560,480) (63,421,408) (39,567,485) (52,970,892) (155,959,785) Funds Carried Over to Next Year $15,451,938 $11,667,295 $11,332,980 $11,931,809 $4,791,893 $4,791,893 $17,962,595 $5,327,390 $5,327,390 Estimated Project Costs and Development Schedule 2011 Total Base Year Phase I Phase II Phase III Escalated Capital Project Description Costs Total Costs Phase II Projects ( ) 15 Construct Apron Adjacent to T/W C Loop $1,500,000 $0 $1,872,278 $1,872, Construct 22.5K SF Hangar Along Milligan Way 5,900, ,364,295 7,364, Construct Two 10-Unit T-Hangars on T/W C Loop 2,800, ,494,920 3,494, EA - New Parallel Runway 14L/32R 500, , , Construct R/W 14L/32R & T/Ws-Design/Earthwork 5,200, ,490,565 6,490, Construct R/W 14L/32R & T/Ws-Paving, etc. 7,800, ,735,848 9,735, Construct Fuel Farm 1,300, ,622,641 1,622, Relocate Channel/Upton Creek 1,700, ,121,916 2,121, Expand Apron Inside T/W C Loop 1,600, ,997,097 1,997, Expand Hangars Inside T/W C Loop 3,400, ,243,831 4,243,831 Total Phase II Project Costs $31,700,000 $0 $0 $0 $0 $0 $0 $39,567,485 $0 $39,567,485 Phase III Projects ( ) 25 Construct Eastside Public Access Road-South $2,400,000 $0 $3,739,122 $3,739, Relocate ARFF Station 3,000, ,673,902 4,673, Construct 22.5K SF Hangar Along Milligan Way 8,100, ,619,536 12,619, EA - R/W 14L/32R Upgrade/Extension 800, ,246,374 1,246, Construct R/W 14L/32R Upgrd/Ext-Design/Earthwork 7,000, ,905,772 10,905, Construct R/W 14L/32R Upgrd/Ext-Paving, etc. 10,500, ,358,658 16,358, Construct T/L Between T/Ws C & B/Demo T/W B3 2,200, ,427,528 3,427,528 Total Phase III Project Costs $34,000,000 $0 $0 $0 $0 $0 $0 $0 $52,970,892 $52,970,892 Total Project Costs $121,850,000 $7,467,500 $6,789,760 $9,014,998 $2,588,670 $37,560,480 $63,421,408 $39,567,485 $52,970,892 $155,959,785 Page 2 of 2

13 ROGUE VALLEY INTERNATIONAL - MEDFORD AIRPORT Jackson County, Oregon MFRMP.123 Table H2 Master Plan Capital Improvement Program Projected Capital Funding Sources 06-Feb-12 RAC Cash Total AIP AIP Customer Private Other Reserves/ Escalated Entitlement Discretionary Total AIP Facility 3rd Party Unidentified Net Total Capital Improvement Projects Costs Funding Funding Funding Charges Financing Funding Revenues Funding Phase I ( ) 1 Rehab Taxiway C - Continue Loop $3,502,000 $2,743,400 $408,400 $3,151,800 $350,200 $3,502,000 2 Rehab Taxiway C - Complete Loop 3,502,000 3,151,800 3,151, ,200 3,502,000 5 Rehab Runway Design 463, , ,150 46, ,500 Totals for 2012 $7,467,500 $3,160,550 $3,560,200 $6,720,750 $0 $0 $0 $746,750 $7,467,500 3 Acquire Snow Removal Equipment $636,540 $572,886 $572,886 $63,654 $636,540 4 Rehab Gate 1C Apron Area 2,440,070 1,913,134 1,913, ,936 2,440,070 7 Construct Consolidated RAC Facility 3,713, ,713, ,713,150 Totals for 2013 $6,789,760 $2,486,020 $0 $2,486,020 $3,713,150 $0 $0 $590,590 $6,789,760 6 Rehab R/W 14/32, Old Section-South $9,014,998 $2,527,473 $5,586,025 $8,113,498 $901,500 $9,014, Totals for 2014 $9,014,998 $2,527,473 $5,586,025 $8,113,498 $0 $0 $0 $901,500 $9,014,998 8 Rehab Hangar Taxilanes $900,407 $810,366 $810,366 $90,041 $900,407 9 Construct SRE Building 1,688,263 1,519,437 1,519, ,826 1,688,263 Totals for 2015 $2,588,670 $2,329,803 $0 $2,329,803 $0 $0 $0 $258,867 $2,588, Rehab T/W A, South of T/W C $3,593,750 $2,853,556 $380,819 $3,234,375 $359,375 $3,593, Rehab T/W A, North of T/W C 5,100,806 4,590,725 4,590, ,081 5,100, Acquire R/W 14 RPZ Land 2,086,693 1,878,024 1,878, ,669 2,086, Acquire 80 ac Parcel on Eastside 20,287, ,287, ,287, Construct 28K SF Hangar Along Milligan Way 6,491, ,491,935 6,491,935 Totals for 2016 $37,560,480 $2,853,556 $6,849,568 $9,703,124 $0 $0 $20,287,296 $7,570,060 $37,560,480 Total Phase I Projects $63,421,408 $13,357,401 $15,995,794 $29,353,195 $3,713,150 $0 $20,287,296 $10,067,767 $63,421,408 Phase II Projects ( ) 15 Construct Apron Adjacent to T/W C Loop $1,872,278 $1,685,051 $1,685,051 $187,228 $1,872, Construct 22.5K SF Hangar Along Milligan Way 7,364, ,364, ,364, Construct Two 10-Unit T-Hangars on T/W C Loop 3,494, ,494, ,494, EA - New Parallel Runway 14L/32R 624, , , Construct R/W 14L/32R & T/Ws-Design/Earthwork 6,490, ,490, ,490, Construct R/W 14L/32R & T/Ws-Paving, etc. 9,735, ,735, ,735, Construct Fuel Farm 1,622, ,622, ,622, Relocate Channel/Upton Creek 2,121, ,121, ,121, Expand Apron Inside T/W C Loop 1,997,097 1,797,387 1,797, ,710 1,997, Expand Hangars Inside T/W C Loop 4,243, ,243, ,243,831 Total Phase II Projects $39,567,485 $3,482,438 $0 $3,482,438 $0 $16,725,688 $18,972,422 $386,938 $39,567,485 Phase III Projects ( ) 25 Construct Eastside Public Access Road-South $3,739,122 $3,365,210 $3,365,210 $373,912 $3,739, Relocate ARFF Station 4,673,902 4,206,512 4,206, ,390 4,673, Construct 22.5K SF Hangar Along Milligan Way 12,619, ,619, ,619, EA - R/W 14L/32R Upgrade/Extension 1,246, ,246, ,246, Construct R/W 14L/32R Upgrd/Ext-Design/Earthwork 10,905, ,905, ,905, Construct R/W 14L/32R Upgrd/Ext-Paving, etc. 16,358, ,358, ,358, Construct T/L Between T/Ws C & B/Demo T/W B3 3,427,528 3,084,775 3,084, ,753 3,427,528 Total Phase III Projects $52,970,892 $10,656,497 $0 $10,656,497 $0 $12,619,536 $28,510,804 $1,184,055 $52,970,892 Total Project Costs $155,959,785 $27,496,336 $15,995,794 $43,492,130 $3,713,150 $29,345,224 $67,770,522 $11,638,760 $155,959,785 Page 1 of 1

14 ROGUE VALLEY INTERNATIONAL - MEDFORD AIRPORT Jackson County, Oregon MFRMP.123 Table H3 Master Plan Capital Improvement Program Actual, Budgeted and Projected Operations & Maintenance Expenses 06-Feb-12 Phase I Phase II Phase III Actual Actual Actual Budgeted Projected Projected Projected Operations & Maintenance Expenses Total Personnel Expenses: Salaries & Wages $1,111,568 $1,131,915 $1,203,776 $1,668,990 $1,719,060 $1,770,631 $1,823,750 $1,878,463 $8,860,895 $10,272,205 $25,713,286 Employee Benefits 861, , ,300 1,086,382 1,118,973 1,152,543 1,187,119 1,222,733 5,767,750 6,686,403 16,737,339 Total Personnel Expenses 1,972,661 1,995,307 2,083,076 2,755,372 2,838,033 2,923,174 3,010,869 3,101,195 14,628,644 16,958,608 42,450,625 Materials & Supplies 77,797 76,188 87, , , , , , , ,164 1,710,090 Contractual Services 1,454,043 1,264,801 1,379,118 1,736,757 1,788,860 1,842,526 1,897,801 1,954,735 9,220,679 10,689,294 26,757,338 Utilities 360, , , , , , , ,705 2,069,416 2,399,021 6,005,205 Repairs & Maintenance 331, , , , , , , ,164 2,420,647 2,806,194 7,024,437 Other Operating Expenses 255, , , , , , , ,806 3,013,312 3,493,254 8,744,280 Administrative Services 656, , , , , , , ,206 2,850,098 3,304,045 8,270,653 Minor Capital Outlays 89, , , , , , , ,827 2,131,310 2,470,773 6,184,814 Total Operations & Minatenance Expenses $5,197,621 $5,023,547 $5,152,745 $6,954,693 $7,163,334 $7,378,234 $7,599,581 $7,827,568 $36,923,410 $42,804,352 $107,147,444 Annual Growth Rate % 2.6% 35.0% 3.0% 3.0% 3.0% 3.0% 8.7% 3.0% 3.0% Operating Expenses Per Enplaned Passenger: Rogue Valley International $18.08 $15.68 $15.71 $20.70 $20.81 $20.93 $21.04 $21.16 $20.93 $21.52 $22.46 Non-Hub Industry Average $27.33 $28.15 $29.00 $29.87 $30.76 $31.68 $32.64 $33.61 $31.71 $36.76 $46.01 Page 1 of 1

15 ROGUE VALLEY INTERNATIONAL - MEDFORD AIRPORT Jackson County, Oregon MFRMP.123 Table H4 Master Plan Capital Improvement Program Actual, Budgeted and Projected Operating Revenues 06-Feb-12 Phase I Phase II Phase III Actual Actual Actual Budgeted Projected Projected Projected Operating Revenues Total Airline Revenues Landing Fees $1,736,680 $1,946,080 $1,815,212 $1,773,617 $1,200,000 $1,236,000 $1,273,080 $1,311,272 $6,793,969 $7,170,575 $17,949,315 Terminal Rent 900,501 1,052,046 1,022,760 1,130,423 1,243,558 1,280,865 1,319,291 1,358,869 6,333,006 7,430,855 18,600,845 Total Airline Revenues $2,637,181 $2,998,126 $2,837,972 $2,904,040 $2,443,558 $2,516,865 $2,592,371 $2,670,142 $13,126,975 $14,601,430 $36,550,160 Annual Growth Rate % -5.3% 2.3% -15.9% 3.0% 3.0% 3.0% -1.2% 3.0% 3.0% Airline Cost Per Enplaned Passenger: Rogue Valley International $9.17 $9.36 $8.65 $8.64 $7.10 $7.14 $7.18 $7.22 $7.44 $7.34 $7.66 Non-Hub Industry Average $6.61 $6.81 $7.02 $7.23 $7.44 $7.67 $7.90 $8.13 $7.67 $8.89 $11.13 Non-Airline Revenues Concession Fees $659,883 $961,083 $989,121 $965, ,785 1,024,629 1,055,368 1,087,029 5,127,622 5,944,319 14,879,763 Restaurant Rent 41,867 69,866 72,426 52,679 54,259 55,887 57,564 59, , , ,599 Retail Store Rent 31,778 54,927 55,735 48,044 49,485 50,970 52,499 54, , , ,190 Parking Fees 1,554,265 1,685,286 1,742,515 1,778,252 1,879,526 1,935,912 1,993,989 2,053,809 9,641,488 11,231,068 28,113,503 Other Terminal Rent/Fees 187, , , , , , , ,124 1,543,074 1,788,845 4,477,821 TSA Reimbursements/Fees 188, , , , , , , , ,219 1,153,731 2,888,009 Fixed Base Operator Rent 182, , , , , , , , ,539 1,100,776 2,755,452 Hangar/Land Rent 314, , , , , , , ,549 2,106,416 2,441,913 6,112,573 Fuel Flowage Fees 201, , , , , , , , ,197 1,072,556 2,684,813 Tiedowns 9,277 8,927 8,317 11,165 11,500 11,845 12,200 12,566 59,277 68, ,014 Other General Aviation Revenue 4,280 5,712 6,075 6,100 6,283 6,471 6,666 6,866 32,386 37,544 93,980 Commercial Rentals 147, , , , , , , , , ,136 2,433,441 Gov't Agency Rental 45,218 41,465 44, , , , , , ,117 1,085,217 2,716,504 Other Miscellaneous Revenues 52,653 46,431 50,268 42,570 43,847 45,163 46,517 47, , , ,854 Total Non-Airline Revenues $3,623,102 $4,168,957 $4,287,006 $4,466,859 $4,648,791 $4,788,255 $4,931,903 $5,079,860 $23,915,667 $27,778,755 $69,535,514 Annual Growth Rate % 2.8% 4.2% 4.1% 3.0% 3.0% 3.0% 3.5% 3.0% 3.0% Non-Operating Revenues Interest Income $288,982 $169,040 $264,021 $184,154 $189,679 $195,369 $201,230 $207,267 $977,699 $1,133,421 $2,837,168 Other Non-Operating Revenues 1,418 59,914 19, Total Non-Operating Revenues $290,400 $228,954 $283,041 $184,154 $189,679 $195,369 $201,230 $207,267 $977,699 $1,133,421 $2,837,168 Annual Growth Rate % 23.6% -34.9% 3.0% 3.0% 3.0% 3.0% -6.0% 3.0% 3.0% Total Revenues $6,550,683 $7,396,037 $7,408,019 $7,555,053 $7,282,028 $7,500,489 $7,725,503 $7,957,268 $38,020,341 $43,513,605 $108,922,841 Annual Growth Rate % 0.2% 2.0% -3.6% 3.0% 3.0% 3.0% 1.4% 3.0% 3.0% Operating Revenues Per Enplaned Passenger: Rogue Valley International $21.77 $22.38 $21.72 $21.93 $20.60 $20.72 $20.83 $20.95 $21.00 $21.31 $22.23 Non-Hub Industry Average $31.09 $32.02 $32.98 $33.97 $34.99 $36.04 $37.12 $38.23 $36.07 $41.81 $52.33 Page 1 of 1

16 ROGUE VALLEY INTERNATIONAL - MEDFORD AIRPORT Jackson County, Oregon MFRMP.123 Table H5 Master Plan Capital Improvement Program Financial Plan Summary Budgeted and Projected Net Revenues, Capital Funding and Capital Expenditures 06-Feb-12 Phase I Phase II Phase III Operating/Capital Cash Flow Budgeted Projected Projected Projected Total Operating Cash Flow Revenues: Airline Revenues $2,904,040 $2,443,558 $2,516,865 $2,592,371 $2,670,142 $13,126,975 $14,601,430 $36,550,160 Non-Airline Revenues 4,466,859 4,648,791 4,788,255 4,931,903 5,079,860 23,915,667 27,778,755 69,535,514 Other Non-Operating Revenues 184, , , , , ,699 1,133,421 2,837,168 Total Revenues $7,555,053 $7,282,028 $7,500,489 $7,725,503 $7,957,268 $38,020,341 $43,513,605 $108,922,841 Operations & Maintenance Expenses ($6,954,693) ($7,163,334) ($7,378,234) ($7,599,581) ($7,827,568) ($36,923,410) ($42,804,352) ($107,147,444) Net Operating Cash Flow Available For Capital Expenditures $600,360 $118,694 $122,255 $125,923 $129,700 $1,096,932 $709,254 $1,775,397 Capital Cash Flow Beginning Cash Balance $13,558,066 $15,451,938 $11,667,295 $11,332,980 $11,931,809 $13,558,066 $4,791,893 $17,962,595 Other Capital Funding Sources: AIP Entitlement Grants $3,160,550 $2,486,020 $2,527,473 $2,569,933 $2,613,426 $13,357,401 $13,757,411 $381,524 AIP Discretionary Grants 3,560, ,586, ,849,568 15,995, Passenger Facility Charges 2,970,303 1,329,119 1,361,415 1,394,495 1,428,378 8,483,711 7,679,674 18,422,625 Less Series 2007 PFC Debt Service (1,338,581) (1,339,716) (1,339,816) (1,338,881) (1,336,916) (6,693,909) (6,691,400) (21,374,200) RAC Customer Facility Charges 408, , , , ,111 2,128,011 1,585,139 - Private 3rd Party Financing ,725,688 12,619,536 Other Unidentified Funding ,287,296 20,287,296 18,972,422 28,510,804 Total Other Capital Funding Sources $8,761,012 $2,886,423 $8,558,427 $3,061,577 $30,290,864 $53,558,303 $52,028,933 $38,560,289 Total Funds Available for Capital Expenditures $22,919,438 $18,457,055 $20,347,977 $14,520,479 $42,352,373 $68,213,301 $57,530,080 $58,298,282 Capital Improvement Program Expenditures 7,467,500 6,789,760 9,014,998 2,588,670 37,560,480 63,421,408 39,567,485 52,970,892 Ending Cash Balance $15,451,938 $11,667,295 $11,332,980 $11,931,809 $4,791,893 $4,791,893 $17,962,595 $5,327,390