BROWARD COUNTY, FLORIDA AIRPORTS

Transcription

1 BROWARD COUNTY, FLORIDA AIRPORTS Enplanements, Total Landed Weights, and Total Air Cargo Tonnage Enplaned Passengers Series P-1,P-2 Series O Series N Series 2004L Series 2004M Series 2001J-2 Fiscal Year Fiscal Years 1980, 1990, and 2000 through Percent Annual Domestic International Total Increase/(Decrease) 2,810, ,824 3,050,140-3,862, ,680 4,527,303-6,919, ,961 7,638,142-7,772, ,225 8,510, % 7,606, ,716 8,199, % 8,098, ,042 8,730, % 9,243, ,479 10,037, % 10,303,438 1,063,553 11,366, % 9,503,386 1,177,350 10,680, % 9,776,771 1,365,898 11,142, % 10,006,392 1,584,047 11,590, % 8,947,048 1,520,840 10,467, % 9,260,615 1,652,303 10,912, % 9,836,257 1,835,273 11,671, % 9,962,653 1,779,080 11,741, % Average annual increase, Fiscal Year Fiscal Year 271,612 Average annual increase, Fiscal Year Fiscal Year 186,527 Landed Weights, Air Cargo and Aircraft Operations Series P-1,P-2 Series O Series N Series 2004L Series 2004M Series 2001J-2 Fiscal Years - Landed Weights (1,000-pound units) 13,926,696 14,024,764 13,427,072 13,111,582 14,970,837 Air Cargo (US tons) 96, ,339 95, , ,835 Aircraft Operations 255, , , , ,178

2 SELECTED FINANCIAL INFORMATION AND MANAGEMENT ANALYSIS Bonded Indebtedness Series P-1,P-2 Series O Series N Series 2004L Series 2004M Airport System Revenue Bond Issues As of September 30, Airport System Revenue Bonds: Series 2001 J-2 Series 2004 L Series O Series P-1 Series P-2 Series Q-1 Series Q-2 Principal Payable From Total Outstanding Passenger Airport Principal Facility System Final Amount Charges Revenues Maturity $ 109,295,000 $ - $ 109,295, ,920,000 65,920, ,125,000 1,039,500 96,085, ,080, ,080, ,775,000 38,966,000 53,809, ,620,000 44,615, ,005, ,710, ,710, Total Bond Indebtedness $ 1,203,525,000 $ 150,540,500 $ 1,052,984,500 Summary of Revenues and Expenses Series P-1,P-2 Series O Series N Series 2004L Series 2004M Series 2001J-2 ($000s) Fiscal Years Ended September 30 (audited) Operating Revenues: Airline Revenues $ 48,362 $ 50,662 $ 56,471 $ 55,545 $ 56,508 Rental Cars 55,158 54,036 48,666 48,388 53,553 Parking 39,661 38,710 37,672 38,906 47,737 Concessions 22,730 21,830 17,949 19,286 18,574 General Aviation and Fixed Based 6,480 5,895 9,349 4,982 5,780 Non-Airline Terminal Rent & Other 4,411 4,542 4,427 4,405 4,245 North Perry Airport 1, , Cargo 1, ,042 1,184 Miscellaneous 2,703 1,833 1,856 1, Total Operating Revenues $ 182,283 $ 179,358 $ 178,249 $ 175,266 $ 189,100 Operating Expenses: Personal Services $ 30,922 $ 31,360 $ 30,793 $ 30,931 $ 29,339 Contractual Services 66,655 63,786 62,480 63,325 72,793 Other 21,971 20,195 22,645 24,701 21,133 Operating Expenses before Depreciation $ 119,548 $ 115,341 $ 115,918 $ 118,957 $ 123,265 Depreciation 56,275 52,497 42,573 35,343 34,855 Total Operating Expenses $ 175,823 $ 167,838 $ 158,491 $ 154,300 $ 158,120 Operating Income $ 6,460 $ 11,520 $ 19,758 $ 28,397 $ 30,980 Non-Operating Revenues (Expenses): Passenger Facilities Charges $ 48,283 $ 48,363 $ 49,826 $ 41,900 $ 48,467 Interest Income 2,204 2,323 4,231 13,633 17,273 Interest Expense (31,835) (36,689) (39,349) (38,032) (41,436) Other (3,667) (535) (12,394) Total Non-Operating Revenues (Expenses) $ 14,985 $ 13,462 $ 2,314 $ 18,168 $ 25,264 Income Before Contributions and Transfers $ 21,445 $ 24,982 $ 27,116 $ 46,565 $ 54,424

3 Operating Revenues by Source Series P-1,P-2 Series O Series N Series 2004L Series 2004M ($000s) Fiscal Years Ended September 30 Operating Revenues: Airline Revenues $ 48,362 $ 58,214 $ 56,471 $ 55,545 $ 56,508 Rental Cars 55,158 54,036 48,666 48,388 53,553 Parking 39,661 38,710 37,672 38,906 47,737 Concessions 22,730 21,830 17,949 19,286 18,574 General Aviation and Fixed Based Operators 6,480 5,895 9,349 4,982 5,780 Non-airline Terminal Rent and Other Rents 4,411 4,542 4,427 4,405 4,245 North Perry Airport 1, , Cargo 1, ,042 1,184 Miscellaneous Operating Revenues 2,703 1,833 1,856 1, Operating Revenues: $ 182,283 $ 186,910 $ 178,249 $ 175,266 $ 189,100 Airline Deferred Revenue Adjustment - (7,552) 5,044 7,431 (1,820) Total Operating Revenues $ 182,283 $ 179,358 $ 183,293 $ 182,697 $ 187,280 Cost per Enplanement $ 4.01 $ 4.99 $ 5.17 $ 5.30 $ 4.88 Historical Bond Debt Service Coverage Series P-1,P-2 Series O Series N Series 2004L Series 2004M ($000s) Fiscal Years Ended September 30 Operating Revenues $ 180,952 $ 179,358 $ 183,293 $ 182,697 $ 187,280 Less Operating Expenses before Depreciation 119, , , , ,265 Net Revenues 61,404 64,017 67,375 63,740 64,015 Excess Airline Fees and Charges Prior Year 17,194 24,751 14,687 22,140 20,320 Net Revenues Available for Debt Service $ 78,598 $ 88,768 $ 82,062 $ 85,880 $ 84,335 ASR Debt Service $ 69,822 $ 69,751 $ 69,752 $ 65,508 $ 67,233 PFC Transfer (13,343) (13,826) (12,742) (11,429) (1,573) Net Debt Service $ 56,479 $ 55,925 $ 57,010 $ 54,079 $ 65,660 Debt Service Coverage Calculated 139% 159% 144% 159% 128% Debt Service Coverage Requirement 125% 125% 125% 125% 125% $48,283 The Amount of PFC Revenues received by or on behalf of the Airport Series 2001J-2

4 Any Change in the PFC Authority Series 2001J-2 None. The Sufficiency Covenant Calculation Series 2001J-2 See page 101 of Broward County FY CAFR. N/A Any Change in the Conversion Date Series 2001J-2

5 BROWARD COUNTY, FLORIDA WATER & SEWER THE WATER AND WASTEWATER UTILITY Retail Water and Wastewater Billing Series A,B,C Series A Series 2005A Series 2003B Series 2003 Fiscal Year Ended 9/30 Treated Treated Coconut Water Wastewater Retail Creek Total Water 7,195,082 1,868,562 9,063,644 5,373,713 7,128,645 1,872,821 9,001,466 5,468,973 6,880,573 1,748,303 8,628,876 5,230,943 6,885,439 1,731,297 8,616,736 5,338,245 6,695,748 1,643,812 8,339,560 5,279,815 Overview of Financial Operations Schedule of Historical Net Revenues, Debt Service and Debt Service Coverage for Fiscal Years through Series A,B,C Series A ($1,000s) Revenues Water $ 37,388 $ 42,305 $ 42,771 $ 45,114 $ 46,343 Wastewater 55,290 61,640 62,946 64,843 66,249 Other 3,481 4,451 4,159 4,947 5,144 Interest Income 1,507 3,218 1,758 1, Total Revenues $ 97,666 $ 111,614 $ 111,634 $ 116,474 $ 118,529 Current Expenses: Water Transmission & Distribution $ 8,189 $ 8,838 $ 8,962 $ 8,817 $ 8,811 Water Source of Supply, Treatment & Pumping 9,229 9,961 9,420 9,184 8,702 Wastewater Collection & Transmission 11,356 9,751 10,185 9,866 11,169 Wastewater Treatment 14,869 15,529 14,955 14,729 15,324 Customer Service 3,774 4,134 5,229 5,400 5,499 Administrative/ General 15,156 16,576 16,736 15,947 14,568 Total Current Expenses $ 62,573 $ 64,789 $ 65,487 $ 63,943 $ 64,073 Net Revenues $ 35,093 $ 46,825 $ 46,147 $ 52,531 $ 54,456 Debt Service: Series 1988 A $ 2,380 $ 2,380 $ - $ - Series 2003 A 5,062 5,061 5,867 5,868 3,459 Series 2003 B 8,393 8,291 9,970 9,970 9,080 Series 2005 A 3,837 3,837 3,837 3,837 3,147 Series A - 5,361 10,324 10,324 10,322 Series A ,219 Series B ,623 Series C Total Debt Service $ 19,672 $ 24,930 $ 29,998 $ 29,999 $ 32,133 Debt Coverage

6 Summary Of Large User Wastewater Flow For Treatment And Disposal Series 2005A Series 2003B Series 2003 Average Monthly Flow (1,000 Gallons) FY FY FY Large User Total Flow Total Flow Total Flow Change % of Total Coconut Creek 1,316,095 1,276,592 1,447, , % Coral Springs 3,132,096 2,516,794 3,128, , % Deerfield Beach 2,561,252 2,018,628 2,190, , % Lauderhill 2,176,961 2,000,517 2,403, , % North Lauderdale 988,496 1,078,407 1,427, , % No. Springs Impr. Dist. 964, ,983 1,115, , % Oakland Park 740, , , , % Parkland Utilities 79,808 74,642 76,984 2, % Pompano Beach 4,627,160 4,496,220 5,009, , % Royal Utilities 107,764 90,004 90, % Tamarac 2,420,243 2,642,672 3,529, , % Subtotal 19,114,679 17,715,621 21,057,295 3,341, % Broward County 4,737,647 4,046,268 4,931, , % Total 23,852,326 21,761,889 25,988,642 4,226, % Historical Retail Water and Wastewater Rate Changes - Series 2005A Series 2003B Series 2003 Percent Increase Fiscal Year Water Wastewater 5.0% 5.3% Historical Capital Recovery Fees Collected Fiscal Years through Series 2005A Series 2003B Series 2003 Year Ended September 30 Water Wastewater Total $ 914,606 $ 942,749 $ 1,857,355 (220,999) (83,229) $ (304,228) 75, ,779 $ 274, , ,258 $ 661, ,408 35,454 $ 635,862

7 Broward County, Florida Retail Water and Wastewater Monthly Service Costs Series 2005A Series 2003B Series 2003 (As of December 31, )* WATER WASTEWATER TOTAL BILL Min + 5,000 Gal Min +5,000 Gal Utility Davie Dania Wilton Manors Sunrise (outside City) Margate Oakland Park Hollywood Parkland North Lauderdale Sunrise Broward Average Water & Sewer Cooper City Coconut Creek Broward County (WWS) Hallandale Pompano Beach (outside City) Miramar Coral Springs Royal Utility Tamarac Deerfield Pompano Beach Plantation NSID CSID Pembroke Pines Lauderhill Fort Lauderdale Hillsboro Pembroke Park Lauderdale by the Sea Tri-County Utilities Palm Beach County Miami Dade County *Next survey will be completed in the summer of 2013 in conjunction with the udpate to the Consulting Engineer's Report.

8 BROWARD COUNTY, FLORIDA G.O. PARKS AND LAND Broward County Millage Rates Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) (Mills Per Thousand of Assessed Valuation) Fiscal Year Operating & Ended Operating Capital Outlay Capital Outlay Debt Service Total Millage September 30 Levy Levy Subtotal Levy Rate Broward County Net Assessed Property Valuation Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) (See G.O. Parks Sh. 2, Table 1) Broward County Tax Levies and Tax Collection Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ in Thousands) Fiscal Year Ended September Total Collections to Date Collected Within the Fiscal Year of the Levy Total Adjusted Property Tax Net Tax Percentage of Percentage of Levy Discount Levy Amount Original Levy Amount Adjusted Levy $ 672,307 $ 22,884 $ 649,423 $ 642, % $ 645, % 732,945 25, , , , ,804 27, , , , ,189 30, , , , ,981 31, , , , ,080 29, , , , ,797 28, , , , ,371 26, , , , ,835 24, , , , ,804 23, , , , Principal Taxpayers Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) September 30, ($ in Thousands) Percent to Business Taxes Aggregate Taxpayer or Use Levied Taxes Levied 1. Florida Power and Light Co. Utility $ 35, % 2. Bellsouth Telecommunications Communication 9, Sunrise Mills, LTD Development 8, City National Bank of Florida Bank 6, Diplomat Properties, LTD Resort 5, SPUSV5 Pembroke Pines LLC Financial 3, Pembroke Lakes Mall, LTD Retail 2, City of Fort Lauderdale Government 2, Orange Bowl Eastern III LLC Financial 2, Harbor Beach Property LLC Resort 2,

9 Tax Certificates Held by Broward County Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ in Thousands) Number of Certificates Fiscal Year Initially Held by Ended Tax Sale County From % of Gross September 30 Year Taxes Due Tax Sale Taxes Due 2007 Tax Roll 2006 $ 3,689, % Tax Roll ,747,842 2, Tax Roll 3,669, Tax Roll 3,409, Tax Roll 3,124, Tax Roll 3,000, Total $ 20,641, Broward County Summary Schedule or Revenue, Expenditures and Changes in Fund Balances - General Fund Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ In Thousands) Fiscal years Ended September 30 REVENUES: Ad Valorem Taxes (Net of Discounts) $ 816,859 $ 777,991 $ 265,249 $ 627,517 $ 623,973 Special Assessment/ Impact Fees 2,315 1, Licenses and Permits 18,483 16,805 17,071 16,067 16,503 Federal Grants 66,954 53,912 73,949 61,667 75,859 State Revenue: Revenue Sharing 38,134 35,203 23,573 35,503 35,753 Grants 23,571 23,402 22,517 27,602 24,844 Licenses Tourist Tax ,534 40,630 44,502 One-Half Cent Sales Tax 50,827 45,705 46,320 48,474 51,379 Other - - 2,000 2,000 2,000 Charges for Service 330, ,052 90, , ,326 Fines and Forfeitures 4,249 4,036 2,426 14,143 14,813 Interest Income 20,988 15,623 6,794 8,159 4,721 Miscellaneous Revenue 22,772 25,923 15,589 20,858 28,142 Total Revenues $ 1,395,801 $ 1,335,365 # $ 604,260 # $ 1,007,117 # $ 1,033,821 EXPENDITURES: Current: General Government $ 202,612 $ 188,215 $ 170,055 $ 192,909 $ 188,176 Public Safety 17,153 12,669 16, , ,744 Transportation 142, , , , ,757 Human Services 140, , , , ,318 Culture and Recreation 121, , , , ,868 Physical Environment 15,683 17,619 12,334 13,168 14,588 Economic Environment 19,903 17,942 25,240 21,427 19,827 Debt Service" Principal Retirement 960 1, Interest and Fiscal Charges Total Expenditures $ 661,213 $ 630,527 # $ 616,714 # $ 1,022,678 # $ 1,031,278 Excess of Revenue Over (Under) Expenditures $ 734,588 $ 704,838 $ (12,454) $ (15,561) $ 2,543 OTHER FINANCING SOURCES (USES): Operating Transfers In 109,781 95,110 57,888 74,335 86,222 Operating Transfers Out (836,309) (809,198) (45,034) (26,926) (60,750) Total Other Financing Sources (Uses) (726,528) (714,088) 12,854 47,409 25,472 Net Change in Fund Balances 8,060 (9,250) ,848 28,015 Fund Balance, October 1 281, , , , ,745 Changes in Reserves for Inventory 2, (16) (392) 1,325 FUND BALANCES, SEPTEMBER 30 $ 291,117 $ 282,281 $ 296,781 $ 356,745 $ 386,085

10 Broward County Summary Schedule of Revenue, Expenditures and Changes in Fund Balances - Other Governmental Funds Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ In Thousands) Fiscal Years Ended September 30, REVENUES: Ad Valorem Taxes (Net of Discounts) $ 155,730 $ 154,371 $ 569,948 $ 127,447 $ 114,190 Special Assessment/ Impact Fees 6,572 2,682 4,315 4,879 6,944 Licenses and Permits 765 1,123 1,730 1,313 1,438 Federal Grants 55,512 30,339 66,716 59,066 55,797 State Revenue: Revenue Sharing ,070 - Grants 9,692 5,731 4,568 4,761 5,347 Tourist Tax 42,773 35, Licenses 417 4, Gasoline Taxes 22,874 22,714 22,645 22,351 21,472 One-Half Cent Sales Tax 15,320 13,754 13,035 13,561 13,088 Other 8,282 8,867 3,838 4,508 3,208 Charges for Service 18,285 16, , , ,620 Fines and Forfeitures 11,565 7,342 9,451 9,686 18,792 Interest Income 40,663 36,449 15,161 7,675 8,418 Miscellaneous Revenue 15,742 17,927 17,176 13,309 12,238 Total Revenues $ 404,192 # $ 357,675 $ 1,005,184 $ 517,926 $ 532,324 EXPENDITURES: Current: General Government $ 34,698 $ 33,392 $ 29,708 $ - $ 11,974 Public Safety 690, , , ,839 33,173 Human Services Culture and Recreation 27,257 27, Transportation 27,292 25,487 - Physical Environment 3,533 2,949 3,624 3,023 2,871 Economic Environment 6,623 6,545 3,526 4,024 4,173 Capital Outlay 272, , , ,996 74,634 Debt Service: Principal Retirement 68,540 71,466 90,989 54,770 43,400 Interest and Fiscal Charges 40,019 35,624 32,172 37,473 38,204 Bond and Loan Issuance Costs 16-1, Total Expenditures $ 1,171,593 $ 1,095,815 $ 1,044,014 $ 577,127 $ 209,231 Excess of Revenue Over (Under) Expenditures $ (767,401) $ (738,140) $ (38,830) $ (59,201) $ (71,648) OTHER FINANCING SOURCES (USES): Refunding Loans and Bonds Issued , ,345 Premium on Bonds Issued 0 0 5,262 - (117,489) Discount on Bonds Issued 0 0 (16) - 16,956 Payment to Refunded Loans and Bonds Escrow Agent Loans and Bonds Issued 0 4, Swaption Termination Operating Transfers In 956, ,818 89,097 57,050 86,475 Operating Transfers Out (229,961) (167,662) (95,344) (105,762) (113,255) Total Other Financing Sources (Uses) $ 726,440 $ 718,820 $ 213,689 $ (48,712) $ (25,968) Net Change in Fund Balances (40,961) (19,320) 174,859 (107,913) (50,445) Fund Balance, October 1 979, , ,055 1,053, ,740 Changes in Reserves for Inventory 2,228 (284) (189) FUND BALANCES, SEPTEMBER 30 $ 940,775 $ 921,171 $ 1,081,725 $ 945,740 $ 895,491

11 The County's Outstanding Direct Debt and Debt Ratios Indebtedness of the County Direct Debt Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) Broward County Outstanding County Debt As of September 30, ($ in Thousands) Bond Issues General Special Enterprise General Obligation Obligation Funds Revenue Funds Bonds Bonds Bonds Loans/ Notes General Obligation Bonds Tourist Development Tax Ref Bonds, Series 2004 Professional Sports Facilities Tax & Rev Bonds, Series 2006 A&B Half-Cent Sales Tax Revenue Bonds, Series A, B, & C Airport System Revenue Bonds, Series 2001 J-2 Airport System Revenue Bonds, Series 2004 L Airport System Revenue Refunding Bonds, Series O Airport System Revenue Refunding Bonds, Series P-1 & P-2 Airport System Revenue Bonds, Series Q-1 & Q-2 Subordinate Port Facilities Refunding Revenue Bonds, Series Port Facilities Revenue Bonds, Series A Port Facilities Revenue Bonds, Series A, B, & C Water and Sewer Utility Revenue Refunding Bonds, Series 2003 Water and Sewer Utility Revenue Refunding Bonds, Series 2003 B Water and Sewer Utility Revenue Bonds, Series 2005 A Water and Sewer Utility Revenue Bonds, Series A Water and Sewer Utility Revenue and Refunding Bonds, Series A, B, & C First Florida Governmental Financing Commission $ 322,785,000 4,760, ,115, ,150, ,295,000 65,920,000 97,125, ,855, ,330,000 37,665,000 75,895, ,755,000 1,990,000 15,630,000 49,130, ,990, ,200,000 16,805,000 Total $ 322,785,000 # $ 366,025,000 # $ 2,020,780,000 # $ 16,805,000 Other Refunding Certificates of Participation, Series 2004 $ 3,670,000 Debt Ratios Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) Debt to Debt to Amount Per Capita Net Value Personal Income Net Direct County General Obligation Debt $ 322,330,000 $ Overlapping Debt $ 322,330,000 $ Totals $ 322,330,000 $ Overlapping Debt Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) As of September 30, Net Direct County General Obligation Debt $ 322,330,000 School District of Broward County General Obligation Debt $ - Total Net Direct and Overlapping General Obligation Debt $ 322,330,000

12 Half-Cent Sales Tax Series 2004(COP) Fiscal Year Ended September 30, $ Half-Cent Sales Tax Revenue of the County ($ in Thousands) 66,147,000 59,459,000 59,355,000 62,035,000 64,467,000 State Revenue Sharing Series 2004(COP) Fiscal Year Ended September 30, $ State Revenue Sharing ($ in Thousands) 38,134 35,203 34,643 35,503 35,753 Cash Management Series 2004(COP) As of September 30, Average Portfolio Balance (in thousands) $ 1,935,504 $ 1,856,200 Average Investment Yield 1.48% 0.978% Total Investment Earnings (in thousands) $ 28,940 $ 18,047

13 BROWARD COUNTY, FLORIDA G.O. PARKS AND LAND Sh. 2 Broward County Net Assessed Property Valuation TABLE 1 Series Series 2007A Series 2007B Series 2005 Series 2004(parks and land) Series 2004(COP) ($ in Thousands) Fiscal Year Real Property Personal & Exemptions Net Assessed Total Real Centrally Assessed Real Personal (Taxable) Residential Commercial Industrial Other Property Property Property Property Value $ 74,015,777 $ 16,409,428 $ 5,380,074 $ 7,612,203 $ 103,417,482 $ 8,054,223 $ 18,655,944 $ 123,306 $ 92,692,455 83,640,748 18,072,551 5,844,902 8,522, ,080,926 7,837,642 20,137,321 96, ,684,664 93,673,843 19,555,418 6,607,839 9,203, ,040,828 7,768,714 21,316, , ,385, ,950,375 21,196,572 7,370,414 10,659, ,177,303 7,977,699 23,119, , ,920, ,400,033 24,021,144 8,423,149 13,088, ,933,316 8,171,440 25,648,734 83, ,372, ,707,917 27,456,880 8,981,103 16,381, ,527,701 8,025,321 29,556, , ,891, ,966,040 28,931,353 9,889,071 16,973, ,759,518 8,093,452 39,778, , ,117, ,319,808 30,195,996 10,446,522 17,958, ,920,673 7,999,694 39,485, , ,470, ,265,013 27,939,770 9,375,889 19,053, ,634,367 7,760,374 39,038, , ,420, ,749,806 26,000,204 8,605,642 19,649, ,005,369 7,451,404 28,650, , ,869,711

14 BROWARD COUNTY, FLORIDA CONVENTION CENTER Series Convention Center Historical Tourist Development Tax Revenues Fiscal Years Ending September 30, 2006 through (Dollars in Thousands) Fiscal Year Net Tourist Development Tax Revenues Annual Percentage Increase (Decrease) $ 24, % 24, % 25, % 21, % 22, % 24, % 26, % Historical Convention Center Income Fiscal Years Ending September 30, through Fiscal Year Ended September 30 Gross Operating Net Revenues Expenses Income $ 9,977,201 $ 8,408,330 $ 1,568,871 7,888,823 7,356,212 $ 532,611 7,161,121 6,740,879 $ 420,242 6,524,425 6,506,352 $ 18,073 7,031,738 6,775,640 $ 256,098 Historical Tourist Development Tax Revenues, Gross Revenues and Debt Service Coverage Fiscal Years Ended September 30, through (Dollars in Thousands) Fiscal years Ended September 30 Tourist Development Tax Revenues $ 25,664 $ 21,304 $ 22,547 $ 24,351 $ 26,703 Gross Revenues 9,977 7,889 7,161 6,525 7,032 Total Pledged Funds $ 35,641 $ 29,193 $ 29,708 $ 30,876 $ 33,735 Annual Debt Service Payable $ 2,485 $ 2,474 $ 2,476 $ 2,476 $ 2,463 from Pledged Funds Debt Service Coverage

15 BROWARD COUNTY, FLORIDA CIVIC ARENA PROJECT Series 2006 A,B Appropriations of County Non-Ad Valorem Revenue The Amount of Non-Ad Valorem Revenues Received County Non-Ad Valorem Revenues Fiscal Years Ended September 30, through September 30, (Dollars in Thousands) License & Permit Fees $ 18,483 $ 16,805 $ 17,071 $ 16,067 $ 16,503 State Revenue Sharing 38,134 35,203 34,643 35,503 35,753 Licenses Local Gov't 1/2 cent Sales Tax 50,827 45,705 46,795 48,958 51,379 Tourist Tax ,534 40,630 44,502 Utility Services Taxes and Fire Rescue Tax 10,668 6,352 5,811 4,948 4,811 Fines & Forfeitures 4,249 4,036 3,999 14,143 14,813 Interest Earnings 20,988 15,623 7,179 8,159 4,721 Charges for Services 330, , , , ,326 Miscellaneous Services 22,772 25,923 23,057 22,967 28,142 Other State Revenues - - 2,000 2,000 2,000 Non-Revenue Sources/ Fund Balance 275, , , ,827 36,715 Federal/ State Grants 90,525 77,314 96,466 89, ,703 Special Assessments 2,315 1,106 1,139 1,091 6 Total Gross Non-Ad Valorem Revenues $ 865,523 $ 842,871 $ 863,973 $ 907,817 $ 451,374 (Less) Operations Cost to the extent Not paid by Ad Valorem Taxes (632,543) (615,830) (636,896) (643,539) ($354,018) Total Net Available Non-Ad Valorem Revenues $ 232,980 $ 227,041 $ 227,077 $ 264,278 $ 97,356 Historical Collections of Pledged Revenues Fiscal Years Ending September 30, 2005 through September 30, (Dollars in Thousands) Fiscal Year Ended September 30, Professional County Preferred Sports Franchise Sales Tax Revenue Facilities Tax Rebate Allocation Totals $ 13,109 $ 2,000 $ 3,940 $ 19,049 15,700 2,000 3,938 21,638 16,054 2,000 4,479 22,533 16,576 2,000 2,421 20,997 17,109 2,000 3,927 23,036 14,203 2,000 3,927 20,130 14,987 2,000-16,987 16,278 2,000 3,997 22,275 17,799 2,000 3,988 23,787

16 BROWARD COUNTY, FLORIDA PORT Series A,B,C Series A Cruise Passenger Traffic Fiscal Year 2003 through Total Cruise Passenger Traffic Year Number of Passengers 3,375,671 4,075,406 3,801,464 3,239,154 3,409,946 3,227,770 3,139,820 3,674,226 3,952,843 3,757,320 Container Cargo Tonnage Billed Fiscal Year 2003 through Year Tonnage 3,633,610 4,145,394 5,076,403 5,688,442 6,060,149 6,584,747 5,204,103 5,216,831 5,787,961 5,944,513

17 Port Everglades Department Historical Revenue, Expenses and Debt Service Coverage (Dollars in Thousands) Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Operating Revenues Petroleum $ 23,620 $ 23,538 $ 25,487 $ 25,772 $ 25,656 Container 33,867 28,711 29,474 31,669 31,321 Cruise 31,489 32,656 45,724 56,754 60,160 Bulk 1,599 1, ,379 2,003 Breakbulk/ Neobulk 1, ,283 1,553 Real Estate 11,878 10,383 10,295 10,409 12,124 All Other 13,318 12,405 11,875 11,911 10,114 Subtotal 117, , , , ,931 Non-Operating - Investment 6,891 3, ,009 1,287 Non-Operating - All Other - 4, Total Revenues 124, , , , ,218 Operating Expenses 73,094 73,236 73,951 74,182 72,604 Non-Operating Expenses 4, (909) 469 Total Expenses 77,122 73,674 74,239 73,273 73,073 Net Revenue Available for Debt Service $ 47,210 $ 44,326 $ 50,995 $ 66,913 $ 71,145 Senior Bonds Debt Service $ 21,803 $ 21,847 $ 28,759 $ 28,757 $ 16,608 Senior Bonds Debt Service Coverage Ratio 2.17 x 2.03 x 1.77 x 2.33 x 4.28 x Subordinated Debt Service $ 3,347 $ 3,309 $ 3,284 $ 3,286 $ 3,289 Composite Debt Service Coverage 1.88 x 1.76 x 1.59 x 2.09 x 3.58 x

18 BROWARD COUNTY, FLORIDA MAIN COURTHOUSE PROJECT Series A,B,C Distribution Percentages Within the County Year Percentage of Half-Cent Sales Tax Distribution to the County Percentage of Half-Cent Sales Tax Distribution to Municipalities within the County 40.44% 59.56% Historical Half-Cent Sales Tax Revenue Collections Broward County, Florida Historical Half-Cent Sales Tax Revenues Percentage Year Ended Sales Tax Change from Prior September 30 Revenues Fiscal Year 2004 $ 66,776, % ,610, ,074, ,304, % 66,147, % 59,459, % 59,355, % 62,035, % 64,467, % Historical Debt Service Coverage Fiscal Year Ended Maximum Half-Cent Sales Debt Service September 30 Debt Service Tax Revenues Coverage ,455,930 70,304, x 13,455,930 66,147, x 13,455,930 59,459, x 13,455,930 59,355, x 13,455,930 62,035, x 13,455,930 64,467, x

19 BOND ISSUES Broward County, Florida Airport System Revenue Bonds, Series Q-1 (Non-AMT), $515,620,000 and Airport System Revenue Bonds, Series Q-2 (AMT), $105,710,000 Dated: September 27, Broward County, Florida Airport System Revenue Refunding Bonds, Series P-1 (AMT), $217,080,000 and Airport System Revenue Refunding Bonds, Series P-2 (Non-AMT), $92,775,000 Dated: May 30, Broward County, Florida General Obligation Refunding Bonds (Parks and Land Preservation Project), Series, $101,345,000 Dated: April 10, Broward County, Florida Water and Sewer Utility Revenue Bonds, Series A, $140,625,000; Water and Sewer Utility Revenue Refunding Bonds, Series B, $110,920,000; Water and Sewer Utility Revenue Refunding Bonds, Series C (Taxable), $47,655,000 Dated: April 10, Broward County Florida Port Facilities Refunding Revenue Bonds, Series A (Non-AMT), $12,370,000; Port Facilities Refunding Revenue Bonds, Series B (AMT), $100,695,000; Port Facilities Refunding Revenue Bonds, Series C (Taxable), $54,195,000 Dated: November 22, Broward County, Florida Half-Cent Sales Tax Revenue Bonds (Main Courthouse Project), Series A, $95,960,000; Half-Cent Sales Tax Revenue Bonds (Main Courthouse Project), Series B (Federally Taxable - Build America Bonds - Direct Payment), $69,950,000; Half-Cent Sales Tax Revenue Bonds (Main Courthouse Project), Series C (Federally Taxable - Recovery Zone Economic Development Bonds - Direct Payment), $48,780,000 Dated: July 8, Broward County, Florida Airport System Revenue Refunding Bonds, Series O, $101,140,000 Dated: September 3, Broward County, Florida Port Facilities Revenue Bonds, Series A (Non-AMT), $83,235,000 Dated: July 8, Broward County, Florida Water and Sewer Utility Revenue Bonds, Series A, $175,380,000 Dated: February 18, Broward County, Florida, Airport System Revenue Refunding Bonds, Series N, $103,975,000 Dated: July 3, Broward County, Florida General Obligation Refunding Bonds, Series 2007A, $86,690,000 Dated: June 7, 2007 Broward County, Florida General Obligation Refunding Bonds, Series 2007B, $77,830,000 Dated: June 7, 2007 Broward County, Florida, Professional Sports Facilities Tax and Revenue Refunding Bonds (Broward County Civic Arena Project), Series 2006A $124,290,000; Professional Sports Facilities Tax and Revenue Refunding Bonds (Broward County Civic Arena Project), Taxable Series 2006B, $52,475,000 Dated: July 26, 2006 Broward County, Florida Water and Sewer Utility Revenue Bonds, Series 2005A, $76,740,000 Dated: April 20, 2005 Broward County, Florida General Obligation Bonds (Parks and Land Preservation Project), Series 2005, $154,135,000 Dated: April 7, 2005 Broward County, Florida, Airport System Revenue Bonds, Series 2004L (Non-AMT), $142,015,000, Dated: November 9, 2004 Broward County, Florida, Airport System Revenue Bonds, Series 2004M (AMT) (Auction Rate Securities), $105,225,000 consisting of $72,750,000 Subseries 2004M-1 Bonds and $32,475,000 Subseries 2004M-2 Bonds, Dated: November 9, 2004 Broward County, Florida Tourist Development Tax Special Revenue Refunding Bonds (Convention Center), Series 2004, $19,280,000 Dated: August 26, 2004 REFUNDING CERTIFICATES OF PARTICIPATION, Evidencing Undivided Proportionate Interests of the Owners Thereof in Basic Rent Payments to be Made by BROWARD COUNTY, FLORIDA, As Lessee, Pursuant to a Master Lease-Purchase Agreement with the Broward County Commission Governmental Leasing Corporation, as Lessor, Series 2004, $28,920,000 Dated: June 17, 2004 Broward County, Florida, General Obligation Bonds (Parks and Land Preservation Project), Series 2004, $187,770,000 Dated: April 15, 2004 Broward County, Florida Water and Sewer Utility Revenue Refunding Bonds, Series 2003B, $99,370,000 Dated: August 1, 2003 Broward County, Florida Water and Sewer Utility Revenue and Refunding Bonds, Series 2003, $104,630,000 Dated: March 1, 2003 Broward County, Florida, Passenger Facility Charge/Airport System Revenue Convertible Lien Bonds, Series 2001I (AMT), Airport System Revenue Bonds, Taxable Series 2001J-2, 149,185,000 Dated: June 1, 2001