I. Glynn County Airport Commission Call to Order
II. Invocation/Pledge
III. Accept Agenda
IV. Public Comment A. General Comments B. Request to speak forms available for discussion of specific agenda items
V. Regular Agenda Item Approval of Minutes October 20, 2015
VI. Audit Committee A. Audit Requirements – Ben Lee, CPA
VI. Financial Items B. Year-End Summary Shawna Williams, Airport Finance & Administration Manager
VI. Financial Items C. FY 14/15 Audit Review
Glynn County Airport Commission Year in Review June 30, 2015
FY 2015 GCAC NET INCOME SUMMARY % Revenue Revenue Budget Collected 2,625,938 2,486,246 105.62% % Expense Expense Budget Spent ** 2,367,714 2,382,536 99.38% NET 258,224 103,710 154,514 * * Contributed to Capital/Reserves **9999 Contribution Expense Account (EDA loan credit) not included in total
2015 Income Summary Comparison Income Summary 2015 Operating Income Summary 2015 LEO Reimbursment LEO 2% Landing Fees Reimbursment … Landing Fees 2% PFC Fees 3% FBO 5% Concessions Advertising Stipends and 9% Land Rental 2% Grants 18% 35% Fuel Flow Fees 4% Terminal Space Building Rental Land Rental Rental 18% 28% 12% Building Rental 28% FBO Concessions 6% Parking Terminal Space Space PFC Fees Fuel Flow Fees Rental Rental 3% Advertising 2% 1% 8% 1%
2015 Expense Summary Comparison Safety/Ops 3% Expense Summary 2015 Operating Expense Summary 2015 Fuel and Lubricants 2% Utilities Electric 12% Janitorial Salaries and Project Expenses Salaries and 3% Wages 87% Wages 25% 29% Utilities Electric Buildings Benefits, Taxes, 9% 5% Pension Benefits, Taxes, Insurance 9% Pension 5% Security Payroll 11% 4% Legal Fees Professional Fees Buildings 2% 4% Insurance 3% Security Payrol 4% 3% Marketing and Marketing Promotion 4% Professional Legal Fees 3% 4%
MANANGEMENT DISCUSSION & ANALYSIS Passenger Trends FY 2015
Events Gulfstream Expansion- Hangar K New Leases or Amendments: Brunswick Airport • Golden Isles Aviation FBO- Hotel Terminal • Island Automotive Extension 2040 • JD Moore Extension 2030 • FAA Offices at BQK Emergency Exercise • Golden Isles Bridge Club Extension with Capital Investments Brunswick Airport
Events Coastal Georgia Honor Flight AOPA Night Flight Run Brunswick Airport McKinnon Airport Brunswick Airport
Statement of Net Position Amount 2015 2014 Change Total Assets $ 54,145,599 $ 56,614,845 $ (2,469,246) * Total Liabilities $ 950,118 $ 1,870,064 $ (919,946) ** Total Net Position $ 53,195,481 $ 54,744,781 $ (1,549,300) * Reduction in capital spending and non-completion of projects **Reduction Liablities closure of Runway 7/25 Project Retainage amounts closed $763,972, Unearned Income (Rental Credits, Escrow) and Accrued Personnel costs Snapshot of the Commission’s financial position at June 30, 2015. (Similar to a Balance Sheet)
Significant Items Affecting the Change in Net Assets for 2015 Rental revenues decreased by a net -3.51%, or $67,066 due to a partial reporting reclassification to FBO Concessions account for revenues received from the FBO at McKinnon Airport. Other Fees increased by 38.23%, or $157,656, from $412,387 to $570,042, due to increased revenues for fuel flow fees and rebilled expenses. Stipends for Security increased by 154.36%, or $49,096, due to a formulary change in grant funding by TSA. Cost of Services decreased by -0.72%, or $6,267 due to decreases in expenses for facility maintenance. Total costs for General Administrative accounts show an increase of 11.03%, or $149,464, associated with salaries, benefits, taxes, and pension which occurred from position reclassifications through the County rating system. Passenger Facility Charges (PFCs) increased 0.95% or $1,207. The Commission is in its twelfth year of collection of PFC revenues. This year’s increase is attributed to a slight increase in ridership. With the completion of the Runway 7/25 Pavement Rehabilitation project, capital contributions decreased from $14,676,678 in 2014 to $1,409,838 in 2015.
Summary Change in Net Position for 2015 Amount 2015 2014 Change % Change Operating Revenues Rental Revenue $1,844,795 $1,911,861 ($67,066) -3.51% Stipends for Security 80,902 31,806 49,096 154.36% Other Fees 570,042 412,387 157,655 38.23% SMACG 0 0 0 0.00% Total Operating Revenue 2,495,739 2,356,054 139,685 5.93% Operating Expenses Cost of Services 860,193 866,460 (6,267) -0.72% General and Administrative 1,504,867 1,355,403 149,464 11.03% Depreciation and Amortization 3,217,364 2,816,672 400,692 14.23% Total Operating Expenses 5,582,424 5,038,535 543,889 10.79% (3,086,685) (2,682,481) (404,204) 15.07% Operating Income (Loss) Non-Operating Revenues (Expenses) Passenger Facility Charge 128,305 127,098 1,207 0.95% Interest Income 1,816 1,967 (151) -7.68% (2,574) (3,860) 1,286 -33.32% Interest Expense 0 0 0 0.00% Gain/Loss on Disposition of Assets 127,547 125,205 2,342 1.87% Total Non-Operating Revenues (Expenses) Capital Contributions and Grants 1,409,839 14,676,678 (13,266,839) -90.39% Change in Net Position (1,549,300) 12,119,401 (13,668,701) -112.78% Net Position at Beginning of Year 54,744,781 42,625,379 12,119,402 28.43% Net Position at Year End 53,195,481 54,744,781 (1,549,300) -2.83%
VII. Capital Development Update Capital Improvement Plan Update
VIII. GCAC Commissioner Appointments & Schedule Jeff Culwell – 4 year term starting January 2016 Frank DeLoach – 4 year term starting January 2016
VIII. GCAC Commissioner Appointments & Schedule Glynn County Airport Commission Officer Nominations 2016 Vote to take place in January
VIII. GCAC Commissioner Appointments & Schedule Schedule Change December Meeting
VIII. GCAC Commissioner Appointments & Schedule
IX. Executive Director’s Items A. Brunswick Golden Isles Airport Enplanement Report Month-to-Month Comparison Month # Flights Load Factor Enplaned Passengers % Change October 2014 83 74.30% 3,009 7.1 % October 2015 87 74.07% 3,222 7.1%
IX. Executive Director’s Item Happy Holidays Glynn n County Airpo port t Commissi sion Staff Invite te You to Join Us for Our Annual al Christma stmas s Luncheo eon Tuesday, December 15, 2015 12:00 noon
X. Chairman’s Items A. Pilot Recognition Charles Justin Surginer Tyler John Mosely “Freddie” Han Chiang Lim -NG Private Pilot Single Engine Land Flight Instructor Airplane Multiengine Airline Transport Pilot, Airplane Multiengine Land
X. Chairman’s Items A. Pilot Recognition William Winthrop Blodgett, IV David Allen Vickers Private Pilot Instrument Airplane Private Pilot Instrument Airplane
X. Chairman’s Items B. Wilco Aviation Services, Inc. Grand Opening - St. Simons Island Airport
X. Chairman’s Items Angel Flight
X. Chairman’s Items
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