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FY2014 Airport UpdateFY2014 FY2014 FY2013 REVENUE Budget w/Carryforward Actual (As of 09/30/13)LY Actual (As of 09/30/12)$ Variance to budget $ Variance to LY % to Budget % to LY Fixed Base Operations (FBO)1,907,000$ 1,376,055$ 1,250,982$ (530,945)$ 125,074$ 72%10% Revolver: Fuel Sales 5,195,336$ 4,976,431$ 3,783,735$ (218,905)$ 1,192,696$ 96%32% Fuel Sales in Excess of Revolving Fund 1,899,234$ -$ 814,489$ (1,899,234)$ (814,489)$ 0%-100% Rental Income 1,304,000$ 320,665$ 237,587$ (983,335)$ 83,078$ 25%35% Fee Income 1,429,676$ 569,625$ 489,260$ (860,051)$ 80,365$ 40%16% Vehicle Income 432,000$ 106,765$ 42,641$ (325,235)$ 64,124$ 25%150% Interest on Investments 16,770$ -$ 9,254$ (16,770)$ (9,254)$ 0%-100% Other Income 133,600$ 17,601$ 80,995$ (115,999)$ (63,394)$ 13%-78% Total Revenue*12,317,616$ 7,367,143$ 6,708,944$ (4,950,473)$ 658,198$ 60%10% OPERATING EXPENDITURES WITHOUT DEBT Budget w/Carryforward Actual (As of 09/30/13)LY Actual (As of 09/30/12)$ Variance to Budget $ Variance to LY % to Budget % to LY Payroll - Salary 2,778,683$ 617,130$ 863,713$ (2,161,553)$ (246,583)$ 22%-29% Medicare P/R Tax Expense 40,291$ 8,949$ 12,887$ (31,342)$ (3,938)$ 22%-31% Medical Insurance 535,088$ 118,681$ 111,750$ (416,407)$ 6,931$ 22%6% Barnstable County Retirement 512,000$ 456,485$ -$ (55,515)$ 456,485$ 89%100% Fixed Based Operatoins/ Included fuel expense in 2012 827,965$ 362,471$ 224,682$ (465,494)$ 137,789$ 44%61% Revolver: Cost of Fuel 5,195,336$ 2,980,680$ 3,291,427$ (2,214,656)$ (310,747)$ 57%-9%Fuel Expense in Excess of Revolving Fund -$ -$ -$ -$ -$ 0%0% Operations 99,805$ 21,338$ 12,351$ (78,467)$ 8,987$ 21%73% Service & Maitnenance 528,454$ 73,188$ 101,810$ (455,266)$ (28,622)$ 14%-28% Administration 1,220,613$ 180,339$ 173,097$ (1,040,274)$ 7,242$ 15%4% General Insurance 224,061$ 49,486$ 96,586$ (174,575)$ (47,100)$ 22%-49% Indirect Costs 334,554$ 113,721$ 180,000$ (220,833)$ (66,279)$ 34%100% Settlements -$ -$ 25,000$ -$ (25,000)$ 0%-100% Other 240,471$ -$ 10,192$ (240,471)$ (10,192)$ 0%-100% Total Expenditures excluding debt 12,537,321$ 4,982,469$ 5,103,494$ (7,554,852)$ (121,025)$ 40%-2% Surplus (Deficit) of revenue over expenditures excluding debt (219,705)$ 2,384,674$ 1,605,450$ 2,604,379$ 779,224$ -1085%49% DEBT SERVICE Budget w/Carryforward Actual (As of 09/30/13)LY Actual (As of 09/30/12)$ Variance to Budget $ Variance to LY % to Budget % to LY Principal 908,479$ 20,000$ -$ (888,479)$ 20,000$ 2%0% Interest 339,879$ 104,747$ 112,484$ (235,132)$ (7,737)$ 31%-7% 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$ 124,747$ 224,274$ (1,479,701)$ (99,527)$ 8%-44% Total - Surplus (Deficit) of revenue over all operating expenditures*(1,824,153)$ 2,259,927$ 1,381,176$ 4,084,080$ 878,751$ -124%64% OTHER FINANCING SOURCES Budget w/Carryforward Actual (As of 09/30/13)LY Actual (As of 09/30/12)$ Variance to Budget $ Variance to LY % to Budget % to LY General Fund Subsidy 304,598$ 76,150$ -$ 228,449$ (76,150)$ 25%100%Fuel Revolver Transfer from Special Revenue Funds -$ -$ -$ -$ -$ 0%0% Transfer from Insurance Proceeds -$ -$ 39,632$ -$ 39,632$ 100%-100%FY 2014 FY 2013 2013 Encumbrance Carryforward 177,841$ 177,841$ 260,243$ -$ 82,402$ 100%-32% Voted Use of Certified Retained Earnings 1,341,714$ 1,341,714$ 336,061$ -$ (1,005,653)$ 100%299%Sales 4,976,431.37$ 4,598,225$ Total Other Financing Source 1,824,153$ 1,595,705$ 635,936$ 228,449$ (959,769)$ 87%151%Cost (2,980,680.27)$ (3,291,427)$ -$ 3,855,632$ 2,017,112$ 4,312,529$ (81,018)$ 100%91%Net 1,995,751.10$ 1,306,797$ Profit Allocated to $0 0 Operating Budget BENCHMARKS Unallocated Profit in Revolver 1,995,751.10$ 1,306,797$ % of Debt to Operating Expense Policy 12%12%12% % of Actual Debt to Operating Expense 13%2%3% Certified Retained Earnings 1,793,038$ -$ -$ % of Certified Retained Earnings Used for Operations -$ -$ -$ % 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 1st Quarter 2012-2014 Airport Operations 1st Quarter 2012-2014 Financial Highlights As of September 30, 2013 Operating Revenue and Expenditures As of September 30, 2013 FY 2012 FY 2013 FY 2014 Jet A 814,154.00 793,927.00 817,929.00 100 LL 68,503.90 68,577.30 67,098.30 - 100.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 900.00 Gallons Thousands GALLONS SOLD 1ST QRT FY12-FY14