FINANCIAL REPORT (unaudited)

Transcription

1 FINANCIAL REPORT (unaudited) For the Quarter Ended June 30, 2018

2 *** UNAUDITED - FOR INTERNAL REVIEW*** Page Financial Information... 1 Management s Discussion and Analysis Statements of Net Position Statements of Revenues, Expenses and Changes in Net Position Statements of Cash Flows Statements of Fiduciary Fund Net Assets Statements of Changes in Fiduciary Fund Net Assets Notes to the Financial Statements Financial Summary Statistical Highlights Airport Revenues AvPort Airport Operations Million Air FBO Operations Authority Operations Investment Report

3 MANAGEMENT S DISCUSSION AND ANALYSIS This Management Discussion and Analysis (MD&A) of the Albany County Airport Authority (the Authority) provides an introduction of the basic financial statements for the quarter June 30, 2018 with selected comparative information for the quarter ended June 30, 2017 and June 30, Management prepared this unaudited MD&A, which should be read in conjunction with the financial statements, and the notes thereto, which follow in this section. BASIC FINANCIAL STATEMENTS The Authority s basic financial statements include three financial statements: the Statements of Net Position, the Statements of Revenues, Expenses and Changes in Net Position and the Statements of Cash Flows. The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board (GASB). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. However, we believe that all disclosures are adequate to make the information presented not misleading. The December 31, 2017 Statements of Net Position and other prior year condensed financial information was derived from the Authority s audited 2017 basic financial statements, as restated to implement recently issued accounting standards, and other unaudited sections of the Authority s 2017 Comprehensive Annual Financial Report, but is not presented with all disclosures required by accounting principles generally accepted in the United States of America. The accompanying unaudited financial statements should be read in conjunction with the audited basic financial statements and the notes thereto, included in our Comprehensive Annual Financial Report for the year ended December 31, 2017 and the notes attached to these statements. In the opinion of our management, adjustments necessary to fairly present our financial position, report total operating revenues, operating expenses, non-operating income and expenses, capital contributions and the changes in net position during the six three months ended June 30, 2018 and 2017 and cash flows for the interim periods presented have been included. The results of operations for the six months ended June 30, 2018 are not necessarily indicative of the results to be expected for the full year or for any future periods. Also included are the Statements of Fiduciary Fund Net Position and the Statements of Changes in Fiduciary Fund Net Position. The Statements of Net Position depict the Authority s financial position at June 30, 2018 and December 31, 2017, the end of the Authority s previous fiscal year. The Statements report all assets, deferred outflows of resources, liabilities, deferred inflows of resources and net position. Net position is displayed in three components: net investment in capital assets, restricted (distinguished between major categories of restrictions) and unrestricted. The Statements of Revenues, Expenses and Changes in Net Position report total operating revenues, operating expenses, non-operating income and expenses, capital contributions and the changes in net position during the six months ended June 30, 2018 and All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the cash flows. The Statements of Cash Flows present information showing how the Authority s cash and cash equivalents position changed during the six months ended June 30, 2018 and The Statements classify cash receipts and cash payments by Operating Activities, Noncapital Financing Activities, Investing Activities, and Capital and Related Financing Activities. 1

4 The Statements of Fiduciary Fund Net Position is a snapshot of account balances of the Authority s fiduciary fund at June 30, 2018 and December 31, It indicates the assets available for future payments for retiree benefits and any current liabilities that are owed at this time. The Statements of Changes in Fiduciary Fund Net Position, on the other hand, provides a view of current period additions to and deductions from the net position held in the Trust during the six months ended June 30, 2018 and AIRPORT ACTIVITIES HIGHLIGHTS The County of Albany owns the Albany International Airport (the Airport) and entered into an Airport Lease Management Agreement, pursuant to which the County leased the Airport to the Authority for a 40 year term commencing May 16, The Authority employs two firms to manage the daily operations of the Airport: AFCO AvPorts Management LLC, (d/b/a Avports) manages the daily operations of the airport including airfield, terminal, security, ARFF, landside, building and vehicle maintenance and public parking pursuant to a management services agreement. REW Investments, Inc., (d/b/a Million Air) manages the daily operations of the Fixed Based Operations (FBO) of the airport including fuel farm management, commercial aviation into-plane fueling, and ground handling, fueling and hangaring of general aviation aircraft pursuant to a management services agreement. The Authority s revenues are derived primarily from: Airline rates and charges for the use of the Airport s facilities in the form of landing fees, terminal rentals, apron fees and loading bridge charges received from airlines using the Airport; concession fees from vendors serving the passengers including food and beverage, retail and rental cars; public parking fees including surface and garage parking; and FBO activities from general aviation activities. AIRPORT REVENUES Five major factors impact airport revenues: commercial operations, enplanements, FBO operations, concessions and parking: COMMERCIAL OPERATIONS The following shows the major indicators of the total commercial airline activities during the first six months of 2018, 2017 and 2016: Enplanements 702, , ,340 % increase/(decrease) 2.0% 1.2% 10.4% Aircraft Landed Weight 788,786, ,706, ,351,749 % increase/(decrease) -0.1% 0.7% 15.9% Operations (take-offs and landings) Commercial 23,863 23,066 23,307 General Aviation 6,121 6,371 6,936 Military 1,750 1,486 1,514 Total 31,734 30,923 31,757 % increase/(decrease) 2.6% -2.6% 10.9% 2

5 Regular scheduled daily passenger flights departing from Albany increased to 60 in June 2018 compared to 58 in June 2017 and June Carriers Flights Carriers Flights Carriers Flights Jet Service Major Carriers Regional Carriers Commuter Service Regional Carriers Total Published available seats for the first six months of 2018 increased by 8,055 or 0.9% and the passenger load factor increased to 81% from 80%, resulting in an increase in enplanements for the first six months of The published available seats and the passenger load factors for the first six months of 2018, 2017 and 2016 are below: Total Available Seats 865, , ,658 Passenger Load Factor 81% 80% 80% Landing fee revenues are not sensitive to the number of operations or landed weight because the agreements with the airlines and cargo carriers provides for the Signatory Passenger and Cargo Airlines to fund the operating costs of the Airfield after receiving credit for all airfield revenue. Accordingly, landing fee revenue is sensitive to changes in the annual cost of operating the airfield that fluctuate with the weather and maintenance needs. The change in airline operations and gross landed weight by airline for the first six months of 2018 compared to 2017 and 2017 compared to 2016 is as follows: 2018 Market Total vs. Total vs. Share Enplanements 2017 Enplanements 2016 American 22.0% 154,499 5, ,670 3,020 Boutique Air 0.1% Cape Air 0.8% 5,700 (1,208) 6,908 (975) Delta 14.5% 101, ,871 (1,694) Elite Airways 0.1% Jet Blue 6.3% 44,572 (266) 44,838 3,680 One Jet 0.4% 3,134 3, Southwest 41.1% 288,841 (419) 289,260 (499) United 14.5% 101,987 5,124 96,863 3,538 Other 0.1% 395 (119) Total 100.0% 702,220 13, ,504 8,164 As of June 30, 2018, two regularly scheduled express mail and various special cargo carriers serve this Airport Mail and Express Cargo Tons 9,014 9,143 9,070 % increase/(decrease) -1.4% 0.8% -2.9% 3

6 ENPLANEMENTS Enplanements for the first six months of 2018 compared to the first six months of 2017 increased by 13,716 passengers, compared to an increase of 8,164 for 2017 vs The changes in enplanements by airline, including their express carriers is as follows: 2018 vs vs Change in Change in Change in Change in Operations Landed Weight Operations Landed Weight American (270) (712,050) 84 2,508,127 Boutique Air , ,522,501 Cape Air (550) (1,883,754) (564) (1,931,701) Delta (42) 1,909,904 (78) (1,380,658) Elite Airways , Jet Blue (2) (96,999) (14) (1,040,580) One Jet 592 8,816, ,900 Southwest (194) (7,176,000) ,000 United 172 (2,534,929) 150 3,097,751 Other (14) (868,000) 24 1,488,000 Total (52) (919,912) (10) 5,351,340 FBO OPERATIONS REW Investments, Inc. (d/b/a Million Air) manages the daily operations of the FBO. A summary of the operating revenues and expenses, the gallons of Jet A and Aviation Gasoline sold, gallons of glycol sold and sprayed and the Jet A transferred to the commercial and cargo airlines is as follows for the first six month of 2018, 2017 and 2016: 2018 vs vs Revenues $ 5,080, % $ 4,130, % $ 3,861,103 Expenses (inc. cost of sales) $ 4,273, % $ 3,580, % $ 3,254,150 Retail Gallons Sold Jet A 506, % 458, % 468,673 AvGas 22, % 27, % 34,492 Commercial AvGas 46, % 63, % 80,106 Glycol Gallons - Consortium 73, % 63, % 41,349 Glycol Gallons - Sprayed 66, % 34, % 21,186 Jet A Fuel Into-Plane Gallons 9,378, % 9,672, % 9,209,910 4

7 CONCESSIONS Concession revenues for the first six months of 2018 were $3,380,411, a 2.2% decrease from the first six months of Concession revenues for the first six months of 2017 were 4.7% higher than Concession revenue highlights for the first six months of 2018 compared to 2017 and 2016 are as follows: 2018 vs vs Rental Car Revenues Sales $ 20,761, % $ 21,180, % $ 21,329,533 Authority Revenues $ 2,037, % $ 2,190, % $ 2,131,830 Food & Beverage Sales $ 4,031, % $ 3,982, % $ 3,902,464 Authority Revenues $ 509, % $ 384, % $ 378,237 Retail Sales $ 1,896, % $ 1,861, % $ 1,702,828 Authority Revenues $ 400, % $ 396, % $ 374,399 Total Authority Concession Revenues $ 3,380, % $ 3,456, % $ 3,300,772 Concession Revenue per Enplanement $ % $ % $ 4.85 PARKING The Airport directly manages all on-airport parking operations which at June 30, 2018 consisted of 222 shortterm garage/surface, 1,912 long-term garage, 1,789 long-term surface, and 2,763 remote shuttle served parking spaces. Revenue for first six months of 2018 compared to the first six months of 2017 and 2016 are as follows: 2018 vs vs Public Parking Revenues $ 8,063, % $ 8,053, % $ 7,895,706 # of Vehicles Parked 316, % 319, % 319,042 Parking Revenue per Enplanement $ % $ % $

8 SUMMARY OF REVENUES, EXPENSES AND CHANGES IN NET POSITION The changes in net position over time may serve as a useful indicator of changes in the Authority s financial position. A summary of the Authority s change in net position for the first six months ended June 30 is below: Operating Revenues $ 26,446,464 $ 25,075,737 $ 24,060,459 Operating Expenses (18,494,151) (17,084,243) (15,407,299) Revenues in excess of expenses before depreciation 7,952,313 7,991,494 8,653,160 Depreciation (7,053,750) (7,053,750) (6,800,000) Loss before non-operating income and expenses 898, ,744 1,853,160 Non-Operating income and (expenses), net 1,105, ,899 (95,932) Income before capital contributions 2,004,468 1,356,643 1,757,228 Capital Contributions 100, , ,460 Net Position Increase in Net Position 2,104,656 1,524,484 2,075,688 Net position, beginning of year 211,113, ,454, ,948,796 Net position, end of quarter $ 213,218,200 $ 211,979,002 $ 210,024,484 The Authority s operating revenues and expenses include the sales and cost of sales of fuel purchased and sold to general aviation customers through the FBO and also revenues for deicing activities. Gallons of jet fuel sold were 468,673, 458,958 and 506,738 for the first six months of 2016 to 2018, respectively. The FBO provides fueling services for all commercial airlines at the Airport. Some of the airlines provide their own aircraft deicing services. Accordingly, commercial aircraft deicing service revenue is sensitive to both demand for services and need for services based upon weather conditions. The table below summarizes FBO revenues, expenses and net revenues for the first six months of 2018, 2017 and 2016: 2018 vs vs Revenues $ 5,080, % $ 4,130, % $ 3,861,103 Expenses (inc. cost of sales) $ 4,273, % $ 3,580, % $ 3,254,150 Retail Gallons Sold Jet A 506, % 458, % 468,673 AvGas 22, % 27, % 34,492 Commercial AvGas 46, % 63, % 80,106 Glycol Gallons - Consortium 73, % 63, % 41,349 Glycol Gallons - Sprayed 66, % 34, % 21,186 Jet A Fuel Into-Plane Gallons 9,378, % 9,672, % 9,209,910 6

9 OPERATING REVENUES AND NON-OPERATING INCOME HIGHLIGHTS Total revenues for the first six months of 2018 were $1.7 million or 6.0% greater than the first six months of Fixed Based Operations revenues increased in the first six months of 2018 due to higher deicing revenues. Allocation of YTD 2018 Operating Revenues by Category Operating Revenues Airfield $ 3,951,094 $ 3,639,702 $ 3,661,021 Fixed Based Operations 5,080,571 4,130,465 3,861,103 Terminal 3,604,399 3,416,805 3,179,311 Ground Transportation 8,301,402 8,234,671 8,064,894 Concessions 3,380,411 3,456,227 3,300,772 Other 2,128,587 2,197,867 1,993,358 Non-Operating Income Passenger Facility Charges 2,699,769 2,604,871 2,626,002 Grant Income 217,989 68, ,262 Improvement Charges 184, , ,200 Insurance Recoveries 76, Interest Income 4,290 6,387 5,679 Total $ 29,629,366 $ 27,939,975 $ 27,018,602 Percentage of Increase 6.0% 3.4% 5.2% 7

10 OPERATING EXPENSES AND NON-OPERATING EXPENSES HIGHLIGHTS Total expenses for the first six months of 2018 increased $1.0 million or 3.9% as compared to the first six months of Higher costs for Fixed Based Operations deicing supplies, higher snow removal supplies and services all accounted for the increase in expenses during 2018 as compared to Allocation of YTD 2018 Operating Expenses by Category Operating Expenses Personal services $ 5,267,523 $ 5,060,033 $ 4,697,472 Employee benefits 2,597,682 2,437,398 2,256,307 Utilities & communications 1,303,787 1,171,062 1,185,013 Purchased services 3,462,230 3,336,839 2,964,675 Material & supplies 4,978,029 4,313,200 3,603,504 Administration 658, , ,275 Non-capital equipment 176, , ,052 Depreciation 7,053,750 7,053,750 6,800,000 Non-Operating Expenses Interest Expense 1,966,189 2,331,929 2,508,094 Insurance Expenses 76, Amortization of Bond Insurance Premiums 34,154 38,140 50,174 Air Service Incentive Program 49,460 75, ,808 Total $ 27,624,898 $ 26,583,332 $ 25,261,374 Percentage of Increase/(Decrease) 3.9% 5.2% -0.3% 8

11 FINANCIAL POSITION SUMMARY The Statements of Net Position depict the Authority s financial position as of one point in time December 31 and reflects the residual difference between all assets, deferred outflows of resources, liabilities and deferred inflows of resources of the Authority. Net position represents the residual interest in the Authority s assets after deducting liabilities. The Authority s net position was $213.2 million at June 30, 2018, a $3.0M decrease from December 31, $5.2M of the decrease was due to a change in accounting principle for OPEB effective January 1, A condensed summary of the Authority s total net position at June 30, 2018 and December 31, 2017 and 2016 is set forth below: June 30, 2018 December 31, 2017 December 31, 2016 ASSETS Capital assets $ 239,502,616 $ 245,397,366 $ 249,869,538 Other assets 57,618,680 55,013,670 53,736,552 Total Assets 297,121, ,411, ,606,090 DEFERRED OUTFLOWS OF RESOURCES 5,790,456 4,722,111 5,918,434 LIABILITIES Current (payable from unrestricted assets) 2,268,374 6,017,006 7,063,124 Current (payable from restricted assets) 9,705,000 11,366,663 9,721,183 Noncurrent liabilities 76,796,762 70,583,675 81,509,179 Total Liabilities 88,770,136 87,967,344 98,293,486 DEFERRED INFLOWS OF RESOURCES 923, , ,520 NET POSITION Net investment in capital assets 167,057, ,661, ,626,920 Restricted 27,486,114 22,238,003 21,191,423 Unrestricted 18,674,220 21,401,539 18,636,175 Net Position $ 213,218,200 $ 216,300,740 $ 210,454,518 Net position is comprised of three components as follows: Investment in capital assets (e.g., land, buildings, improvements, and equipment), less the related indebtedness outstanding used to acquire those capital assets, represents the largest portion of the Authority s net position (78.4% at June 30, 2018). The Authority uses these capital assets to provide services to the airlines, passengers and to service providers and users located at the Airport; consequently, these assets are not available for future spending. Although the Authority s net investment in capital assets is net of related debt, the resources required to repay this debt annually are paid from operations, since it is unlikely that the capital assets will be liquidated to pay liabilities. Restricted net position (12.9% at June 30, 2018), principally representing bond reserves and PFC funds, are restricted as to use pursuant to bond resolutions and Federal regulations. The restricted component of net position consists of restricted assets reduced by liabilities and deferred inflows of resources related to those assets. 9

12 Unrestricted net position totaling $18.7 million (8.7% at June 30, 2018) are available to meet any of the Authority s ongoing obligations. The unrestricted component of net position is the net amount of the assets, deferred outflows of resources, liabilities and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position. AIRLINE SIGNATORY RATES AND CHARGES The Authority and airlines entered into a Use and Lease Agreement ( Agreement ) effective January 1, 2016 for five years, with an option for a five-year renewal, which establishes how the airlines that signed the Agreement will be assessed annual rates and charges for their use of the Airport. In the Agreement, signatory airlines have the option to designate some or all of their affiliate carriers as signatory airlines. This entitles the affiliates to signatory rates and charges for use of the Airport. As of June 30, 2018, signatories in the Agreement include six commercial, nineteen affiliate carriers and two cargo airlines. The Agreement with the signatory airlines is based on a hybrid rates and charges methodology. A residual cost methodology is used for the airfield and a commercial rental rate methodology for the terminal. The apron charge is based on a 10% allocation of total airfield costs and loading bridge rental rates is based on total actual operating costs for all the loading bridges. The resulting funds remaining each year are split fifty/fifty between the Authority and the signatory airlines. Each year the Authority prepares and issues an actual airline rates and charges analysis report in accordance with the Agreement and financial statements prepared in accordance with GAAP as audited by independent public accountants as of December 31. The Authority has the ability under the Agreement to adjust airline rates and charges at any time throughout the year to ensure adherence to all financial covenants in its bond resolutions. The Authority can impose a Capital Charge Coverage equal to 25% of its required debt service and also apply the Airline Share of Revenue sharing to meet debt service coverage if needed. Capital Charge Coverage provides for revenues less expenses, to be not less than one-hundred twenty-five percent (125%) of annual debt service. If needed to meet debt service coverage, the Airline Revenue Sharing is first suspended. The Authority may also impose Extraordinary Coverage Protection, if necessary to meet the covenant debt service coverage ratio. The final rates and charges, after all year-end settlement adjustments and the revenue sharing allocations in accordance with the definitions and formulas contained in the Agreement with the signatory airlines are as follows: Budget Actual Actual Landing Fees (per 1,000 lbs. MGLW) $ 3.33 $ 3.12 $ 2.73 Terminal Rental Rate (per square foot) $ $ $ Apron Fees (per square foot) $ 1.38 $ 1.33 $ 1.19 Loading Bridge (annual rate) $ 40,849 $ 47,237 $ 40,383 Airline Airport Cost per Enplanement $ 7.17 $ 6.57 $ 6.00 Revenue Sharing Credit $ 2,002,289 $ 2,439,847 $ 3,137,355 10

13 CASH MANAGEMENT POLICIES AND CASH FLOW ACTIVITIES All cash receipts are initially deposited daily into collateralized or insured bank accounts. After initial deposit of receipts, all funds are transferred to various segregated bank accounts comprising the various funds defined in the Authority s Master Bond Resolution. The Authority s temporarily idle cash is maintained in collateralized or insured bank accounts consistent with the Authority s liquidity, available short-term investment opportunities, and desired level of risk. The Authority s maintains some debt service reserves in United States Treasury obligations. All deposits and investments are in compliance with the laws of the State and the Cash Management and Investment Policy adopted by the Authority. Cash equivalents represent cash-on-hand, bank deposits and liquid investments with a maturity of three months or less. The following shows a summary of the major sources and uses of cash and cash equivalents for the first six months of 2018, 2017 and 2016: Cash flows from: Operating Activities $ 6,267,417 $ 7,117,841 $ 8,343,804 Non Capital Financing Activities 217,989 68, ,262 Investing Activities 14,914 15,190 12,747 Capital and related financing activities (519,060) (1,902,001) (47,775) Net increases in cash and cash equivalents 5,981,260 5,299,810 8,451,038 Cash and Cash Equivalents: Beginning of period 47,905,608 48,024,342 40,138,544 End of period $ 53,886,868 $ 53,324,152 $ 48,589,582 The Authority s available cash and cash equivalents increased during the first six months of 2018 by $5,981,260. Cash and cash equivalents as of June 30, 2018, 2017 and 2016 are composed of: Funds available for unrestricted operations $ 23,865,979 $ 23,369,707 $ 20,470,553 Restricted for: Capital Projects 2,384,802 4,373,581 3,635,804 PFCs available for debt service payments 10,973,605 9,131,073 7,390,417 Revenue bond reserves 15,623,621 15,518,528 15,983,777 Other restrictions 1,038, ,263 1,109,031 Total $ 53,886,868 $ 53,324,152 $ 48,589,582 11

14 CAPITAL ACTIVITIES The enabling legislation creating the Authority set forth that every five years the Authority must submit to the County legislature for approval a capital plan for the subsequent five year period. The plan for was approved by the County on December 1, The original plan provided for total spending of up to $120.5 million over five years of which $61 million is eligible for 95% grant funding. On May 8, 2017, the County of Albany approved an amendment to the capital plan to reallocate certain projects and increase total authorized by $22 million to a new total of $142.5 million. The plan does not represent a firm commitment of the Authority. The Authority has included every known possible project that could conceivably occur during the five year period for disclosure purposes. During the remainder of the capital plan, as amended, the Authority may issue additional debt for projects not eligible for grant funding. There is no assurance that future Federal or State grant funds will be awarded to the Authority as anticipated in the plan. At June 30, 2018, the Authority has $11.4 million outstanding capital commitments. Approved projects requiring additional financing in the plan are very likely to be deferred. The following is a summary of the approved capital plan including the activity through June 30, 2018: Total Total Plan 2019 Plan Through Approved Projects Airfield $ 34,520,000 $ 7,711,151 Terminal 14,000,000 8,284,491 Landside 60,000,000 15,719,099 Major Equipment 12,000,000 3,966,948 Total $ 120,520,000 $ 35,681,689 Funding Sources Federal Funds $ 61,020,000 $ 18,180,289 State Funds 6,250,000 5,315,688 Debt Issuances 34,500,000 - Authority Funds 18,750,000 12,185,712 Total $ 120,520,000 $ 35,681,689 LONG-TERM DEBT ADMINISTRATION The Authority issued Airport Revenue Bonds to provide funds for the acquisition and construction of major capital facilities. Airport Revenue Bonds are direct obligations and are pledges by the full faith and credit of the Authority. Certain outstanding bonds may be redeemed prior to their normal maturity dates in accordance with the terms of the related bond indentures. The Authority has never defaulted on any principal or interest payments. In accordance with Section 2785 of the New York Public Authorities Law, the Authority may issue Bonds, Notes and Other Obligations up to $285 million outstanding at any time plus certain amounts issued for refunding purposes. The total Authority principal debt outstanding at June 30, 2018 for General Airport Revenue Bonds (GARB) was $77,318,000, the same as December 31, The aggregate par amount of 12

15 bonds issued by the Authority and bond related debt owed to the County of Albany outstanding as of June 30, 2018 and December 31, 2017 is summarized in the following table: Outstanding Outstanding Issued at at Authority Revenue Bonds 1999 NYS EFC $ 7,895,303 $ 1,128,000 $ 1,128, Refunding Series A & B 109,855,000 62,845,000 62,845, Refunding Series A & B 14,395,000 13,345,000 13,345,000 Total Authority Debt Obiligations $ 117,750,303 $ 77,318,000 $ 77,318,000 In the table above, the bonds and debt obligation are presented on a stated par-amount basis. Under generally accepted accounting principles certain items associated with the debts above are deferred and amortized into future periods by subtracting or adding the deferred items to the stated par amounts outstanding and expensing those deferred items in future periods as the debt matures using a systematic and rational method that conforms with generally accepted accounting described in Note 2 to the Financial Statements. The reported amount of bonds issued by the Authority that was outstanding as of December 31, 2017, additions and/or deletions during the first six months of 2018, and the balances reported at June 30, 2018 with adjustments to the reported value required by generally accepted accounting principles is summarized in the following table: Outstanding Outstanding at Additions Deletions at Authority Revenue Bonds/Debt Obligations Bonds Payable 1999 NYS EFC $ 1,128,000 $ - $ - $ 1,128, Series A Refunding 62,845, ,845, Series A & B Refunding 13,345, ,345,000 Total Bonds Payable 77,318, ,318,000 Deferred Loss on Refunding (4,084,312) - 526,198 (3,558,114) Unamortized Premiums/Discounts (net) 2,248,605 - (333,676) 1,914,929 Net Bonds Payable 75,482, ,522 75,674,815 REFUNDING BONDS ISSUED IN 2017 On April 13, 2017 the Authority completed the marketing and pricing for the sale of its Series 2017 Bonds in the total par amount of $14,395,000 of which $7,795,000 were sold as Series 2017A Non-AMT (not subject to any Federal Tax) and $6,600,000 were sold as Series 2017B AMT (subject to the Federal Alternative Minimum Tax). The Series 2017 Bonds were used, along with other funds of the Authority, to fully refund the Authority s Series 2003A, Series 2006A, Series 2006B, and Series 2006C Bonds in the aggregate amount of $16,490,000 (the Refunded Bonds). 13

16 At June 30, 2018 the Authority maintained debt service reserve funds in the amount of $11.1 million and Passenger Facility Charge Funds in the amount of $11.0 million, both of which are restricted to repayment of debt. Thus, the Authority s direct obligations outstanding, net of funds restricted for the repayment of debt, was $55.2 million in aggregate par amount of bonds outstanding. The graph and table below presents combined annual debt service to maturity as of June 30, 2018: Year/Debt Service 2018 $ 12,966, $ 9,600, $ 1,085, ,385, ,594, , ,686, ,608, , ,694, ,089, , ,699, ,096, , ,707, ,084, ,400 On May 18, 2018 the Authority accepted a Settlement Offer Payment of $1.5 million for interest rate manipulation from a bank counter party to an Interest Rate Swap Agreement it entered in 2008 as a result of a 2005 option it granted to the bank counterparty and which it terminated in The class action was advanced and approved by forty-five (45) State Attorney Generals including the New York State Attorney General. This payment is expected to be received during the third quarter of 2018 and will be treated as a refund of debt service under the Signatory Airline Agreement and result in a corresponding reduction in the application of Passenger Facility Charge Funds budgeted for The Authority pledged as part of its Series 2017 Bond Issuance to apply between $2.5 million and $4.5 million of PFCs to eligible debt service through 2020 and will meet this pledge requirement. In the GAAP Financial Statements, these proceeds will be reported as an Extraordinary Item. 14

17 OTHER POSTEMPLOYMENT BENEFITS (OPEB) TRUST In 2009 the Authority created the Albany County Airport Authority OPEB Trust to receive, accumulate, and administer funds to pay expenses for its retired employees who are eligible to receive medical insurance in retirement. The Trust is a legally separate component unit of the Authority. Under generally accepted accounting principles in effective through December 31, 2017, the unfunded liability for OPEB benefits was not reported on the employers Statement of Net Position. Effective January 1, 2018 the Authority implemented Government Accounting Standards Board Statement Number 75 Accounting and Reporting for Postemployment benefits Other Than Pensions (GASBS 75). Among other things, GASBS 75 requires employers to include the actuarially determined unfunded OPEB liability on the reporting employer s Statement of Net Position. GASBS 75 also requires the Authority to report the cost of certain factors, activities and events effecting the reported unfunded liability as deferred inflow or deferred outflows. The cumulative effect of reporting GASBS 75 effective January 1, 2018 was to reduce the previously reported Authority s Net Position reported as of December 31, 2017 by $5.2 million as of January 1, The Authority did not restate the 2017 column to show the effects of GASBS 75 on 2017 reported balance because it was not practicable to do so at this time. The effects were reported as the cumulative effect of a changing in accounting principle on the Statement of Revenues, Expenses and Changes in Net Position for the six months ended June 30, PASSENGER FACILITY CHARGE (PFC) The Authority initially received approval from the FAA to impose a PFC of $3.00 per enplaned passenger beginning March 1, 1994, not to exceed $40,726,364, principally to finance the Terminal Improvement Program. During 1996, the Authority requested and received approval to increase the amount of PFCs to $116,888,308 to be collected through the year Effective September 1, 2009, the Authority implemented an approved change in the PFC collection from $3.00 per passenger to $4.50 per passenger, with a current estimated collection period through Through June 30, 2018, the Authority has collected PFCs, including interest earnings thereon, totaling $101,017,697, or 86.4% of the total authorized. Passengers pay PFCs on the first two and last two portions of any trip. No PFCs are collected from nonrevenue passengers such as a passenger using a frequent flier award ticket. The Authority calculates that it is collecting PFCs on approximately 86.7% of its enplanements. Additional information about PFC activity can found under Note 2 Summary of Significant Accounting Policies in the Notes to the Financial Statements. CREDIT RATINGS AND BOND INSURANCE The table below presents the enhanced and underlying ratings on each of the Authority s outstanding bonds. Moody's/Fitch/S&P/Kroll Moody's/Fitch/S&P Series * Bond Insurer Enhanced Rating Underlying Rating Series 2010A AGMC A2/NR/AA/AA+ A3/A-/A- 2017A uninsured N/A A3/NR/A 2017B uninsured N/A A3/NR/A * Not all maturities within a Series are insured. NR = Not Rated 15

18 Fitch Ratings has withdrawn its insured rating of all bonds insured by AGMC effective February 25, Moody s lowered their rating of AGMC from A3 to A2 on January 17, Standard and Poor s upgraded their enhanced rating of AGMC from AA- to AA on March 18, On June 14, 2018, Standard and Poor s raised the Authority s underlying credit rating from A- to A. On January 23, 2018 AGMC received a rating of AA+ from Kroll Bond Rating Agency. The Authority s underlying credit ratings are: Moody s Investors Service A3, Fitch Ratings A- and Standard and Poor s A. RESERVES AND DEBT SERVICE COVERAGE Under the Authority s master bond resolution adopted in 1997, it is required to maintain an operating reserve equal to two months operating expenses. At June 30, 2018 the reserve requirement was $5.7 million and for which the Authority had $9.6 million on hand. The Authority also had $13.4 million in its airport Development Fund which can be used to restore a deficiency in any other fund and it had a repair and replacement reserve fund of $500,000. Also provided for in the bond resolution for each bond issue, the Authority maintains debt service reserve funds. As of June 30, 2018 the debt service reserve funds totaled $11.1 million. FINANCIAL STATEMENTS The Authority s financial statements are prepared on an accrual basis of accounting in accordance with generally accepted accounting principles promulgated by the Governmental Accounting Standards Board (GASB). The Authority operates as a single enterprise fund with revenues recognized when earned, not when received. Expenses are recognized when incurred, not when they are paid. Capital assets are capitalized and (except land) are depreciated over their estimated useful lives. Certain funds are reported as restricted based upon constraints placed on their use by contributors, grantors and debt covenants. See the Notes to the Financial Statements for a summary of the Authority s significant accounting policies. REQUEST FOR INFORMATION The Authority s basic financial statements are designed to provide detailed information on the Authority s operations and to the Authority s Board, management, investors, creditors, customers and all others with an interest in the Authority s financial affairs and to demonstrate the Authority s accountability for the assets it controls and the funds it receives and expends. Questions concerning any of the information provided in this report or any request for additional information should be addressed to the Chief Financial Officer by boreilly@albanyairport.com or in writing to, Albany County Airport Authority, Administration Building, Suite 204, Albany, NY Respectfully submitted, William J. O Reilly, CPA Chief Financial Officer 16

19 Albany County Airport Authority Statements of Net Position As of June 30, 2018 and December 31, 2017 ASSETS June 30, 2018 December 31, 2017 CURRENT ASSETS Unrestricted Assets: Cash and cash equivalents $ 23,865,979 $ 23,090,998 Accounts receivable - net 1,168,320 2,262,330 Due from County of Albany - 303,478 Prepaid expenses 468,788 1,061,507 Total Unrestricted Assets 25,503,087 26,718,313 Restricted Assets: Capital Funds: Cash and cash equivalents 2,384,802 2,484,987 Grant funds receivable 645,442 1,688,826 Passenger Facility Charge Funds: Cash and cash equivalents 10,973,605 10,439,296 Passenger Facility Charges receivable 563, ,712 Revenue Bond Funds: Cash and cash equivalents 15,623,621 10,909,819 Investments 277, ,389 Accrued interest receivable 1,809 1,809 ANCLUC Funds: Cash and cash equivalents 196, ,857 Concession Improvement Funds: Cash and cash equivalents 842, ,651 Total Restricted Assets 31,509,241 27,346,346 Total Current Assets 57,012,328 54,064,659 NON-CURRENT ASSETS Bond Insurance Premiums 334, ,098 Net Assets held in trust for OPEB - 308,505 Prepaid expenses 271, ,408 Capital Assets: Land and easements 48,812,345 48,812,345 Buildings, improvements and equipment, net of depreciation 185,990, ,044,204 Construction in progress 4,699,817 3,540,817 Total Capital Assets 239,502, ,397,366 Total Non-Current Assets 240,108, ,346,377 Total Assets 297,121, ,411,036 DEFERRED OUTFLOWS OF RESOURCES Refunding 3,558,111 4,084,309 OPEB Expenses 1,594,543 - Pension Expenses 637, ,802 Total Deferred Outflows of Resources 5,790,456 4,722,111 17

20 Albany County Airport Authority Statements of Net Position As of June 30, 2018 and December 31, 2017 LIABILITIES AND NET POSITION June 30, 2018 December 31, 2017 CURRENT LIABILITIES Payable from Unrestriced Assets: Accounts payable $ 285,737 $ 609,926 Accrued expenses 1,960,061 5,407,080 Due to County of Albany 22,576 - Total Payable from Unrestricted Assets 2,268,374 6,017,006 Payable from Restricted Assets: Construction contracts payable 631 1,478,791 Construction contract retainages 134, ,993 Accrued interest payable 150, ,879 Current maturities of long - term debt 9,419,000 9,419,000 Total Payable From Restricted Assets 9,705,000 11,366,663 Total Current Liabilities 11,973,374 17,383,669 NON-CURRENT LIABILITIES Bonds and other debt obligations 69,813,928 70,147,604 Net OPEB liability 6,546,763 - Net pension liability - proportionate share 436, ,071 Total Non-Current Liabilities 76,796,762 70,583,675 Total Liabilities 88,770,136 87,967,344 DEFERRED INFLOWS OF RESOURCES Concession Improvement funds 842, ,651 Pension 81,412 81,412 Total Deferred Inflows of Resources 923, ,063 NET POSITION Net investment in capital assets 167,057, ,661,198 Restricted: Bond reserve funds 15,751,940 11,038,138 Passenger facility charge funds 11,537,317 11,003,008 Other restricted funds 196, ,857 Total Restricted: 27,486,114 22,238,003 Unrestricted 18,674,220 21,401,539 Net Position 213,218, ,300,740 18

21 Albany County Airport Authority Statements of Revenues, Expenses and Changes in Net Position For the Six Months Ended June 30, 2018 and June 30, 2017 June 30, 2018 June 30, 2017 Operating Revenues Airfield $ 3,951,094 $ 3,639,702 Fixed Based Operations 5,080,571 4,130,465 Terminal 3,604,399 3,416,805 Concessions 3,380,411 3,456,227 Ground transportation 8,301,402 8,234,671 Other revenue 2,128,587 2,197,867 Total Operating Revenues 26,446,464 25,075,737 Operating Expenses Airfield 1,793,298 1,741,722 Fixed Based Operations 3,930,316 3,261,808 Terminal 2,924,082 2,788,532 Loading bridges 169, ,044 Landside 2,768,966 2,630,402 Public safety 2,008,448 1,893,862 Aircraft Rescue and Fire Fighting 939, ,486 Vehicle maintenance 744, ,528 Administration 3,215,610 3,074,129 Total Operating Expenses 18,494,151 17,159,513 Revenues in excess of expenses before depreciation 7,952,313 7,916,224 Depreciation 7,053,750 7,053,750 Income Before Non-Operating Income and Expenses 898, ,474 Non-Operating Income and (Expenses) Passenger Facility Charges 2,699,769 2,604,871 Grant income 217,989 68,780 Improvement charges 184, ,200 Interest income 4,290 6,387 Insurance Recoveries 76,654 - Insured Expenses (76,654) - Interest expense (1,966,189) (2,331,929) Amortization of bond insurance premiums (34,154) (38,140) Total Non-Operating Income and (Expenses) 1,105, ,169 Income before Capital Contributions 2,004,468 1,356,643 Capital Contributions 100, ,841 Net Position Increase in Net Position 2,104,656 1,524,484 Net Position, Beginning of Year 216,300, ,454,518 Cumulative change in accounting principle (5,187,196) - Net Position, Beginning of Year, as restated 211,113, ,454,518 Net Position, End of Year $ 213,218,200 $ 211,979,002 19

22 Albany County Airport Authority Statements of Cash Flows For the Six Months Ended June 30, 2018 and June 30, 2017 June 30, 2018 June 30, 2017 Cash Flows From Operating Activities Cash received from providing services $ 27,540,474 $ 25,238,078 Cash paid to suppliers (20,636,344) (17,506,792) Cash paid to employees (636,713) (613,445) Net Cash Provided By Operating Activities 6,267,417 7,117,841 Cash Flows From Noncapital Financing Activities Grant income 217,989 68,780 Net Cash Provided By Noncapital Financing Activities 217,989 68,780 Cash Flows From Investing Activities Interest received 4,290 6,387 Interest on passenger facility charges 10,624 8,803 Net Cash Provided by Investing Activities 14,914 15,190 Cash Flows From Capital and Related Financing Activities Purchase of property and equipment (2,820,663) (2,838,075) Payments to refunding agent - (16,794,552) Proceeds from issuance of bonds - 15,826,250 Cost of issuance - (280,613) Interest paid (1,773,667) (1,624,234) Concession improvement funds 58,353 58,444 Improvement charges 184, ,200 Capital Grants 1,143, ,511 Passenger facility charges 2,689,145 2,596,068 Net Cash Used By Capital and Related Financing Activities (519,060) (1,902,001) Net Increase in cash and cash equivalents 5,981,260 5,299,810 Cash and cash equivalents, beginning of year 47,905,608 48,024,342 Cash and cash equivalents, end of year $ 53,886,868 $ 53,324,152 Reconciliation of Operating Income to Net Cash Provided By Operating Activities: Income before non-operating income and expenses $ 898,563 $ 937,744 Adjustments to reconcile loss from operations to net cash provided by operating activities: Depreciation 7,053,750 7,053,750 Decrease in assets: Accounts receivable 1,094, ,341 Due from County of Albany 303, ,136 Net Assets held in trust for OPEB - 54,194 Prepaid expenses 592, ,592 Deferred OPEB Expenses 73,529 - Increaase/(Decrease) in liabilities: Due to County of Albany 22,576 87,485 Accounts payable and accrued expenses (3,771,208) (1,677,401) Net Cash Provided By Operating Activities $ 6,267,417 $ 7,117,841 Noncash Capital and Related Financing Activities: Capital Assets and related receivables $ 1,043,384 $ 802,670 Total Noncash Capital and Related Financing Activities $ 1,043,384 $ 802,670 20

23 Albany County Airport Authority OPEB Trust Statements of Fiduciary Fund Net Position As of June 30, 2018 and December 31, 2017 June 30, 2018 December 31, 2017 ASSETS Cash and cash equivalents $ 2,059,434 $ 2,058,413 Total Assets 2,059,434 2,058,413 DEFERRED OUTFLOWS OF RESOURCES - - Total Deferred Outflows of Resources - - LIABILITIES - - Total Liabilities - - DEFERRED INFLOWS OF RESOURCES - - Total Deferred Inflows of Resources - - NET POSITION Net Position - Restricted for OPEB $ 2,059,434 $ 2,058,413 21

24 Albany County Airport Authority OPEB Trust Statements of Changes in Fiduciary Fund Net Position For the Six Months Ended June 30, 2018 and June 30, 2017 June 30, 2018 June 30, 2017 Additions to Net Position Attributed to: Contributions Employer $ - $ - Interest Income 1, Total Additions 1, Deductions from Net Position Attributed to: Retirement benefits - - Administrative expenses - - Total Deductions - - Increase in Net Position 1, Net Position - Restricted for OPEB, Beginning of Year 2,058,413 1,900,888 Net Position - Restricted for OPEB, End of Year $ 2,059,434 $ 1,901,832 22

25 ALBANY COUNTY AIRPORT AUTHORITY Notes to Financial Statements June 30, 2018 NOTE 1 - Organization and Reporting Entity Organization: The Albany County Airport Authority (Authority), a body corporate and politic, constituting a public benefit corporation, was established by the State of New York (State) August 4, 1993, pursuant to the provisions of Chapter 686 of the Laws of 1993 as set forth in Title 32 of the State s Public Authorities Law. As a public benefit corporation, the Authority is independent, distinct from, and not an agent of the State or any other of the State s political subdivisions, including the County of Albany (County). The Authority consists of seven members, four appointed by the majority leader of the County Legislature and three by the County Executive, who jointly designate one of the seven members as chairperson, and all with approval of the County Legislature. The Authority members serve for a term of four years or until their successor is appointed, except that any person appointed to fill a vacancy will be appointed to serve only the unexpired term. Members of the Authority are eligible for reappointment. On March 15, 1994, the Authority and the County entered into an Interim Agreement, whereby the County granted, and the Authority accepted, sole possession, use, occupancy and management of the Albany International Airport (Airport), including all rights, interest, powers, privileges and other benefits in each and every contract relating to the maintenance, operation, leasing, management or construction of the Airport, and all other rights, privileges or entitlement necessary to continue to use, operate and develop the Airport. The Authority and the County entered into a permanent Airport Lease Agreement, dated December 5, 1995, which upon its approval by the Federal Aviation Administration (FAA) became effective on May 16, 1996 for a term of forty (40) years, whereby the Authority has the exclusive right to operate, maintain and improve the Airport and do anything else permitted by law, subject only to the restrictions and conditions stated in such Airport Lease Agreement and in accordance with applicable Federal, State and local laws. Pursuant to the State enabling Legislation, the Authority may not undertake any capital project (see Note 15), other than the redevelopment project described in the enabling legislation, known as the Terminal Improvement Program, unless the project has first been approved by the County as part of a five-year Capital Improvement Program. For these purposes, the term capital project is defined as the construction, reconstruction or acquisition of airport or aviation facilities. Prior to March 15, 1994, the Airport operated as a fund of the County. As of March 15, 1994 the County transferred the use of all assets and substantially all liabilities of the County s Airport Enterprise Fund to the Authority. These assets and liabilities were recorded by the Authority at a Net Asset value equal to $46,824,

26 The Authority is not subject to Federal, State or local income, property or sales taxes, except for property taxes due on properties acquired by the Authority until they are removed from the tax rolls as of the next assessment date. However, the Authority may agree to make certain payments in lieu of taxes for real property owned or used by the Authority for purposes other than public aviation purposes and under other limited circumstances. The Authority has contracted with AFCO AvPorts Management LLC, (d/b/a Avports), to manage the daily operations of the airport under a three year term expiring December 31, The Authority has also contracted with REW Investments, Inc., (d/b/a Million Air), to manage the fixed based operations of the airport under a three year term expiring August 31, Both agreements are renewable with the approval of both parties. Reporting Entity: The Authority meets the criteria set forth in generally accepted accounting principles as promulgated by the Governmental Accounting Standards Board (GASB) for inclusion as a component unit within the County s basic financial statements based on the County s responsibility for the appointment of the Authority members, and their approval of capital programs and certain debt issuances. As such, the Authority is included in the County s basic financial statements. The accompanying financial statements present the financial position and the changes in net position and cash flows of the Authority only. The Authority is not involved in any joint ventures. The Authority has established a written, single employer, defined benefit plan to provide healthcare benefits to eligible former employees and/or their qualifying dependents. The Authority also established a legally separate trust known as the Albany County Airport Authority OPEB Trust to receive and manage contributions from the Authority to fund its obligations for retiree health care benefits under the written plan. The Albany County Airport Authority OPEB Trust is included in the Authority s financial statements as a separate Fiduciary Fund of the Authority under accounting principles promulgated by GASB. NOTE 2 - Summary of Significant Accounting Policies Basis of Accounting: The accompanying financial statements have been prepared in conformity with generally accepted accounting principles (GAAP) for state and local governments. GASB is the accepted standard-setting body for establishing governmental accounting and financial reporting principles for state and local governments in the United States of America. The Authority s operations are presented as a single enterprise fund. Enterprise funds distinguish operating revenues and expenses from non-operating items in accordance with the flow of economic resources measurement focus and the accrual basis of accounting. All assets, liabilities, net position, revenues, and expenses are accounted for through a single enterprise fund with revenues recorded when earned and expenses recorded at the time liabilities are incurred. Revenues from airlines, FBO operations, concessions, property rentals, operating permits, and parking fees are reported as operating revenues. All expenses related to operating the Airport are reported as expenses. Passenger facility charges, noncapital grants, capital improvement charges, interest and investment income 24

27 are reported as non-operating income. Interest expense, financing costs and grant expenses are reported as non-operating expenses. Capital contributions, special and extraordinary items are reported separately after non-operating revenues and non-operating expenses. Cash, Cash Equivalents and Investments: The deposit and investment of Authority monies is governed by provisions in its enabling legislation and by a Cash Management and Investment Policy adopted by the Authority on September 13, 1994 and last amended March 26, Any bank or trust company with a full service office in the County is authorized for the deposit of monies. Monies not needed for immediate expenditure may be invested in (1) United States Treasury obligations with maturities of seven years or less, (2) obligations backed by the United States Government full faith and credit, (3) New York State, New York State agency or New York State subdivisions (cities, towns, villages, counties) obligations with, (4) certificates of deposit fully collateralized from a bank or trust company in New York State, (5) notes, bonds, debentures, mortgages and other evidences of indebtedness of certain agencies sponsored by the United States government provided at the time of investment such agency or its obligations are rated and the agency receives, or its obligations receive, the highest rating of all independent rating agencies that rate such agency or its obligations, and (6) repurchase agreements using United States Treasury obligations with maturities of seven years or less. Investments are stated at fair value or amortized cost. For purposes of the statement of cash flows, the Authority considers all highly liquid investments (including restricted assets) with an original maturity of three months or less when purchased to be cash equivalents. Cash equivalents, which are stated at cost, consist of certificates of deposit, and treasury notes. Investments are reported at fair value. Receivables: Receivables are reported at their gross value when earned and are reduced by the estimated portion that is expected to be uncollectible. The allowance for uncollectible amounts is based on collection history, aviation industry trends and current information regarding the credit worthiness of the tenants and others doing business with the Authority. When continued collection activity results in receipt of amounts previously written off, revenue is recognized for the amount collected. Restricted Assets: Restricted assets consist of monies and other resources which are restricted legally as described below: Capital Funds - These assets represent capital debt proceeds and grant funds that are restricted for designated capital projects and cannot be expended for any other item. Passenger Facility Charges Funds - These assets represent Passenger Facility Charges (PFC) collections based on an approved FAA application to Impose such charges on enplaned passengers at the Airport. These funds are restricted for designated capital projects and any debt incurred to finance the construction of those projects. The Authority recognizes and reports as other income PFCs earned when all conditions have been met that entitles the Authority to retain the PFCs. PFCs received prior to this time are reported as restricted net position. 25

28 Revenue Bond Funds - These assets represent Series 2010 and 2017 general airport revenue bond (GARB) proceeds and Series 1999 Environmental Facilities Corporation (EFC) bond proceeds held in Bond Reserve Accounts. Bond reserve accounts for the Series 2010 and Series 2017 Bonds equal 125% of the average annual debt service due on bonds at the time of issuance. ANCLUC Funds - These assets represent Airport Noise Control and Land Use Compatibility (ANCLUC) program funds. These Airport funds were generated through the sale or rental of airport noise abatement properties acquired with Federal and State aid and interest earnings thereon. The use of such revenues is restricted to Airport Improvement Program eligible project costs contingent upon FAA concurrence. Concession Improvement Funds - These assets represent 1% of gross revenues of all food and beverage and retail concessions held in escrow to potentially fund the planning, developing, construction, remodeling, renovating or replacing of any of the concessionaire s leased area during the term of the concession agreement. Use of the funds during the term of the lease is subject to the Authority s sole approval. Funds remaining at the end of a concession agreement are retained by the Authority. Capital Assets: Capital assets include land, improvements to land, easements, buildings, building improvements, vehicles, equipment and all other tangible assets that are used in operations and have useful lives extending beyond a single reporting period. Capital Assets assumed by the Authority on March 15, 1994 are carried at historical cost, net of accumulated depreciation. Acquisitions of new assets costing $50,000 or more are recorded at cost. Maintenance and repairs are expensed as incurred. When depreciable assets are disposed of, the related costs and accumulated depreciation are removed from the respective accounts and any gain or loss on disposition is credited or charged to an expense. Capital Assets are written off when fully depreciated unless clearly identified as still being in use. Capital Assets are written-down due to impairment if circumstances indicate a significant or unexpected decline in an assets service utility has occurred. Impaired Capital assets are written down using an approach that best reflects the decline in service utility. Assets to be disposed of and assets held for sale are reported at the lower of carrying value or fair value less costs to dispose of. Depreciation of capital assets is computed using the straight-line method at various rates considered adequate to allocate costs over the estimated useful lives of such assets. The estimated lives by general classification are as follows: Years Buildings and improvements Vehicles, machinery and equipment

29 Capitalization of Interest: Interest costs incurred that relate to the acquisition or construction of capital assets acquired with tax-exempt debt are capitalized. The amount of interest to be capitalized is calculated by offsetting interest expense incurred from the date of the borrowing until completion of the project, with interest earned on invested debt proceeds over the same period. Capitalized interest cost is prorated to completed projects based on the completion date of each project. No interest was capitalized in 2016 or Bond Issue Costs, Original Issue Discount and Deferred Loss on Bond Refundings: Bond insurance (an issuance cost) is deferred and amortized over the life of the respective issue on an effective interest method. Original issue discounts and deferred loss on refundings on long-term indebtedness are amortized using the effective interest method over the life of the debt to which it relates. Interest on capital appreciation debt is accreted using the effective interest method. Capital Contributions: Certain expenditures for Airport capital assets are significantly funded through the Airport Improvement Program (AIP) of the Federal Aviation Administration (FAA), with certain matching funds provided by the State and the Authority, or from various State allocations or grant programs. Capital funding provided under government grants is considered earned as the related allowable expenditures are incurred. Grants for capital asset acquisition, facility development and rehabilitation and eligible long-term planning studies are reported in the Statements of Revenues, Expenses and Changes in Net Position, after other income and expenses, as capital contributions. Revenue Recognition: Airfield Landing Fee Charges - Landing fees are principally generated from scheduled airlines, cargo carriers and non-scheduled commercial aviation and are based on the gross landed weight of the aircraft. The estimated landing fee structure is determined annually pursuant to an agreement between the Authority and the signatory airlines based on the adopted operating budget of the Authority and is adjusted at year end for the actual landed weight of all aircraft. Landing fees are recognized as revenue when the related facilities are utilized. FBO, Terminal Rents, Concessions and Ground Transportation - FBO revenues are generated from commercial and general aviation users, rental and concession fees are generated from airlines, parking lots, food and beverage, retail, rental cars, advertising and other commercial tenants. Leases are for terms from one to ten years and generally require rentals based on the volume of business, with specific minimum annual rental payments required. Rental revenue is recognized over the life of the respective leases and concession revenue is recognized based on reported concessionaire revenue. Other - All other types of revenues are recognized when earned. 27

30 Special Items and Extraordinary Items: Special Items - Special items are significant transactions or other events within the control of management that are either unusual in nature or infrequent in occurrence. The Authority did not report any Special Items in 2016 or Extraordinary Items - Extraordinary items are transactions or other events that are both unusual in nature and infrequent in occurrence. The Authority did not report any Extraordinary Items in 2016 or Passenger Facility Charges: Passenger Facility Charges (PFC) at the rate of $3 per enplaned passenger have been levied by the Airport since March 1, 1994 under an FAA approved application to impose $40,726,364 with collection thereof estimated to be complete in the year During 1996, the Authority received approval to increase the amount of PFC collections to $116,888,308 extending the estimated collection period through the year In 2009, the Authority received approval to change the PFC collection from $3.00 per passenger to $4.50 per passenger, with a current estimated collection period through Through June 30, 2018, the Authority has collected PFCs including interest earnings thereon totaling $101,017,697. PFC funds, along with related interest earnings, are recorded as restricted net position until they are applied against future debt service payments under an FAA approved Application to Use. PFC receipts are recognized and recorded as non-operating revenues in the year they are collected. The Authority previously expended $11.2 million of PFCs on projects funded on a pay-as-you-go basis. The Authority also covenanted in the Resolution authorizing the Series 2010A Refunding Bonds to apply future PFC collections to pay a portion of the debt service related to the FAA approved projects included in the Applications. Pursuant to the Resolution, PFCs collected and deposited in a segregated account, together with the interest earned thereon, are applied towards the subsequent debt service payments reducing the amount of debt to be funded from net operating revenue. Through June 30, 2018, the Authority has applied $85.4 million of PFC s towards the payment of debt service. The Authority has pledged to bondholders to apply between $2.5 million and $4.5 million in PFC annually through 2020 toward eligible debt service. Compensated Absences: Employees accrue vacation in varying amounts based on length of service. Employees can accumulate up to 300 hours, or 37.5 days of vacation time. Unused vacation time can be liquidated for cash upon separation, retirement or death. Sick leave is earned by regular, full-time employees at the rate of one day per month. Employees can accumulate up to 1,320 hours or 165 days of sick leave. Any sick leave hours unused at the time of an employee s retirement can be applied as additional service credit in calculating retirement benefits in the New York State Employees Retirement System. It is the policy of the Authority not to pay accumulated sick leave to employees who terminate prior to retirement. The liability for compensated absences earned through year-end, but not yet taken, is accrued by charging the expense for the change in the liability from the prior year. 28

31 Pension Plan: The Authority applies GASB Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68) to recognize the net pension asset (liability), deferred outflows and deferred inflows of resources, pension expense (revenue), and information about and changes in the fiduciary net position on the same basis as reported by the cost-sharing, multiple employer, defined benefit pension plan. The Authority also applies GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date (GASB 71) to report additional deferred outflows. The Authority participation in the plans is mandated by State law and includes the New York State and Local Employees Retirement System (ERS) and the Optional Voluntary Defined Contribution (VDC) (the Systems). The Systems recognize benefit payments when due and payable in accordance with benefit terms; investment assets are reported at fair value. Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, through subsequent events, actual results could differ from those estimated. Adoption of New Accounting Standards: The Authority adopted GASB issued Statement #75, Accounting and Financial Reporting for Postemployment Benefit Plans Other Than Pensions, which is required to be implemented in fiscal year The pronouncement replaces previously issued guidance and establishes new accounting and financial reporting requirements for governments whose employees are provided other postemployment benefits. GASBS 75 requires prior period financial information presented be restated to reflect the new accounting standard, unless it is not practical to do so. As of June 30, 2018 the Authority does have GASBS 75 actuarial reports available to restate the financial information for the year ended December 31, 2017 and has reported the change in beginning net assets at January 1, 2018 as the cumulative effective of a changing in accounting standards. NOTE 3 Remaining Notes to these Quarterly Financial Statements These financial statements reflect an interim period ended June 30, 2018 and the Notes to the Financial Statement should be read in conjunction with these financial statements. The information in following notes discussing Other Postemployment benefits and Subsequent Events should be relied upon and supersedes the information reported in the Authority s 2017 Basic Financial Statements included in the its 2017 Comprehensive Annual Financial Report. The OPEB Plan is a single-employer defined benefit healthcare plan trust administered by the Authority. The Plan provides medical insurance benefits to eligible retirees who elect to receive it and their eligible dependents. Membership of the Plan consists of 9 retirees currently receiving benefits and 30 plan members composed of; 21 Active, 14 retired and 1 deceased employee. The Plan is a governmental plan that is not subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Plan was created by the Albany County Airport Authority to be managed by a sole trustee intended to be the Chief Financial Officer of the Authority who is the plan Trustee. The Plan is a component unit of the Albany County Airport Authority. The Trust has a fiduciary duty to provide plan benefits to eligible beneficiaries. So long as the Albany County Airport Authority provides the required benefits, the Trust s obligation is fulfilled 29

32 and it may than reimburse the Albany County Airport Authority for the cost of the benefits provided, if requested to do so. Eligibility An employee hired on or after January 1, 2005 shall become eligible to retire under this plan upon attainment of age 55 as an active member and completion of 10 years of service. Those hired after January 1, 2010 shall be eligible to retire upon attainment of age 62 with 10 years of creditable service. Contributions Contributions to the Plan are likely to be entirely funded by the employer (the Authority). Participants hired prior to July 1, 2005 are not required to contribute to the plan. Participants hired on or after July 1, 2005 are required to contribute 10% of the cost of plan benefits to the plan, offset by the value of their unused sick leave up to 1,320 hours at the time of retirement. The Plan was established and may be amended by the Authority. The Authority has no obligation to fund the plan. Contributions made were provided for in the Authority s annual budgets for 2008 through 2017 along with interest earnings thereon. Any future contributions to the plan would be authorized by a future resolution of the Authority. Net OPEB Liability The net OPEB liability was measured as of January 1, 2018, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of that date. Investment Policy The Authority has adopted an investment policy for the Trust that the Authority may amend from time to time. The Authority adopted an Investment Policy for effectively supervising, monitoring and evaluating the investment assets of the Plan. The investment policy allows for the plan assets to be comprised of: Fixed Income... 0%-60% Cash Equivalent... 5%-100% Domestic Equity... 0%-60% International Equity... 0%-60% Other Equity... 0%-20% As of June 30, 2018 all plan assets were on deposit with Key Bank, in a an interest bearing demand deposit account, the entire balance of which was collateralized by obligations that are guaranteed by the U.S. Government and held by a 3 rd party custodian. The Trustee believes the investment and management of the assets of the Plan have complied with the Trust investment policy adopted by the Authority. 30

33 Actuarially Determined Contribution (ADC) The Airport s Actuarially Determined Contribution (ADC) is an amount actuarially determined in accordance with parameters of GASB Statement 74/75 which represents a level of funding that, if paid on an ongoing basis, is projected to cover the service cost each year and amortize any unfunded actuarial liabilities (or funding excess). The following table shows the components of the Airport s annual ADC for the fiscal year and the amount actually contributed to the plan: For the fiscal year ending December 31, 2018 Service Cost 220, year amortization of NOL at 3.75% 263,744 Actuarial determined contribution 484,290 Contributions in relation to the actuarially determined contribution (300,000) Contribution deficiency/(excess) 184,290 Covered Employee Payroll 1,908,791 Contributions as a % of covered employee payroll 15.72% Funded Status and Funding Progress As of the January 1, 2018 Measurement Date, the plan was 24.13% funded. The Total OPEB Liability (TOL) for benefits was $8,531,647, and the Fiduciary Net Position was $2,058,413, resulting in a Net OPEB Liability (NOL) of $6,473,234. The covered payroll (annual payroll of active employees covered by the plan) was $1,908,791 and the ratio of the NOL to the covered payroll was 339.1%. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, investment returns, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the Plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplementary information following the notes to the financial statements, presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Since this is the first year of implementation, only the current year information is presented. 31

34 Changes in the OPEB Liability Net OPEB Liability at beginning of period $ 4,878,691 Service cost 220,546 Interest 188,539 earnings on OPEB plan investments 1,902 Differences between expected and actual experie 1,483,556 Employer Contributions (300,000) Net OPEB Liability at end of period $ 6,473,234 Changes in Deferred Outflows Deferred Outflow at the beginning of the period $ - Deferred Outflow created during the period From actual vs. expected experience 1,416,085 From investment experience 67,471 Net OPEB Expense 110,987 Actual amount paid for current year retirees 38,233 Deferred Outflow at the end of the period $ 1,632,776 Discount rate The discount rate used to calculate the total OPEB liability was 3.75%. The following table presents the results if the discount rate was 1% lower or 1% higher: Impact of a 1% Change in the Discount Rate as of January 1, 2018 Reporting Date 1% Decrease (2.75%) Current Discount Rate (3.75%) 1% Increase (4.75%) Net OPEB Liability $ 8,002,310 $ 6,473,234 $ 5,254,553 Service Cost $ 289,732 $ 220,546 $ 169,681 Healthcare Trend The healthcare cost trend cost rate used to calculate the total OPEB liability was 5%. The following table presents the results if the healthcare cost rate was 1% lower or 1% higher: Impact of a 1% Change in the Healthcare Cost Trend as of January 1, 2018 Reporting Date 1% Decrease (4.00%) Current Discount Rate (5.00%) 1% Increase (6.00%) Net OPEB Liability $ 5,109,674 $ 6,473,234 $ 8,209,427 Service Cost $ 175,961 $ 220,546 $ 278,926 32

35 Actuarial Methods and Assumptions Projections of benefits for financial reporting purposes are based on the written plan as currently approved by the Authority and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of shortterm volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. Investment rate of return Municipal bond rate Actuarial Cost Method Single equivalent discount rate: Inflation Salary Increases Cost of living adjustments Pre-retirement mortality Post-retirement mortality Disabled mortality Mortality experience study 3.70%, net of OPEB plan investment expense, including inflation. 3.16% as of January 1, 2018 (source: S&P Municipal Bond 20-Year High Grade Index-SAPIHG) Individual Entry Age Normal 3.75%, net of OPEB plan investement expense, including inflation. Using a blend of the Municipal Bond Index Rate for unfunded periods and the Investment Rate of Return for funded periods, based on GASB No. 74 Implementation Guide Exposure Draft; IG ED % as of January 1, 2018 and for future periods 3.00% annually as of January 1, 2018 and for future periods Not Applicable RP-2000 Employees Mortality Table projected generationally with scale BB and a base year 2009 for males and females RP-2000 Employees Mortality Table projected generationally with scale BB and a base year 2009 for males and females RP-2000 Employees Mortality Table projected generationally with scale BB and a base year 2009 for males and females The mortality assumptions reflect an experience analysis published in 2014 (based on the years ), updated to reflect data through January 1, 2015 for post-retirement mortality, and professional judgement. As such, mortality assumptions reflect observed current mortality as well as expected mortality improvements. 33

36 OPEB Expense Development Components of the Airport s OPEB expenses for the fiscal year ending December, 31, 2018: Service Cost $ 220,546 Interest on the Net OPEB Liability (asset), service cost, and benefit payments 188,539 earnings on OPEB plan investments 1,902 Total employer contribution (300,000) Net OPEB Expense $ 110,987 Money Weighted Rate of Return Beginning value - January 1, ,900,888 Annual contribution to OPEB Trust 155,615 Annual interest earnings 1,910 Ending Value - December 31, ,058,413 Money weighted rate of return 0.09% Subsequent Events and Related Party Transactions Land Acquisition During 2017 the Authority and County of Albany came to an agreement in principle for the Authority to acquire from the County two parcels of land comprising approximately 13 acres for $2,655,000 for future airport development. The land is presently developed with an ice hockey community recreational facility and an access road. The Airport currently uses a portion of the undeveloped portion of the parcels for Airport Valet Parking operations. Under the agreement the County would continue to operate the ice hockey facility as a community recreational facility for five years paying rent of $1 per year. The acquired land parcels will be added to the Airport Layout Plan and become part of the Airport. The agreement to acquire the property is based upon consideration that approximated appraised fair value. The agreement to allow the County to continue to operate the hockey facility for five years for annual rent fee of one dollar is a bargain price at less than fair value to the Airport but management believes it is permissible under federal regulations. The Authority intends to fund the acquisition of these parcels by using funds restricted for capital spending and other unrestricted funds if necessary. The Authority intends to issue additional debt to fund other committed and planned projects that it might otherwise have funded from cash on hand if this land acquisition did not occur. The agreement calls for the Authority lease with the County to be extended by 13 years to facilitate the Authority s contemplated borrowing plans as a result of this land acquisition. Class Participation Settlement Offer In April of 2018 the Authority received a Notice of Settlement from the New York State Attorney General s office which offered the Authority the opportunity to receive a settlement in the amount of $1.496 million from an out-of-court settlement between 45 State Attorneys General (including New York) and Deutsche Bank for alleged manipulation of LIBOR. The total settlement fund is in the amount of $213,350,000. The Authority accepted this settlement offer and will report the funds as a Special Item because it is unusual and infrequent and within Management s Control. 34

37 Capital Asset Impairment/Depreciation Estimates The Authority completed improvements to the roof of its terminal buildings in 2016 at a cost of $1,505,518 which it began depreciating over a twenty year estimated useful life as of March 1, At December 31, 2017 the undepreciated balance of the cost of the improvement is $1,367,512. Evidence has emerged that the useful life of this improvement has diminished significantly and the product failed. The Authority and product manufacturer are in the process of assessing the condition of the terminal building roofs required corrective action. No change in value of or depreciation of the roof improvement asset has been recorded at this time. Insurance Recovery The Authority owns and rents several commercial aircraft hangars. On October 24, 2017 the fire suppression system discharged on a false condition indication in one hangar. The cause of this incident has not been determined but is still under review. The incident resulted in mitigation and monitoring expenses and tenant claim for uninsured losses have accumulated to $299,356 through June 30, These insured expenses and insurance receivable have been as they are accepted and realized as nonoperating income and non-operating expense on the Statement of Revenues, Expenses and Changes in Net Position. For the six months ended June 30, 2018, $76,654 was realized as non-operating income and nonoperating expense related to this incident. Land Disposition The State of New York and the Authority entered an Agreement for the Authority to transfer 16.4 acres of land for a highway access project for $855,000 plus $3,257 in interest and fees. The transaction was completed in July of The Authority s cost basis in the transferred land was $706,662 and this represents the recorded value of Capital Assets transferred to the State. The difference between this recorded value and the $858,257 in proceeds represents a gain on the transfer of the asset and will be reported as an Extraordinary Item because the transaction is infrequent and outside the control of Management. The entire $858,257 is restricted for use for Federal Airport Improvement Program grant eligible projects. 35

38 REQUIRED SUPPLEMENTARY INFORMATION 36

39 Required Supplementary Information Schedule of Changes in the Airport s Net OPEB Liability and Related Ratios For the quarter ended June 30, Total OPEB Liability 8,531,647 Service Cost 220,546 Interest on total OPEB liability, service cost and benefit 259,822 Changes in benefit terms - Difference between expected & actual plan experience 1,416,085 Changes of assumptions - Benefit payments excluding implicit cost N/A Implicit cost amount N/A Total benefit payments including implicit cost (144,385) Net change in OPEB liability 1,752,068 Total OPEB liability - beginning of period 6,779,579 Total OPEB liability - end of period 8,531,647 Plan Fiduciary Net Position 2,058,413 Interest on fiduciary net position 71,283 Earning from plan investments (69,373) Net investment gain/(loss( 1,910 Employer contribution to trust 300,000 Benefit payments from trust, including refunds of memb (144,385) Administrative expense - Other - Net change in plan fiduciary net position 157,525 Plan fiduciary net position - beginning of period 1,900,888 Plan fiduciary net position - end of period 2,058,413 Net OPEB liability 6,473,234 Plan Fiduciary net position as a % of total OPEB liability 24.13% Coverered employee payroll 1,908,791 Plan NOL as a % of covered employee payroll % Single discount rate to calculate plan liabilities 3.75% ** Schedule is intended to show information for 10 years. Information will be provided as available until a full 10 years of data is included. 37

40 Required Supplementary Information OPEB Expense and Deferred Outflows of Resources For the quarter ended June 30, 2018 Difference between actual & expected experience $ 1,416,085 Net difference between projected & actual earnings on OPEB plan investments 67,471 Total $ 1,483,556 Year Ended December 31: 2019 $ 296, , , , ,712 thereafter ** Schedule is intended to show information for 10 years. Information will be provided as available until a full 10 years of data is included 38

41 *** UNAUDITED - FOR INTERNAL REVIEW*** Financial Information 39

42 Albany County Airport Authority Statements of Net Position ASSETS Unaudited Audited May 31, 2018 December 31, 2017 CURRENT ASSETS Unrestricted Assets Cash and cash equivalents $ 24,155,775 $ 23,090,998 Accounts receivable - net 728,135 2,262,330 Due from Albany County - 303,478 Prepaid Expenses 512,905 1,061,507 Total Unrestricted Assets 25,396,815 26,718,313 Restricted Assets Capital Funds 3,352,146 4,173,813 PFC Funds 11,386,677 11,003,008 Revenue Bond Funds 16,586,854 11,189,017 ANCLUC Funds 196, ,857 Concession Improvement Funds 831, ,651 Total Restricted Assets 32,354,355 27,346,346 Total Current Assets 57,751,170 54,064,659 NON-CURRENT ASSETS Bond Insurance Premiums 340, ,098 Net Assets held in trust for OPEB - 308,505 Capital Assets 246,122, ,397,366 Prepaid Expenses 271, ,408 Total Non-Current Assets 246,734, ,346,377 Total Assets 304,485, ,411,036 DEFERRED OUTFLOWS OF RESOURCES Refunding 4,084,309 4,084,309 OPEB Expenses 1,594,543 - Pension Expenses 637, ,802 Total Deferred Outflows of Resources 6,316,654 4,722,111 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Payable from Unrestriced Assets $ 4,220,475 $ 6,017,006 Payable from Restricted Assets 15,646,837 11,366,663 Total Current Liabilities 19,867,312 17,383,669 NON-CURRENT LIABILITIES Bonds and other debt obligations 70,147,604 70,147,604 Net OPEB liability 4,878,691 0 Net pension liability-proportionate share 436, ,071 Total Non-Current Liabilities 75,462,366 70,583,675 Total Liabilities 95,329,678 87,967,344 DEFERRED INFLOWS OF RESOURCES Concession Improvement Funds 831, ,651 Pension 81,412 81,412 Total Deferred Inflows of Resources 913, ,063 NET POSITION Invested in Capital Assets, net of Related Debt 170,443, ,661,198 Restricted 25,831,290 22,238,003 Unrestricted 18,283,919 21,401,539 Net Position 214,559, ,300,740 40

43 Albany County Airport Authority 2018 Summary of Revenues, Expenses and Net Results 2018 JUNE 2018 June 2018 Actual / Adopted FY Budget Actual Variance Variance 2017 Prior Year Budget YTD YTD YTD % YTD Actual Var % AIRPORT REVENUES Airline $ 14,333,604 $ 7,201,047 $ 7,446,951 $ 245, % $ 6,925, % Non-Airline 30,022,831 14,898,971 14,974,548 75, % 14,985, % Total Revenues 44,356,435 22,100,018 22,421, , % 21,910, % FIXED BASED OPERATOR RETAIL SALES Fixed Based Operator Retail Sales 6,608,465 3,262,960 4,024, , % 3,164, % Cost of Sales 4,327,205 2,160,302 2,670,257 (509,955) % 1,987, % Net FBO Retail Sales 2,281,260 1,102,658 1,354, , % 1,176, % EXPENSE SUMMARY AvPorts-Airport Management 23,040,664 11,804,009 11,558, , % 11,074, % Million Air-FBO Management 3,238,577 1,626,993 1,603,156 23, % 1,592, % Authority 4,603,949 2,482,867 2,436,166 46, % 2,319, % Total Expenses 30,883,190 15,913,869 15,597, , % 14,987, % OPERATING RESULTS 15,754,505 7,288,807 8,178, , % 8,099, % OTHER REVENUES (EXPENSES) Interest Earnings 10,783 6,109 4,290 (1,819) % 6, % Passenger Facility Charges 4,330,913 2,165,457 2,165, % 2,166, % ACAA '99 EFC Debt (447,204) (223,602) (223,602) % (220,122) -1.58% ACAA '03 Debt Service % (119,410) % ACAA '06 A & B Debt Service % (277,540) % ACAA '06 C Debt Service % (100,604) % ACAA '10 A Debt Service (10,626,139) (5,313,070) (5,313,070) % (5,318,754) 0.11% ACAA '17 A Debt Service (757,375) (378,688) (378,688) % (189,477) % ACAA '17 B Debt Service (1,203,925) (601,963) (601,963) % (301,200) % Non-Capital Equipment (240,000) (120,000) (176,649) (56,649) 47.21% (155,029) % Insurance Recoveries ,654 76, % % Insured Expenses 0 0 (76,654) (76,654) 0.00% % Grant Income 138,700 68, , , % 68, % Improvement Charges 368, , , % 184, % Total Other Revenues(Expenses) (8,425,847) (4,212,776) (4,122,035) 90, % (4,256,613) 3.16% NET RESULTS BEFORE RESERVES 7,328,658 3,076,031 4,056, , % 3,843, % Less: Capital Improvements (3,123,697) (1,561,849) (1,561,849) % (1,549,722) -0.78% Less: Reserve Requirements (200,381) (200,381) (200,381) % (169,068) 18.52% NET RESULTS 4,004,580 1,313,802 2,294, , % 2,124, % Revenue Sharing: Transfer to/from Airlines (50%) 2,002, ,901 1,147, , % 1,062, % Authority Share (50%) 2,002, ,901 1,147, , % 1,062, % Less: Airline Incentives (107,464) (107,464) (49,460) 58, % (75,270) 0.00% Net Authority Share $ 1,894,826 $ 549,437 $ 1,097,618 $ 548, % $ 986, % Adopted FY Budget 2018 Actual YTD 2017 Actual YTD Operating Net Operating Net Operating Net MONTHLY RECAP Results Results Results Results Results Results JANUARY $ 695,782 $ (6,222) $ 896,019 $ 213,188 $ 883,367 $ 198,379 FEBRUARY 979, , , ,924 1,143, ,708 MARCH 1,310, ,969 1,460, ,255 1,403, ,251 APRIL 1,443, ,420 1,804,978 1,083,807 1,460, ,847 MAY 1,600, ,395 1,749,157 1,066,326 1,676, ,509 JUNE 1,259, ,834 1,460, ,885 1,533, ,613 SubTotal $ 7,288,807 $ 3,076,031 $ 8,178,420 $ 4,056,385 $ 8,099,920 $ 3,843,307 JULY 1,617, ,941 AUGUST 1,518, ,823 SEPTEMBER 1,245, ,579 OCTOBER 1,732,649 1,033,570 NOVEMBER 1,233, ,472 DECEMBER 1,117, ,242 TOTAL $ 15,754,505 $ 7,328,658 $ 8,178,420 $ 4,056,385 $ 8,099,920 $ 3,843,307 41

44 Albany County Airport Authority Revenue Summary 2018 JUNE 2018 June 2018 Actual / Adopted FY Budget Actual Variance Variance 2017 Prior Year Budget YTD YTD YTD % Actual Variance % AIRLINE REVENUES COMMERCIAL $ 6,355,196 $ 3,224,265 $ 3,301,974 $ 77, % $ 3,029, % CARGO 570, , ,202 3, % 257, % TERMINAL 6,144,115 3,072,058 3,221, , % 3,015, % FBO 1,264, , ,879 14, % 623, % TOTAL AIRLINE REVENUES 14,333,604 7,201,047 7,446, , % 6,925, % NON-AIRLINE REVENUES AIRFIELD 463, , ,607 42, % 193, % TERMINAL 3,597,145 1,731,048 1,690,235 (40,813) -2.36% 1,631, % GROUND TRANSPORTATION 20,849,335 10,403,578 10,382,276 (21,303) -0.20% 10,467, % OTHER AIRPORT 5,112,950 2,561,832 2,657,430 95, % 2,693, % TOTAL NON AIRLINE REVENUES 30,022,831 14,898,971 14,974,548 75, % 14,985, % TOTAL REVENUES $ 44,356,435 $ 22,100,018 $ 22,421,499 $ 321, % $ 21,910, % 42

45 Albany County Airport Authority Net FBO Retail Sales For the Six Months Ending Saturday, June 30, 2018 FIXED BASED OPERATOR RETAIL SALES Total Annual Budget This Month Budget This Month Actual Var This Mo. To Budget Year to Date Budget Year to Date Actual Var This Year to Budget Jet A Fuel Sales $4,378,590 $419,605 $421,748 $2,143 $2,018,160 $2,371,590 $353,430 Fuel Costs - Jet A (2,388,322) (228,875) (243,996) (15,121) (1,100,814) (1,343,585) (242,771) Fuel Discounts - Jet A (300,000) (28,749) (33,983) (5,234) (138,275) (163,833) (25,558) Net Jet A Fuel Sales 1,690, , ,769 (18,212) 779, ,171 85,100 AvGas Fuel Sales 307,869 32,015 28,282 (3,733) 141, ,984 (22,179) Fuel Costs - AvGas (229,009) (23,814) (22,928) 886 (105,004) (93,429) 11,575 Fuel Discounts - AvGas (5,000) (520) (371) 149 (2,293) (1,684) 609 Net AvGas Fuel Sales 73,860 7,681 4,982 (2,699) 33,866 23,871 (9,995) Commercial AvGas Fuel Sales 412,788 33,857 33,569 (289) 210, ,867 (21,655) Fuel Costs-Comm AvGas (370,006) (30,348) (30,400) (52) (188,702) (170,135) 18,567 Net Comm AvGas Fuel Sales 42,782 3,509 3,169 (341) 21,820 18,732 (3,088) Auto & Diesel Fuel Sales 279,708 13,785 13,174 (611) 162, ,692 25,177 Fuel Costs - Auto & Diesel (200,000) (9,646) (8,278) 1,368 (115,632) (146,594) (30,962) Net Auto & Diesel Fuel Sales 79,708 4,139 4, ,884 41,098 (5,786) Deicing Services 607, , , ,368 Deicing Costs Type I, Type IV (289,764) (83) 0 83 (170,356) (249,379) (79,023) Net Deicing Services 317,519 (83) , , ,344 Deicing Consortium 540, , , ,363 Deicing Costs Type I, Type IV (540,805) (337,076) (500,341) (163,265) Net Deicing Consortium (62,902) (62,902) FBO Services 81,422 7,365 2,921 (4,444) 36,093 22,597 (13,496) Catering (1,000) (83) 0 83 (500) Oil (3,000) (250) (1,276) (1,026) (1,500) (1,276) 224 Charts, Pilot Supplies (300) (25) 0 25 (150) Net FBO Services 77,122 7,006 1,644 (5,362) 33,943 21,321 (12,622) NET FBO RETAIL SALES 2,281, , ,460 (25,774) 1,102,658 1,354, ,053 43

46 Albany County Airport Authority Expense Summary 2018 JUNE 2018 June 2018 Actual / Adopted FY Budget Actual Variance Variance 2017 Prior Year Budget YTD YTD YTD % Actual Variance % EXPENSES - SUMMARY AvPort-Airport Management $ 23,040,664 $ 11,804,009 $ 11,558,467 $ 245, % $ 11,074, % Million Air-FBO Management 3,238,577 1,626,993 1,603,156 23, % 1,592, % Authority 4,603,949 2,482,867 2,436,166 46, % 2,319, % $ 30,883,190 $ 15,913,869 $ 15,597,789 $ 316, % $ 14,987, % EXPENSES BY CATEGORY Personal Services $ 11,037,496 $ 5,498,574 $ 5,267,523 $ 231, % $ 5,060, % Employee Benefits 5,500,582 2,765,644 2,597, , % 2,437, % Utilities & Communications 2,118,938 1,181,649 1,303,787 (122,138) -10.3% 1,171, % Purchased Services Accounting & Auditing 61,000 36,767 48,092 (11,325) -30.8% 44, % Insurance 751, , ,979 (24,674) -4.0% 642, % Legal Services 50,000 25,000 54,877 (29,877) % 3, % Public Safety 262, , , % 123, % Albany County Sheriffs 2,627,656 1,313,828 1,313, % 1,289, % Parking Valet Service 350, , ,244 (23,244) -13.3% 213, % Employee Shuttle 20,000 10,000 12,500 (2,500) 0.0% 10, % Janitorial 484, , ,384 (6,043) -2.5% 242, % Public Communications 845, , ,245 43, % 346, % Special Studies 69,200 34,600 22,035 12, % 30, % Professional Services 863, , ,872 2, % 390, % Total Purchased Services 6,386,045 3,423,239 3,462,230 (38,990) -1.1% 3,336, % Material & Supplies Airfield 901, , ,986 3, % 375, % Buildings 1,890, ,245 1,113,296 (171,051) -18.2% 1,105, % Grounds 800, , , , % 405, % Vehicles 845, , ,506 22, % 438, % Total Material & Supplies 4,437,062 2,327,233 2,307,775 19, % 2,325, % Office 492, , ,469 91, % 176, % Administration 910, , ,324 (32,677) -7.0% 480, % Total Expenses $ 30,883,190 $ 15,913,869 $ 15,597,790 $ 316, % $ 14,987, % DEPARTMENT SUMMARY (DIRECT & INDIRECT) Direct Cost Centers Airfield $ 3,255,010 $ 1,693,282 $ 1,735,625 $ (42,343) -2.5% $ 1,540, % FBO 2,572,644 1,282,208 1,260,059 22, % 1,273, % Terminal 5,359,187 2,759,429 2,856,527 (97,098) -3.5% 2,788, % Loading Bridges 293, , ,338 (23,962) -16.5% 137, % Parking 4,722,146 2,446,159 2,088, , % 2,066, % Landside 1,133, , ,714 (28,172) -4.7% 610, % Total Direct Cost Centers 17,336,222 8,924,997 8,737, , % 8,417, % Indirect Cost Center ARFF 2,027, , , , % 916, % Operations 1,005, , ,748 6, % 460, % Security 3,020,977 1,509,655 1,510,700 (1,045) -0.1% 1,433, % Vehicles & Equipment 1,345, , ,752 (35,130) -5.0% 685, % Airport Mgmt Administration 877, , ,350 2, % 435, % FBO Administration 665, , ,096 1, % 319, % Airport Authority Administration 4,603,949 2,482,867 2,436,166 46, % 2,319, % Total Indirect Cost Centers 13,546,969 6,988,873 6,860, , % 6,570, % Total Expenses $ 30,883,191 $ 15,913,870 $ 15,597,787 $ 316, % $ 14,987, % 44

47 *** UNAUDITED - FOR INTERNAL REVIEW*** Statistical Highlights 45

48 Albany International Airport June Highlights Percentage Percentage 2017 Actual ACTIVITIES: ACTUAL BUDGET Actual vs. Budget AUDITED 2018 VS Enplanements Current Month 124, , % 120, % Year - to - Date 702, , % 688, % Aircraft Operations Current Month 5,288 5, % 5, % Year - to - Date 31,734 30, % 30, % Landed Weight (#) Current Month 139,305, ,118, % 133,835, % Year - to - Date 788,786, ,279, % 789,706, % Cargo, Mail & Express (Tons) Current Month 1,595 1, % 1, % Year - to - Date 9,014 9, % 9, % FBO Jet A (Gallons) Current Month 89,409 95, % 89, % Year - to - Date 506, , % 458, % FBO AvGas (Gallons) Current Month 5,378 6, % 6, % Year - to - Date 22,937 28, % 27, % AvGas Commercial (gallons) Current Month 8,132 9, % 7, % Year - to - Date 46,795 58, % 63, % FBO Into-Plane (Gallons) Current Month 1,841,058 1,672, % 1,748, % Year - to - Date 8,290,809 7,878, % 7,975, % FBO Deicing (Gallons) Current Month % 0 0.0% Year - to - Date 139,769 96, % 98, % REVENUES: Landing Fees Current Month $536,813 $520, % $487, % Year - to - Date $3,040,086 $3,042, % $2,839, % Terminal Current Month $527,771 $512, % $509, % Year - to - Date $3,221,896 $3,072, % $3,015, % Parking Current Month $1,147,240 $1,117, % $1,118, % Year - to - Date $8,063,562 $7,993, % $8,053, % Rental Cars Current Month $577,170 $541, % $566, % Year - to - Date $2,037,302 $2,183, % $2,190, % Food & Beverage Current Month $95,642 $87, % $68, % Year - to - Date $509,092 $505, % $384, % Retail Current Month $71,368 $67, % $68, % Year - to - Date $400,182 $397, % $396, % Departure Current Month $19,899 $23, % $25, % Year - to - Date $105,120 $109, % $114, % FBO Jet A, Net Current Month $143,769 $161, % $158, % Year - to - Date $864,172 $779, % $789, % FBO AvGas, Net Current Month $4,982 $7, % $6, % Year - to - Date $23,871 $33, % $26, % AvGas Commercial, Net Current Month $3,168 $3, % $2, % Year - to - Date $18,732 $21, % $23, % FBO Into-Plane Current Month $56,755 $57, % $56, % Year - to - Date $334,155 $329, % $325, % FBO Deicing, Net Current Month $0 $0 0.0% $0 0.0% Year - to - Date $386,077 $187, % $271, % 46

49 Albany International Airport June Highlights 2018 YTD REVENUE PER ENPLANEMENT: PRELIMINARY AUDITED AUDITED AUDITED AUDITED Parking $11.48 $10.57 $10.57 $9.87 $9.19 Rental Car $2.90 $3.83 $3.59 $3.89 $3.95 Food & Beverage $0.72 $0.57 $0.56 $0.51 $0.55 Retail $0.57 $0.57 $0.56 $0.54 $0.57 Departure $0.15 $0.20 $0.17 $0.19 $0.19 Annual Rates and Charges Summary AIRLINE RATES & CHARGES: BUDGET AUDITED AUDITED AUDITED AUDITED Landing Fees Per 1,000 lbs. MGLW: Signatory $3.33 $3.12 $2.73 $3.27 $3.06 Non-Signatory $4.16 $3.91 $4.04 $4.04 $4.08 Apron Fees Per Square Foot: $1.38 $1.33 $1.19 $1.52 $1.59 Terminal Rental Per Square Foot: Signatory $81.57 $79.86 $81.11 $74.63 $68.13 Non-Signatory $ $ $93.48 $93.48 $90.58 Loading Bridges - Annual: $40,849 $47,237 $40,383 $44,761 $31,284 Cost per Enplanement : Airport CPE (after revenue sharing) $7.17 $6.57 $6.00 $7.12 $

50 Albany International Airport Enplanements Per Carrier For the six months ended June Market Share Boutique Air; 0.1% United ; 14.6% Xtra Airways; 0.1% American; 22.0% Cape Air; 0.8% Delta; 14.5% Southwest; 41.1% Elite Airways; 0.1% Jet Blue; 6.3% One Jet; 0.4% Current Month # % Year To Date # % YTD Market Share % Carrier Change Change Change Change Change American 9,389 10,063 (674) -6.7% 52,519 57,327 (4,808) -8.4% 7.5% 8.3% -0.8% American Eagle-Air Wisconsin 0 2,477 (2,477) % ,004 (11,691) -97.4% 0.0% 1.7% -1.7% American Eagle - Envoy 3,081 3,244 (163) -5.0% 20,035 17,636 2, % 2.9% 2.6% 0.3% American Eagle-Piedmont 3,836 6,050 (2,214) -36.6% 19,869 26,496 (6,627) -25.0% 2.8% 3.8% -1.0% American Eagle-PSA 1,022 2,350 (1,328) -56.5% 21,458 19,999 1, % 3.1% 2.9% 0.2% American Eagle-Republic 5,966 1,258 4, % 36,467 11,802 24, % 5.2% 1.7% 3.5% American Eagle-SkyWest % 0 92 (92) % 0.0% 0.0% 0.0% American Eagle-TransStates 2, , % 3,838 3, % 0.5% 0.5% 0.1% Boutique Air (247) % % 0.1% 0.1% 0.0% Cape Air 1,053 1, % 5,700 6,908 (1,208) -17.5% 0.8% 1.0% -0.2% Delta 14,008 16,240 (2,232) -13.7% 75,778 73,625 2, % 10.8% 10.7% 0.1% Delta - Endeavor 0 3,369 (3,369) % 1,278 15,681 (14,403) -91.9% 0.2% 2.3% -2.1% Delta - Express Jet % (524) % 0.0% 0.1% -0.1% Delta - Go Jet 2, , % 2, , % 0.4% 0.1% 0.3% Delta - SkyWest 3,094 1,021 2, % 21,763 10,389 11, % 3.1% 1.5% 1.6% Elite Airways % % 0.1% 0.0% 0.1% Jet Blue 7,174 6, % 44,572 44,838 (266) -0.6% 6.3% 6.5% -0.2% One-Jet % 3, , % 0.4% 0.0% 0.4% Southwest 44,674 44,786 (112) -0.3% 288, ,260 (419) -0.1% 41.1% 42.0% -0.9% United 14,490 10,929 3, % 26,537 40,991 (14,454) -35.3% 3.8% 6.0% -2.2% United Exp-Commutair 7,544 6,514 1, % 44,853 34,179 10, % 6.4% 5.0% 1.4% United Exp-Express Jet 0 1,211 (1,211) % 5,158 1,843 3, % 0.7% 0.3% 0.5% United Exp-Go Jet (720) -91.4% ,600 (11,377) -98.1% 0.0% 1.7% -1.7% United Exp-Mesa 1, , % 1,520 4,444 (2,924) -65.8% 0.2% 0.6% -0.4% United Exp-Republic % 3, , % 0.6% 0.0% 0.6% United Exp-Shuttle America % (115) % 0.0% 0.0% 0.0% United Exp-SkyWest % 12,117 2,185 9, % 1.7% 0.3% 1.4% United Exp-TransStates (761) -78.1% 7,606 1,399 6, % 1.1% 0.2% 0.9% Xtra Airways 0 79 (79) % (119) -23.2% 0.1% 0.1% 0.0% Total 124, ,316 4, % 702, ,504 13, % 100.0% 100.0% 0.0% YTD YTD # % Budget Actual Variance Variance 685, ,220 17, % 48

51 Albany International Airport Monthly Enplanements For the six months ended June , , ,000 80,000 60,000 40,000 20,000 0 Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual 2018 # % 2018 vs Budget Variance Variance January (Actual) 104, ,347 (336) -0.3% 106, % 102,325 90,643 February (Actual) 102, , % 102, % 103,214 87,552 March (Actual) 126, ,656 6, % 119, % 119, ,146 April (Actual) 120, ,508 1, % 119, % 119, ,736 May (Actual) 124, ,594 4, % 120, % 118, ,512 June (ACTUAL) 124, ,145 5, % 120, % 117, ,861 July () 134, ,550 3, % 131, % 130, ,142 August () 137, ,589 3, % 135, % 133, ,590 September () 116, ,590 2, % 111, % 115, ,997 October () 128, ,449 3, % 127, % 123, ,149 November () 118, ,601 2, % 115, % 115, ,036 December () 110, ,138 2, % 107, % 108, ,385 Total 1,449,369 1,414,000 35, % 1,417, % 1,407,434 1,297,749 #DIV/0! YTD Enplanements 702, ,084 17, % 688, % 680, ,450 49

52 Albany International Airport Aircraft Operations by Type For the six months ended June 30 25,000 20,000 15,000 10,000 5,000 0 Passenger Cargo Charters General Aviation Military % Type Change Passenger 19,696 19, % 19,758 17,562 Cargo 2,004 2, % 2,092 1,862 Charters & Corporate 2,163 1, % 1,457 1,583 Sub Total 23,863 23, % 23,307 21,007 General Aviation 6,121 6, % 6,936 6,266 Military 1,750 1, % 1,514 1,352 Total 31,734 30, % 31,757 28,625 50

53 Albany International Airport Operations Per Carrier For six months ended June 30 OPERATIONS AS A PERCENTAGE OF COMMERCIAL CARRIER United, 20.3% Southwest, 21.9% JetBlue, 3.7% One Jet, 3.3% American, 25.8% Elite Airlines, 0.5% Delta, 13.6% Boutique Air, 0.0% Cape Air, 10.9% # Current Month # % Year To Date # % YTD Market Share % Carrier Sch Change Change Change Change Change American (18) -9.8% 852 1,054 (202) -19.2% 3.6% 4.6% -1.0% American - Air Wisconsin (122) % (578) -97.0% 0.1% 2.6% -2.5% American - Envoy (2) -1.7% (8) -1.1% 3.0% 3.1% -0.1% American - Piedmont (146) -44.2% 932 1,468 (536) -36.5% 3.9% 6.4% -2.5% American - PSA (50) -49.0% % 4.0% 3.2% 0.8% American - Republic Airways % 1, % 5.1% 1.7% 3.4% American - Trans States % % 0.8% 0.7% 0.1% Boutique Air (118) % % 2.1% 1.3% 0.8% Cape Air % 2,030 2,580 (550) -21.3% 8.5% 11.2% -2.7% Delta (44) -16.1% 1,378 1, % 5.8% 5.9% -0.1% Delta - Endeavor (132) -98.5% (550) -87.6% 0.3% 2.7% -2.4% Delta - Express Jet % 2 26 (24) -92.3% 0.0% 0.1% -0.1% Delta - Go Jet % % 0.4% 0.1% 0.3% Delta - Shuttle America % 0 2 (2) % 0.0% 0.0% 0.0% Delta - Sky West % % 3.8% 2.0% 1.8% Elite Airlines % % 0.2% 0.0% 0.2% JetBlue % (2) -0.3% 3.0% 3.1% -0.1% One Jet % % 2.5% 0.1% 2.4% Southwest % 4,556 4,750 (194) -4.1% 19.1% 20.6% -1.5% United % (262) -37.4% 1.8% 3.0% -1.2% United - Commut Air (56) -13.9% 2,210 2,274 (64) -2.8% 9.3% 9.9% -0.6% United - Express Jet (54) -96.4% % 1.2% 0.4% 0.8% United - Go Jet (22) -91.7% (346) -97.7% 0.0% 1.5% -1.5% United - Mesa % (100) -67.6% 0.2% 0.6% -0.4% United - SkyWest % % 1.9% 0.4% 1.5% United - Shuttle American % 0 4 (4) % 0.0% 0.0% 0.0% United - Trans States (28) -70.0% % 1.5% 0.3% 1.2% XTRAirways (4) % (14) -58.3% 0.0% 0.1% -0.1% Subtotal 3,296 3,258 3,378 (120) -3.6% 19,696 19,748 (52) -0.3% 82.5% 85.6% -3.1% DHL - Ameriflight, Inc (2) -4.5% % 1.1% 1.1% 0.0% Federal Express % % 1.1% 1.1% 0.0% Federal Express - Wiggins Airways (32) -14.2% 1,102 1,188 (86) -7.2% 4.6% 5.2% -0.6% United Parcel Service % (74) -16.1% 1.6% 2.0% -0.4% Subtotal (34) -8.6% 2,004 2,156 (152) -7.1% 8.4% 9.3% -0.9% Charter, Corporate & Diversions % 2,163 1,162 1, % 9.1% 5.0% 4.1% Total 3,947 4,050 (103) -2.5% 23,863 23, % 100.0% 100.0% 0.0% 51

54 Albany International Airport Landed Weights For the six months ended June ,000, ,000, ,000, ,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0 Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual vs Budget Variance January (Actual) 121,408, ,452,472 (8,043,840) 128,222, % 117,525, ,304,214 February (Actual) 111,973, ,140,215 (3,166,561) 114,046, % 115,840,308 92,037,406 March (Actual) 136,093, ,555,672 (1,462,235) 136,249, % 142,019, ,437,933 April (Actual) 136,806, ,814,346 (1,008,211) 136,505, % 135,028, ,377,313 May (Actual) 143,198, ,197,604 1,001, ,846, % 139,980, ,306,839 June (ACTUAL) 139,305, ,118,886 4,186, ,835, % 133,960, ,103,138 July () 138,634, ,127,421 (1,492,708) 138,796, % 140,184, ,564,621 August () 140,180, ,689,562 (1,509,348) 140,343, % 137,206, ,078,087 September () 126,485, ,847,374 (1,361,894) 126,632, % 130,566, ,244,013 October () 130,965, ,375,700 (1,410,132) 131,118, % 137,092, ,976,521 November () 124,511, ,852,299 (1,340,642) 124,636, % 132,288, ,142,166 December () 124,182, ,519,449 (1,337,096) 124,327, % 128,999, ,133,174 Total 1,573,746,160 1,590,691,000 (16,944,840) 1,575,561, % 1,590,691,408 1,412,705,423 YTD Landed Weight 788,786, ,279,195 (8,493,018) 789,706, % 784,354, ,566,842 52

55 Albany International Airport Landed Weights Per Carrier For the six months ended June Market Share Cape Air, 0.9% Delta, 15.1% Elite Airlines, 0.1% Boutique Air, 0.3% JetBlue, 6.5% One Jet, 1.1% American, 23.3% Xtra Airways, 0.1% Southwest, 38.2% United, 14.4% Current Month # % Year To Date # % YTD Market Share % Carrier Change Change Change Change Change American 11,552,300 12,706,601 (1,154,300) -9.1% 60,831,514 73,057,102 (12,225,589) -16.7% 7.7% 9.3% -1.5% American Eagle 19,418,529 18,478, , % 123,322, ,808,677 11,513, % 15.6% 14.2% 1.5% Boutique Air 0 619,501 (619,501) % 2,489,923 1,522, , % 0.3% 0.2% 0.1% Cape Air 1,219,300 1,178,201 41, % 6,952,748 8,836,502 (1,883,754) -21.3% 0.9% 1.1% -0.2% Delta 16,069,502 18,249,502 (2,180,000) -11.9% 89,893,511 86,424,409 3,469, % 11.4% 10.9% 0.5% Delta Connection 6,263,901 4,583,310 1,680, % 29,205,955 30,765,153 (1,559,198) -5.1% 3.7% 3.9% -0.2% Elite Airlines % 658, , % 0.1% 0.0% 0.1% JetBlue 8,531,880 8,105, , % 50,906,883 51,003,882 (96,999) -0.2% 6.5% 6.5% 0.0% One Jet 1,750, ,900 1,640, % 8,926, ,900 8,816, % 1.1% 0.0% 1.1% Southwest 46,740,399 46,158, , % 301,020, ,196,000 (7,176,000) -2.3% 38.2% 39.0% -0.9% United 16,906,829 12,102,042 4,804, % 32,522,414 49,874,706 (17,352,292) -34.8% 4.1% 6.3% -2.2% United Expresses 10,852,087 11,296,690 (444,603) -3.9% 81,436,619 66,619,256 14,817, % 10.3% 8.4% 1.9% Xtra Airways 0 248,000 (248,000) % 620,000 1,488,000 (868,000) -58.3% 0.1% 0.2% -0.1% Charters/Diversions % % 0.0% 0.0% 0.0% Total 139,305, ,835,433 5,470, % 788,786, ,706,088 (919,912) -0.1% 100.0% 100.0% 0.0% YTD YTD # % Budget Actual Variance Variance 797,279, ,786,176 (8,493,018) -1.1% 53

56 Albany International Airport Cargo, Mail & Express Handled by Carrier For the six months ended June 30 (In Tons) CARGO 18 vs.17 MAIL & EXPRESS 18 vs % Change % Change January % % February % % March , % % April , % % May 1, % % June , % % July % % August 1, % % September % % October % % November % % December % % Total 5, , % 3, , % Total Fiscal Year 12, , Cargo, Mail & Express 18 vs.17 Cargo, Mail & Express Carrier % Change American % American - Air Wisconsin % American - Envoy % American - Piedmont % American - PSA % American - Republic Airways % American - Skywest % American - Trans States % Delta % Southwest % United % Airline Subtotal % DHL - Ameriflight, Inc % Federal Express 4, , % 4, , Federal Express - Wiggins Airways % United Parcel Serv 3, , % 3, , Subtotal Cargo 8, , % 8, , Total 9, , % 9, , Total Fiscal Year 18, , ,

57 Albany International Airport Cargo, Mail & Express For the six months ended June 30 2, , , , , , Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Budget # % 2018 vs. (In tons) Variance Variance January (Actual) 1, ,488.2 (20.4) -1.4% 1, % 1, ,538.8 February (Actual) 1, ,388.1 (39.0) -2.8% 1, % 1, ,447.1 March (Actual) 1, ,587.0 (33.0) -2.1% 1, % 1, ,548.1 April (Actual) 1, ,543.3 (161.6) -10.5% 1, % 1, ,601.4 May (Actual) 1, , % 1, % 1, ,594.2 June (ACTUAL) 1, , % 1, % 1, ,613.6 July () 1, ,529.0 (35.5) -2.3% 1, % 1, ,624.2 August () 1, ,623.0 (37.7) -2.3% 1, % 1, ,565.3 September () 1, ,597.7 (37.1) -2.3% 1, % 1, ,711.4 October () 1, ,643.5 (38.2) -2.3% 1, % 1, ,755.6 November () 1, ,521.1 (35.3) -2.3% 1, % 1, ,485.0 December () 1, ,814.8 (42.2) -2.3% 1, % 1, , , ,957.2 (440.5) -2.3% 18, % 18, ,372.9 YTD Cargo, Mail, & Express 9, ,228.1 (214.4) -2.3% 9, % 9, ,

58 *** UNAUDITED - FOR INTERNAL REVIEW*** Airport Revenues 56

59 ALBANY COUNTY AIRPORT AUTHORITY For the Six Months Ending Saturday, June 30, June 2018 June 2018 Actual/ Adopted FY Budget Actual Variance Variance 2017 Prior Year Budget YTD YTD YTD % Actual Variance % AIRLINE REVENUES COMMERCIAL Landing Fees $5,297,871 $2,655,377 $2,638,842 ($16,535) -0.62% $2,474, % Airline Apron Fees 695, , ,665 2, % 331, % Glycol Disposal Fee 361, , ,467 91, % 223, % CARGO Landing Fee 570, , ,202 3, % 257, % TERMINAL Loading Bridges 531, , ,963 37, % 252, % Space Rental 5,613,076 2,806,538 2,918, , % 2,762, % FBO Into Plane Fees 664, , ,155 4, % 325, % Fuel Farm Fee 600, , ,724 10, % 297, % TOTAL AIRLINE REVENUES 14,333,604 7,201,046 7,446, , % 6,925, % NON-AIRLINE REVENUES AIRFIELD General Aviation Landing Fees 256, , ,042 10, % 107, % Aircraft Parking Fees 176,437 70,972 81,534 10, % 65, % TSA Apron Fee % % Tenant Maintenance 30,000 18,488 39,031 20, % 19, % Total Airfield 463, , ,606 42, % 193, % TERMINAL FIS Facility Use Fee 0 0 1,520 1, % % Utility Reimbursement 26,000 11,987 11,641 (346) -2.89% 12, % Tenant Maintenance 35,000 19,458 10,121 (9,338) % 37, % Space Rent - Non Airline 707, , ,221 5, % 351, % Food & Beverage 1,045, , ,092 3, % 384, % Retail 830, , ,182 2, % 396, % Advertising 385, , ,006 (45,170) % 187, % Foreign Currency 26,600 13,300 13, % 13, % Payphones 2,500 1, (272) % 1, % ATM 36,415 18,105 17,688 (417) -2.30% 18, % Museum Shop 271, , ,120 (4,738) -4.31% 114, % Operating Permits 190,684 88,871 95,145 6, % 95, % Vending Machines 32,589 16,011 16, % 15, % Baggage Cart Rentals 7,000 3,500 3, % 3, % Total Terminal 3,597,145 1,731,048 1,690,235 (40,813) -2.36% 1,631, % GROUND TRANSPORTATION Parking 15,170,719 7,993,799 8,063,562 69, % 8,053, % Rental Cars 5,277,985 2,183,179 2,037,302 (145,877) -6.68% 2,190, % Access Fees 313, , , % 175, % TNCs ,732 54, % 5, % Garage Space Rent 87,161 43,581 43,572 (9) -0.02% 42, % Total Ground Transportation 20,849,335 10,403,578 10,382,276 (21,303) -0.20% 10,467, % 57

60 ALBANY COUNTY AIRPORT AUTHORITY For the Six Months Ending Saturday, June 30, June 2018 June 2018 Actual/ Adopted FY Budget Actual Variance Variance 2017 Prior Year Budget YTD YTD YTD % Actual Variance % OTHER AIRPORT Telephone System - Tenants 72,425 36,213 35,377 (835) -2.31% 36, % Building Rental 126,291 63,790 63, % 62, % Control Tower Rental 665, , , % 332, % Air Cargo Facility 884, , ,579 14, % 461, % State Executive Hangar 1,247, , , % 623, % T Hangars 100,328 50,164 50, % 46, % Tie Downs 4,096 2,048 2, % 2, % AV Gas Fuel Sales 43,138 18,042 14,047 (3,995) % 19, % FBO Properties 324, , ,150 34, % 168, % Industrial Park 557, , ,039 (4,665) -1.68% 271, % Land Rental 312, , , % 151, % Eclipse Hangar 39,987 19,994 20, % 57, % Hangar Rental 441, , ,486 30, % 209, % Internet and Cable Access 11,640 5,820 5,270 (550) -9.45% 5, % Fingerprinting 25,000 12,500 13,712 1, % 13, % Tenant Maintenance 1, (322) % % Purchasing Proposals 7,000 3, (2,930) % 4, % Ebay/Scrap/Equipment Sales 15,000 7,500 4,328 (3,172) % 1, % Utility Reimbursement 136,000 74,720 95,693 20, % 79, % Reimb of Property Taxes 37,000 15,159 20,386 5, % 15, % Other 60,000 30,000 34,934 4, % 130, % Total Other Airport 5,112,950 2,561,832 2,657,431 95, % 2,693, % TOTAL NON AIRLINE REVENUES 30,022,831 14,898,971 14,974,548 75, % 14,985, % TOTAL REVENUES 44,356,435 22,100,018 22,421, , % 21,910, % 58

61 Albany International Airport Operating Revenue For the six months ended June 30 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 Actual 2018 Budget 2017 Actual YTD 2018 Actual YTD 2018 Budget Other Airport 10.1% Airline 33.6% Other Airport 10.2% Airline 32.5% Ground Transportation 39.3% Terminal 6.4% Airfield 10.6% Ground Transportation 41.0% Terminal 6.8% Airfield 9.4% YTD 2017 Audited Other Airport 10.9% Airline 31.7% Ground Transportation 41.7% Terminal 6.5% Airfield 9.2% 59

62 Albany International Airport Public Parking Revenues For the six months ended June 30 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Jan Actual Feb Actual Mar Actual Apr Actual May Actual June July Aug Sept Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual % of Total 2018 vs. YTD Revenues 2018 Revenues Cash $776, % $853, % $927,153 $874,655 Credit Cards 1,094, % 1,197, % 1,105, ,635 Express Credit Card Machine 4,068, % 3,883, % 3,897,892 3,149,459 Express EZ Pass 1,854, % 1,849, % 1,699,388 1,403,109 EZ Pass 239, % 238, % 234, ,528 Misc Parking Revenue (*) 29, % 32, % 30,550 33,010 Total Rev handled $8,063, % $8,053, % $7,895,706 $6,592,396 at the Parking Location (*) Employee Parking, Over/Short, and adjustments vs Budget Variance January (Actual) $1,191,119 $1,236,397 ($45,278) $1,257, % $1,255,963 $984,236 February (Actual) 1,241,645 1,228,060 13,585 1,232, % 1,255, ,671 March (Actual) 1,574,995 1,542,963 32,032 1,581, % 1,483,347 1,281,754 April (Actual) 1,550,273 1,496,613 53,660 1,495, % 1,449,407 1,268,723 May (Actual) 1,358,290 1,372,144 (13,854) 1,368, % 1,368,289 1,119,251 June (ACTUAL) 1,147,240 1,117,621 29,619 1,118, % 1,083, ,761 July () 1,119,169 1,109,486 9,683 1,073, % 1,091, ,262 August () 1,142,326 1,132,443 9,883 1,125, % 1,101, ,927 September () 1,155,065 1,145,072 9,993 1,088, % 1,155, ,265 October () 1,350,772 1,339,086 11,686 1,306, % 1,290,474 1,159,436 November () 1,321,540 1,310,107 11,433 1,260, % 1,258,315 1,140,852 December () 1,150,679 1,140,724 9,955 1,076, % 1,078,518 1,046,914 Total $15,303,115 $15,170,719 $132,396 $14,985, % $14,870,476 $12,810,052 YTD Revenues $8,063,562 $7,993,800 $69,762 $8,053, % $7,895,706 $6,592,396 YTD Enplanements 702, ,084 17, , % 680, ,450 Revenue Per Enplanement: $11.48 $11.67 ($0.19) $ % $11.61 $

63 Albany International Airport Public Parking by Parking Lots For the six months ended June 30 Short Term Parking Garage Parking $120,000 $800,000 $700,000 $100,000 $600,000 $80,000 $500,000 $60,000 $400,000 $40,000 $300,000 $200,000 $20,000 $100,000 $- Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec $0 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Long Term Parking Economy Lot Parking $600,000 $400,000 $500,000 $350,000 $300,000 $400,000 $250,000 $300,000 $200,000 $200,000 $150,000 $100,000 $100,000 $50,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec $0 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Current Month vs Budget Variance Short Term $ 85,578 $ 87,569 $ (1,991) $ 85, % $ 87,213 $ 84,037 Long Term 369, ,847 30, , % 302, ,374 Garage 457, , , % 449, ,566 E Lot 214, ,397 (2,062) 210, % 223, ,453 Commercial % 0 0 Employee Parking 20,355 17,303 3,052 20, % 19,321 18,184 Customer Adjustments (26) 0 (26) (692) -96.2% (639) 4 Short/Over (712) 0 (712) (55) % 1, Total $ 1,147,240 $ 1,117,621 $ 29,619 $ 1,118, % $ 1,083,242 $ 952,761 $ 250,188 YTD Revenues vs Budget Variance Short Term $ 557,472 $ 549,999 $ 7,473 $ 548, % $ 552,309 $ 512,258 Long Term 2,423,671 2,299, ,067 2,348, % 2,064,075 1,612,651 Garage 3,513,576 3,501,867 11,709 3,527, % 3,515,930 3,121,362 E Lot 1,543,357 1,616,115 (72,758) 1,600, % 1,736,283 1,317,013 Commercial % 0 0 Employee Parking 28,916 26,215 2,701 29, % 29,300 29,261 Customer Adjustments (2,892) 0 (2,892) (1,328) 117.8% (1,795) 781 Short/Over (538) 0 (538) (240) 124.3% (396) (930) Total $ 8,063,562 $ 7,993,800 $ 69,762 $ 8,053, % $ 7,895,706 $ 6,592,396 61

64 Parking Activity 2018 Monthly Totals SHORT TERM / LOT A GARAGE LONG TERM / LOT D ECONOMY / LOT E Total # $ $ / # % # $ $ / # % # $ $ / # % # $ $ / # % $ January 20,745 $83,215 $ % 11,363 $592,925 $ % 7,772 $304,268 $ % 5,099 $207,103 $ % $1,187,511 February 18,093 $80,744 $ % 11,136 $588,092 $ % 9,197 $353,317 $ % 5,968 $219,238 $ % $1,241,391 March 25,259 $105,942 $ % 13,029 $686,771 $ % 12,502 $468,419 $ % 8,306 $313,112 $ % $1,574,244 April 22,942 $102,960 $ % 12,591 $636,567 $ % 12,793 $493,123 $ % 8,680 $318,148 $ % $1,550,798 May 25,590 $99,033 $ % 11,956 $551,257 $ % 11,639 $434,798 $ % 7,859 $271,421 $ % $1,356,509 June 26,761 $85,578 $ % 10,570 $457,964 $ % 10,208 $369,746 $ % 6,266 $214,335 $ % $1,127,623 July #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! $0 August #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! $0 September #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! $0 October #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! $0 November #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! $0 December #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! $0 Total 139,390 $557,472 $ % 70,645 $3,513,576 $ % 64,111 $2,423,671 $ % 42,178 $1,543,357 $ % $8,038,076 Parking Activity 2018 Cummulative Totals SHORT TERM / LOT A GARAGE LONG TERM / LOT D ECONOMY / LOT E Total # $ $ / # % # $ $ / # % # $ $ / # % # $ $ / # % $ January 20,745 $83,215 $ % 11,363 $592,925 $ % 7,772 $304,268 $ % 5,099 $207,103 $ % $1,187,511 February 38,838 $163,959 $ % 22,499 $1,181,017 $ % 16,969 $657,585 $ % 11,067 $426,341 $ % $2,428,902 March 64,097 $269,901 $ % 35,528 $1,867,788 $ % 29,471 $1,126,004 $ % 19,373 $739,453 $ % $4,003,146 April 87,039 $372,861 $ % 48,119 $2,504,355 $ % 42,264 $1,619,127 $ % 28,053 $1,057,601 $ % $5,553,944 May 112,629 $471,894 $ % 60,075 $3,055,612 $ % 53,903 $2,053,925 $ % 35,912 $1,329,022 $ % $6,910,453 June 139,390 $557,472 $ % 70,645 $3,513,576 $ % 64,111 $2,423,671 $ % 42,178 $1,543,357 $ % $8,038,076 July 139,390 $557,472 $ % 70,645 $3,513,576 $ % 64,111 $2,423,671 $ % 42,178 $1,543,357 $ % $8,038,076 August 139,390 $557,472 $ % 70,645 $3,513,576 $ % 64,111 $2,423,671 $ % 42,178 $1,543,357 $ % $8,038,076 September 139,390 $557,472 $ % 70,645 $3,513,576 $ % 64,111 $2,423,671 $ % 42,178 $1,543,357 $ % $8,038,076 October 139,390 $557,472 $ % 70,645 $3,513,576 $ % 64,111 $2,423,671 $ % 42,178 $1,543,357 $ % $8,038,076 November 139,390 $557,472 $ % 70,645 $3,513,576 $ % 64,111 $2,423,671 $ % 42,178 $1,543,357 $ % $8,038,076 December 139,390 $557,472 $ % 70,645 $3,513,576 $ % 64,111 $2,423,671 $ % 42,178 $1,543,357 $ % $8,038,076 62

65 Albany International Airport Rental Car Revenues For the five months ended May 31 $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Jul Aug Sep Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual vs. YTD Revenues 2018 Budget Variance On Airport Rental Car Rev $1,996,320 $2,111,123 ($114,803) $2,098,241 -$101,921 $2,075,023 $2,147,155 Off Airport Rental Car Rev 40,982 72,056 (31,074) 92,416 (51,434) 56,809 63,842 Total YTD $2,037,302 $2,183,179 ($145,877) $2,190,655 -$153,354 $2,131,831 $2,210, vs Budget Variance January (Actual) $274,396 $286,254 ($11,858) $280, % $274, ,405 February (Actual) 244, ,648 (37,185) 269, % 263, ,444 March (Actual) 257, ,983 (63,428) 300, % 307, ,412 April (Actual) 293, ,596 (46,066) 379, % 319, ,312 May (Actual) 390, ,138 (22,949) 394, % 428, ,715 June (ACTUAL) 577, ,560 35, , % 537, ,709 July () 620, ,035 (44,437) 707, % 672, ,819 August () 641, ,545 (45,941) 711, % 667, ,360 September () 435, ,924 (31,199) 473, % 460, ,815 October () 463, ,128 (33,217) 549, % 484, ,348 November () 310, ,538 (22,220) 336, % 328, ,724 December () 415, ,636 (29,777) 459, % 312, ,350 Total 4,925,318 $5,277,985 ($352,667) $5,427, % $5,057,262 5,053,413 YTD Revenues $2,037,302 $2,183,179 ($145,877) $2,190, % $2,131,831 $2,210,997 YTD Enplanements 702, ,084 17, , % 680, ,450 Revenue Per Enplanement: $2.90 $3.19 -$0.29 $ % $3.13 $

66 Albany International Airport Food & Beverage Sales & Revenues For the six months ended June 30 Gross Food & Beverage Sales $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct Nov Dec Sales per Enplanement: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec YTD 2018 McDonalds $1.11 $1.10 $1.33 $1.23 $1.21 $1.21 $1.20 HMS Host $4.11 $4.14 $4.48 $4.13 $4.21 $4.11 $4.19 Greenleaf's $0.28 $0.25 $0.00 $0.00 $0.00 $0.00 $0.09 OHM $0.00 $0.00 $0.10 $0.21 $0.21 $0.23 $0.13 Villa $0.44 $0.41 $0.00 $0.00 $0.00 $0.00 $0.14 Total 2017 $5.94 $5.90 $5.91 $5.57 $5.63 $5.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.75 Sales per Enplanement: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec YTD 2017 McDonalds $1.06 $1.05 $1.00 $1.01 $0.96 $0.97 $0.95 $0.97 $0.94 $0.91 $1.01 $1.04 $1.01 HMS Host $3.78 $3.81 $3.94 $3.72 $3.96 $4.02 $3.75 $3.81 $3.81 $3.92 $4.00 $4.26 $3.87 Greenleaf's $0.38 $0.45 $0.46 $0.45 $0.40 $0.39 $0.44 $0.43 $0.37 $0.35 $0.30 $0.26 $0.42 Villa $0.47 $0.51 $0.47 $0.49 $0.48 $0.47 $0.54 $0.54 $0.46 $0.45 $0.41 $0.44 $0.48 Total 2017 $5.69 $5.82 $5.88 $5.67 $5.80 $5.84 $5.69 $5.74 $5.58 $5.64 $5.73 $6.00 $5.78 Sales per Enplanement: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec YTD 2016 McDonalds $0.96 $0.98 $0.92 $0.96 $0.91 $0.94 $1.01 $0.97 $0.97 $0.97 $0.99 $1.03 $0.95 HMS Host $3.74 $3.79 $3.76 $3.72 $3.91 $4.00 $4.03 $3.79 $3.84 $3.73 $3.60 $3.94 $3.82 Greenleaf's $0.42 $0.45 $0.46 $0.47 $0.46 $0.48 $0.45 $0.41 $0.37 $0.37 $0.39 $0.37 $0.46 Villa $0.46 $0.51 $0.50 $0.54 $0.52 $0.55 $0.59 $0.58 $0.46 $0.45 $0.49 $0.53 $0.51 Total 2016 $5.57 $5.73 $5.64 $5.68 $5.80 $5.97 $6.08 $5.75 $5.63 $5.52 $5.47 $5.86 $5.73 Sales per Enplanement: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec YTD 2015 McDonalds $0.93 $0.93 $0.95 $0.92 $0.89 $0.93 $0.89 $0.90 $0.91 $0.91 $0.95 $0.96 $0.93 HMS Host $3.85 $3.92 $3.89 $3.79 $3.70 $3.76 $3.49 $3.46 $3.59 $3.51 $3.62 $3.82 $3.82 Greenleaf's $0.37 $0.41 $0.41 $0.41 $0.40 $0.39 $0.41 $0.41 $0.37 $0.36 $0.36 $0.37 $0.40 Villa $0.45 $0.53 $0.50 $0.48 $0.48 $0.51 $0.51 $0.48 $0.41 $0.42 $0.46 $0.48 $0.49 Total 2015 $5.61 $5.79 $5.75 $5.60 $5.48 $5.58 $5.31 $5.25 $5.28 $5.20 $5.38 $5.64 $5.64 ACAA Food & Beverage Revenues vs Budget Variance January (Actual) $59,517 $78,999 ($19,482) $57, % $54,811 $53,077 February (Actual) 59,536 79,659 (20,123) 57, % 56,890 53,246 March (Actual) 102,925 89,874 13,051 68, % 65,702 62,167 April (Actual) 94,237 82,738 11,499 65, % 65,817 44,693 May (Actual) 97,235 87,344 9,891 67, % 66,960 56,187 June (ACTUAL) 95,642 87,092 8,550 68, % 68,057 55,959 July () 96,324 95, , % 76,561 60,796 August () 97,175 96, , % 74,763 60,938 September () 85,032 84, , % 65,090 55,611 October () 92,289 91, , % 68,546 59,093 November () 89,684 89, , % 70,403 56,994 December () 82,459 81, , % 51,597 48,778 Total 1,052,056 $1,045,060 $6,996 $803, % $785,197 $667,539 YTD Revenues $509,092 $505,707 $3,385 $384, % $378,237 $325,329 YTD Enplanements 702, ,084 17, , % 680, ,450 Revenue Per Enplanement: $0.72 $0.74 ($0.02) $ % $0.56 $

67 Albany International Airport Retail Sales & Revenues For the six months ended June 30 Gross Retail Sales $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD Sales per Enplanement: 2018 $2.52 $2.56 $2.71 $2.70 $2.79 $2.87 $ $2.49 $2.67 $2.66 $2.74 $2.77 $2.87 $2.84 $2.86 $2.63 $2.61 $2.53 $2.49 $ $2.29 $2.44 $2.41 $2.50 $2.57 $2.77 $2.90 $2.83 $2.75 $2.65 $2.45 $2.53 $ $2.14 $2.35 $2.04 $2.01 $2.22 $2.64 $2.57 $2.55 $2.42 $2.33 $2.32 $2.31 $2.23 ACAA Retail Revenues vs Budget Variance January (Actual) $62,868 $67,529 ($4,661) $65, % $65,583 $65,583 February (Actual) 52,723 60,371 (7,648) 55, % 55,584 55,583 March (Actual) 68,414 64,792 3,622 63, % 57,541 57,891 April (Actual) 75,535 71,519 4,016 75, % 69,653 63,275 May (Actual) 69,274 65,760 3,514 66, % 60,783 55,583 June (ACTUAL) 71,368 67,907 3,461 68, % 65,255 55,887 July () 83,980 83, , % 85,995 72,804 August () 78,114 77, , % 75,532 62,991 September () 65,862 65, , % 63,581 55,583 October () 76,924 76, , % 75,432 65,583 November () 64,230 63, , % 56,553 55,583 December () 66,174 65, , % 55,583 40,651 Total $835,466 $830,657 $4,809 $802, % $787,075 $707,000 #DIV/0! YTD Revenues $400,182 $397,879 $2,303 $396, % $374,399 $353,803 YTD Enplanements 702, ,084 17, , % 680, ,450 Revenue Per Enplanement: $0.57 $0.58 ($0.01) $ % $0.55 $

68 *** UNAUDITED - FOR INTERNAL REVIEW*** AvPort Airport Operations 66

69 Albany County Airport Authority Summary of AvPorts Expenses 2018 June 2018 June 2018 Actual/ Adopted FY Budget Actual Variance Variance 2017 & Prior Year Budget YTD YTD YTD % Actual Variance % EXPENSES BY CATEGORY Personal Services $ 7,660,900 $ 3,843,529 $ 3,589,724 $ 253, % $ 3,440, % Employee Benefits 3,543,209 1,782,260 1,679, , % 1,567, % Utilities & Communications 1,948,934 1,084,901 1,197,425 (112,523) % 1,075, % Purchased Services Insurance 258, , ,760 1, % 195, % Public Safety 262, , , % 123, % Albany County Sheriffs 2,627,656 1,313,828 1,313, % 1,289, % Parking Valet Service 350, , ,244 (23,244) % 213, % Employee Shuttle 20,000 10,000 12,500 (2,500) 0.00% 10, % Janitorial 459, , ,686 (8,846) -3.85% 230, % Public Communications 538, , ,661 6, % 231, % Special Studies 34,200 17,100 12,378 4, % 2, % Professional Services 483, , ,180 (1,680) -0.70% 211, % Total Purchased Services 5,034,188 2,553,627 2,577,411 (23,786) -0.93% 2,507, % Material & Supplies Airfield 901, , ,986 3, % 375, % Buildings 1,775, ,026 1,059,394 (174,368) % 1,035, % Grounds 777, , , , % 389, % Vehicles 576, , ,936 13, % 298, % Total Material & Supplies 4,030,423 2,131,007 2,128,795 2, % 2,098, % Office 236, ,519 50,676 66, % 59, % Administration 586, , ,110 (43,943) % 326, % Total Expenses $ 23,040,664 $ 11,804,010 $ 11,558,468 $ 245, % $ 11,074, % DEPARTMENT SUMMARY (DIRECT & INDIRECT) Direct Cost Centers Airfield $ 3,255,010 $ 1,693,282 $ 1,735,625 $ (42,343) -2.50% $ 1,540, % Terminal 5,359,187 2,759,429 2,856,527 (97,098) -3.52% 2,788, % Loading Bridges 293, , ,338 (23,962) % 137, % Parking 4,722,146 2,446,159 2,088, , % 2,066, % Landside 1,133, , ,714 (28,172) -4.71% 610, % Total Direct Cost Centers 14,763,578 7,642,789 7,477, , % 7,143, % Indirect Cost Center ARFF 2,027, , , , % 916, % Operations 1,005, , ,748 6, % 460, % Security 3,020,977 1,509,655 1,510,700 (1,045) -0.07% 1,433, % Vehicles & Equipment 1,345, , ,752 (35,130) -4.95% 685, % Airport Mgmt Administration 877, , ,350 2, % 435, % Total Indirect Cost Centers 8,277,086 4,161,221 4,081,296 79, % 3,931, % Total Expenses $ 23,040,664 $ 11,804,010 $ 11,558,466 $ 245, % $ 11,074, % 67

70 ALBANY COUNTY AIRPORT AUTHORITY Detail of AvPorts Departments For the Six Months Ending Saturday, June 30, 2018 EXPENSES Total Annual Budget This Month Budget This Month Actual Var this Mo To Buget Year to Date Budget Year to Date Actual Var this Yr to Budget Personal Services Salaries $6,946,636 $667,946 $595,154 $72,792 $3,473,318 $3,151,515 $321, Overtime ,076 36,946 55,487 (18,541) 338, ,198 (70,722) Overtime , ,283 (417) 31,735 29,011 2,724 Total Personal Services 7,660, , ,923 53,833 3,843,529 3,589, ,805 Employee Benefits Social Security 544,536 42,424 48,269 (5,846) 265, ,336 (3,973) Health Insurance 2,087, , ,809 42,874 1,043,552 1,007,170 36, Medical Exams 21,600 1, ,800 4,572 6, Uniforms & Laundry 43,234 3,603 4,269 (667) 21,617 23,212 (1,595) Uniform Purchases 38,200 3,183 2, ,100 6,906 12, Disability Insurance 112,105 10,779 11,243 (463) 56,053 62,602 (6,550) Unemployment Insurance 49, ,401 43,613 2, Workers Compensation 503,727 41,977 29,841 12, , ,044 72, Airport & FBO 401K 143,231 10,894 14,955 (4,061) 67,511 82,872 (15,361) Total Employee Benefits 3,543, , ,814 45,142 1,782,260 1,679, ,933 Utilities & Communications Electric 1,426, ,755 87,951 29, , ,272 (79,566) Natural Gas 231,000 13,864 20,058 (6,195) 156, ,642 (36,288) Sewer 88, ,000 91,431 (3,431) Water 110, ,075 54, Telephone Charges-Local 13,620 1,135 1, ,810 6, Tele Chg-Long Dist Telephone - Sheriff 4, ,100 2, Payphones-Annual & Mo Serv 21,500 1,792 1, ,750 9, Payphones-Monthly Usage (3) Telephone Repairs 5, , , Telephone-Cellular 44,000 3,667 1,017 2,650 22,000 19,174 2, Paging Service (348) (348) Cable Television 4, ,120 1, Total Utilities & Communications 1,948, , ,191 27,222 1,084,901 1,197,425 (112,523) PURCHASED SERVICES Insurance Airport Liability Insurance 5, ,875 2, Automotive Insurance 61,505 5,050 5,615 (565) 46,355 51,533 (5,178) Property Insurance 175,332 14,498 15,559 (1,060) 131, ,352 (1,516) Insurance Claims 15,500 1, ,292 7, ,750 Total Insurance 258,087 21,319 21,653 (334) 188, ,760 1,056 Public Safety Public Safety 2,627, , , ,313,828 1,313, Outside Security Services 251,650 20,184 19,012 1, , ,601 (709) Armored Car Service 11, ,500 4, Parking Valet Service 350,000 29,167 35,922 (6,756) 175, ,244 (23,244) Employee Shuttle Service 20,000 10,000 12,500 (2,500) 10,000 12,500 (2,500) Total Public Safety 3,260, , ,176 (7,937) 1,626,221 1,651,746 (25,526) Janitorial 68

71 ALBANY COUNTY AIRPORT AUTHORITY Detail of AvPorts Departments For the Six Months Ending Saturday, June 30, 2018 Total Annual Budget This Month Budget This Month Actual Var this Mo To Buget Year to Date Budget Year to Date Actual Var this Yr to Budget Janitorial Services 406,621 33,885 34,007 (122) 203, ,079 (2,769) Refuse Removal Services 53,060 4,422 5,189 (768) 26,530 32,607 (6,077) Total Janitorial 459,681 38,307 39,196 (889) 229, ,686 (8,846) Public Communications Artistic Exhibits 115,132 15,634 5,001 10,633 58,128 54,580 3, Museum Shop 281,144 22,414 22, , ,837 2, Passenger Information Booth 142,638 11,887 11, ,319 71, Total Public Communications 538,914 49,934 39,229 10, , ,661 6,488 Studies Special Studies 22,000 1, ,833 11,000 11,800 (800) GIS Services 12,200 1, ,017 6, ,522 Total Studies 34,200 2, ,850 17,100 12,378 4,722 Professional Services Architectural 40,000 3, ,396 20,000 3,048 16, Engineering Services 33,000 2,750 10,767 (8,017) 16,500 35,132 (18,632) Professional Management 410,000 34,167 34, , ,000 0 Total Professional Services 483,000 40,250 45,871 (5,621) 241, ,180 (1,680) Total Purchased Services 5,034, , ,125 (1,226) 2,553,626 2,577,411 (23,785) MATERIALS & SUPPLIES Airfield Fencing 10,000 3, ,689 5,020 8,864 (3,844) Airfield Lighting 100, ,355 30,191 23, Pavement Repairs 10,000 1, ,358 1, , Apron Maintenance 50, ,843 4,006 6, Runway Painting 30,000 15,267 22,694 (7,428) 16,264 22,694 (6,431) Airfield Shop Supplies 20,000 1, ,108 10,000 14,592 (4,592) Snow Removal Supplies 250, , ,693 (107,453) Rubber Removal 35,000 4, ,292 10, , EMS Supplies 10, ,000 5,857 (857) ARFF Supplies 25,000 2, ,023 12,500 3,761 8, Hazardous Material Supplies 6, (447) 3, , Foam 24,000 2, ,000 12,000 1,800 10, Glycol Disposal 3, , , Wastewater Conveyance 7, ,500 7, Electric 100,000 7,327 5,857 1,470 76,614 72,418 4, Sewer District Charges 5, ,000 5, Water District Charges 15,000 1,255 3,402 (2,147) 9,090 12,743 (3,653) System Maint & Repairs 200,000 22,428 2,114 20, ,303 53,919 61,384 Total Airfield 901,000 64,073 37,157 26, , ,986 3,750 Buildings Alarm & PA Systems 72,900 6,075 4,691 1,384 36,450 82,150 (45,700) Card Access Control 45,000 3,750 9,208 (5,458) 22,500 33,869 (11,369) CTV Repair 25,000 2,083 1, ,500 13,828 (1,328) Key Access System 15,000 1, ,250 7,500 14,852 (7,352) Baggage System 20,000 1, ,657 10,000 2,924 7, Electrical Repairs & Supplies 169,000 14,083 11,012 3,072 84,500 98,658 (14,158) 69

72 ALBANY COUNTY AIRPORT AUTHORITY Detail of AvPorts Departments For the Six Months Ending Saturday, June 30, 2018 Total Annual Budget This Month Budget This Month Actual Var this Mo To Buget Year to Date Budget Year to Date Actual Var this Yr to Budget Elevator Repairs & Supplies 145,000 12,083 11, ,500 79,505 (7,005) HVAC 189,000 15,750 99,153 (83,403) 94, ,443 (77,943) Roof 28,000 2, ,037 14,000 25,052 (11,052) Plumbing Repairs & Supplies 61,000 5, ,083 30,500 24,881 5, Automatic Door Repairs 9, , , Pest Control 16,640 1,387 1, ,320 9,759 (1,439) Building Maintenance Contract Services ,601 (10,601) 0 10,601 (10,601) Fire Equipment Services 5, (214) 2,500 1,074 1, Fire Equipment Testing 3, , US Customs 25, ,707 6,090 3, Control Tower 300,000 25,000 20,379 4, , ,909 14, Building Maintenance 355,000 29,583 23,521 6, , ,427 (59,927) Janitorial Supplies 153,000 12,750 8,231 4,519 76,500 52,151 24, Window Washing 59,574 4,965 32,454 (27,489) 29,787 32,528 (2,741) ID Tags 24,000 2, ,000 12,000 11, Sign Expense 4, ,101 (768) 2,000 4,351 (2,351) Flight Information Displays 51,524 4, ,294 25,762 8,550 17,212 Total Buildings 1,775, , ,420 (89,331) 885,026 1,059,394 (174,368) Grounds Landscaping 34,200 3,484 1,856 1,629 8,431 1,856 6, Fencing 1, Pavement Repairs 38,000 8,254 2,745 5,509 11,889 5,403 6, Utitlity Repairs Sign Expense 13,500 1, ,750 5,715 1, Traffic Light Repairs 2, , , Catch Basin Maintenance 3, , , Snow Removal Supplies 70, ,117 19,124 18, Snow Removal Services 265, , ,591 66, NYS Police Hangar Maint 125,000 10,417 4,511 5,906 62,500 36,694 25, Dump Fees - Landfill 3, ,825 6,007 (4,182) Hazardous Waste Mgmt 12,300 1, ,025 6, , Wildlife Hazard Management 38, ,193 4,041 1, Liquid Waste Disposal 30,000 2, ,500 15,000 3,065 11, Land Lease 15,435 1,286 1, ,718 7, T-Hangar Facility Maintenance 125,000 8,224 4,811 3,413 57,557 41,392 16,165 Total Grounds 777,685 37,848 15,979 21, , , ,934 Vehicles Gasoline 43,000 3,309 3, ,453 33,367 (10,914) Diesel Fuel 103,000 3,765 4,847 (1,082) 66,372 83,811 (17,439) Oil / Grease 29,000 2, ,417 14,500 8,483 6, CNG Fuel 26,000 2,118 1, ,303 10,388 3, Vehicle / Equipment Tires 41,000 3, ,417 20,500 9,547 10, Vehicle Repair & Maintenance 52,000 4,196 3, ,443 32,480 (8,038) Vehicle Communication Equip 7, ,500 10,176 (6,676) Sheriff Vehicle Repair & Maint General Equip Repair & Maint 70,000 5,833 4,707 1,126 35,000 18,877 16, Heavy Equipment Maint 50,000 3, ,473 25,923 39,879 (13,956) ARFF Vehicle Repair & Maint 20,000 1, ,667 10,000 2,582 7, Snow Equip Repair & Maint 80,000 2,852 (100) 2,952 35,488 10,090 25, Mower Repair & Maintenance 15,000 1,161 2,644 (1,483) 5,300 4, Vehicle Shop Tools & Supplies 40,000 3,333 1,190 2,143 20,000 19,

73 ALBANY COUNTY AIRPORT AUTHORITY Detail of AvPorts Departments For the Six Months Ending Saturday, June 30, 2018 Total Annual This Month This Month Var this Mo Year to Date Year to Date Var this Yr Budget Budget Actual To Buget Budget Actual to Budget Total Vehicles 576,100 38,609 22,575 16, , ,936 13,896 Total Material & Supplies 4,030, , ,131 (24,511) 2,131,007 2,128,795 2,212 Office Office Equipment Rental 5, ,868 2, Copy Machine Use Office Equipment Serv Agrmnt 4, ,602 2, Office Equipment Repairs Computer System Supplies 36,600 3, ,050 18,300 3,206 15, Hardware/Software Maint 66,461 5,249 1,940 3,309 33,042 13,690 19, Computer Equipment 47,675 3, ,973 23,837 2,131 21, Office Furniture & Fixtures 5, , , Printed Forms / Letterhead 4, , , Parking Ticket Stock 16,000 1, ,333 8,000 8,512 (512) Printing Outside Services Express Mail Reference Materials 1, Office Supplies 13,600 1, ,800 3,570 3, Payroll Services 33,000 2,386 2, ,794 14,330 1,464 Total Office 236,110 19,304 6,264 13, ,519 50,676 66,843 Administration Dues & Subscriptions 9, ,365 6,340 3, A.A.A.E. Memberships AvPorts/MA Training & Travel 78,810 4, ,875 32,498 19,394 13, Advertising - Public Meetings 2, , , Economic Development 10, , , License & Permits 3, Property Taxes 37, ,510 10, Credit Card Service Charges 325,000 30,920 31,525 (605) 167, ,841 (16,301) EZ Pass Fees 120,000 8,706 8, ,704 59,852 3, A/R Write Offs ,688 (10,688) 0 54,154 (54,154) Total Administration 586,900 45,286 50,468 (5,182) 291, ,110 (43,943) Total Expenses 23,040,664 1,944,235 1,835, ,319 11,804,009 11,558, , Non Capital Equipment 240,000 20, ,363 (103,363) 120, ,649 (56,649) Total Exp & Non Cap Equip. 23,280,664 1,964,235 1,959,278 4,957 11,924,009 11,735, ,893 71

74 Albany International Airport Employee Count 2018 Variance Budget As of As of As of As of As of As of As of As of As of As of As of As of Budget vs Jan 31, 18 Feb 28, 18 Mar 31, 18 Apr 30, 18 May 31,18 Jun 30,18 Jul 31,18 Aug 31,18 Sep 30,18 Oct 31,18 Nov 30,18 Dec 31,18 Jun 30,18 AIRPORT MANAGEMENT - AVPORTS: Airfield Maintenance Manager Deputy Maintenance Manager Airport Maintenance Supervisor Airport Maintenance Lead-Airfield Electrician Airport Maintenance Tech-Electrical Airport Maintenance Lead-Grounds Airport Maint Tech Lead-Glycol Airport Maint Tech -Chief Glycol Airport Maint Tech-Glycol Airport Maint Tech Airfield Secretary Terminal Facilities Manager Facilities Coordinator Facilities Maint Lead Facilities Maint - HVAC Facilities Maint Technician Custodial Supervisor Custodial Lead Custodial Worker Floor Care Technician Airport Custodial Technician Artistic Exhibits Museum Shop Loading Bridges Facilities Maint Lead-Loading Bridge Parking Deputy, Commercial Services Parking Supervisor Lead Cashier Cashier, Full Time Cashier, Part Time - FTE Shuttle Operator Lead Shuttle Detailer Shuttle Operator, Full Time Shuttle Operator, Part Time - FTE Lead Parking Maint Tech Parking Assistant Parking Maint Technician Security Curbside Monitors, Full Time Curbside Monitors, Part Time - FTE Landside Tower/Custodial Admin Building/Custodial ARFF Chief/Safety Manager Captains/Safety Supervisor Firefighters/Safety Officer Operations Airport Operations Manager Airport Security Supervisor Asst Airport Security Supervisor Airport Operations Supervisor Airport Operations Officer Receptionist Vehicles & Equipment Airport Maint Lead-Vehicle Maint Inventory Control Specialist Airport Maint Tech-Vehicle Maint Administration Total AvPORTS Positions

75 Personnel Services & Benefits For the six months ended June 30, 2018 Personnel Services AFCO (AvPorts) Year to Date Year to Date Budget Actual Variance Regular - Salaries $ 2,950,004 $ 2,613,908 $ 336,096 Holiday Pay 123,646 78,296 45,350 Other Dollars/Funeral/Jury/Retro 96, ,761 (122,137) Shift Premium 46,260 42,580 3,680 Lead Pay 6,122 4,469 1,653 Sick Pay 54,685 61,910 (7,225) Personal Pay Vacation Pay 195, ,591 64,386 Sub Total 3,473,318 3,151, ,803 Overtime 338, ,198 (70,722) Double Time Pay 31,735 29,011 2,724 Total 3,843,529 3,589, ,805 Employee Benefits Social Security & Medicare 265, ,336 (3,973) Federal Unemployment Tax 7,984 6,792 1,192 NYS Unemployment 38,417 36,821 1,596 Workers Compensation 251, ,044 72, (K) Plan Match 67,511 82,872 (15,361) Health & Dental Insurance 1,184,702 1,141,330 43,372 Employee Benefits Deductions (141,150) (134,160) (6,990) Disability/Life Insurance 56,053 62,602 (6,549) Total 1,730,744 1,644,637 86,107 Total Salaries and Benefits $ 5,574,273 $ 5,234,361 $ 339,912 73

76 Albany International Airport 2018 AvPort's Performance Measurements For the six months ended June 30 Airfield Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Number of vehicle accidents on Airfield over $1, Airport remained open for all airline operations 100% 100% 100% 100% 100% Electrical work-orders SPEDES permit sanctions Gallons of deicing aircraft storm yg water fluid collected 15,586,695 13,606,000 18,499,000 25,000,000 15,957,812 water removed (the higher the better) 3.1% 2.9% 3.3% 3.5% 4.6% Employees with CDL licenses Runway incidents Notices to Airmen (NOTAMs) for airfield lighting Occupational Safety and Health Administration (OSHA) reportable incidents Liquid potassium acetate used on runways (avg gallons per snow ice event) 1, ,418 4,000 3,032 Airfield electric usage (KWH) 595, , , , ,456 Overtime/Personnel Services (%) 14.1% 11.3% 14.0% 9.9% 16.4% Terminal Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual HVAC Equipment in operation 100.0% 100.0% 100.0% 100.0% 100.0% Work Orders 3,413 3,586 3,548 3,600 2,154 Survey: cleanliness of the terminal N/A N/A N/A 80% N/A Average # of days a work order remains open Plumbing Equipment in operation 100% 100% 100% 100% 100% Terminal Maintenance direct cost per square foot $16.63 $18.38 $17.77 $18.81 $9.94 Terminal electrical usage (KWH): 79 Building 1,569,493 1,547,262 1,337,120 1,540, ,453 Terminal electrical usage (KWH): 98 Building 7,700,324 7,339,716 7,041,849 7,329,000 3,372,575 Overtime/Personnel Services (%) 7.4% 6.9% 7.6% 5.9% 8.5% Loading Bridge Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Direct Cost per Loading Bridge $25,158 $20,933 $23,787 $22,576 $13,026 Airline Employees trained Over-the-Wing (OTW) Loading Bridge total operations 3,881 4,278 4,249 4,300 2,020 Loading Bridge electrical usage (KWH) (6.1% of 98 building gets allocated) 667, , , , ,226 OTW Loading Bridge Maintenance calls (new measurement for 2009) OTW Loading Bridge out of service (new measurement for 2009) 10.9% 19.5% 30.2% 0.0% 15.0% Number of leased loading bridges Overtime/Personnel Services (%) 19.7% 16.8% 16.1% 10.2% 16.1% Parking Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Express parking transactions 308, , , , ,419 Cashier parking transactions 315, , , , ,905 Cashier parking transaction errors Shuttle Bus Survey (new measurement for 2008) N/A N/A N/A 85% N/A Customer/Vehicle Contact OSHA recordable accidents Parking electrical usage (KWH) 345, , , , ,660 Parking Garage electrical usage (KWH) (23.5% of 98 building gets allocated) 2,570,421 2,450,047 2,450,047 2,500,000 1,125,788 YTD Loss/Gain -$1,178 -$1,080 -$636 -$884 -$538 Overtime/Personnel Services (%) 18.2% 18.0% 14.8% 10.7% 16.9% 74

77 Landside Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Number of tenants Landside building rental (Sq ft) * 316, , , , ,496 Landside land rental (acres)* Tenant complaints *Includes rented space/land only ARFF Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Annual Dispatch Calls Tour conducted by ARFF AED classes conducted Fire Extinguishers inspected/serviced 5,904 5,711 5,970 5,600 2,602 NYS Fire Fighter training (training hours) 1, , OSHA required fire training (training hours) NYS EMT training (training hours) FAA ARFF training (training hours) Building code inspections Overtime/Personnel Services (%) 18.9% 16.2% 18.6% 13.1% 13.2% Operations Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Work Orders (Facility) Building Maintenance calls 3,491 3,698 3,644 3,500 2,153 Work Orders (139) aeronautical areas Notice to airmen (NOTAMS) 1, ,471 1,000 1,267 Bird Strikes Property Damage Reports Bodily Injury Reports FAA 139 Inspections discrepancies Operations' employee accidents Operations' property accidents Overtime/Personnel Services (%) 10.5% 13.1% 11.0% 11.2% 7.4% Security Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Security Trainees Driver Trainees Finger Printing Badges Issued Revalidations* Escort Required Badges Issued 3,524 2,840 2,137 2,500 1,272 Business Center Security Passes Curbside Accidents Curbside Security - Overtime/Personnel Services (%) 10.9% 8.6% 5.4% 1.5% 4.2% *Revalidations of badges are performed every other year Vehicle Maintenance Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Heavy Equipment (Units) Light Vehicles (Units) Light Equipment (Units) Average age of ARFF Fleet (yrs) Average age of Shuttle Buses (yrs) Average age of Fuel Trucks (yrs) Average age of other large vehicles Average age of Pick-ups Shuttle Bus (Not less than 6 operational) Fuel Truck (Not less than 7 operational) Technicians trained Overtime/Personnel Services (%) 12.9% 9.7% 10.2% 8.7% 10.5% AvPort's Administration Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual AvPort's total full time employment equivalents Total AvPort's overtime 13.6% 12.4% 12.4% 9.3% 12.2% Budgetary needs met Yes Yes Yes Yes Yes Saving/revenue producing ideas Total AvPorts Property Damage Reports Administration Overtime/Personnel Services (%) 0.0% 0.0% 0.0% 0.0% 0.0% Employee turnover 27.0% 15.9% 12.9% 19.0% 6.7% 75

78 *** UNAUDITED - FOR INTERNAL REVIEW*** Million Air FBO Operations 76

79 Albany County Airport Authority FBO Operations Summary For the six months ended June 30, 2018 Commercial Fueling (60) GA & Facilities (61) Administration (69) TOTAL Budget Actual Budget Actual Budget Actual Budget Actual Variance REVENUES Retail Fuel Jet A Fuel Sales $ - $ - $ 2,018,160 $ 2,371,590 $ - $ - $ 2,018,160 $ 2,371,590 $ 353,430 AvGas Fuel Sales , , , ,984 (22,179) Commercial AvGas Fuel Sales 210, , , ,867 (21,655) Auto & Diesel Fuel Sales 162, , , ,692 25,176 Retail Fuel Sales 373, ,559 2,159,323 2,490, ,532,361 2,867, ,772 Into Plane Fees 329, , , ,155 4,636 Fuel Farm Fees 301, , , ,724 10,168 General Aviation Landing Fees , , , ,042 10,989 Aircraft Parking Fees 70, , ,972 81,534 10,562 Deicing Services 677,558 1,070,786 16,948 64, ,506 1,135, ,731 FBO Properties , , , ,150 34,322 FBO Services ,093 22, ,093 22,597 (13,496) TOTAL REVENUES $ 1,752,643 $ 2,093,224 $ 2,495,245 $ 2,987,348 $ - $ - $ 4,247,888 $ 5,080,572 $ 832,684 COST OF SALES ( ) Fuel Costs - Jet A - - 1,100,814 1,343, ,100,814 1,343, ,771 Fuel Volume Discounts - Jet , , , ,833 25,558 Fuel Costs - AvGas ,004 93, ,004 93,429 (11,575) Fuel Volume Discounts - AvGas - - 2,293 1, ,293 1,684 (609) Fuel Costs - Commercial AvGas 188, , , ,135 (18,567) Fuel Costs - Auto & Diesel 115, , , ,594 30,962 Fuel Costs 304, ,729 1,346,386 1,602, ,650,720 1,919, ,540 Deicing Costs - Type I & IV 506, , , , ,228 Catering, Oil & Other - - 2,650 1, ,650 1,836 (814) Total Cost of Sales 811,266 1,065,889 1,349,036 1,604, ,160,302 2,670, ,954 Net Operating $ 941,377 $ 1,027,335 $ 1,146,209 $ 1,382,981 $ - $ - $ 2,087,586 $ 2,410,316 $ 322,730 EXPENSES ( ) Personal Services Salaries $ 214,555 $ 202,313 $ 295,134 $ 300,149 $ 98,543 $ 104,008 $ 608,232 $ 606,470 $ 1,762 Overtime 26,638 31,609 42,397 74, , ,195 (37,160) Total Personal Services 241, , , ,735 98, , , ,665 (35,398) Employee Benefits 101,231 71, , ,613 42,306 34, , ,915 53,832 Utilities & Communications 11,917 12,024 39,618 43,796 1,975 1,182 53,510 57,002 (3,492) Purchased Services 61,042 52,461 60,188 58, , , , ,989 3,425 Materials & Supplies Buildings 6,350 2,461 36,738 41, ,088 43,708 (620) Grounds 10,000 6,402 1, ,550 6,402 5,148 Vehicles 93,966 86,108 33,390 32, , ,569 8,787 Total Materials & Supplies 110,316 94,971 71,678 73, , ,679 13,315 Office & Admistration - 17,393 88,284 84,221 27,776 22, , ,905 (7,845) Non-Capital Equipment TOTAL EXPENSES 525, , , , , ,096 1,626,992 1,603,155 23,837 FBO Net Direct Cost $ 415,678 $ 544,943 $ 389,700 $ 605,314 $ (344,784) $ (343,096) $ 460,594 $ 807,161 $ 346,567 Allocation of Indirect Cost Centers ARFF 29,972 26,752 29,972 26,752 59,943 53,505 6,438 Operations 25,214 24,887 25,214 24,887 50,429 49, Security 15,097 15,107 15,097 15,107 30,193 30,214 (21) Vehicles & Equipment 35,481 37,238 21,289 22,343 56,770 59,580 (2,810) Airport Mgmt Administration 23,254 18,168 27,772 30,996 51,026 49,164 1,862 FBO Administration 157, , , ,305 (344,785) (343,096) ACAA Administration 157, , , , , ,117 14,093 Total Allocation 443, , , ,144 (344,785) (343,096) 593, ,355 20,216 FBO Net Results $ (27,786) $ 173,636 $ (105,191) $ 60,170 $ - $ - $ (132,976) $ 233,806 $ 366,783 77

80 Albany International Airport FBO Net Revenue Before Operating and Maintenance Expenses For the six months ended June 30 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 Actual 2018 Budget 2017 Actual 2018 Actual 2018 Budget 2017 Actual Gross Cost of Net Gross Cost of Net Gross Cost of Net YTD Revenues Revenues Sales Revenue Revenues Sales Revenue Revenues Sales Revenue Jet A Fuel Sales $ 2,371,590 $ 1,343,585 $ 1,028,005 $ 2,018,160 $ 1,100,814 $ 917,346 $ 1,957,853 $ 1,039,160 $ 918,693 Fuel Volume Discounts-Jet A 163,833 (163,833) 138,275 (138,275) 129,309 (129,309) AvGas Fuel Sales-Commercial 188, ,135 18, , ,702 21, , ,044 23,551 AvGas Fuel Sales 118,984 93,429 25, , ,004 36, , ,577 28,897 Fuel Volume Discounts-AvGas 1,684 (1,684) 2,293 (2,293) 2,333 (2,333) Auto & Diesel Fuel Sales 187, ,594 41, , ,631 46, , ,422 37,170 Into-Plane Fees 334, , , , , ,485 Fuel Farm Fees 311, , , , , ,684 Landing Fees 124, , , , , ,972 Parking Fees 81,534 81,534 70,972 70,972 65,994 65,994 Deicing 1,135, , , , , , , , ,005 Properties 204, , , , , ,513 FBO Services (Catering, etc) 22,597 1,836 20,761 36,093 2,650 33,443 31,090 1,895 29,195 Total $ 5,080,572 $ 2,670,256 $ 2,410,316 $ 4,247,888 $ 2,160,302 $ 2,087,586 $ 4,130,464 $ 1,987,946 $ 2,142, Actual 2018 Budget 2017 Actual Gross Cost of Net Gross Cost of Net Gross Cost of Net Revenues Sales Revenue Revenues Sales Revenue Revenues Sales Revenue January $ 981,904 $ 551,280 $ 430,624 $ 808,182 $ 440,932 $ 367,250 $ 798,178 $ 408,458 $ 389,720 February 838, , , , , , , , ,028 March 1,060, , , , , , , , ,917 April 682, , , , , , , , ,140 May 843, , , , , , , , ,420 June 673, , , , , , , , ,293 July 718, , , , , ,742 August 805, , , , , ,471 September 583, , , , , ,135 October 725, , , , , ,567 November 665, , , , , ,466 December 884, , , , , ,420 Total $ 5,080,572 $ 2,670,256 $ 2,410,316 $ 8,630,875 $ 4,327,206 $ 4,303,669 $ 8,581,537 $ 4,124,218 $ 4,457,319 YTD $ 5,080,572 $ 2,670,256 $ 2,410,316 $ 4,247,888 $ 2,160,302 $ 2,087,586 $ 4,130,464 $ 1,987,946 $ 2,142,518 78

81 Albany International Airport FBO Jet A Fuel Sales For the six months ended June 30 Gallons 140, , ,000 80,000 60,000 40,000 20,000 0 Jet A Sales (Gallons) Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Jet A Gallons 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) 82,592 72,616 9, % 70, % 81,710 66,871 February (Actual) 71,125 68,849 2, % 67, % 74,536 53,561 March (Actual) 72,099 67,961 4, % 66, % 79,951 67,968 April (Actual) 72,863 73,139 (276) -0.4% 65, % 68,402 78,117 May (Actual) 118,650 80,744 37, % 99, % 83,850 94,019 June (ACTUAL) 89,409 95,365 (5,956) -6.2% 89, % 80,224 83,781 July () 114, ,242 10, % 83, % 110,860 95,790 August () 129, ,122 12, % 113, % 120, ,631 September () 85,951 77,799 8, % 96, % 79,169 72,449 October () 105,790 95,756 10, % 107, % 102, ,038 November () 79,510 71,968 7, % 65, % 82,517 61,875 December () 77,969 70,574 7, % 70, % 67,060 66,245 Total 1,099, , , % 996, % 1,031, ,345 YTD Gallons 506, ,673 48, % 458, % 468, ,317 $250,000 Jet A Net Revenue $200,000 $150,000 $100,000 $50,000 $- Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Jet A Net Revenue 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) $ 141,143 $ 123,340 $ 17, % $ 112, % $ 140,607 $ 112,955 February (Actual) 121, ,942 4, % 113, % 125,545 95,736 March (Actual) 130, ,435 14, % 118, % 139, ,624 April (Actual) 117, ,228 (7,068) -5.7% 111, % 117, ,086 May (Actual) 210, ,146 73, % 175, % 143, ,129 June (ACTUAL) 143, ,980 (18,211) -11.2% 158, % 138, ,133 July () 194, ,360 19, % 140, % 199, ,015 August () 220, ,936 21, % 199, % 210, ,123 September () 146, ,143 14, % 186, % 132, ,269 October () 180, ,645 17, % 191, % 176, ,999 November () 135, ,241 13, % 108, % 142,396 98,270 December () 132, ,872 13, % 111, % 121, ,415 Total $ 1,874,902 $ 1,690,268 $ 184, % $ 1,726, % $ 1,788,532 $ 1,626,754 YTD Net Revenues $ 864,172 $ 779,071 $ 85, % $ 789, % $ 805,928 $ 742,663 79

82 Albany International Airport FBO Av Gas Retail Sales For the six months ended June 30 AvGas Sales (Gallons) Gallons 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Oct Nov Dec AvGas Gallons 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) 2,978 3,582 (604) -16.9% 3, % 4,915 3,366 February (Actual) 2,914 2,967 (53) -1.8% 2, % 3,087 3,563 March (Actual) 3,134 3,793 (659) -17.4% 4, % 4,773 3,703 April (Actual) 3,471 5,704 (2,233) -39.1% 5, % 5,879 6,653 May (Actual) 5,062 6,320 (1,258) -19.9% 6, % 6,884 7,353 June (ACTUAL) 5,378 6,560 (1,182) -18.0% 6, % 8,954 6,109 July () 5,135 6,476 (1,341) -20.7% 6, % 6,733 7,462 August () 5,931 7,480 (1,549) -20.7% 8, % 6,380 7,701 September () 5,500 6,936 (1,436) -20.7% 6, % 5,863 9,186 October () 4,162 5,249 (1,087) -20.7% 5, % 6,588 6,044 November () 3,683 4,645 (962) -20.7% 4, % 5,563 5,663 December () 2,677 3,376 (699) -20.7% 3, % 3,537 3,635 Total 50,025 63,088 (13,063) -20.7% 62, % 69,156 70,438 YTD Gallons 22,937 28,927 (5,990) -20.7% 27, % 34,492 30,747 AvGas Net Revenue $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $- Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual AvGas Net Revenue 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) $ 3,940 $ 4,193 $ (253) -6.0% $ 2, % $ 4,839 $ 1,476 February (Actual) 2,516 3,474 (958) -27.6% 2, % 1,857 1,988 March (Actual) 2,405 4,441 (2,036) -45.8% 2, % 5,885 6,282 April (Actual) 5,159 6,677 (1,518) -22.7% 5, % 6,205 7,024 May (Actual) 4,869 7,399 (2,530) -34.2% 6, % 9,675 9,021 June (ACTUAL) 4,982 7,681 (2,699) -35.1% 6, % 10,632 8,674 July () 5,344 7,582 (2,238) -29.5% 6, % 7,786 5,273 August () 6,173 8,757 (2,585) -29.5% 10, % 7,815 7,806 September () 5,724 8,120 (2,396) -29.5% 9, % 7,463 9,693 October () 4,332 6,145 (1,814) -29.5% 5, % 5,076 4,231 November () 3,833 5,438 (1,605) -29.5% 5, % 4,755 1,485 December () 2,786 3,952 (1,166) -29.5% 1, % 5,917 8,291 Total $ 52,062 $ 73,860 $ (21,798) -29.5% $ 65, % $ 77,905 $ 71,244 #DIV/0! YTD Net Revenues $ 23,871 $ 33,866 $ (9,995) -29.5% $ 26, % $ 39,093 $ 34,465 80

83 Albany International Airport Commercial Av Gas Retail Sales For the six months ended June 30 Commercial AvGas Sales (Gallons) 25,000 20,000 15,000 10,000 5,000 0 Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Nov Dec Commercial AvGas Gallons 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) 8,683 10,031 (1,348) -13.4% 12, % 13,548 13,746 February (Actual) 6,467 8,974 (2,507) -27.9% 11, % 12,560 11,219 March (Actual) 6,977 10,455 (3,478) -33.3% 13, % 13,080 15,549 April (Actual) 7,076 10,175 (3,099) -30.5% 10, % 13,340 14,410 May (Actual) 9,460 9,850 (390) -4.0% 7, % 14,577 14,407 June (ACTUAL) 8,132 9,484 (1,352) -14.3% 7, % 13,001 14,870 July () 7,277 9,170 (1,893) -20.6% 7, % 8,754 15,749 August () 7,456 9,396 (1,940) -20.6% 7, % 9,604 15,111 September () 7,610 9,590 (1,980) -20.6% 7, % 13,774 15,165 October () 7,876 9,925 (2,049) -20.6% 7, % 14,650 14,407 November () 7,519 9,475 (1,956) -20.6% 7, % 12,715 14,914 December () 7,222 9,101 (1,879) -20.6% 7, % 12,983 14,296 Total 91, ,627 (23,872) -20.6% 109, % 152, ,843 YTD Gallons 46,795 58,970 (12,175) -20.6% 63, % 80,106 84,201 Commercial AvGas Net Revenue $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $- Jan Actual Feb Actual Mar Actual Apr Actual May Actual Jun Actual Jul Aug Sep Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Commercial AvGas Net Revenue 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) $ 3,965 $ 3,712 $ % $ 4, % $ 5,974 $ 5,202 February (Actual) 2,165 3,320 (1,155) -34.8% 4, % 4,003 6,693 March (Actual) 2,981 3,868 (887) -22.9% 4, % 5,277 4,447 April (Actual) 2,564 3,765 (1,201) -31.9% 4, % 5,040 4,577 May (Actual) 3,889 3, % 2, % 5,548 5,684 June (ACTUAL) 3,168 3,509 (341) -9.7% 2, % 4,822 5,654 July () 2,913 3,393 (480) -14.1% 3, % 2,817 5,388 August () 2,985 3,477 (492) -14.1% 2, % 3,970 5,983 September () 3,046 3,548 (502) -14.1% 3, % 5,271 6,825 October () 3,153 3,672 (520) -14.1% 2, % 4,476 5,254 November () 3,010 3,506 (496) -14.1% 2, % 4,165 7,613 December () 2,891 3,367 (476) -14.1% 2, % 5,293 2,120 Total $ 36,729 $ 42,782 $ (6,053) -14.1% $ 41, % $ 56,656 $ 65,440 YTD Net Revenues $ 18,732 $ 21,820 $ (3,088) -14.2% $ 23, % $ 30,664 $ 32,257 81

84 Albany International Airport FBO Deicing Sales Consortium For the six months ended June 30 Gallons 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Deicing (Gallons sold through meters) Jan Actual Feb Actual Mar Actual Apr Actual Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Deicing gallons sold through meters 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) 20,525 21,195 (670) -3.2% 24, % 14,145 22,282 February (Actual) 18,289 29,196 (10,907) -37.4% 26, % 17,437 33,875 March (Actual) 29,689 9,150 20, % 11, % ,009 April (Actual) 4,758 4, % % 8, October () 5,457 4, % 5, % 5,767 3,135 November () 12,345 10,708 1, % 1, % 11,114 2,929 December () 26,464 22,955 3, % 25, % 26,507 11,946 Total 117, ,942 15, % 95, % 84,737 86,068 YTD Gallons 73,261 63,546 9, % 63, % 41,349 68,058 Deicing Net Revenue $15,000 $10,000 $5,000 $- $(5,000) $(10,000) $(15,000) $(20,000) $(25,000) $(30,000) $(35,000) Jan Actual Feb Actual Mar Actual Apr Actual Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Deicing gallons sold through meters Net Revenue 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) $ (28,775) 0 $ (28,775) 100.0% $ 6, % $ (2,395) 127 February (Actual) (29,046) 0 (29,046) 0.0% 2, % 12,514 1,169 March (Actual) (2,171) 0 (2,171) 0.0% 7, % (3,199) 1,110 April (Actual) (2,912) 0 (2,912) 0.0% (6,980) 0.0% 2,292 (232) October () % 1, % 778 (1,341) November () % 1, % (4,603) (2,692) December () % (1,730) % (1,648) (15,765) Total -62,904 0 $ (62,904) 100.0% $ 11, % $ 3,739 $ (17,624) #DIV/0! YTD Net Revenues $ (62,904) $ - $ (62,904) 100.0% $ 9, % $ 9,212 $ 2,174 82

85 Albany International Airport FBO Deicing Sales Sprayed For the six months ended June 30 Deicing (Gallons sprayed) Gallons 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Jan Actual Feb Actual Mar Actual Apr Actual Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Deicing gallons sprayed 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) 21,867 10,267 11, % 10, % 6,053 9,534 February (Actual) 18,176 14,581 3, % 13, % 10,149 13,995 March (Actual) 21,401 5,681 15, % 9, % 551 5,018 April (Actual) 5,064 2,049 3, % % 4, October () 3,815 1,869 1, % % 3, November () 6,564 3,215 3, % 2, % 5, December () 36,147 17,706 18, % 25, % 13,260 7,368 Total 113,034 55,369 57, % 62, % 43,583 37,536 YTD Gallons 66,508 32,579 33, % 34, % 21,186 28,704 Deicing Net Revenue $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $- Jan Actual Feb Actual Mar Actual Apr Actual Oct Nov Dec 2018 Actual/ 2017 Actual 2016 Actual 2015 Actual Deicing gallons sprayed Net Revenue 2018 # % 2018 vs 2018 Budget Variance Variance January (Actual) $ 141,663 $ 58,595 $ 83, % $ 91, % $ 49,782 $ 73,651 February (Actual) 127,744 84,337 43, % 98, % 79, ,238 March (Actual) 147,445 33, , % 59, % 6,732 35,760 April (Actual) 32,128 11,523 20, % 12, % 33,181 1,163 October () 28,195 11,779 16, % 2, % 28,882 5,103 November () 42,876 17,913 24, % 16, % 43,735 6,362 December () 242, , , % 179, % 55,253 59,356 Total 762,412 $ 318,515 $ 443, % $ 459, % $ 296,975 $ 285,633 YTD Net Revenues $ 448,980 $ 187,572 $ 261, % $ 261, % $ 169,105 $ 214,812 83

86 Albany International Airport FBO Operating and Maintenance Expenses For the six months ended June 30 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 Actual 2018 Budget 2017 Actual YTD Expenses Actual Budget Actual Personal Services Salaries $606,470 $608,232 $584,232 Overtime 106,195 69,035 90,833 Total Personal Services 712, , ,065 Employee Benefits 248, , ,234 Utilities & Communications 57,001 53,510 48,377 Purchased Services 291, , ,176 Material & Supplies Buildings 43,708 43,088 38,969 Grounds 6,402 11,550 16,277 Vehicles 118, , ,636 Total Materials & Supplies 168, , ,882 Administration 123, , ,223 Non-Capital Equipment Total Expenses $ 1,603,156 $ 1,626,993 $ 1,592, Actual Budget Actual January $ 312,720 $ 361,252 $ 327,320 February 266, , ,907 March 301, , ,858 April 241, , ,232 May 217, , ,662 June 263, , ,977 July 294, ,540 August 237, ,015 September 278, ,371 October 267, ,298 November 248, ,990 December 286, ,266 Total $ 1,603,156 $ 3,238,577 $ 3,111,436 YTD $ 1,603,156 $ 1,626,993 $ 1,592,956 84

87 ALBANY COUNTY AIRPORT AUTHORITY Detail of FBO/Million Air Departments For the Six Months Ending Saturday, June 30, 2018 EXPENSES Total Annual Budget This Month Budget This Month Actual Var this Mo To Buget Year to Date Budget Year to Date Actual Var this Yr to Budget Personal Services Salaries $1,265,123 $97,317 $115,381 ($18,063) $608,232 $606,470 $1, Overtime ,916 10,186 19,907 (9,720) 69, ,195 (37,160) Total Personal Services 1,421, , ,287 (27,784) 677, ,666 (35,399) Employee Benefits Social Security 108,709 7,973 10,052 (2,079) 52,632 52,985 (353) Health Insurance 435,857 33,527 23,142 10, , ,346 37, Medical Exams 1, ,125 (375) Uniforms & Laundry 6, ,325 2, Uniform Purchases 11, ,065 (107) 5,750 6,723 (973) Disability Insurance 3, (34) 1,588 (728) 2, Unemployment Insurance 24, ,483 7,963 13, Airport & FBO 401K 15,365 1,194 1,346 (152) 7,673 5,905 1,768 Total Employee Benefits 607,526 44,746 36,253 8, , ,916 53,832 Utilities & Communications Electric 48,000 4,130 3, ,173 27,706 (2,532) Natural Gas 31, (424) 23,931 23, Water (12) Telephone Charges-Local Tele Chg-Long Dist Wireless 2, ,206 1,401 (195) Radio Communications 3, , Cable Television 1, ,740 (1,615) 750 3,023 (2,273) Total Utilities & Communications 88,412 5,241 6,476 (1,235) 53,510 57,001 (3,491) PURCHASED SERVICES Insurance Airport Liability Insurance 110, ,092 (20,092) 70,684 70, Environmental Liability 7, , , Property Insurance 50,858 1,144 1,228 (84) 47,425 48,334 (908) Insurance Claims 20,000 1, ,367 10,000 3,500 6,500 Total Insurance 189,368 2,811 21,620 (18,809) 135, ,518 13,234 Janitorial Refuse Removal Services 3, ,500 1, Total Janitorial 3, ,500 1, Public Communications Public Relations 42,000 3,500 3, ,000 21,000 0 Total Public Communications 42,000 3,500 3, ,000 21,000 0 Studies Special Studies 0 0 6,750 (6,750) 0 6,750 (6,750) Total Studies 0 0 6,750 (6,750) 0 6,750 (6,750) Professional Services Professional Management 279,000 22,865 23,058 (194) 137, ,425 (3,263) Total Professional Services 279,000 22,865 23,058 (194) 137, ,425 (3,263) 85

88 ALBANY COUNTY AIRPORT AUTHORITY Detail of FBO/Million Air Departments For the Six Months Ending Saturday, June 30, 2018 Total Annual Budget This Month Budget This Month Actual Var this Mo To Buget Year to Date Budget Year to Date Actual Var this Yr to Budget Total Purchased Services 513,368 29,425 55,144 (25,719) 295, ,989 3,425 MATERIALS & SUPPLIES FBO Fuel Costs - Jet A 2,388, , ,996 (15,121) 1,100,814 1,343,585 (242,771) Fuel Discounts - Jet A 300,000 28,749 33,983 (5,234) 138, ,833 (25,558) Fuel Costs - AvGas 229,009 23,814 22, ,004 93,429 11, Fuel Discount - AvGas 5, ,293 1, Fuel Costs - Comm AvGas 370,006 30,348 30,400 (52) 188, ,135 18, Fuel Costs - Auto Gas 50,000 2,815 3,316 (502) 30,119 43,092 (12,972) Fuel Costs - Diesel 150,000 6,831 4,962 1,869 85, ,502 (17,990) Deicing Type I - Sprayed 251, , ,369 (57,078) Deicing Type I - Consortium 423, , ,730 (128,966) Deicing Type IV - Sprayed 37, ,565 44,450 (21,885) Deicing Type IV - Consortium 117, , ,611 (34,299) Catering 1, Oil 3, ,276 (1,026) 1,500 1, TKS 1, (60) Charts, Pilot Supplies Total FBO 4,327, , ,233 (18,839) 2,160,301 2,670,256 (509,954) Buildings Alarm & PA Systems 6, , , Electrical Repairs & Supplies 8, ,000 6,536 (2,536) Elevator Repairs & Supplies 10, , , HVAC 10, ,250 2,523 2, Roof 5, ,750 1,004 1, Plumbing Repairs & Supplies 3, ,750 1,751 (1) Automatic Door Repairs 4, , , Pest Control Building Maintenance 27,000 2,250 1, ,500 26,897 (13,397) Janitorial Supplies 7, ,500 1,914 1, Window Washing 3, ,238 (1,969) 1,616 2,238 (622) Sign Expense Total Buildings 86,176 7,181 4,233 2,948 43,088 43,708 (620) Grounds Landscaping Pavement Repairs Sign Expense Hazardous Waste Mgmt 10, ,000 2,520 2, Liquid Waste Disposal 12,000 1, ,000 3,882 2,119 Total Grounds 23,100 2, ,130 11,550 6,402 5,148 Vehicles Gasoline 10, (13) 4,646 4, Diesel Fuel 44,000 3,023 3,061 (38) 23,834 34,930 (11,096) Vehicle / Equipment Tires 12,500 1, ,042 6,250 1,302 4, Vehicle Repair & Maintenance 1, (166) Vehicle Communication Equip 2, , General Equip Repair & Maint 57,500 4,792 6,411 (1,620) 28,750 25,868 2, Quality Control Testing Equip 15,000 1, ,246 7,500 1,245 6,255 86

89 ALBANY COUNTY AIRPORT AUTHORITY Detail of FBO/Million Air Departments For the Six Months Ending Saturday, June 30, 2018 Total Annual Budget This Month Budget This Month Actual Var this Mo To Buget Year to Date Budget Year to Date Actual Var this Yr to Budget Heavy Equipment Maint 120,000 17, ,932 51,376 46,890 4, Vehicle Shop Tools & Supplies 6, ,809 (1,267) 3,250 3,447 (197) Total Vehicles 269,000 28,777 12,493 16, , ,569 8,787 Total Material & Supplies 4,705, , ,171 2,523 2,342,295 2,838,935 (496,640) Office Office Equipment Rental 2, (38) 1, Office Equipment Serv Agrmnt (87) (271) Office Equipment Repairs Computer System Supplies 4, ,250 5,608 (3,358) Hardware/Software Maint 11, ,512 2,652 2, Computer Equipment Office Furniture & Fixtures 2, , , Printed Forms / Letterhead 1, Printing Outside Services Express Mail (7) Office Supplies 6, (469) 3,000 1,996 1, Payroll Services 20,000 1,731 2,140 (409) 10,115 9, Total Office 48,656 4,083 3, ,226 20,986 3,240 Administration Dues & Subscriptions 16, ,410 (1,410) 14,974 14, AvPorts/MA Training & Travel 10, ,000 7,712 (2,712) Function Refreshments 1, Incentives 43,000 2,533 2, ,480 18, Economic Development 1, Credit Card Service Charges 110,000 10,237 5,661 4,576 51,380 44,728 6, A/R Write Offs ,393 (17,393) Total Administration 181,300 13,770 9,086 4,684 91, ,919 (11,085) Total Expenses 7,565, , ,326 (38,864) 3,787,295 4,273,412 (486,117) Total Exp & Non Cap Equip. 7,565, , ,326 (38,864) 3,787,295 4,273,412 (486,117) 87

90 Albany International Airport Employee Count 2018 Variance Budget As of As of As of As of As of As of As of As of As of As of As of As of Budget vs Jan 31, 18 Feb 28, 18 Mar 31, 18 Apr 30, 18 May 31,18 Jun 30,18 Jul 31,18 Aug 31,18 Sep 30,18 Oct 31,18 Nov 30,18 Dec 31,18 Jun 30,18 FBO MANAGEMENT - MILLION AIR: Commercial Fuel Farm Technician Line Service Technician Fuel Farm /Facility Manager General Aviation Line Service Technician Facilities Maintenance Customer Service Representative Administration General Manager LSM-GA Trainer Operations Supervisors/PM Total Million Air Positions

91 Personnel Services & Benefits For the six months ended June 30, 2018 Personnel Services Million Air Year to Date Year to Date Budget Actual Variance Regular - Salaries $ 546,429 $ 538,756 $ 7,673 Holiday Pay Other Dollars/Funeral/Jury/Retro 14,837 28,563 (13,726) Shift Premium 2,039 2,167 (128) Lead Pay Sick Pay 10,425 10,639 (214) Personal Pay 15,691 14,185 1,506 Vacation Pay 18,270 11,727 6,543 Sub Total 608, ,470 1,762 Overtime 69, ,195 (37,160) Double Time Pay Total 677, ,665 (35,398) Employee Benefits Social Security & Medicare 52,632 52,985 (353) Federal Unemployment Tax 2,712 1,493 1,219 NYS Unemployment 18,771 6,470 12,301 Workers Compensation (K) Plan Match 7,673 5,905 1,768 Health & Dental Insurance 234, ,476 40,612 Employee Benefits Deductions (24,541) (21,130) (3,411) Disability/Life Insurance 1,588 (728) 2,316 Total 292, ,471 54,452 Total Salaries and Benefits $ 970,190 $ 951,136 $ 19,054 89

92 Albany International Airport 2018 FBO Performance Measurements For the six months ended June Commercial Aviation Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Number of accidents/incidents Number of airline delays counted against MA Into-plane gallons pumped 16,835,885 18,602,032 19,495,122 19,507,385 9,378,243 Number of Audits performed by Airlines/ Quality Control- Employeee Training Records Number of non-compliance items reported in Airline Audits AvGas fuel sales commercial 173, , , ,627 46,795 Deicing gallons pumped 123, , , , ,769 Workers' compensation cases Employees who have completed Safety Programs Quality control audits at the Fuel Farm (less the better) Completed monthly training programs Monthly survey of airlines 100% 100% 100% 100% 100% Overtime/Personnel Services (%) 12.0% 13.3% 14.3% 11.5% 13.5% General Aviation Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual AvGas fuel sales (gallons) 70,438 69,156 62,710 63,088 22,937 Jet A fuel sales (gallons) 967,345 1,031, , , ,738 Number of international flights General Aviation Aircraft customer transactions 6,949 7,392 6,931 7,000 3,429 Number of Aircraft Arrivals 3,949 7,349 7,260 7,000 3,675 Number of Aircraft fueled 5,901 5,958 6,307 6,500 2,674 Number of ramp fees collected 1,661 2,102 1,743 1, Number of landing fees collected 3,811 4,147 3,637 3,500 1,660 Employees who completed the NATA Safety 1st Program Employees who completed all Safety Programs Property Accidents Quarterly reports from monthly safety meetings 100% 100% 100% 100% 100% Number of top 20 customers surveys completed Overtime/Personnel Services (%) 11.1% 16.4% 17.6% 13.8% 19.9% Million Air's Administrative Performance Measurements 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual Million Air's total full time employment equivalents Total Million Air overtime 9.7% 13.0% 13.9% 11.0% 14.9% Number of marketing events attended Number of based tennants Employee turnover annum 25% 30% 16% 10% 13% Workers' compensation cases Number of customers gained (prior year comparison) 7% 6% -6% 1% 11% Overtime/Personnel Services (%) 0.6% 0.0% 0.0% 0.0% 0.0% 90

93 *** UNAUDITED - FOR INTERNAL REVIEW*** Authority Operations 91

94 Albany County Airport Authority Expense Summary 2018 June 2018 June 2018 Actual/ Adopted FY Budget Actual Variance Variance 2017 Prior Year Budget YTD YTD YTD % Actual Variance % EXPENSES BY CATEGORY Personal Services $ 1,955,557 $ 977,778 $ 965,134 $ 12, % $ 944, % Employee Benefits 1,349, , ,440 11, % 611, % Utilities & Communications 81,592 43,237 49,361 (6,124) % 47, % Purchased Services Accounting & Auditing 61,000 36,767 48,092 (11,325) % 44, % Insurance 304, , ,701 (38,964) % 296, % Legal Services 50,000 25,000 54,877 (29,877) % 3, % Janitorial 22,000 11,000 8,401 2, % 10, % Public Communications 264, , ,584 37, % 94, % Special Studies 35,000 17,500 2,907 14, % 28, % Professional Services 101,160 50,580 43,267 7, % 37, % Total Purchased Services 838, , ,829 (18,630) -3.24% 514, % Material & Supplies Buildings 28,263 14,132 10,194 3, % 30, % Grounds (4) -3.96% % Total Material & Supplies 28,363 14,232 10,298 3, % 30, % Office 207, ,138 87,807 21, % 100, % Administration 142,205 83,646 61,296 22, % 70, % Total Expenses $ 4,603,949 $ 2,482,867 $ 2,436,165 $ 46, % $ 2,319, % 92

95 ALBANY COUNTY AIRPORT AUTHORITY ACAA For the Six Months Ending Saturday, June 30, 2018 EXPENSES Total Annual Budget This Month Budget This Month Actual Var this Mo To Buget Year to Date Budget Year to Date Actual Var this Yr to Budget Personal Services Salaries $1,955,557 $162,963 $162,033 $931 $977,778 $959,867 $17, Temporary Help ,267 (5,267) Total Personal Services 1,955, , , , ,134 12,645 Employee Benefits Social Security 141,084 12,526 12, ,053 72,477 1, Health Insurance 558,102 46,509 46, , ,751 11, OPEB 300,000 25,000 25, , , Health-Dental 41,536 3,461 3,529 (68) 20,768 24,013 (3,245) Health-Vision 6, ,266 2, Health - AFLAC 7, ,780 3, EAP Program (178) (178) Smoking Cessation Class 1, Disability Insurance (547) 322 (291) Unemployment Insurance 4, ,483 3,178 1, Workers Compensation 6, (98) 3,487 5,010 (1,523) NYS Retirement 280,429 23,369 23, , ,214 0 Total Employee Benefits 1,349, , ,970 (134) 680, ,440 11,197 Utilities & Communications Electric 25,000 1,775 1, ,388 14,010 (622) Natural Gas 5, (2) 4,053 3, Telephone Charges-Local 5, ,750 2, Tele Chg-Long Dist 1, Telephones-Monthly Service 15,000 1,250 1, ,500 7, Telephones-Monthly Usage 2, , Telephone Repairs 10, ,043 10,115 (5,072) Telephone-Cellular 0 0 (41) Internet Access 17,236 1,436 1, ,618 8, Cable Television ,516 (1,380) Total Utilities & Communications 81,592 6,162 4,591 1,570 43,237 49,361 (6,124) PURCHASED SERVICES Accounting & Auditing Financial Services 55,000 2, ,275 32,766 42,092 (9,326) Rates & Charges 6, ,001 6,000 (1,999) Total Accounting & Auditing 61,000 2, ,275 36,767 48,092 (11,325) Insurance Airport Liability Insurance 193, , ,168 (33,493) Environmental Liability 38, ,740 38, Property Insurance 1, (11) 1,406 1,529 (123) Crime Insurance 2, ,397 2, Fiduciary Insurance 1, Public Official Liability 24, ,519 24, Cyber Liability 11, ,383 (5,383) Agency Fee 30, ,000 30,000 0 Total Insurance 304, (11) 290, ,701 (38,964) 93

96 ALBANY COUNTY AIRPORT AUTHORITY ACAA For the Six Months Ending Saturday, June 30, 2018 Total Annual Budget This Month Budget This Month Actual Var this Mo To Buget Year to Date Budget Year to Date Actual Var this Yr to Budget Legal Legal Services 50,000 4,167 36,269 (32,102) 25,000 54,877 (29,877) Total Legal 50,000 4,167 36,269 (32,102) 25,000 54,877 (29,877) Janitorial Janitorial Services 22,000 1,833 1, ,000 8,401 2,599 Total Janitorial 22,000 1,833 1, ,000 8,401 2,599 Public Communications Public Relations 85,389 7,116 5,931 1,184 42,695 40,466 2, Advertising 179,565 11,395 5,540 5,855 99,921 65,118 34,803 Total Public Communications 264,954 18,511 11,471 7, , ,584 37,031 Studies Special Studies 35,000 2, ,917 17,500 2,907 14,593 Total Studies 35,000 2, ,917 17,500 2,907 14,593 Professional Services Appraisal 5, , , Architectural 30,000 2, ,500 15, , Consultant 18,000 1,500 2,938 (1,438) 9,000 20,688 (11,688) Engineering Services 3, , , Code Enforcement 45,160 3,763 3, ,580 22,580 0 Total Professional Services 101,160 8,430 6,701 1,729 50,580 43,267 7,313 Total Purchased Services 838,489 38,288 56,007 (17,719) 574, ,830 (18,631) MATERIALS & SUPPLIES Buildings Alarm & PA Systems 3, , , Electrical Repairs & Supplies 5, ,654 (1,237) 2,500 4,732 (2,232) Elevator Repairs & Supplies 3, , , HVAC 1, Roof Plumbing Repairs & Supplies 1, Automatic Door Repairs Pest Control 1, Storage Space Rental 7, ,750 3, Building Maintenance 3, ,500 1, Window Washing 1, Total Buildings 28,263 2,355 2, ,132 10,194 3,937 Grounds Landscaping (4) Total Grounds (4) Total Material & Supplies 28,363 2,455 2, ,232 10,298 3,934 Office Office Equipment Rental 8, ,511 (844) 4,000 3, Copy Machine Use Office Equipment Serv Agrmnt 3, (116) 1,781 1,

97 ALBANY COUNTY AIRPORT AUTHORITY ACAA For the Six Months Ending Saturday, June 30, 2018 Total Annual Budget This Month Budget This Month Actual Var this Mo To Buget Year to Date Budget Year to Date Actual Var this Yr to Budget Office Equipment Repairs Computer System Supplies 25,100 2, ,947 12,550 5,470 7, Hardware/Software Maint 99,835 16,208 9,911 6,297 54,346 55,227 (881) Computer Equipment 8, ,200 2,545 1, Office Furniture & Fixtures 10, , , Printed Forms / Letterhead 1, Printing Outside Services 20,000 1, ,000 4,068 5, Postage 8, (328) 772 4,377 4,428 (51) Express Mail (16) (215) Reference Materials 1, Office Supplies 15,000 1, ,500 5,659 1, Payroll Services 6, ,635 2, Total Office 207,896 24,908 13,432 11, ,138 87,807 21,331 Administration Dues & Subscriptions 21, ,283 7,450 3, Airport Membership (ACI) 14, ,000 13, A.A.A.E. Memberships G.F.O.A NYS Bar Association NY Airport Managers Assoc 8, ,000 5,000 3, Local Chamber Of Commerce 6, ,130 5,148 (18) Center For Economic Growth 2, Authority Travel & Education Authority Mgmt Travel & Educ 20,000 1,667 2,561 (895) 10,000 11,007 (1,007) Function Refreshments 20,000 1, ,623 10,000 6,151 3, Outside Functions 5, , , Advertising - Public Meetings 14,000 1,167 1,796 (629) 7,000 9,086 (2,086) Economic Development 1, Credit Card Service Charges 5, ,500 1,167 1, Bank & Paying Agent Fees 10, ,000 2,000 3, A/R Write Offs (106) County Indirect Expenses 13,185 1, ,099 6, ,593 Total Administration 142,205 8,094 4,910 3,184 83,646 61,296 22,350 Total Expenses 4,603, , ,207 (502) 2,482,867 2,436,166 46,702 Total Exp & Non Cap Equip. 4,603, , ,207 (502) 2,482,867 2,436,166 46,702 95

98 Albany International Airport Departure Revenue and Expenses Departure Operating Results $6,000 $4,000 $2,000 $- Revenue $(2,000) $(4,000) $(6,000) $(8,000) $(10,000) $(12,000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Gross Direct Operating Gross Direct Operating Operating Operating YTD Revenues Revenues Expenses Results Revenues Expenses Results Results Results Museums $58,755 $33,336 $25,419 $74,434 $43,329 $31,104 $23,113 $29,368 Direct Purchase 46,138 18,802 27,335 39,658 16,617 23,041 18,648 22,971 Salaries 0 62,623 (62,623) 0 62,613 (62,613) (54,718) (57,197) Misc Rev/Exp (*) 227 3,076 (2,848) 496 3,464 (2,968) (1,844) (8,064) Total $105,120 $117,837 ($12,717) $114,588 $126,024 ($11,436) ($14,802) ($12,922) (*) Supplies, shipping, parking discounts, credit card expenses Gross Direct Operating Gross Direct Operating Operating Operating Revenues Expenses Results Revenues Expenses Results Results Results January $ 14,604 $ 14,713 $ (109) $ 13,024 $ 15,870 $ (2,845) $ (4,146) $ (1,707) February 14,215 16,419 (2,204) 16,045 18,945 (2,900) (4,010) (6,269) March 15,175 21,595 (6,420) 16,639 21,843 (5,204) (3,459) (1,966) April 18,944 17,859 1,085 20,962 21,731 (769) (3,193) (4,194) May 22,284 24,897 (2,613) 21,994 23,314 (1,320) 1,929 (249) June 19,899 22,354 (2,455) 25,923 24,321 1,602 (1,923) 1,463 July 25,297 23,975 1, (2,415) August 28,221 25,863 2,359 (1,491) 2,934 September 23,849 25,712 (1,863) (107) (3,477) October 28,845 25,667 3,178 3,092 2,335 November 26,306 25,213 1,093 2,089 (2,194) December 32,058 40,368 (8,310) (11,250) 3,583 Total $105,120 $ 117,837 ($12,717) $ 279,165 $ 292,823 ($13,658) ($22,315) ($12,155) YTD $ 105,120 $ 117,837 $ (12,717) $ 114,588 $ 126,024 $ (11,436) $ (14,802) $ (12,922) 96

99 Albany International Airport Departure Operating Summary For the six months ended June 30 Total 2018 This Month Year to Date Budget Budget Actual Budget Actual Variance Revenue Museum Shop $173,437 14, $11,450 $71,410 $58,755 ($12,655) Direct Buy 96,615 8,954 8,383 38,000 46,138 8,137 Shipping 1, (8) Layaway Miscellaneous Over/(Short) 0 0 (0) 0 (325) (325) Gift Cert. Redeemed/(Sold) Total Revenues $271,122 $23,376 $19,899 $109,858 $105,120 ($4,737) Expenses Salaries and Benefits Salaries $90,647 $8,965 -$9,468 $45,438 $47,318 -$1,880 Benefits 33,610 2,416-2,614 14,863 15,304 (441) Total Salaries and Benefits 124,257 11,381-12,081 60,301 62,623 (2,322) Museum Shop 100,654 8,363-6,353 41,444 33,336 8,107 Direct Buy 40,523 2,518-3,540 15,716 18,802 (3,086) Shipping Parking Telephone Travel/Membership/Donations Equipment/Repairs/Loss/Supplies 5, ,293 2,318 (24) Credit Card Fees 8, Total Expenses $281,144 $22,414 -$22,354 $120,702 $117,837 $2,865 Net Revenues ($10,022) $962 $42,253 ($10,844) ($12,717) ($1,873) 97

100 Albany International Airport Employee Count 2018 Variance Budget As of As of As of As of As of As of As of As of As of As of As of As of Budget vs Jan 31, 18 Feb 28, 18 Mar 31, 18 Apr 30, 18 May 31,18 Jun 30,18 Jul 31,18 Aug 31,18 Sep 30,18 Oct 31,18 Nov 30,18 Dec 31,18 Jun 30,18 AUTHORITY Administration Total Authority Positions Total Airport Positions

101 Albany International Airport 2018 ACAA Performance Measurements For the six months ended June 30 ACAA Performance Measurements 2014 Final 2015 Final 2016 Final 2017 Final 2018 Budget 2018 YTD Actual ACAA's total full time employment equivalents Community meetings Aviation conferences/meetings Open Accounts Receivable/Total Operating Revenues 4.6% 4.2% 4.2% 4.3% 3.0% 4.3% Open Accounts Payable/Total Operating Expenses 1.8% 1.7% 1.9% 1.8% 1.6% 1.8% SPDES Permit yes yes yes yes yes yes FAA: Part 139 Operation Compliance yes yes yes yes yes yes Part 77 Airspace Compliance yes yes yes yes yes yes Part 150 Noise Program yes yes yes yes yes yes Part 121 Air Cargo Carriers yes yes yes yes yes yes Update maps & charts of Airport yes yes yes yes yes yes Landside building rent increase/(decrease) from previous year -2% 9% 8% 2% 0% 0% T Hangar rent increase/(decrease) from previous year 7% -6% -3% 1% 3% 7% Tie Down rent increase/(decrease) from previous year -51% -6% -6% 26% 0% 2% Landside land rent increase/(decrease) from previous year -2% -1% 4% 14% 2% 4% DBE Participation for construction/engineer contractors 9% 9% 9% 9% 7% 7% MWBE Participation for construction/engineer contractors 39% 30% 30% 30% 20% 30% Minority Representation in the Workforce-Concessions HMS Host 17% 24% 28% 29% 30% 34% McDonalds 48% 32% 44% 53% 49% 56% Villa Fresh Italian Kitchen/Green Leafs 48% 57% 53% 54% 55% 64% Paradies 24% 29% 37% 43% 38% 50% Dunkin Donuts 53% 52% 33% 44% 42% 52% OHM (New concessionaire as of March 2018) N/A N/A N/A N/A N/A 23% Terminal Survey Results (avgerage, 5 being the highest) N/A N/A N/A N/A N/A 4.51 Ambassador Program-hours volunteered 16,647 15,428 15,879 15,827 16,000 7,535 Ambassador assistance - landside 49,516 51,313 66, , ,000 10,418 Ambassador assistance - airside 21,301 24,461 31,768 29,670 30,000 14,284 Canine assistance-landside (new for 2015) N/A 23,016 45,294 93, ,000 42,427 Canine assistance-airside (new for 2015) N/A 5,427 6,442 7,024 8,000 2,368 Concession revenue increase from previous year 10.4% 4.1% 3.7% 7.0% 3.9% -2.2% Business Center Visitors (new for 2017) N/A , Community tours

102 *** UNAUDITED - FOR INTERNAL REVIEW*** Investment Report 100