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HomeMy WebLinkAboutR10-003 2010 Supplemental Budget EAGLE COUNTY AIR TERMINAL CORPORATION RESOLUTION NO. 2010 - lh1'J RESOLUTION ADOPTING A SECOND SUPPLEMENTARY BUDGET FOR FISCAL YEAR 2010 WHEREAS, the Eagle County Air Terminal Corporation (the "Corporation ") was duly organized in 1996 pursuant to the provisions of the Colorado Nonprofit Corporation Act, articles 20 through 29 of title 7, Colorado Revised Statutes, as amended, and is validly existing and in good standing under the laws of the State of Colorado; and WHEREAS, the formation of the Corporation has been previously approved by the Board of County Commissioners for Eagle County, Colorado (the "County ") and is and shall be operated exclusively on behalf of and for the benefit of the County; and WHEREAS, the Corporation has been duly organized for the purpose of financing, constructing, and operating the Eagle County Airport Terminal; and WHEREAS, as part of said purposes the Corporation is charged with annually adopting an operating budget; and WHEREAS, the Corporation leases from the County certain land to carry out its established purposes with said lease payments reflected in the annual budget; and WHEREAS, the Corporation wishes to amend and supplement its 2010 adopted budget to include items not anticipated at the time of adoption, correct budgeted items based on new information, and reorganize the capital priorities of the Corporation, said amendments more particularly identified on the attached Exhibit A, a copy of which is attached hereto and incorporated herein; and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE EAGLE COUNTY AIR TERMINAL CORPORATION: THAT, the Corporation hereby authorizes and approves the second supplementary budget as described and shown on Exhibit A. THAT, the Treasurer of the Corporation is hereby requested and directed to take all action necessary to effectuate the intent of this Resolution. MOVED, READ AND OPTED • the Board of Directors of the Eagle County Air Terminal Corporation on this (� day of VI . , 2010. (CORPORATION SEAL) ATTEST: EAGLE COUNTY AIR TERMINAL CORPORATION // B • _ / � _ - By: Tst)Aw -- Secretary Sara J. Fisher, Pr sident Eagle County Air Terminal Corporation 2010 Budget Budgeted Supplemental 1 Supplemental 2 Adjusted Budget Jan - Dec 10 Ordinary Income/Expense Income 4000 • Rental Revenue 4010 • Revenue - Airlines 4010.01 • American Airlines $ 1,012,180 $ (3,983) $ 1,008,197 4010.02 • Continental Airlines $ 323,900 $ 243 $ 324,143 4010.03 • Delta Airlines $ 360,144 $ (4,584) $ 355,560 4010.05 • Northwest Airlines $ - $ - 4010.06 • Sky West Airlines $ 432,100 $ 10,789 $ 442,889 4010.08 • US Air $ - Total 4010 • Revenue - Airlines $ 2,128,324 $ - $ 2,465 $ 2,130,789 I 4020 • Revenue • Rental Cars 4020.01 • WSR- ALAMO/NATIONAL $ 276,433 $ 276,433 4020.02 • AVIS/BUDGET GROUP $ 534,886 $ 534,886 4020.04 • Frontier /Dollar $ 247,826 $ 247,826 4020.06• Hertz $ 658,539 $ 658,539 Total 4020 • Revenue - Rental Cars $ 1,717,684 $ - $ - $ 1,717,684 4030 • Revenue - Ground Transportation 4030.01 • CME Premier $ 177,016 $ 177,016 4030.03 • Hy- Mountain Taxi $ 42,099 $ 42,099 Total 4030 • Revenue - Ground Transportation $ 219,115 $ - $ - $ 219,115 4036•TSA Security Space Lease $ 34,742 $ 34,742 Total 4000 • Rental Revenue $ 4,099,865 $ - $ 2,465 $ 4,102,330 4040 • Concession Revenue 4041 • Revenue - Retail Concessions 4042.03 HDS Storage -Eagle and Vall $ 9,780 $ 16,584 $ 26,364 4042.04 HDS Alp Express •Pre Security $ 45,000 $ 45,000 4042.11 HDS Alpenglo Restaurant $ 151,382 $ 151,382 4042.20 HDS Mercantile -Gore Range $ 55,609 $ 55,609 4042.21 HDS Mtn Java $ 36,473 $ 36,473 Total 4041 • Revenue - Retail Concessions $ 298,244 $ 16,584 $ - $ 314,828 4046 • Revenue - Other Concessions 4045.02 Worldwide Flight $ 12,936 $ 12,936 1 4045.09• Miscellaneous Other Concessions $ 12,000 $ 12,000 Total 4046• Revenue - Other Concessions $ 12,000 $ 12,936 $ - $ 24,936 Total 4040• Concession Revenue $ 310,244 $ 29,520 $ - $ 339,764 4050 • Advertising Revenue 4051.01•1IGA Advertising $ 112,134 $ 112,134 4051.02 • Terminal Display Revenue (Volvo) $ - $ - Total 4060•Advertising Revenue $ 112,134 $ - $ - $ 112,134 4900 • Miscellaneous Revenue Total income $ 4,522,243 $ 29,520 $ 2,465 $ 4,554,228 Expense 5000 • General and Administrative Exp 6010 • Advertising $ 3,000 $ 3,000 6020 • Bank Service Charge $ - 5025.Office Supplies $ 500 $ 500 5026 • Supplies • Other $ 100 $ 100 5050 • Professional Services 6050.01 • Accounting $ 5,000 $ 5,000 5050.02 • Consulting $ 15,000 $ 15,000 6060.04 • Legal $ 15,000 $ 15,000 5060.06• Trustee Fees $ 9,000 $ 9,000 Total 6050- Professional Servlces $ 44,000 $ - $ - $ 44,000 Total 5000 • General and Administrative Exp $ 47,600 $ 47,600 5100.Operations 5110 • Janitorial 6110.01• Janitorial Service $ 275,418 $ 275,418 Total 5110 • Janitorial $ 275,418 $ - $ - $ 275,418 5120 • Building Maintenance 5120.01 • Baggage Handling $ 30,000 $ 30,000 C: \Documents and Settings \canderson \Local Settings \Temporary Internet Files \Content.Outlook\M6RJT48H\2010 Budget Final with supplementals (2)Supplemental 1210 Page 1 of 3 Eagle County Air Terminal Corporation 2010 Budget Budgeted Supplemental 1 1 Supplemental 2 Adjusted Budget Jan - Dec 10 5120.02• Building Repairs $ 75,000 $ 75,000 5120.03 • Doors and Windows $ 10,000 $ 10,000 5120.04 • Electrical $ 7,000 $ 7,000 5120.05 • HVAC Service $ 20,000 $ 20,000 5120.06 • Permits $ - 5120.07 • Plumbing $ 5,000 $ 5,000 5120.08•Signage $ 25,000 $ 25,000 5120.10 • Supplies - Building & Janitorial $ 15,000 $ 15,000 5120.12 • Roof $ 5,000 $ 5,000 6120 • Building Maintenance - Other $ - Total 5120 • Building Maintenance $ 192,000 $ - $ - $ 192,000 5130 • Grounds Maintenance 6130.01• Landscaping $ 22,000 $ 22,000 5130.02 • Snowplowing $ 7,500 $ 7,500 5130.03 • Ground Maintenance and Repair $ 30,000 $ 30,000 5130.05• Pavement Maintenance $ 35,000 $ 35,000 Total 5130• Grounds Maintenance $ 94,500 $ - $ - $ 94,500 5145•County Management Fee $ 220,490 $ (6,386) $ 214,104 5150 • Medical Supplies $ 500 $ 500 5155.Other Purchased Services & Exp 5155.01 • Equipment Repair $ - $ - 5166.02.Insurance $ 20,000 $ 20,000 5165.04 • Seasonal Improvements $ - $ - 5155.05 • Fire Alarm System and Maint $ 10,000 $ 10,000 5155.06 • Vehicle Expense $ 10,800 $ 10,800 5156.09 • Misc Purch Svc and Exp $ - $ - Total 5165. Other Purchased Services & Exp $ 40,800 $ - $ - $ 40,800 1 5157 • Customer Service $ 15,000 $ 15,000 5160• Rent - Ground Lease $ 147,702 $ 63,065 $ 210,767 5166 • Security $ 3,500 $ 3,500 5190 • Utilities 5190.01• Electric $ 140,000 $ 140,000 5190.02 • Natural Gas $ 60,000 $ 60,000 5190.03 • Telephone $ 3,300 $ 3,300 5190.04• Trash $ 12,000 $ 12,000 5190.05 • Water /Sewer $ 12,504 $ 12,504 Total 6190 • Utilities $ 227,804 $ - $ - $ 227,804 Total 5100.Operations $ 1,217,714 $ 56,679 $ - $ 1,274,393 Suspense 6200• Revenue Sharing Rebate $ 300,000 $ 300,000 6100 • Depreciation and Amortization 6110 • Depreciation Expense $ 980,000 $ 39,191 $ 1,019,191 6160 • Capitalized IM Amortization $ 22,800 $ 22,800 Total 6100 • Depreciation and Amortization $ 1,002,800 $ - $ 39,191 $ 1,041,991 Total Expense $ 2,568,114 $ 56,679 $ 39,191 $ 2,663,884 Net Ordinary Income $ 1,954,129 $ (27,159) $ (36,726) $ 1,890,244 Other Income /Expense Other Income 7010 • Control Tower Space & Facility $ 110,213 $ 110,213 7020• Investment income $ 100,000 $ (8,500) $ 91,500 7030•PFC Receipt $ 650,000 $ 650,000 7031• WJC Cost Share Lease Revenue $ 45,311 $ 45,311 Total Other Income $ 905,524 $ (8,500) $ - $ 897,024 Other Expense 8010 • Bond interest Expense $ 1,180,480 $ 1,180,480 8011• Bond Discount Amortization $ 16,800 $ 16,800 8012 • Deferred Premium Amortization $ 1,737 $ (3,474) $ (1,737) 8015 • Deferred Refunding Cost Amort $ 9,138 $ 9,138 8020 • Bond issue Cost Amortization $ 40,107 $ 40,107 8060 • CDOT Loan Interest $ 8,342 $ 8,342 8090 • Interest Expense $ - Total Other Expense $ 1,256,604 $ (3,474) $ - $ 1,253,130 Net Other Income $ (351,080) $ (5,026) $ - $ (356,106) C: \Documents and Settings \canderson \Local Settings \Temporary Internet Files \Content.Outlook'M6RJT48H\2010 Budget Final with supplementals (2)Supplemental 1210 Page2of3 Eagle County Air Terminal Corporation 2010 Budget a . Budgeted Supplemental 1 Supplemental Adjusted Budget Jan - Dec 10 Net Income before debt principal payments and capital $ 1,603,049 $ (32,185) $ (36,726) $ 1,534,138 Debt Principal Payments 2001A Issue $ 180,000 $ 180,000 2001B Issue $ 305,000 $ 305,000 2006A Issue $ 480,000 $ 480,000 2006B Issue $ 90,000 $ 90,000 CDOT $ 101,871 $ 101,871 Total Debt Principal Payments $ 1,156,871 $ - $ - $ 1,156,871 Caoitat Revenue Control System - Parking $ 350,000 $ (350,000) $ - HD Video Surveillance Cameras x4 $ 30,000 $ (30,000) $ - Track Skid- loader $ 74,332 $ 74,332 In4ine Baggage Funding Application -BNP $ 12,675 $ 12,675 In -line Baggage System - portion to be completed In 2010 $ 250,000 $ 250,000 Fire alarm panel replacement $ 12,750 $ 12,750 Total Capital $ 380,000 $ (42,993) $ 12,750 $ 349,757 Net Income less debt principal and capital $ 66,179 $ 10,808 $ (49,476) $ 27,511 Depreciation and amortization $ 1,070,582 $ (3,474) $ 39,191 $ 1,106,299 Net Income less debt principal and capital with non -cash $ 1,136,761 $ 7,334 $ (10,285) $ 1,133,810 expenses added back (depreciation and amortization) C: \Documents and Settings \canderson \Local Settings \Temporary Internet Files \Content.Outlook\MBRJT48H\2010 Budget Final with supplementals (2)Supplemental 1210 Page 3of3