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Airport 2014TOWN OF NANTUCKET AIRPORT - ENTERPRISE FUND Actual Actual BUDGET FY2014 FY2013 FY2014 REVENUE (Includes Airport Revolving Fund)12,482,510$ 12,387,837$ 12,317,616$ EXPENSES (Includes Airport Revolving Fund)12,967,737$ 13,318,267$ 14,136,278$ NET EARNINGS (485,228)$ (930,430)$ (1,818,662)$ Transfer from Retained Earnings 172,452$ -$ 1,341,714$ NET EARNINGS (312,775)$ (930,430)$ (476,948)$ Retained Earnings NET SOURCES/USES: Article 2 - GF Subsidy (Unpaid Bills 2011) Article 16 - Spec Rev Subsidy (settlement) Article 16 - GF Free Cash Subsidy -$ -$ -$ Article 1- GF Free Cash Subsidy (STM 10/2012) Article #- GF Subsidy 304,598$ 1,150,728$ 304,598$ FY2013 Encumbrance Carryforwards 172,350$ 260,243$ 172,350$ Fuel Revolver Fund Balance Unavailable for Retained Earnings Calculation (164,173)$ (269,018)$ -$ Other: Transfer From Insurance Proceeds -$ 39,632$ -$ FinCom GF Reserve Fund Transfer Surplus(Deficit)0$ 251,155$ 0$ Certified Retained Earnings For Use in FY2015 1,464,189$ Plus Current Surplus(Less Current Deficit) as of 06/30/2014 0$ Plus Unused Portion of Retained Earnings for FY2014 1,169,262$ Less Voted Use of Retained Earnings for FY2015 Budget (ATM2014)(1,370,603)$ Projected Balance as of 06/30/2014*1,262,848$ *Revenues remain a projection, until certified by the the Department of Revenue, therefore this is only a projection as of this point in time, until Retained Earnings go through the Certification process. FY2014 FY2014 FY2013REVENUEBudget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to budget $ Variance to LY % to Budget % to LYFixed Base Operations (FBO)1,907,000$ 2,178,456$ 1,977,269$ 271,456$ 201,186$ 114%10%Revolver: Fuel Sales 5,195,336$ 5,195,336$ 5,572,974$ -$ (377,638)$ 100%-7%Fuel Sales in Excess of Revolving Fund 1,899,234$ 2,139,152$ 1,587,470$ 239,918$ 551,682$ 113%100%Rental Income 1,304,000$ 1,259,963$ 1,235,698$ (44,037)$ 24,265$ 97%2%Fee Income 1,429,676$ 1,159,126$ 1,106,466$ (270,550)$ 52,661$ 81%5% Vehicle Income 432,000$ 367,664$ 321,281$ (64,336)$ 46,383$ 85%14%Interest on Investments 16,770$ 18,329$ 34,276$ 1,559$ (15,947)$ 109%-47%Other Income 133,600$ 164,483$ 552,402$ 30,883$ (387,919)$ 123%-70%Total Revenue*12,317,616$ 12,482,510$ 12,387,837$ 164,894$ 94,673$ 101%1% OPERATING EXPENDITURES WITHOUT DEBT Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LYPayroll - Salary 2,778,683$ 2,897,427$ 2,904,208$ 118,744$ (6,782)$ 104%0%Medicare P/R Tax Expense 40,291$ 42,013$ 42,507$ 1,722$ (494)$ 104%-1%Medical Insurance 535,088$ 539,062$ 484,784$ 3,974$ 54,279$ 101%11%Barnstable County Retirement 512,000$ 456,485$ 511,951$ (55,515)$ (55,466)$ 89%100%Fixed Based Operatoins/ Included fuel expense in 2012 827,965$ 673,044$ 688,112$ (154,921)$ (15,068)$ 81%-2%Revolver: Cost of Fuel 5,195,336$ 5,031,163$ 5,303,956$ (164,173)$ (272,793)$ 97%-5%Fuel Expense in Excess of Revolving Fund -$ -$ -$ -$ -$ 0%0%Operations 99,805$ 74,965$ 47,322$ (24,840)$ 27,643$ 75%58%Service & Maintenance 528,453$ 453,436$ 467,799$ (75,017)$ (14,362)$ 86%-3%Administration 1,201,622$ 1,026,212$ 915,383$ (175,410)$ 110,829$ 85%12% General Insurance 224,061$ 156,366$ 246,876$ (67,695)$ (90,509)$ 70%-37%Indirect Costs 334,554$ 329,096$ 196,061$ (5,458)$ 133,035$ 98%68%Settlements 13,500$ -$ 25,000$ (13,500)$ (25,000)$ 0%-100%Current Year Encumbrances as of June 30 -$ 124,621$ 419,340$ 124,621$ (294,720)$ 100%-70%Other 240,471$ -$ -$ (240,471)$ -$ 0%0%Total Expenditures excluding debt 12,531,830$ 11,803,891$ 12,253,298$ (727,939)$ (449,407)$ 94%-4% Surplus (Deficit) of revenue over expenditures excluding debt (214,214)$ 678,619$ 134,538$ 892,833$ 544,081$ -317%404% DEBT SERVICE Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY Principal 908,479$ 765,000$ 619,000$ (143,479)$ 146,000$ 84%24% Interest 339,879$ 398,846$ 334,178$ 58,967$ 64,668$ 117%19%Issuance Costs 40,000$ -$ -$ (40,000)$ -$ 0%0%BAN Costs, Principal, Interest 316,090$ -$ 111,790$ (316,090)$ (111,790)$ 0%-100%Other -$ -$ -$ -$ -$ 0%0%Total Debt Service 1,604,448$ 1,163,846$ 1,064,968$ (440,602)$ 98,878$ 73%9% Total - Surplus (Deficit) of revenue over all operating expenditures*(1,818,662)$ (485,228)$ (930,430)$ 1,333,434$ 445,202$ 27%-48% OTHER FINANCING SOURCES Budget w/Carryforward Actual (As of 06/30/14)LY Actual (As of 06/30/13)$ Variance to Budget $ Variance to LY % to Budget % to LY General Fund Subsidy 304,598$ 304,598$ 1,150,728$ -$ (846,130)$ 100%100%Aviation Fuel Revolving Fund 2013-2014 ComparisonTransfer from Special Revenue Funds -$ -$ -$ -$ -$ 0%0%Transfer from Insurance Proceeds -$ -$ 39,632$ -$ (39,632)$ 100%-100%FYTD 06/30/2014 FYTD 06/30/2013 2013 Encumbrance Carryforward 172,350$ 172,350$ 260,243$ 0$ (87,893)$ 100%-34% Fuel Revolver Fund Balance Unavailable for Retained Earnings Calculation -$ (164,173)$ (269,018)$ 164,173$ 104,845$ -100%-39%Voted Use of Certified Retained Earnings 1,341,714$ 172,452$ -$ 1,169,262$ 172,452$ 13%0%Fuel Sales 7,334,487.86$ 7,160,444$ Total Other Financing Source 1,818,662$ 485,228$ 1,181,585$ 1,333,434$ (696,357)$ 27%-59%Fuel Purchases 5,031,163.42$ 5,303,956$ -$ 0$ 251,155$ 2,666,869$ (251,155)$ 100%-100%Gross Profit YTD 2,303,324.44$ 1,856,488$ Purchase Cap 5,195,336.00$ 5,572,974.00$ BENCHMARKS Less: Purchases 5,031,163.42$ 5,303,956.00$ % of Debt to Operating Expense Policy 12%12%12%Unallocable Portion of Gross Profit 164,172.58$ 269,018.00$ % of Actual Debt to Operating Expense 13%9%9%Gross Profit YTD allocable to operating budget $ 2,139,151.86 1,587,469.98$ Certified Retained Earnings 1,793,038$ -$ -$ % of Certified Retained Earnings Used for Operations 75%-$ -$ % of Certified Retained Earnings Used for One Time or Capital Expenditures -$ -$ -$ Surplus (Deficit) of revenue plus other financing sources over expenditures* *Note: Governments operate on a budgetary basis; therefore revenue earned in excess of the certified budget is not available to offset expenditures in the current fiscal year. Excess revenue and expenditure turnbacks must go through the State of Massachusetts retained earnings certification process before they can be appropriated at a subsequent annual and/or special town meeting. Once certified, retained earnings can only be appropriated at an annual and/or special town meeting. FY2014 Airport Enterprise Update STATISTICS Total Fuel Gallons Sold 4th Quarter 2012-2014 Airport Operations 4th Quarter 2012-2014 Financial Highlights As of June 30, 2014 Operating Revenue and Expenditures As of June 30, 2014 FY 2012 FY 2013 FY 2014 Jet A 260,576.00 245,566.00 247,573.00 100 LL 43,175.10 24,560.10 27,321.60 - 50.00 100.00 150.00 200.00 250.00 300.00 Gallons Thousands GALLONS SOLD 4th QRT FY12-FY14 April May June FY12 7,966 7,618 14,315 FY13 8,305 10,305 11,779 FY14 7,870 10,675 12,767 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Operations NMA FY 12-FY14 4th QRT Aircraft Operations