Comprehensive Annual Financial Report - Orlando International ...

Comprehensive Annual Financial Report 

For the year ended September 30, 2011 

Orlando, Florida


For the year ended September 30, 2011 • Prepared by the Finance Department 




One Jeff Fuqua Boulevard, Orlando, Florida 32827-4399 • 407.825.2001 • www.orlandoairports.net 

Authority Board and Airport Management 

Authority Board 

Cesar E. Calvet 

The Honorable Buddy Dyer 

Mayor, City of Orlando 

Joseph L. Colon 

The Honorable Teresa Jacobs 

Mayor, Orange County 

James Palmer 

Frank Kruppenbacher 

Dr. Jason Pirozzolo 

Position 

Chairman 

Vice Chairman 

Treasurer 

Board Member 

Board Member 

Board Member 

Board Member 

Airport Management 

Phillip N. Brown, A.A.E. 

Brigitte Goersch 

Ronald N. Lewis 

James E. Rose 

Jacki M. Churchill 

Stanley J. Thornton 

Judith Aakeberg 

Robert Brancheau 

Kathy Bond 

Dolly Daniell 

Art Devine 

Carolyn Fennell 

Victoria Jaramillo 

Kevin McNamara 

John Newsome 

Michael Patterson 

Michelle Tatom 

Position 

Executive Director 

Deputy Executive Director – Administration, Security and Technology 

Deputy Executive Director – Operations 

Deputy Executive Director – Business Services and Facilities 

Chief Financial Officer 

Project Liaison Manager 

Senior Director of Administration and Purchasing 

Senior Director of Planning and Engineering 

Director of Human Resources 

Director of Internal Audit 

Director of Maintenance 

Director of Public Affairs 

Director of Marketing 

Director of General Aviation 

Director of Information Technology 

Director of Construction 

Director of Small Business Development 


Introductory 

Introductory Section 

Table of Contents 

Letter of Transmittal 

Certificate of Achievement 

Organizational Chart




Introductory Section 

Letter of Transmittal. ............................................................................1 

Certificate of Achievement. .......................................................................7 

Organizational Chart ............................................................................8 

Financial Section 

Independent Auditor’s Report ...................................................................9 

Management’s Discussion and Analysis (Unaudited) ................................................11 

Basic Financial Statements 

Balance Sheets as of September 30, 2011 and 2010. ................................................22 

Statements of Revenues, Expenses and Changes in Net Assets for the years ended September 30, 2011 and 2010. .24 

Statements of Cash Flows for the years ended September 30, 2011 and 2010 .............................25 

Notes to Financial Statements ..................................................................27 

Required Supplementary Information (Unaudited) 

Schedule of Funding Progress Single-Employer Defined Benefit Pension Plan. ..............................58 

Schedule of Employer Contributions Single-Employer Defined Benefit Pension Plan. .........................58 

Schedule of Funding Progress Single-Employer Post Employment Benefits Plan .............................59 

Schedule of Employer Contributions Single-Employer Post Employment Benefits Plan ........................59 

Supplemental Schedules (as of and for the year ended September 30, 2011 unless otherwise indicated) 

Combining Schedules 

Balance Sheet ..............................................................................62 

Schedule of Revenues, Expenses and Changes in Net Assets ...........................................64 

Schedule of Cash Flows ......................................................................65 

Orlando, Florida 

I




Financial Section (continued) 

Orlando International Airport 

Balance Sheet Information ....................................................................68 

Schedule of Revenues, Expenses and Changes in Net Assets ..........................................84 

Balance Sheets as of September 30, 2011 and 2010. ................................................92 

Schedule of Revenues, Expenses and Changes in Net Assets for the years ended September 30, 2011 and 2010 ...94 

Schedule of Cash Flows for the years ended September 30, 2011 and 2010 ...............................95 

Budgeted Revenues and Interaccount Requirements Compared to Actual (Airport Facilities Revenue Account) .....97 

Budgeted Revenues and Expenses Compared to Actual (Airport Facilities Operations and Maintenance Account) ...98 

Schedule of Operating Revenues by Source. ......................................................100 

Land Acquired and Capital Projects Completed ....................................................101 

Debt Service Requirements ...................................................................102 

Orlando Executive Airport 

Balance Sheets as of September 30, 2011 and 2010. ...............................................122 

Schedule of Revenues, Expenses and Changes in Net Assets for the years ended September 30, 2011 and 2010 ..123 

Schedule of Cash Flows for the years ended September 30, 2011 and 2010 ..............................124 

Budgeted Revenues and Expenses Compared to Actual. .............................................126 

Schedule of Operating Revenues by Source. ......................................................127 

Land Acquired and Capital Projects Completed ....................................................128 

Schedule of Cash, Cash Equivalents and Investments. ..............................................129 

Insurance Program ..........................................................................136 


II




Statistical Section (Unaudited) 

Financial Trends 

Total Annual Revenues, Expenses and Changes in Net Assets .........................................140 

Changes in Cash and Cash Equivalents ..........................................................142 

Revenue Capacity 

Principal Operating Revenues, Airline Rates and Charges and Cost per Enplaned Passenger ..................144 

Debt Capacity 

Net Revenues Available for Debt Service and Coverage Ratio .........................................146 

Ratios of Outstanding Debt, Debt Service and Debt Limits. ...........................................148 

Debt Service Coverage Rate Covenant - Special Purpose Facilities Taxable Revenue Bonds Series 2009 ..........150 

Principal Airport Revenue Payers ...............................................................151 

Demographic and Economic Information 

Demographic and Economic Statistics ...........................................................152 

Principal Employers Orlando - Kissimmee Metropolitan Statistical Area ..................................153 

Visitors to Orlando - Metropolitan Statistical Area ..................................................154 

Shares of Total Enplanements - Largest Air Carrier Airports in Florida ...................................155 

Operating Information 

Historical Airline Traffic Activity - Enplaned Passengers and International Enplaned Passengers ................156 

Airline Landed Weights. .....................................................................157 

Market Shares of Air Carriers and Cargo Airlines. ..................................................158 

Takeoff and Landing Aircraft Operations - Orlando International Airport .................................160 

Aircraft Operations - Orlando Executive Airport. ...................................................160 

Airlines Servicing the Orlando International Airport .................................................161 

Airlines with Maintenance Facilities at Orlando International Airport ....................................162 

Primary Origination and Destination Passenger Markets .............................................163 

Budgeted Authority Staffing ..................................................................164 

Airport Information. ........................................................................166 


III

Greater Orlando Aviation Authority 


IV

One Jeff Fuqua Boulevard, Orlando, Florida 32827-4399 

www.orlandoairports.net 

January 24, 2012 

Members of the Authority 



The Comprehensive Annual Financial Report (CAFR) of the Greater Orlando Aviation Authority (the “Authority”) of Orlando, Florida, for the 

fiscal year ended September 30, 2011 is hereby submitted. Responsibility for both the accuracy of the presented data and the completeness and 

fairness of the presentation, including all disclosures, rests with management. To the best of our knowledge and belief, the presented data is 

accurate in all material respects and is reported in a manner that fairly presents the financial position, the results of operations of the Authority, 

and includes all disclosures necessary to enable the reader to gain the maximum understanding of the Authority’s financial activities. 

State statute, augmented by the Rules of the Florida Auditor General, requires that financial statements be presented in conformance with 

accounting principles generally accepted in the United States of America (GAAP) as applicable to governmental entities and audited in 

accordance with generally accepted auditing standards by licensed independent certified public accountants. This report serves to fulfill 

these requirements. 

In addition, pursuant to Section 12 of the Greater Orlando Aviation Authority Act, Chapter 57-1658, Special Laws of Florida, 1957, as amended, 

an audit of the financial statements has been completed by the Authority’s independent auditors, Moore Stephens Lovelace, P.A. The audit was 

performed to provide reasonable assurance that the financial statements of the Authority are free of material misstatements. The audit involved 

examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles 

used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditors 

concluded that there was a reasonable basis for issuing an unqualified (“clean”) opinion that the Authority’s financial statements for the fiscal 

year ended September 30, 2011 are fairly presented in conformity with GAAP. The Independent Auditor’s Report is presented at the front of the 

financial section of the CAFR. 

As a recipient of federal and Florida financial assistance, the Authority is required to undergo a “Single Audit” in conformity with the provisions 

of the Single Audit Act of 1984, the U.S. Office of Management and Budget Circular A-133, the Florida Single Audit Act and the related rules of 

the Florida Auditor General. All schedules and reports required under these federal and state regulations are included in the Compliance Section 

of this report. 

Management is responsible for establishing and maintaining internal accounting controls to provide reasonable assurance that assets are 

safeguarded against loss, theft or misuse and that financial records for preparing financial statements and maintaining accountability for assets 

are reliable. The internal control system is designed to provide reasonable, rather than absolute, assurance that these objectives are met and that 

the financial statements are free from material misstatement. The concept of reasonable assurance recognizes that the cost of a control should 

not exceed the benefits likely to be derived from that control and the evaluation of costs and benefits require estimates and judgments 

by management. We believe the Authority’s internal controls adequately safeguard assets and provide reasonable assurance that financial 

transactions are properly recorded. 

1

As a recipient of federal and state financial assistance, the Authority is also responsible for establishing an adequate internal control system to 

ensure compliance with applicable laws and regulations related to those programs. As part of the Authority’s Single Audit, tests are performed 

to determine the adequacy of the internal control system, including that portion related to federal and state financial assistance programs, as 

well as to determine the Authority’s compliance with applicable laws and regulations. The results of the Authority’s Single Audit for the fiscal year 

ended September 30, 2011 provided no instances of material weaknesses in the internal control system or significant violations of applicable 

laws and regulations. 

The Letter of Transmittal is designed to complement and should be read in conjunction with Management’s Discussion and Analysis (MD&A), 

which is presented in the Financial Section immediately following the Independent Auditor’s Report. MD&A provides a narrative introduction, 

overview and analysis of the basic financial statements. 

Profile of the Authority 

The Authority is an agency of the City of Orlando, Florida (the City), established pursuant to the Greater Orlando Aviation Authority Act, Chapter 

57-1658, Special Laws of Florida, 1957, as replaced by Chapter 98-492, Laws of Florida, as amended. The City owns the Orlando International 

Airport and Orlando Executive Airport. Pursuant to an agreement dated September 27, 1976, the City transferred to the Authority the custody, 

control and management of the two airports for a period of 50 years subject to certain conditions. Each airport functions as a self-supporting 

enterprise and uses the accrual basis of accounting. For reporting purposes, both airports are combined into a single enterprise fund. The 

Authority and the City reviewed the Governmental Accounting Standards Board (GASB) statements on defining the governmental reporting 

entity and have concluded the Authority is an independent reporting entity as defined by the GASB. 

The Orlando International Airport is located in Central Florida, nine miles southeast of downtown Orlando in Orange County, Florida. The Airport 

occupies approximately 13,430 acres of land. The service region for the Airport extends throughout Central Florida, an attribute made possible 

by its location at the crossroads of Florida’s road network and the availability of low fares in the market. 

Orlando International Airport is the second largest airport in Florida ranked by the number of passengers during 2010 according to Airports 

Council International-North America (ACI). Orlando International Airport has 51% more flights with 51% more seats to 34% more destinations 

than any other airport in Florida. During the 12 months ended June 2011, Orlando International Airport was the third largest origin and 

destination market in the United States according to the United States Department of Transportation. In calendar year 2010, Orlando 

International Airport was the 13th busiest airport in the United States and 29th in the world in terms of total passengers according to ACI. 

Starting December 2011, Orlando International Airport is expected to provide scheduled non-stop service to 86 destinations in the United States 

and 35 international destinations, 22 of which are served year-round and 13 which are seasonal. 

An annual budget is prepared on the basis established by the Airline Lease and Use Agreements and the 1978 Airport Facilities Revenue Bond 

Resolution, as amended, for all accounts established by those agreements and resolutions, except construction and debt service accounts. The 

budgets are on a non-GAAP basis since capital expenditures are included as expenses and depreciation is not budgeted. Budgetary control 

(the level at which expenditures cannot legally exceed the appropriated amount) is established at the department level within each account. 

The purchasing and accounts payable subsystems, which automatically encumber budget monies prior to the issuance of purchase orders and 

disbursement of funds, maintain and strengthen budgetary control. 

Transfer of appropriations can be made within a department, however, transfer of appropriations between departments greater than $250,000 

or to and from contingency and changes in total appropriations require Board approval. Budget to actual comparisons are provided in the CAFR. 

2

Economic Conditions and Outlook 

Historically, the financial performance of the air transportation industry has correlated with the state of the national economy. Future increases 

in passenger traffic will depend largely on the ability of the U.S. to sustain growth in economic output and income. The financial strength and 

stability of the airlines using the airport, together with numerous other factors, influence the level of aviation activity at the airport and the 

revenues of the Authority. Airlines for America (A4A), formerly the Air Transport Association of America (ATA), reported that the average 

fare paid by customers to fly one mile (excluding taxes and fees), based on a sample group of carriers, rose 9.8% in October 2011, as compared 

to the same month in 2010 and 9.5% for the calendar year to date. According to JPMorgan, during 2011 the U.S. airlines made 23 broadbased 

attempts to raise fares of which 11 were successful (through December 5). According to www.farecompare.com, these fare increases 

added approximately $80 to the average cost of a domestic round-trip ticket. The fare increases reflect, in part, the rising cost of jet fuel, 

which increased 18% in 2010 over 2009 and has increased 29% year to date through October 2011 according to the U.S. Bureau of 

Transportation Statistics. 

After making significant reductions in seat capacity in 2008 and 2009, the U.S. airlines started adding back seats in late 2010 through mid- 

2011, but started cutting seat capacity again in October 2011. Seating capacity never recovered from the earlier cuts and is now entering 

another period of contraction. Nevertheless, the number of passengers carried on U.S. airlines increased 1.9% for the first nine months of 2011 

according to the U.S. Bureau of Transportation Statistics. July 2011 marked the 15th consecutive month of increased passenger traffic at Orlando 

International Airport. Although traffic declined in August, the increase of 1.6% in September resulted in an overall 3.7% increase for fiscal year 

2011 as compared to fiscal year 2010. 

International enplanement growth has been much stronger than domestic enplanement growth, a trend that is likely to continue based on 

currently filed schedules for international service at Orlando International Airport. Although domestic seat capacity at Orlando International 

Airport has seen reductions since September 2011, similar to those experienced at most U.S. airports, the double-digit growth rates in 

international capacity expected through mid-2012 significantly reduce the overall decline in seats. Orlando International Airport ended its fiscal 

year with a 6.2% increase in international traffic from fiscal year 2010. 

The Authority continues to focus on attracting international air service to support the growing Central Florida economy. As of September 30, 

2011, a total of 22 scheduled air carriers operated non-stop passenger flights to 35 international destinations, 22 of which are served yearround, 

with the other 13 being served seasonally. The destinations served are located in five geographical regions of the world (North, Central 

and South America, the Caribbean and Europe). The number of scheduled international seats into Orlando International Airport has increased by 

41% in the past four years, including another 8.9% increase in 2011. According to current airline schedules, international seat capacity growth 

will increase to 17.9% for the 12 months ended June 2012 compared to the previous year. The Authority anticipates increases in international 

airline service with international enplanements forecast to outpace domestic passenger growth for the next several years. 

According to Visit Orlando, Orlando visitor volume rebounded faster than expected after the recession, increasing 10.5% in 2010, resulting in 

a record-breaking 51.5 million visitors in 2010, making it the first U.S. city to draw more than 50 million visitors in a year. There was a strong 

rebound in both domestic and international visitors in 2010. Domestic travel accounted for 47.8 million visitors while international travel totaled 

3.7 million. Visitors are expected to exceed 53 million in 2011. 

Area theme parks continue to draw people back with new attractions such as “The Wizarding World of Harry Potter” at Universal Orlando; the 

Sum of All Thrills, a simulator ride, at Epcot; and Omaka Rocka, a new high-speed tube slide at SeaWorld’s water park, Aquatica. Walt Disney 

World Resort broke ground on a three-year project to increase the size of Fantasyland. Legoland opened a new theme park in 2011 at the 

former Cypress Gardens site near Winter Haven, Florida. Norwegian Cruise Line is now using Port Canaveral as homeport for their cruise ship, 

Norwegian Sun. 

3

Major Initiatives 

The North Terminal Capacity Program was approved by the Authority’s Board during fiscal year 2008. This program will provide enhancements 

to the existing landside terminal baggage claim and make-up systems, ticket lobby improvements to the landside terminal, and certain parking, 

rental car and roadway improvements. It is expected that these improvements will extend through 2013. 

In 2012, the Authority will also continue to implement ground transportation improvements including the return to terminal A ramp, cell phone 

lot and taxi hold area. These projects are follow-on projects subsequent to the completion of the RAC facility completed in 2010. 

In efforts to ensure optimal operations throughout the landside and airside facilities, the Authority will be implementing the second phase of 

the emergency electrical system improvements. Scope in this effort covers improvements to the landside and airside 4 terminals to segregate 

emergency and mainline electrical loads into separate branches. 

The Authority will also be implementing landside signage improvements to implement a comprehensive signage and way finding plan. This effort 

will ensure that prior signage improvements implemented through previous construction projects are consistent throughout the public circulation 

areas of the terminal and provide consistent way finding messaging for the traveling public. Work in this effort is expected to continue through 

the first quarter of calendar year 2013. 

The Baggage System Project includes improvements to the existing landside terminal baggage claim and make-up systems, including the 

replacement of bag claim devices, slope plate carousels and sort piers. The project also includes electrical system upgrades and baggage 

reporting/tracking system improvements and is expected to be complete by mid-2013. In addition, the Authority has also started a project to 

optimize checked baggage inspection systems (CBIS). This work entails modification of CBIS in Pods C and D to optimize baggage inspection 

throughput including all required infrastructure improvements. 

Other major initiatives in the Authority’s capital plan include ticket lobby improvements. Scope under this effort is segregated into two phases. 

Phase 1 provides for a new common use passenger processing system, computer system replacement and allowance for airline relocation 

to balance terminal capacity. Phase 2 of this program includes improvements to the level 3 landside terminal ticketing areas spanning the 

space from the ticket counter back-wall to the enplaning curb. These improvements are proposed to be made over the next three years, 

starting in 2012. 

The Authority will also be implementing airline relocations including space renovation/remodeling; modify passenger ticket lobbies, airline 

counters, and baggage service offices. This work is the result of ongoing airline mergers, leasing of new gates, as well as change in gate 

usage locations. 

There are several on-going and future Runway and Taxiway projects including Taxiway B-2 extension, Taxiway B-1 rehabilitation, Taxiway A 

widening, and the third runway joint replacement. Taxiway B-1 and B-2 work has already started while Taxiway A and third runway joint 

replacement work will be starting in 2012. 

In July 2010, the U.S. Department of Homeland Security (DHS) awarded $7.5 million to the Authority for closed-circuit TV cameras as part of its 

access control improvements, which will be placed in passenger security areas and baggage-handling areas. In August 2010, the DHS awarded 

the Authority $23 million in ARRA funds for the Remote Bag Screening Facility. This proposed project for the Remote Bag Screening Facility is to 

increase the screening capacity of the existing facility by upgrading to an automated, in-line screening configuration to meet demand. Work on 

these projects is expected to continue through 2012. 

In 2012 the Authority will be seeking federal and state funding for airfield improvements for Orlando Executive Airport, including taxiway and 

ramp improvements and construction of North Hanger Road. 

4

Awards and Acknowledgments 

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in 

Financial Reporting to the Authority for its Comprehensive Annual Financial Report for the fiscal year ended September 30, 2010. This represents 

the 30th consecutive year that this certificate has been awarded to the Authority. In order to be awarded a Certificate of Achievement, a 

governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report whose content conforms to 

program standards. Such reports must satisfy both GAAP and applicable legal requirements. 

A Certificate of Achievement for Excellence in Financial Reporting is valid for a period of one year only. We believe our current report continues 

to conform to the requirements of the Certificate of Achievement for Excellence in Financial Reporting Program, and it will be submitted to 

GFOA to determine its eligibility for 2011. 

The timely preparation of this report could not have been accomplished without the efficient and dedicated service of the entire Finance 

Department. We would like to express our appreciation to all members of the Finance Department who assisted in and contributed to its 

preparation. 

Respectfully submitted, 

Phillip N. Brown, A.A.E. 


Jacki Churchill 


5



6

Authority Board and Airport Management 

Authority Board 


Project Liaison Manager 

Board Services 

Internal Audit 

Governmental Relations 

Public Affairs 

Human Resources 

Small Business Development 

Deputy Executive 

Director/Operations 


Director/Admin., Security, 

and Technology 



Director/ 

Business Services 

& Facilities 

OPD 

Airfield 

Operations 

Ground 

Transport. 

Admin. 

Security 

Finance 

Commercial 

Properties 

Maintenance 

Airline 

Division 

Landside 

Division 

Information 

Technology 

Concessions 

Marketing 

Airport 

Information 

Operations 

Risk Mgmt./ 

Safety 

Construction 

Planning & 

Engineering 

ARFF 

Parking 

Purchasing 

General 

Aviation 

8

Financial Section 

Independent Auditor’s Report 

Management’s Discussion and Analysis 


Notes to Financial Statements 

Supplemental Schedules 

Financial

INDEPENDENT AUDITOR’S REPORT 

The Authority Board 



We have audited the accompanying basic financial statements of the Greater Orlando Aviation Authority 

(the “Authority”) as of and for the years ended September 30, 2011 and 2010, as listed in the foregoing 

table of contents. These basic financial statements are the responsibility of the management of the 

Authority. Our responsibility is to express our opinion on these basic financial statements based on our 

audits. 

We conducted our audit in accordance with auditing standards generally accepted in the United States of 

America and the standards applicable to financial audits contained in Government Auditing Standards, 

issued by the Comptroller General of the United States. Those standards require that we plan and perform 

our audit to obtain reasonable assurance about whether the basic financial statements are free of material 

misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and 

disclosures in the basic financial statements. An audit also includes assessing the accounting principles 

used and significant estimates made by management, as well as evaluating the overall financial statement 

presentation. We believe that our audits provide a reasonable basis for our opinion. 

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the 

financial position of the Authority as of September 30, 2011 and 2010 and the respective changes in 

financial position and cash flows for the years then ended in conformity with accounting principles 

generally accepted in the United States of America. 

In accordance with Government Auditing Standards, we have also issued our report dated January 24, 

2012 on our consideration of the Authority’s internal control over financial reporting and on our tests of 

its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other 

matters. The purpose of that report is to describe the scope of our testing of internal control over financial 

reporting and compliance and the results of that testing, and not to provide an opinion on the internal 

control over financial reporting or on compliance. That report is an integral part of an audit performed in 

accordance with Government Auditing Standards and should be considered in assessing the results of our 

audit. 

9 

9

The Authority Board 


Accounting principles generally accepted in the United States of America require that the management’s 

discussion and analysis and the required supplementary information, as listed in the table of contents, be 

presented to supplement the basic financial statements. Such information, although not a part of the basic 

financial statements, is required by the Governmental Accounting Standards Board, who considers it to be 

an essential part of financial reporting for placing the basic financial statements in an appropriate 

operational, economic, or historical context. We have applied certain limited procedures to the required 

supplementary information in accordance with auditing standards generally accepted in the United States 

of America, which consisted of inquiries of management about the methods of preparing the information 

and comparing the information for consistency with management’s responses to our inquiries, the basic 

financial statements, and other knowledge we obtained during our audit of the basic financial statements. 

We do not express an opinion or provide any assurance on the information because the limited procedures 

do not provide us with sufficient evidence to express an opinion or provide any assurance. 

Our audit was conducted for the purpose of forming an opinion on the Authority’s basic financial 

statements. The introductory section, supplemental schedules, and the statistical section, listed in the 

table of contents, are presented for additional analysis and are not a required part of the basic financial 

statements. The supplemental schedules are the responsibility of management and were derived from and 

relate directly to the underlying accounting and other records used to prepare the financial statements. 

The information has been subjected to the auditing procedures applied in the audit of the financial 

statements and certain additional procedures, including comparing and reconciling such information 

directly to the underlying accounting and other records used to prepare the financial statements or to the 

financial statements themselves, and other additional procedures in accordance with auditing standards 

generally accepted in the United States of America. In our opinion, the information is fairly stated in all 

material respects in relation to the financial statements as a whole. The introductory section and 

statistical section have not been subjected to the auditing procedures applied in the audit of the basic 

financial statements and, accordingly, we do not express an opinion or provide any assurance on them. 

MOORE STEPHENS LOVELACE, P.A. 

Certified Public Accountants 


January 24, 2012 

10 

10

Management’s Discussion 

And Analysis

One Jeff Fuqua Boulevard, Orlando, Florida 32827-4399 

www.orlandoairports.net 

Management’s Discussion and Analysis (Unaudited) 

The following discussion and analysis of the Greater Orlando Aviation Authority (the Authority) provides an introduction to the basic financial 

statements for the fiscal years ended September 30, 2011 and 2010 with selected comparative information for the fiscal year ended September 

30, 2009. This discussion has been prepared by management and should be read in conjunction with the basic financial statements, footnotes, 

and supplementary information found in this report. This information taken collectively is designed to provide readers with an understanding of 

the Authority’s finances. 

Overview of the Financial Statements 

The Authority is structured as an enterprise fund with separate accounts for Orlando International Airport and Orlando Executive Airport. 

The financial statements are prepared on the accrual basis of accounting. Therefore, revenues are recognized when earned and expenses are 

recognized when incurred. Capital assets are capitalized and depreciated, except for land and assets held for future use, over their useful lives. 

See “Notes to the Financial Statements” for a summary of the Authority’s significant accounting policies and practices. 

The Balance Sheets present information on all of the Authority’s assets and liabilities, with the difference between the two reported as net assets. 

Over time, increases or decreases in net assets may serve as a useful indicator of the Authority’s financial position. 

The Statements of Revenues, Expenses and Changes in Net Assets present information showing how the Authority’s net assets changed 

during the year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the 

timing of related cash flows. Thus, revenues and expenses are reported in this statement for certain items that will result in cash flows in future 

fiscal periods. 

The Statements of Cash Flows report the flows of cash and cash equivalents. Consequently, only transactions that affect the Authority’s cash 

accounts are recorded in these statements. A reconciliation follows these statements to assist in the understanding of the difference between 

cash flows from operating activities and operating income. 

Authority Activity Highlights 

During fiscal year 2011, enplanements at Orlando International Airport increased 3.7% from fiscal year 2010 and the number of flight 

operations increased 2.3% as airlines expanded international and domestic seat capacity. Enplanements were up 2.0% in fiscal year 2010 over 

fiscal year 2009 due to a recovering economy as more people started to travel again. The number of flight operations was up 0.9% in fiscal year 

2010 over fiscal year 2009 as the airlines increased domestic seat capacity. 

A number of construction projects were completed during fiscal year 2011. Terminal projects include the completion of International Terminal 

Improvements, Vertical Circulation and Central Plant Improvements, Airline Relocation, Public Restroom Refurbishment, Automated People 

Mover, and improvements to the Airport In-Line Baggage Screening. Other projects completed include the East Airfield Development Area 

Mitigation Credits. 

11

The following chart shows total enplaned passengers and flight operations (landings and take-offs) at Orlando International Airport for threeyear 

comparative period: 

Enplanements and Operations Activity for 2009 to 2011 

2011 2010 2009 

Enplaned Passengers 17,770,320 17,131,096 16,798,602 

Operations 294,078 287,492 284,998 

The Authority’s total passengers served during fiscal year 2011 increased approximately 1.3 million from fiscal year 2010. This follows an increase 

of 0.7 million total passengers during fiscal year 2010 and a decrease of 3.0 million total passengers during fiscal year 2009. The Authority 

continues to monitor changes in passenger levels, making adjustments when necessary to accommodate the demands on the airport facilities. 

The following graph represents total passenger activity at Orlando International Airport for the fiscal years ended September 30: 

Total Passengers 

Fiscal Years Ended September 30, 2008-2011 

37 

36.6 

36 

35.6 

Millions 

35 

34 

34.3 

33.6 

33 

32 

2011 2010 2009 2008 

Fiscal Year 

Financial Highlights 

Revenues 

The Authority operates under an Airline-Airport Lease and Use Agreement (ALUA) with certain airlines (the Signatory Airlines) serving the Airport. 

The ALUA which expires on September 30, 2013, provides for a compensatory rate-making methodology for use of the terminal facilities, a 

cost center residual rate-making methodology to establish landing fees for the use of the airfield, revenue sharing between the Authority and 

Signatory Airlines, and an Extraordinary Coverage Protection provision. 

The ALUA provides for the sharing of revenues after the payment of debt service and other fund deposit requirements (net remaining revenues) 

with the Signatory Airlines. For fiscal years 2009 and 2010, the net remaining revenues were divided between the Authority and the Signatory 

Airlines using an allocation percentage of 70% and 30%, respectively. The net remaining revenues for fiscal year 2011 are divided between the 

Authority and Signatory Airlines using an allocation percentage of 75% and 25%, respectively. This allocation percentage will remain in effect for 

fiscal years 2012 and 2013. 

For the year ended September 30, 2011, no Signatory Airline’s revenue under the ALUA represented more than 5% of operating revenues. The 

Signatory Airline revenues for fiscal years 2011, 2010 and 2009 represented about 24%, 24% and 25%, respectively, of total operating revenue. 

The Authority’s total revenues increased in fiscal year 2011 mainly due to an increase in airline revenues and concession revenues including new 

rental car concession agreements effective April 1, 2010. Those results are as follows: 

12

Total Revenues (in Thousands) 

2011 2010 2009 

Total Operating Revenues $358,379 $332,435 $320,209 

Total Nonoperating Revenues 101,858 98,787 97,958 

Total Revenues $460,237 $431,222 $418,167 

Operating Revenues 

Overall, the operating revenues of the Authority increased $25.9 million in fiscal year 2011, or 7.8% from the previous year due mostly to 

additional revenue derived from the new rental car concession agreements, greater Airline revenues, and increased concession revenues. Rental 

Car Concession revenues increased $9.3 million or 13.5% over fiscal year 2010 due to the new agreements effective April 1, 2010. The increase 

of $5.4 million or 6.7% in Signatory Airline revenues resulted from additional space rented, increase in landed weights, a slight increase in 

terminal rental rates and landing fees, and a decrease in revenue sharing provided to the Signatory Airlines under the ALUA. Non-signatory 

Airline revenue increased $1.5 million or 8.2% as a result of the addition of several new airlines during fiscal year 2011. Food and Beverage 

Concession revenues and General Merchandise combined revenues increased $3.3 million or 10.9%, while Other Terminal Area Concession 

revenues increased $3.1 million or 13.1%. A slight increase of $5.93 in the average room rate as well as an increase of 4.7% in occupancy rate 

caused hotel revenues to increase $2.2 million or 7.6%. 

Overall, the operating revenues of the Authority increased $12.2 million in fiscal year 2010, or 3.8% from the previous year, primarily from the 

new rental car concession agreements and increased food and beverage concession revenues. Rental Car Concession revenues increased $9.7 

million or 16.4% from the previous fiscal year as a result of the new agreements effective April 1, 2010. Food and Beverage Concession revenues 

and General Merchandise revenues reflected a combined increase of $2.2 million. In addition, parking revenues also had a slight increase. The 

hotel occupancy rate increased 5.7% but overall hotel revenue decreased due to the economic downturn resulting in a $12.38 reduction in the 

average room rate. 

Operating Revenues by Major Source (in Thousands) 

2011 2010 2009 

Signatory Airlines 

Net Landing Fees $24,443 $23,239 $25,506 

Terminal Area Rents 60,509 56,356 54,026 

Signatory Airline Revenues 84,952 79,595 79,532 

Non-Signatory Airlines 

Landing Fees 3,478 3,507 3,063 

Terminal Area Rents 16,252 14,728 15,548 

Non-Signatory Airline Revenues 19,730 18,235 18,611 

Other Airfield Revenues 6,087 5,912 5,644 

Concession 

General Merchandise 16,735 15,078 14,724 

Food and Beverage 16,879 15,224 13,385 

Rental Car (RAC) 78,386 69,081 59,355 

Public Auto Parking 49,955 50,033 49,509 

Other Terminal Area 26,945 23,822 22,852 

Concession Revenues 188,900 173,238 159,825 

Other Buildings and Grounds 28,320 27,219 27,985 

Hotel 30,390 28,236 28,612 

Total Operating Revenues $358,379 $332,435 $320,209 

13

The following charts show major sources and the percentage of operating revenues for the years ended September 30, 2011, 2010, and 2009: 

2011 Operating Revenue 

Concessions, 

Parking, RAC 

53% 

Other 

Airfield 

2% 

Non-Signatory 

Airlines 

6% 

Signatory 

Airlines 

24% 

Hotel 

8% 

Other Buildings 

and Grounds 

7% 



Concessions, 

Parking, RAC 

52% 

Concessions, 

Parking, RAC 

50% 

Other 

Airfield 

2% 


and Grounds 

9% 

Other 

Airfield 

2% 


and Grounds 

8% 

Non-Signatory 

Airlines 

5% 

Signatory 

Airlines 

24% 

Hotel 

8% 

Non-Signatory 

Airlines 

6% 

Signatory 

Airlines 

25% 

Hotel 

9% 

Nonoperating Revenues 

Nonoperating revenues consist of investment income, passenger facility charges (PFCs), customer facility charges (CFCs), and other nonoperating 

revenue. Investment income was $4.3 million in fiscal 2011, $6.7 million in fiscal year 2010, and $10.4 million in fiscal year 2009. Interest rates 

have remained low over the past three years. Long-term investments with higher interest rates have been reinvested at these low rates as they 

mature, resulting in reduced investment income. In addition, as the Authority refunded its existing debt at reduced interest rates, debt service 

reserve funds, that can be invested up to 15 years, were also reduced. PFC revenues were $70.3 million in fiscal year 2011, $68.3 million in fiscal 

year 2010, and $64.3 million in fiscal year 2009. The growth in PFC revenues in fiscal years 2011 and 2010 is attributed to increased passenger 

traffic. The Authority approved the collection of CFCs effective October 1, 2008. Certain rental car companies (RACs) agreed to assess and collect 

CFCs to pay the costs and expenses of financing, designing, constructing, operating, relocating, and maintaining the rental car related facilities. 

Revenue related to the collection of CFCs amounted to $23.3 million during fiscal year 2011, $21.9 million during fiscal year 2010, and $21.8 

million during fiscal year 2009. 

Operating Expenses 

An increase in Operating Expenses before Depreciation of $16.0 million or 8.6% from fiscal year 2010 to 2011 resulted primarily from additional 

costs related to contractual services such as maintenance contracts, repairs and maintenance, and professional services. The Authority made 

significant reductions in personnel and contractual services during fiscal year 2009. Fiscal year 2010 was the first full year of these cost reductions 

that included the delay of various maintenance projects. During fiscal year 2011, several of these maintenance projects were implemented and 

certain contractual services such as terminal maintenance increased. In addition, several security related costs either previously performed by TSA 

or with receipt of grants were shifted to the Authority. 

14

Operating Expenses before Depreciation decreased $10.8 million, or 5.5% from fiscal year 2009 to 2010 as a result of reduced salary and benefit 

costs, and reduction in contractual services such as fleet maintenance, baggage systems, elevator/escalator, automated people mover, and 

various other contracts. Cost savings initiatives instituted in the prior year had full year impact on cost reductions in fiscal year 2010. During fiscal 

year 2010, the Authority wrote down certain design costs associated with a new terminal. In addition, the Authority received a grant to offset 

some of the security costs during fiscal year 2010. 

Operating Expenses (in Thousands) 

2011 2010 2009 

Operations and Facilities $114,146 $102,082 $108,818 

Safety and Security 25,277 21,908 23,166 

Administration 26,392 26,006 25,898 

Hotel 25,776 24,613 25,151 

Other 10,472 11,504 13,942 

Total Operating Expenses Before 

Depreciation 202,063 186,113 196,975 

Depreciation and Impairment 

Write-down 118,464 142,097 103,335 

Total Operating Expenses $320,527 $328,210 $300,310 

The following charts show major cost centers and the percentage of operating expenses (excluding depreciation and impairment write-down) for 

the years ended September 30, 2011, 2010, and 2009: 

2011 Operating Expenses 

Operations 

and Facilities 

56% 

Safety and 

Security 

13% 

Other 

5% 

Administration 

13% 

Hotel 

13% 



Operations 


55% 

Operations 


55% 

Safety and 

Security 

12% 

Safety and 

Security 

12% 

Other 

6% 

Other 

7% 


14% 

Hotel 

13% 


13% 

Hotel 

13% 

15

Nonoperating Expenses 

Nonoperating expenses consist of interest expense and Signatory Airline net revenue sharing as a result of the ALUA. Interest expense amounted 

to $65.4 million in fiscal year 2011, $68.2 million in fiscal year 2010, and $66.8 million in fiscal year 2009. Signatory Airline net revenue sharing 

was $16.4 million for fiscal year 2011, $16.7 million for fiscal year 2010, and $11.1 million for fiscal year 2009, the first year of the ALUA. The 

Signatory Airline net revenue sharing amount in fiscal year 2011 is substantially unchanged from the prior year. The increase from fiscal year 

2009 to 2010 in the Signatory Airline net revenue sharing resulted from an increase in revenues from non airline revenues. 

Total Expenses (in Thousands) 

2011 2010 2009 

Total Operating Expenses $320,527 $328,210 $300,310 

Total Nonoperating Expenses 81,755 84,989 77,942 

Total Expenses $402,282 $413,199 $378,252 

Changes in Net Assets 

Capital contributions received from the federal, state and other governments amounted to $16.5 million during fiscal year 2011. Grant funding 

received on major projects for fiscal year 2011 are as follows: 

Capital Contributions (in Millions) 

Airfield Rehabilitation $7.8 

Remote Sorting Facility 5.1 

Airport In-line Baggage Screening 1.5 

Baggage System Improvements 0.9 

Miscellaneous 1.2 

Total Capital Contributions $16.5 

The changes in net assets for the fiscal years ended September 30 are as follows: 

Changes in Net Assets (in Thousands) 

2011 2010 2009 

Operating Revenues $358,379 $332,435 $320,209 

Operating Expenses 320,527 328,210 300,310 

Operating Income 37,852 4,225 19,899 

Nonoperating Revenues (Expenses) 20,103 13,798 20,016 

Income Before Capital Contributions 57,955 18,023 39,915 

Capital Contributions 16,509 40,559 38,037 

Increase in Net Assets $74,464 $58,582 $77,952 

Financial Position 

The Balance Sheet presents the financial position of the Authority at the end of the fiscal year. The statement includes all assets and liabilities of 

the Authority. Net assets are the difference between total assets and total liabilities and are an indicator of the current fiscal health of the 

Authority. During fiscal year 2011, net assets increased by approximately $74.5 million or 5.0% as compared with fiscal year 2010. The following 

is a summarized comparison of the Authority’s assets, liabilities, and net assets at September 30: 

16

Net Assets (in Thousands) 

2011 2010 2009 

Assets and Deferrals: 

Current Assets 

Unrestricted Assets $203,347 $215,306 $188,910 

Restricted Assets 513,244 461,254 367,028 

Noncurrent Assets 155,681 169,591 91,037 

Capital Assets 1,999,832 2,045,639 2,093,686 

Deferred Swap Out Flows 25,502 21,557 15,346 

Total Assets and Deferrals 2,897,606 2,913,347 2,756,007 

Liabilities: 

Current (payable from 

unrestricted assets) 69,226 64,945 55,659 

Current (payable from 

restricted assets) 123,465 119,772 202,758 

Noncurrent Liabilities 1,143,242 1,241,421 1,068,963 

Total Liabilities 1,335,933 1,426,138 1,327,380 

Net Assets: 

Invested in Capital Assets, 

net of related debt 912,643 926,028 1,014,475 

Restricted 449,215 380,959 255,904 

Unrestricted 199,815 180,222 158,248 

Total Net Assets $1,561,673 $1,487,209 $1,428,627 

The majority of the Authority’s net assets at September 30, 2011 represent its investment in capital assets less the related indebtedness 

outstanding used to acquire those capital assets. The Authority uses these capital assets to provide services to the airlines and to its passengers 

and visitors to the airports; consequently, these assets are not available for future spending. The Authority’s investment in its capital assets is 

reported net of related debt. The resources required to repay this debt must be provided annually from operations since it is unlikely that the 

capital assets themselves will be liquidated to pay the liabilities. 

Net assets restricted for debt service and capital acquisitions at September 30, 2011 represent funds that are subject to external restrictions under 

the Authority’s Bond Resolution dated June 13, 1978, as amended, and PFCs that are restricted by federal regulations. The unrestricted portion 

of net assets, $199.8 million at September 30, 2011, may be used to meet the Authority’s ongoing obligations. 

Airline Rates and Charges 

The Authority negotiated the ALUA relating to the use of the Orlando International Airport, the rental of space, and the establishment of landing 

fees with 14 of the airlines effective October 1, 2008. For fiscal years 2009 through 2011, in the chart below, the actual landing fees and 

average terminal rental rate are shown. See the Airline-Airport Lease and Use Agreement (Note 17) for additional information. 

Signatory Airline Rates and Charges 

Rates effective Rates effective Rates effective 

for FY 2011 for FY 2010 for FY 2009 

Terminal Average Square 

Foot Rate $97.92 $93.65 $92.71 

Landing Fee – per 1,000 lbs. 

Unit (gross) 1.2714 1.2399 1.3591 

Cargo Landing Fee 

– per 1,000 lbs. Unit 1.61 1.67 1.65 

17

Passenger Facility Charges 

As part of the Safety and Capacity Expansion Act of 1990, the Authority received approval from the Federal Aviation Administration (FAA) to 

impose a passenger facility charge per eligible enplaned passenger at Orlando International Airport and has imposed the PFC since February 

1993. Effective July 1, 2007 the charge increased from $3 to $4.50. PFCs may be used to pay either eligible capital improvements or debt service 

on bonds issued to finance projects eligible for PFC funding. Through September 2011, the Authority has approved applications to impose PFCs 

of approximately $2.0 billion to fund project costs of various airport improvements. PFC collections to date (including investment earnings) are 

$856.8 million. Expenditures on PFC approved projects and debt service to date are $711.7 million. 

Capital Acquisitions and Construction Activities 

During fiscal year 2011, the Authority expended $70.2 million on capital projects. This included $5.3 million funded by FAA contributions, 

$4.1 million funded by Florida Department of Transportation (FDOT) contributions, $7.2 million funded by the Transportation and Security 

Administration (TSA), and $1.8 million funded by CFCs. The balance was paid from tenant and other Authority funds, including bonds and PFCs. 

Of the grants noted previously, $7.0 million funded by the TSA and $0.1 million funded by the FAA are American Recovery and Reinvestment 

Act of 2009 (ARRA) grants. See the Schedule of Expenditures of Federal Awards and State Financial Assistance in the Compliance Section for 

additional information regarding grant expenditures. Major projects completed and the amounts transferred to fixed assets during the fiscal year 

are listed as follows (in millions): 

East Airfield Development Area Mitigation Credits $11.0 

International East Airfield Development Terminal Improvements Area Mitigation Credits $11.0 8.2 

International Terminal Improvements 8.2 

Vertical Circulation & Central Plant Improvements 7.7 


Airline Relocation 5.8 

Airline Relocation 5.8 

Public Restroom Refurbishment 4.9 

Public Restroom Refurbishment 4.9 

Automated People Mover 4.4 

Automated People Mover 4.4 



Miscellaneous (Projects < $5.0 million) 8.6 


Total $53.7 $53.7 

Major projects under construction and the amounts expended during fiscal year 2011 are listed as follows (in millions): 

Airfield Rehabilitation $10.1 $10.1 

Baggage System 

System 

Improvements 

Improvements 

10.0 

10.0 

East Airfield Development Area Mitigation Credits 

East Airfield Development Area Mitigation Credits 

8.2 

8.2 

Remote Sorting Facility 

Remote Sorting Facility 

7.8 

7.8 







Total $70.2 

Total $70.2 

More detailed information about the Authority’s capital assets is presented in Note 6 to the financial statements. 

Debt Activities 

On September 20, 2011, the Authority issued $70.0 million in Airport Facilities Refunding Revenue Bonds, Series 2011B (AMT) (the “Series 

2011B Bonds”) with a true interest rate of 4.59%. From the $70.0 million issuance (less the $0.1 million discount), and the $2.4 million of 

Authority funds, $71.5 million was deposited into the Bank of New York escrow account to refund the outstanding $69.5 million of Airport 

Facilities Revenue Bonds, Series 1999A and pay associated interest of $2.0 million. The remaining Series 2011B Bond proceeds of $0.8 million 

were used to pay related issuance costs including underwriter’s discount. 

18

On March 17, 2011, the Authority issued $6.4 million in Airport Facilities Refunding Revenue Bonds, Series 2011A (Non-AMT) (the “Series 

2011A Bonds”) with a true interest rate of 4.65%. The majority of the 2011A Bonds, in the amount of $6.3 million, along with $5.5 million of 

Authority available funds were deposited into the Bank of New York escrow account to refund $11.5 million of outstanding Airport Facilities 

Revenue Bonds, Series 1999B and pay associated interest of $0.3 million. The remaining Series 2011A Bond proceeds of $0.1 million were used 

to pay related issuance costs. 

Debt Administration 

The Authority has outstanding revenue bonds which are secured by a pledge of and lien on Revenues and Net Revenues as defined in the Bond 

Resolution. This senior indebtedness is expressly senior and superior to the pledge and lien securing other parity indebtedness. 

Senior Indebtedness 

Pursuant to the Bond Resolution, the Authority has issued various series of Airport Facilities Revenue Bonds to finance additions and 

improvements at the airport. The aggregate principal amount of such bonds outstanding as of September 30, 2011 was $1.1 billion. 

Other Parity Subordinated Indebtedness 

Other parity subordinated indebtedness as defined in the Master Trust Indenture consists of Gulf Breeze Loan Agreements; Airport Facilities 

Taxable Subordinated Revenue Bonds, Series 2002A; and Airport Facilities Secondary Subordinated Revenue Bonds, Series 1997B. Other parity 

indebtedness is payable from revenues deposited into the Discretionary Account and is junior and subordinate to senior indebtedness of the 

Authority. As of September 30, 2011, the aggregate principal amount of all other parity-subordinated indebtedness was $109.9 million, 

including $90.1 million of secondary subordinated indebtedness and other such principal amounts as further discussed below. 

Between 1991 and 1993, the Authority borrowed a total of $35 million at a variable interest rate from the City of Gulf Breeze, Florida, Local 

Government Loan Program, to finance a portion of the costs of the Airport’s hotel. On July 1, 1998, the Authority remarketed these bonds to 

fixed rates. The aggregate principal amount of such bonds outstanding as of September 30, 2011 was $13.4 million. 

In December 2009, the Authority entered into an agreement with Wachovia Bank, N.A. to provide the Authority with a $100 million line of 

credit. The line of credit is to be used as interim financing for capital projects in anticipation of the issuance of long term bonds and/or receipt 

of grants, PFCs, CFCs, Authority funds and other permanent funding sources. The term of the line of credit is three years. As of September 30, 

2011, the Authority has drawn $1.2 million on this line of credit. 

Special Purpose Facilities Bonds 

The Authority has issued Special Purpose Facilities Taxable Revenue Bonds, Series 2009 to construct a Rental Car Quick Turn Around and Support 

Facility. These bonds are payable solely from and secured by a pledge of Pledged Revenues derived by the Authority from CFCs. The principal 

amount of such bonds outstanding as of September 30, 2011 was $55.9 million. 

Debt Service Coverage 

Airport revenue bond covenants require that revenue available to pay debt service, as defined in the Bond Resolution, be equal to or greater 

than 125% of the debt service on the senior lien airport revenue bonds and 100% of the debt service on subordinated bonds and other parity 

indebtedness. Coverage ratios for the past three years are shown in the following table: 

Coverage Ratios 

2011 2010 2009 

Senior lien debt 1.70% 1.61% 1.47% 

All indebtedness 1.55% 1.46% 1.33% 

19

More detailed information about the Authority’s noncurrent liabilities is presented in Note 11 to the financial statements. 

Requests For Information 

The financial report is designed to provide a general overview of the Authority’s finances for all those with an interest in the Authority’s finances. 

Questions concerning any information provided in this report or requests for additional information should be addressed to the Chief Financial 

Officer, Greater Orlando Aviation Authority, One Jeff Fuqua Boulevard, Orlando, FL 32827-4399. 

Jacki Churchill 


20


These basic financial statements provide a summary of the 

financial position and operating results of the Authority which 

consists of two airports, Orlando International Airport and 

Orlando Executive Airport. They also serve as an introduction 

to the more detailed financial statements and supplemental 

schedules that are in the following subsections.



21

GREATER ORLANDO AVIATION AUTHORITY 

BALANCE SHEETS 

(in thousands) 

September 30, 

ASSETS AND DEFERRALS 2011 2010 


Unrestricted: 

Cash and cash equivalents $ 145,943 $ 142,404 

Accounts receivable, less allowance 

for uncollectibles of $213 and $256 10,679 10,209 

Investments 40,990 56,227 

Interest receivable 87 407 

Due from other governmental agencies 761 394 

Prepaid expenses and inventory 4,887 5,665 

Total unrestricted assets 203,347 215,306 

Restricted: 

Cash and cash equivalents 381,468 369,649 

Accounts receivable 9,734 9,666 


Interest receivable 773 1,168 

Due from other governmental agencies 9,791 7,109 

Prepaid expenses 86 1,824 

Total restricted assets 513,244 461,254 

Total current assets 716,591 676,560 

Noncurrent Assets 

Investments, unrestricted 37,253 25,419 

Investments, restricted 118,428 144,172 

Total long-term investments 155,681 169,591 

Capital assets, net of accumulated depreciation: 

Property and equipment 1,465,789 1,502,114 

Property held for lease 489,378 515,402 

Construction in progress 44,665 28,123 

Total capital assets, net of accumulated depreciation 1,999,832 2,045,639 

Total noncurrent assets 2,155,513 2,215,230 

Total assets 2,872,104 2,891,790 

Deferred swap outflows 25,502 21,557 

Total Assets and Deferrals $ 2,897,606 $ 2,913,347 

See accompanying notes to basic financial statements 

22




September 30, 

LIABILITIES AND NET ASSETS 2011 2010 

Current Liabilities (Payable from Unrestricted Current Assets) 

Accounts payable and accrued liabilities $ 29,571 $ 23,124 

Deferred revenue 2,478 2,085 

Deposits 5,977 5,666 

Advance rent from tenants, current 7,885 6,658 

Due to other governmental agencies 965 1,086 

Accrued airline revenue sharing 22,350 26,326 

Total current liabilities (payable from unrestricted current assets) 69,226 64,945 

Current Liabilities (Payable from Restricted Assets) 

Accrued interest 26,721 30,100 

Accounts payable and accrued liabilities 11,995 10,030 

Deferred revenue - 43 

Due to other governmental agencies 2,305 2,643 

Notes payable, current 1,182 - 

Revenue bonds payable, current 81,262 76,956 

Total current liabilities (payable from restricted assets) 123,465 119,772 

Total current liabilities 192,691 184,717 

Noncurrent Liabilities 

Revenue bonds payable, long-term 1,136,837 1,212,046 

Advance rent from tenants, long-term 2,140 2,334 

Other long-term liabilities 4,265 27,041 

Total noncurrent liabilities 1,143,242 1,241,421 

Total liabilities 1,335,933 1,426,138 

Net Assets 

Invested in capital assets, net of related debt 912,643 926,028 

Restricted: 

For debt service 180,812 181,358 

For capital acquisitions 268,403 199,601 

Unrestricted 199,815 180,222 

Total net assets 1,561,673 1,487,209 

Total Liabilities and Net Assets $ 2,897,606 $ 2,913,347 


23


STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS 


Years Ended 

September 30, 

2011 2010 


Airfield area $ 34,100 $ 32,727 

Terminal area 137,505 125,393 

Ground transportation 138,369 128,662 

Other buildings and grounds 18,015 17,417 

Hotel 30,390 28,236 

Total operating revenues 358,379 332,435 


Operations and facilities 114,146 102,082 

Safety and security 25,277 21,908 

Administration 26,392 26,006 

Hotel 25,776 24,613 

Other 10,472 11,504 

Total operating expenses before depreciation and impairment write-down 202,063 186,113 

Operating income before depreciation and impairment write-down 156,316 146,322 

Depreciation and impairment write-down (118,464) (142,097) 

Operating income 37,852 4,225 

Nonoperating Revenues (Expenses) 

Investment income 4,268 6,681 

Interest expense (65,403) (68,248) 

Signatory Airline net revenue sharing (16,352) (16,741) 

Passenger facility charges 70,277 68,327 

Customer facility charges 23,295 21,946 

Federal and state grants 1,157 1,474 

Other 2,861 359 

Income before capital contributions 57,955 18,023 

Capital Contributions 16,509 40,559 

Increase in net assets 74,464 58,582 

Total Net Assets, Beginning of Year 1,487,209 1,428,627 

Total Net Assets, End of Year $ 1,561,673 $ 1,487,209 


24


STATEMENTS OF CASH FLOWS 


Years Ended 

September 30, 

2011 2010 

Cash flows from operating activities 

Cash received from customers, tenants and governmental agencies $ 364,949 $ 342,813 

Cash paid to suppliers and governmental agencies (144,157) (135,371) 

Cash paid to employees for services (73,538) (45,132) 

Cash paid to airlines (26,326) (19,000) 

Net cash provided by operating activities 120,928 143,310 

Cash flows from noncapital financing activities 

Operating grants and passenger facilities charges received 4,038 2,708 

Net cash provided by noncapital financing activities 4,038 2,708 

Cash flows from capital and related financing activities 

Proceeds from issuance of bonds 76,395 319,058 

Proceeds from line of credit 1,182 - 



Principal payments - bonds and notes (157,951) (220,541) 

Bond issue costs and discount on bonds (783) (3,819) 

Interest paid (65,107) (59,951) 

Proceeds from sale of assets 759 36 

Acquisition and construction of capital assets (65,295) (107,248) 

Capital contributed by federal and state agencies 13,330 32,703 

Net cash (used for) provided by capital and related financing activities (104,454) 49,563 

Cash flows from investing activities 

Purchase of investments (596,032) (620,980) 

Proceeds from sale and maturity of investments 585,407 423,535 

Interest received 5,471 5,723 

Net cash used for investing activities (5,154) (191,722) 

Net increase in cash and cash equivalents 15,358 3,859 

Cash and Cash Equivalents, Beginning of Year 512,053 508,194 

Cash and Cash Equivalents, End of Year (1) $ 527,411 $ 512,053 

(1) Cash and Cash Equivalents - Unrestricted Assets $ 145,943 $ 142,404 

Cash and Cash Equivalents - Restricted Assets 381,468 369,649 

$ 527,411 $ 512,053 

(continued) 

25


STATEMENTS OF CASH FLOWS 


Years Ended 

September 30, 

2011 2010 

Reconciliation of operating income 

to net cash provided by operating activities 

Operating income $ 37,852 $ 4,225 

Adjustments to reconcile operating income to 

net cash provided by operating activities 

Depreciation and impairment write-down 118,464 142,097 

(Increase) Decrease in operating assets 

Accounts receivable (1,045) 867 

Due from other governmental agencies (77) (55) 

Prepaid expenses 778 35 

Increase (Decrease) in operating liabilities 

Accounts payable and accrued liabilities 6,487 (733) 

Due to other governmental agencies (121) (727) 

Accrued airline revenue sharing (20,328) (8,678) 

Deferred revenues 350 (3,444) 

Deposits 311 115 

Advanced rent from tenants 1,033 3,411 

Other liabilities (22,776) 6,197 

Total adjustments 83,076 139,085 

Net cash provided by operating activities $ 120,928 $ 143,310 

Noncash Investing, Capital and Financing Activities 

(Decrease) Increase in fair value of investments $ (217) $ 102 

South Narcoossee Road land donation/Army reserve and Navy property donations $ (25) $ 12,650 


26

Notes to Financial Statements 

1. Summary of Significant Accounting Policies and Practices 

2. Operation and Use Agreement - City of Orlando 

3. Cash Deposits and Investments 

4. Due from Other Governmental Agencies 

5. Restricted Assets 

6. Capital Assets 

7. Lease and Concession Agreements 

8. Pension Plans 

9. Postemployment Benefits Other Than Pension Benefits 

10. Risk Management 

11. Noncurrent Liabilities 

12. Derivatives and Hedging Activities 

13. Conduit Debt Obligations 

14. Deferred Amount on Refunding of Bonds 

15. Bond Issuance (Other than Refunding Issues) 

16. Capital Contributions 

17. Airline-Airport Lease and Use Agreement 

18. Outstanding Contracts 

19. Commitments and Contingencies 

20. Environmental Liabilities 

21. Subsequent Events


NOTES TO FINANCIAL STATEMENTS 

Years Ended September 30, 2011 and 2010 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES 

Organization and Purpose: The Greater Orlando Aviation Authority (Authority) was established by the Florida 

State Legislature pursuant to the Greater Orlando Aviation Authority Act, Chapter 57-1658, Special Laws of 

Florida, 1957, as amended. The Authority operates Orlando International Airport and Orlando Executive Airport. 

For reporting purposes, these airports are combined into a single enterprise fund. 

Reporting Entity: In defining the Greater Orlando Aviation Authority for financial reporting purposes, 

management applied the requirements of Governmental Accounting Standards Board (GASB) Statements 

Number 14, The Financial Reporting Entity and GASB Statement Number 39, Determining Whether Certain 

Organizations Are Component Units. These statements establish the basis for defining the reporting entity and 

whether it is considered a component unit of another entity and whether other entities are component units. Based 

on these criteria, the reporting entity includes only the accounts of the Authority in the reporting entity. The 

Authority identified no potential component units to include in these basic financial statements nor identified any 

other entity that should include the Authority in its basic financial statements. 

Basis of Presentation and Accounting: The Authority’s financial statements are prepared using the flow of 

economic resources measurement focus using the accrual basis of accounting. Revenues are recognized when they 

are earned, and expenses are recognized when incurred. Pursuant to GASB Statement No. 20, Accounting and 

Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund 

Accounting, the Authority applies all applicable GASB pronouncements as well as Financial Accounting Standards 

Board Statements and Interpretations, Accounting Principles Board Opinions, and Accounting Research Bulletins 

issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB 

pronouncements. 

The principal operating revenues of the Authority are from sources such as airlines, concessions, rental cars and 

parking. Investment income, passenger and customer facility charges, federal and state operating grants and other 

revenues not related to the operations of the airport are considered nonoperating revenues. Operating expenses 

include the cost of airport and related facilities maintenance, administrative expenses, and depreciation on capital 

assets. Interest expense and Signatory Airline net revenue sharing are considered nonoperating expenses. 

The GASB issued Statement No. 51, Accounting and Financial Reporting for Intangible Assets (GASB 51), in June 

2007, and was adopted by the Authority in fiscal year 2010. The objective of GASB 51 is to establish accounting 

and financial reporting requirements for intangible assets. The Statement requires that all intangible assets not 

specifically excluded by its scope provisions be classified as capital assets. As of September 30, 2011, the Authority 

only has one type of intangible asset, software. Software that is internally developed or purchased by the Authority 

and is modified using more than minimal incremental effort before being placed into operation is considered 

internally generated software. Internally generated software costs should only be capitalized during the application 

development stage. Costs incurred during the preliminary project stage and post-implementation stage are to be 

expensed. Software that is not modified using more than minimal incremental effort will continue to be capitalized 

upon installation as is the Authority’s current practice. No additional disclosures beyond those of existing capital 

assets disclosures are necessary. 

The GASB issued Statement No. 53, Accounting and Financial Reporting for Derivative Instruments (GASB 53), in 

June 2008, and was adopted by the Authority in fiscal year 2010. GASB 53 addresses the recognition, 

measurement, and disclosure of information regarding derivative instruments entered into by state and local 

governments. In accordance with GASB 53, the Authority determines the effectiveness of its hedging instruments at 

the end of each reporting period and if deemed effective, records the fair value of the instruments and corresponding 

deferrals on the balance sheet. As long as the instruments remain effective, any subsequent changes to the fair value 

are reported as deferred inflows or outflows in the financial statements. As of September 30, 2011, the Authority 

has one derivative outstanding, the 1997B pay-fixed, receive-variable interest rate swap. This swap is deemed 

effective using the consistent critical terms method and has been properly recorded in the financial statements. 

Disclosures related to the interest rate swap are discussed in Note 12. 

27




1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES (continued) 

Cash and Cash Equivalents: Demand deposits, certificates of deposits, cash on hand and repurchase agreements 

with a maturity of three months or less from the date of purchase are considered to be cash and cash equivalents. 

Accounts Receivables: Receivables are reported at their gross value when earned and are reduced by the estimated 

portion that is expected to be uncollectible. The allowance for uncollectible accounts is based on an analysis of past 

due amounts that are not covered by security deposits, letters of credit or contract bonds. When continued collection 

activity results in receipts of amounts previously reserved, revenue is recognized in the period collected. 

Fair Value of Investments: The Authority accounts for all investments, regardless of time to maturity or their 

acquisition date, at fair value on the balance sheet with unrealized gains and losses charged or credited to investment 

income. The Authority uses quoted market prices to determine these fair values. 

Prepaid Expenses and Inventory: Prepaid expenses consist primarily of insurance, employee benefits and any 

other expenditures expected to benefit future periods. Inventory primarily consists of fuel, repairs and maintenance 

items and office supplies held for consumption and is valued using the average cost method. 

Restricted Assets and Liabilities: The Bond Resolution authorizing the issuance of the revenue bonds for Orlando 

International Airport requires the segregation of certain assets into restricted accounts and limits their use to specific 

items as defined by the document. Current liabilities payable from restricted assets are the liabilities that are to be 

retired by use of the restricted assets. 

Noncurrent Assets: A portion of unrestricted and restricted assets is reported as noncurrrent. This represents 

amounts of unrestricted and restricted investments with maturities greater than one year and capital assets, net of 

accumulated depreciation. 

Lease and Concession Agreements: The Authority's operations consist of agreements for use of land, buildings, 

terminal space and privileges to airlines and concessionaires. With the exception of the Signatory Airline Lease and 

Use Agreement that is discussed separately, the agreements consist of (a) one year, cancelable space and use 

permits, and (b) non-cancelable agreements for land, buildings, terminal space and privileges, most of which expire 

between the years 2012 and 2016. The Authority accounts for revenue from these agreements under the operating 

method and reports revenue over the terms of the agreements. 

Property and Equipment and Property Held for Lease: Property and equipment and property held for lease are 

recorded at cost when purchased or at fair value when donated, with a capitalization threshold of $1,000. The 

Authority accounts for intangible assets as required under GASB Statement No. 51. 

Depreciation: Property and equipment is depreciated on the straight-line basis over the estimated useful lives of the 

assets. The estimated useful lives of the property and equipment are as follows: 

Building 

Improvements 

Equipment 

Motor vehicles 

10 to 50 years 

5 to 50 years 

3 to 30 years 

5 to 15 years 

Pension Plans: The Authority's policy is to fund accrued defined benefit pension costs which include normal costs 

for regular employees as actuarially determined. The Authority recognizes plan member contributions in the period 

in which contributions are due, and the Authority has made a formal commitment to provide contributions. 

Other Post-Employment Benefit Plans: The Authority adopted GASB Statement No. 45, Accounting and 

Financial Reporting by Employers for Postemployment Benefits Other than Pensions (GASB 45). GASB 45 

improves the relevance and usefulness of financial reporting by (a) requiring systematic, accrual-basis measurement 

28





and recognition of Other Postemployment Benefits (OPEB) costs over a period that approximates employees’ years 

of service and (b) providing information about actuarial accrued liabilities associated with OPEB and whether and to 

what extent progress is being made in funding the OPEB plan. The Authority obtains actuarial valuation reports for 

its OPEB plan and records the expenses and liabilities for OPEB as required under GASB 45. OPEB expense 

includes normal costs and prior service costs. Prior service costs are amortized over a period of thirty years. On 

September 30, 2011, the Authority funded its OPEB obligation as of fiscal year 2011 to a qualifying, irrevocable 

trust. The Authority discloses the information required by GASB 45 in Note 9. 

Compensated Absences: The Authority recognizes expenses relating to compensated absences as incurred and 

includes the current portion of the liabilities in accrued expenses and the noncurrent portion in other long-term 

liabilities. 

Passenger Facility Charges: The Federal Aviation Administration (FAA) approved the collection of passenger 

facility charges (PFCs). The Authority uses PFCs for pre-approved airport projects that meet at least one of the 

following criteria: preserve or enhance safety, security or capacity of the national air transportation system; reduce 

noise or mitigate noise impacts resulting from an airport; or furnish opportunities for enhanced competition between 

or among carriers. The airlines collect and remit this revenue to the Authority and the Authority records this as 

nonoperating revenues. 

Customer Facility Charges: The Authority approved the collection of customer facility charges (CFCs) effective 

October 1, 2008. Certain rental car companies (RACs) agreed to assess and collect CFCs to pay the costs and 

expenses of financing, designing, constructing, operating, relocating, and maintaining the rental automobile related 

facilities. The RACs collect and remit this revenue to the Authority and the Authority records this as nonoperating 

revenues. 

Arbitrage Rebate: The U.S. Treasury issued regulations on calculating the rebate due the federal government on 

arbitrage profits, calculating arbitrage penalties, and determining compliance with the arbitrage rebate provisions of 

the Tax Reform Act of 1986. Arbitrage profits arise when the Authority temporarily invests the proceeds of tax 

exempt debt in securities with higher yields. The Authority records the rebate payable and reduction in investment 

income in accordance with the rebate calculation. 

Revenue Classifications: The components of the major operating revenue classifications are as follows: 

• Airfield Area – Fees for landings of passenger and cargo aircraft, apron use, and fuel flow system rental and 

fees. 

• Terminal Area – Airlines space rentals, privilege fees for the operation of terminal complex concessions of 

food, beverage, general merchandise, and other miscellaneous fees. 

• Hotel – Revenue associated with rooms, food and beverage, telecommunications, and other rentals and 

income. 

• Other Buildings and Grounds – Fees associated with fixed base operators, cargo apron use, in-flight 

catering and other building and land rentals. 

• Ground Transportation – Revenue associated with rental car concessions, taxi, shuttle and bus ground 

transportation, and public parking. 

Interest Rate Risk Management: The Authority uses interest rate swap agreements to reduce its debt service 

costs. The Authority has entered into an interest-rate swap agreement to reduce interest costs on the Airport 

Facilities Secondary Subordinated Revenue Bonds, Series 1997B. The differential to be paid or received is accrued 

as interest expense or income and is recognized over the term of the agreement. The related amount payable to or 

receivable from the counterparty is included in accrued interest or interest receivable. In accordance with GASB 

Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, the fair value of the swap is 

recognized in the financial statements. Disclosures related to interest-rate swaps are discussed in Note 12. 

29





Capital Contributions: Capital contributions consist primarily of grants and contributions from federal and state 

governmental agencies, airlines, and tenants. The Authority recognizes contributions as earned as related project 

costs are incurred. The Authority recognizes donated property at fair value when received. 

Interest During Construction: The Authority capitalizes interest during construction to Construction in Progress. 

Capitalized interest consists of interest cost on certain borrowings in excess of interest earned on related investments 

acquired with the proceeds of borrowings. 

Signatory Airline Lease and Use Agreement: Effective October 1, 2008 the Authority entered into a new Lease 

and Use Agreement relating to the use of the Orlando International Airport, terminal rentals, the establishment of 

landing fees, apron use fees, common use charges and other fees and charges with each of fourteen airlines 

(collectively, the “Signatory Airlines”). The Lease and Use Agreements are effective through September 30, 2013. 

The key provisions of the Lease and Use Agreements include a change from a residual to a compensatory ratemaking 

methodology for the terminal building, an amount of net remaining revenues for the Authority over the term 

of the Lease and Use Agreements, and an increase in amount of capital expenditures not subject to approval by the 

Signatory Airlines. Rates and charges are set up annually based on budget, reviewed periodically during the year, 

and a true-up calculation performed at year-end based on actual results. In the event the annual Revenues, as 

defined in the Lease and Use Agreement, shall be less than the requirement to satisfy the Authority’s rate covenant, 

the Authority shall recover additional rates and charges, pursuant to a provision of the Lease and Use Agreements. 

The net revenue sharing due to the Signatory Airlines is presented as a nonoperating expense on the Statements of 

Revenues, Expenses, and Changes in Net Assets. 

Advance Rent From Tenants: The current portion of advance rent from tenants primarily represents October 

revenues received in September. Amounts reported as noncurrent liabilities represent revenues to be recognized in 

years subsequent to the following fiscal year. 

Bond Issue Costs and Bond Discounts and Premiums: The Authority defers bond issue costs and bond discounts 

and premiums in the year of issuance and amortizes deferrals using the effective interest method over the life of the 

issuance. Losses on bond refundings are deferred and amortized over the shorter of the remaining life of the original 

issue or the life of the new issue. 

Estimates: The preparation of financial statements, in conformity with accounting principles generally accepted in 

the United States of America, requires management to make estimates and assumptions that affect certain reported 

amounts and disclosures. Accordingly, actual results could differ from those estimated. 

Reclassifications: Certain amounts in the prior year financial statements may have been reclassified to conform to 

the current year presentation 

2. OPERATION AND USE AGREEMENT – CITY OF ORLANDO 

The City of Orlando and the Authority signed an Operation and Use Agreement, dated September 27, 1976, which 

grants the Authority the right to occupy, operate, control and use Orlando International Airport and Orlando 

Executive Airport for a term of fifty years commencing on October 1, 1976. At the end of the term, unless 

otherwise extended, the Authority is obligated to return full ownership and control of all its assets to the City of 

Orlando. 

The City of Orlando transferred assets, liabilities and equity to the Authority at the carrying amounts in the accounts 

of the Aviation Division of the City of Orlando, which reflected historical or estimated historical costs, with 

accumulated depreciation at September 30, 1976. The property and equipment, net of accumulated depreciation 

transferred from the Aviation Division of the City of Orlando to the Authority, amounted to approximately $31.5 

million. 

30




2. OPERATION AND USE AGREEMENT – CITY OF ORLANDO (continued) 

The City of Orlando provides certain police and fire protection services to the Authority. Total charges for these 

services amounted to approximately $9.5 million and $8.4 million for 2011 and 2010, respectively. Approximately, 

$6.6 million and $5.6 million are recorded as liabilities due to the City of Orlando in connection with these services 

at September 30, 2011 and 2010, respectively. 

3. CASH DEPOSITS AND INVESTMENTS 

The Authority’s cash and cash equivalents balances include amounts deposited with commercial banks in interestbearing 

and non-interest bearing demand deposit accounts, as well as the Florida State Board of Administration’s 

Local Government Surplus Investment Pool (LGIP). The commercial bank balances are entirely insured by federal 

depository insurance or by collateral pursuant to the Florida Security for Public Deposits Act of the State of Florida 

(the Act). 

The Act establishes guidelines for qualification and participation by banks and savings associations, procedures for 

the administration of the collateral requirements and characteristics of eligible collateral. Under the Act, the 

Authority’s deposits in qualified public depositories are considered totally insured. The qualified public depository 

must pledge at least 50% of the average daily balance for each month of all public deposits in excess of any 

applicable deposit insurance. Additional collateral, up to a maximum of 125%, may be required, if deemed 

necessary under the conditions set forth in the Act. Obligations pledged to secure deposits must be delivered to the 

State of Florida’s Chief Financial Officer (State’s CFO) or, with the approval of the State’s CFO, to a bank, savings 

association, or trust company provided a power of attorney is delivered to the State’s CFO. 

The Authority follows GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and 

for External Investment Pools, which requires the adjustments of the carrying values of investments to fair value to 

be presented as a component of investment income. Investments are presented at fair value, which is based on 

available market values. The LGIP operated by the Florida State Board of Administration is a “2a-7-like” pool in 

accordance with GASB 31; therefore it is not presented at fair value but at its actual pooled share price which 

approximates fair value. 

At September 30, 2011 and September 30, 2010, the fair value of all securities regardless of the balance sheet 

classification was as follows (in thousands): 

2011 2010 

U.S. Treasury and government agency securities $ 265,723 $ 294,150 

Commercial paper 59,574 5,996 

Local government investment pool 441 547 

Investment in money market funds 293,367 269,600 

Securities total $ 619,105 $ 570,293 

(Remainder of this page intentionally left blank) 

31

3. CASH DEPOSITS AND INVESTMENTS (continued) 




These securities are classified on the balance sheet as follows (in thousands): 

2011 2010 

Current assets 


Investments 152,382 128,065 




Total cash and investments 835,474 809,709 

Less cash on deposit (216,369) (239,416) 

Total securities, at fair value $ 619,105 $ 570,293 

The Authority is authorized to invest in securities as described in its investment policy and in each bond resolution. 

As of September 30, 2011 and 2010, the Authority held the following investments as categorized below in 

accordance with GASB Statement No. 40, Deposit and Investment Risk Disclosures – an amendment of GASB 

Statement No. 3: 

Investment Maturities at September 30, 2011 (in thousands): 

Less than 1 1 to 5 6 to 10 11 to 15 

Investment Type Year Years Years Years Total 

U.S. Treasury and government agency $ 154,356 $ 70,452 $ 1,003 $ 39,912 $ 265,723 

Commercial paper 59,574 - - - 59,574 

Local government investment pool 8 433 - - 441 

Money market funds 293,367 - - - 293,367 

$ 507,305 $ 70,885 $ 1,003 $ 39,912 $ 619,105 

Investment Maturities at September 30, 2010 (in thousands): 

Less than 1 1 to 5 6 to 10 11 to 15 

Investment Type Year Years Years Years Total 

U.S. Treasury and government agency $ 127,026 $ 136,434 $ - $ 30,690 $ 294,150 

Commercial paper 5,996 - - - 5,996 

Local government investment pool 37 - 510 - 547 

Money market funds 269,600 - - - 269,600 

$ 402,659 $ 136,434 $ 510 $ 30,690 $ 570,293 

As of September 30, 2011, the Authority had $0.6 million invested in the State Board of Administration (SBA) 

LGIP and Fund B with the majority of the funds invested in Fund B. The SBA does not allow participants to 

withdraw funds from Fund B. As maturities occur in Fund B, the SBA transfers the moneys from Fund B to LGIP. 

An entry to adjust the fair value of Fund B by $0.2 million to reflect the approximate fair value of Fund B 

investments at September 30, 2011 reduced the combined value of the LGIP and Fund B to $0.4 million. 

On November 9, 2011, the SBA disclosed the weighted average life of investments held in Fund B as of 

September 30, 2011 as being 4.82 years. Therefore, as of September 30, 2011, the maturity date of investments held 

in Fund B was adjusted from March 25, 2018 to July 24, 2016. However, because Fund B consists of restructured or 

defaulted securities there is a considerable uncertainty regarding the weighted average life. 

32




3. CASH DEPOSITS AND INVESTMENTS (continued) 

Interest Rate Risk: As a means of limiting its exposure to fair value losses arising from rising interest rates, the 

Authority generally holds investments to maturity. The Authority’s investment policy requires the investment 

portfolio to be structured to provide sufficient liquidity to pay obligations as they become due. To the extent 

possible, investment maturities match known cash needs and anticipated cash flow requirements. Additionally, 

maturity limitations for investments related to the issuance of debt are outlined in the Bond Resolution relating to 

the specific bond issue. The Authority portfolio holds a number of callable securities. The schedules above present 

the maturity date of the securities. 

Credit Risk: The Authority’s general investment policy is to apply the prudent-person rule: Investments are made 

as a prudent person would be expected to act, with discretion and intelligence, to seek reasonable income, preserve 

capital, and in general, avoid speculative investments. Authority policy limits investments to the highest credit 

rating category of Moody’s Investors Services (Moody’s) and Standard & Poor’s (S&P), and funds can only be 

invested in money market funds rated AAAm or AAAm-G by S&P. Investment in commercial paper is limited to 

those programs rated A-1, P-1, which is the highest rating category. Consistent with the Authority’s investment 

policy and bond resolutions, instrumentality investments held in the portfolio were rated AA+ by S&P and Aaa by 

Moody’s as of September 30, 2011. 

On December 21, 2007, Standard and Poor's Ratings Services assigned its "AAAm" principal stability fund rating to 

LGIP. Fund B is not rated by any nationally recognized statistical rating agency. Additional information regarding 

the LGIP and Fund B may be obtained from the State Board of Administration. 

Custodial Credit Risk: For an investment, custodial risk is the risk that, in the event of the failure of the 

counterparty, the Authority will not be able to recover the value of its investments or collateral securities that are in 

the possession of an outside party. All of the Authority’s investment are either held in the name of the Authority or 

held in trust under the Authority’s name. 

Concentration of Credit Risk: At September 30, 2011, the Authority held investments exceeding 5 percent of the 

total investment portfolio (including cash and cash equivalents) with three issuers; Federal Home Loan Bank 

(16.63%), Federal Farm Credit Bank (5.04%) and Federal National Mortgage Association (7.23%). At 

September 30, 2010, the Authority held investments exceeding 5 percent of the total investment portfolio (including 

cash and cash equivalents) with three issuers; Federal Home Loan Bank (10.23%), Federal Home Loan Mortgage 

Corporation (14.33%) and Federal National Mortgage Association (7.25%). Each of the investments are rated either 

AA+ by S&P or Aaa by Moody’s rating agency. Standard practice limits the maximum investment in any one issuer 

of commercial paper to $5 million dollars. 


33




4. DUE FROM OTHER GOVERNMENTAL AGENCIES 

The following amounts were due from other governmental agencies as of September 30, 2011 and 2010 (in 

thousands): 

2011 2010 

Unrestricted 

Transportation and Security Administration (TSA) $ 326 $ 

- 

Florida Department of Transportation (FDOT) 258 237 

Orlando Orange County Expressway Authority (OOCEA) 177 157 

Total Unrestricted $ 761 $ 394 

Restricted 

Transportation and Security Administration (TSA) $ 6,655 $ 4,918 

Federal Aviation Administration (FAA) 1,731 1,462 

Florida Department of Transportation (FDOT) 1,350 538 

General Service Administration (GSA) - 135 

Other 55 56 

Total Restricted $ 9,791 $ 7,109 

5. RESTRICTED ASSETS 

The Bond Resolution and the Master Indenture of Trust authorizing the issuance of the revenue bonds for Orlando 

International Airport require segregation of certain assets into restricted accounts. At September 30, 2011 and 2010, 

composition of restricted accounts is as follows (in thousands): 

2011 2010 

Debt Service Accounts $ 195,027 $ 198,398 

Capital Acquisition Accounts 119,095 115,082 

Bond Construction Accounts 92,399 126,152 

Passenger Facility Charges Account 132,549 86,609 

Customer Facility Charges Account 59,665 47,625 

Operating Reserve Account 32,937 31,560 

Total Restricted Assets $ 631,672 $ 605,426 


34




6. CAPITAL ASSETS 

A summary of capital assets activity for the years ended September 30, 2011 and 2010 is as follows (in thousands): 

Balance Additions Balance 

October 1, and Reclass- September 30, 

2010 ifications Deductions 2011 

Property and Equipment 

Capital Assets not Depreciated 

Land $ 257,557 $ 13,140 $ 55 $ 270,642 

Assets Held for Future Use 78,221 - - 78,221 

335,778 13,140 55 348,863 

Other Property and Equipment 

Building 271,201 - - 271,201 

Improvements 1,670,835 29,954 14 1,700,775 

Equipment 196,929 5,635 1,134 201,430 

Motor Vehicles 19,318 901 659 19,560 

2,158,283 36,490 1,807 2,192,966 

Accumulated Depreciation 

Building 111,976 8,562 - 120,538 

Improvements 788,952 65,077 6 854,023 

Equipment 75,854 10,650 1,130 85,374 

Motor Vehicles 15,165 1,599 659 16,105 

991,947 85,888 1,795 1,076,040 

Net Property and Equipment 1,502,114 (36,258) 67 1,465,789 

Property and Equipment - Held for Lease 


Land 8,131 - - 8,131 


Building 904,194 2,257 - 906,451 

Improvements 76,377 4,295 - 80,672 

Equipment 8,774 - 8,774 

989,345 6,552 - 995,897 


Building 439,610 27,129 - 466,739 

Improvements 42,046 4,194 - 46,240 

Equipment 418 1,253 - 1,671 

482,074 32,576 - 514,650 

Net Property and Equipment - Held for Lease 515,402 (26,024) - 489,378 

Construction Work in Progress 


Construction Work in Progress 28,123 70,220 53,678 44,665 

Net Capital Assets $ 2,045,639 $ 7,938 $ 53,745 $ 1,999,832 

35

6. CAPITAL ASSETS (continued) 




Balance Additions Balance 

October 1, and Reclass- September 30, 

2009 ifications Deductions 2010 

Property and Equipment 


Land $ 246,872 $ 10,685 $ - $ 257,557 

Assets Held for Future Use 106,308 - 28,087 78,221 

353,180 10,685 28,087 335,778 


Building 271,194 7 - 271,201 

Improvements 1,491,793 179,042 - 1,670,835 

Equipment 94,690 103,357 1,118 196,929 

Motor Vehicles 19,126 192 - 19,318 

1,876,803 282,598 1,118 2,158,283 


Building 103,386 8,590 - 111,976 

Improvements 726,059 62,893 - 788,952 

Equipment 66,364 10,606 1,116 75,854 

Motor Vehicles 13,464 1,701 - 15,165 

909,273 83,790 1,116 991,947 

Net Property and Equipment 1,320,710 209,493 28,089 1,502,114 

Property and Equipment - Held for Lease 


Land 8,131 - - 8,131 


Building 861,209 42,985 - 904,194 

Improvements 76,377 - - 76,377 

Equipment - 8,774 - 8,774 

937,586 51,759 - 989,345 


Building 413,949 25,661 - 439,610 

Improvements 37,905 4,141 - 42,046 

Equipment - 418 - 418 

451,854 30,220 - 482,074 

Net Property and Equipment - Held for Lease 493,863 21,539 - 515,402 

Construction Work in Progress 


Construction Work in Progress 279,113 82,574 333,564 28,123 

Net Capital Assets $ 2,093,686 $ 313,606 $ 361,653 $ 2,045,639 

36

6. CAPITAL ASSETS (continued) 




During 2011, the Authority capitalized interest in the amount of $3.8 million to Construction in Progress (CIP), 

representing the excess of interest cost ($4.0 million) on certain borrowings during the construction period over the 

interest earned ($0.2 million) on related interest-bearing investments acquired with the proceeds of the borrowings. 

During 2010, the Authority capitalized interest in the amount of $4.0 million to CIP, representing the excess of 

interest cost ($4.1 million) on certain borrowings during the construction period over the interest earned ($0.1 

million) on related interest-bearing investments acquired with the proceeds of the borrowings. 

During the year ended September 30, 2010 an impairment write-down of $28.1 million is included in Depreciation 

and Impairment Write-down on the Statements of Revenues, Expenses and Changes in Net Assets. The impairment 

write-down is a result of reducing the carrying amount of certain South Terminal design costs, which were 

determined to provide no future benefit to the Authority. 

7. LEASE AND CONCESSION AGREEMENTS 

The following is a schedule by years of minimum future revenues from non-cancelable agreements as of 

September 30 (in thousands): 

2012 $ 195,191 

2013 187,425 

2014 113,814 

2015 99,017 

2016 104,393 

Later years 170,014 

Total minimum future revenues $ 869,854 

Minimum future revenues do not include contingent revenues which may be received under agreement for use of 

land and buildings on the basis of revenue or fuel flow fees earned. Contingent revenues amounted to 

approximately $25 million and $26 million for the years ended September 30, 2011 and 2010 respectively. 

8. PENSION PLANS 

The Authority maintains two defined benefit plans for its employees, a single-employer plan covering nonfirefighter 

employees and a multi-employer plan for firefighters. Additionally, the Authority provides two defined 

contribution plans, a single-employer defined contribution retirement plan for non-firefighter employees and a 

multi-employer defined contribution plan for firefighters. 

Single-Employer Defined Benefit Pension Plan 

General: The Authority contributes to the Retirement Plan for Employees of the Greater Orlando Aviation 

Authority (DB Plan), a single-employer retirement plan. The DB Plan provides retirement and death benefits to DB 

Plan members and beneficiaries. Comerica, Inc. (Comerica) currently holds the assets of the Plan in various 

managed accounts. Comerica currently pays the DB Plan benefits. Gabriel, Roeder, Smith & Company issues a 

publicly available actuarial report that includes required supplementary information for the DB Plan. That report 

may be obtained by writing to Greater Orlando Aviation Authority, One Jeff Fuqua Boulevard, Orlando, Florida 

32827, Attention: Human Resources. 

37

8. PENSION PLANS (continued) 




Plan Description: The Authority authorizes all employees hired before October 1, 1999, other than firefighters to 

participate in the DB Plan. The Authority authorizes employees hired after September 30, 1999 to participate in the 

Single-Employer Defined Contribution Retirement Plan (DC Plan). The Authority allowed employees who were 

participants of the DB Plan to convert to the DC Plan during the period February 23, 2001 to June 30, 2001. The 

Authority credits all service from date of hire. Retirement benefits equal 3% of the average of the three years of 

highest annual earnings multiplied by years of credited service with a maximum of 75% of the average earnings. In 

the event of early retirement, there is a 3% benefit reduction for each year prior to normal retirement. Normal 

retirement date is the first day of the month following, or coinciding with, the earliest of a participant’s sixty-fifth 

birthday and seven years of credited service, or twenty-five years of credited service. An employee is 20% vested 

after the first year of credited service and achieves 100% vesting after five years of service. Benefit provisions are 

established and may be amended by the Authority Board. 

If a vested participant dies after becoming eligible for early retirement, but prior to actual retirement, his eligible 

spouse or other named beneficiary receives an amount equal to that which would have been received if the 

participant separated from service on the date of death, survived to the earliest possible retirement age and retired on 

that date with an immediate 50% contingent annuity. This benefit is payable unless otherwise elected by the 

participant and spouse. 

Funding Policy: The actuarial valuation used for funding determines the annual contribution requirements of the 

Authority. The Authority does not require plan members to contribute to the DB Plan. 

The Authority’s contributions to the DB Plan are actuarially determined. The rates for the years ended 

September 30, 2011 and 2010 were 45.08% and 41.03% of estimated annual covered payroll, respectively. The 

Authority’s estimated annual covered payroll for employees under the DB Plan was $11.9 million and $14.1 million 

for the years ended September 30, 2011 and 2010, respectively. 

Annual Pension Cost and Net Pension Obligation: The Authority’s annual pension cost and net pension asset 

related to the DB Plan at September 30, 2011 were as follows (in thousands): 

Annual required contribution (ARC) $ 5,347 

Interest on net pension obligation (82) 

Adjustment to ARC 177 

Annual pension cost 5,442 

Contributions made (5,347) 

Decrease in net pension asset 95 

Net pension asset - October 1, 2010 1,097 

Net pension asset - September 30, 2011 $ 1,002 


38





Three-Year Trend Information 


Fiscal Years Annual Percentage of 

Ended Pension Cost APC Net Pension 

September 30, (APC) Contributed Asset 

2011 $ 5,442 98.3 % $ 1,002 

2010 5,867 98.3 1,097 

2009 5,463 98.3 1,194 

Funded Status and Funding Progress: As of October 1, 2010, the most recent actuarial valuation date, the DB 

Plan was 78.6% funded. The actuarial accrued liability for benefits was $100.5 million, and the actuarial value of 

assets was $79.0 million resulting in an unfunded actuarial accrued liability (UAAL) of $21.5 million. The covered 

payroll was $12.4 million, and the ratio of the UAAL to the covered payroll was 173.9%. 

The schedule of funding progress, presented as Required Supplementary Information following the notes to the 

financial statements, presents multiyear trend information about whether the actuarial value of plan assets are 

increasing or decreasing over time relative to the actuarial accrued liability for benefits. The Authority currently 

uses the Aggregate Actuarial Cost Method to determine the annual required contribution. Since this method does 

not identify or separately amortize unfunded actuarial accrued liabilities, information about the funded status and 

funding progress is presented using the Entry Age Actuarial Cost Method and the information is intended to serve as 

a surrogate for the funded status and funding progress of the plan. 

Actuarial Methods and Assumptions: The October 1, 2009 actuarial valuation determined the required 

contribution for the 2011 fiscal year. The actuarial assumptions for fiscal years 2011 and 2010 include: (a) rate of 

return on investments of 7.5% per year, (b) projected salary increases of 5.0%, (c) inflation adjustments of 3.5%, 

and (d) expense loading is the average of actual expenses over the previous two years. Five-year smoothed market 

method values DB Plan assets. The Aggregate Actuarial Cost Method determines the DB Plan's actuarial valuation. 

Single-Employer Defined Contribution Retirement Plan 

Plan Description: The Single-Employer Defined Contribution Retirement Plan (DC Plan) provides benefits upon 

retirement to employees of the Authority. At September 30, 2011, there were 353 active plan members. The plan 

provides retirement and death benefits to plan participants and beneficiaries. 

General: The DC Plan is administered by a committee appointed by the Authority Board. The Authority can 

modify, alter or amend the DC Plan. 

The DC Plan authorizes employees, other than firefighters, hired on or after October 1, 1999, to participate. Eligible 

employees include regular full-time employees and regular part-time employees who are normally scheduled to 

work 20 or more hours per week. The DC Plan allows employees to participate after three full months of service. 

The DC Plan has separate accounts for each employee, and investments are self-directed by the employee. The 

Authority contributes 6% of base wages and up to another 4% as a matching contribution. The employee contributes 

up to 10%. The DC Plan allows the employee’s first 4% contribution to be pre-tax or after-tax. Employee 

contributions and earnings are 100% vested. The Authority’s contributions vest at 20% per year of service, starting 

at one year of service. Employees hired prior to October 1, 1999, continued in the Authority’s DB Plan, or 

converted at their option from the DB Plan to the DC Plan during the period of February 23, 2001 to June 30, 2001. 

39





The Authority’s payroll for employees covered by the DC Plan was $14.6 million and $14.1 million for the year 

ending September 30, 2011 and 2010, respectively. The Authority contributed $1.3 million for each of the years 

ending September 30, 2011 and 2010. Participants contributed $0.6 million for each of the years ending 

September 30, 2011 and 2010. 

Multiple-Employer Pension Plans 

Plan Description: All firefighters employed by the Authority participate in the Florida Retirement System (FRS), a 

cost-sharing, multiple-employer defined benefit public retirement plan. The FRS provides retirement and disability 

benefits, cost-of-living adjustments, and death benefits to plan participants and beneficiaries. Florida Statutes 

establish benefit provisions. The FRS issues a publicly available financial report that includes financial statements 

and required supplementary information. That report may be obtained by writing to the Florida Retirement System, 

Division of Retirement, Post Office Box 9000, Tallahassee, Florida 32315-9000, or by calling (877) 377-1737. 

Participation in the FRS is compulsory for all full-time and part-time firefighters employed by the Authority. The 

FRS categorizes participants as members of a special risk class. A member receives one month credit for each 

month in which any salary is paid for services performed. The FRS authorizes members who meet certain 

requirements to purchase additional service credits to increase their retirement benefit. The FRS provides vesting of 

benefits after six years of creditable service (or eight years if enrolled on or after July 1, 2011). Special risk 

members enrolled in the FRS before July 1, 2011 meet eligibility for normal retirement after: (a) six years of special 

risk creditable service and attaining age fifty-five, (b) a combined total of twenty-five years of special risk creditable 

service and military service and attaining age fifty-two, (c) twenty-five years of special risk creditable service, or (d) 

thirty years of any creditable service, regardless of age. Special risk members enrolled in the FRS on or after July 1, 

2011 meet eligibility for normal retirement after: (a) eight years of special risk creditable service and attaining age 

sixty, (b) a combined total of thirty years of special risk creditable service and military service and attaining age 

fifty-seven, (c) thirty years of special risk creditable service, or (d) thirty-three years of any creditable service, 

regardless of age. The FRS allows early retirement any time after vesting; however, there is a 5% benefit reduction 

for each year prior to normal retirement age or date. Options at retirement include benefits for life or reduced 

benefits with beneficiary rights. 

Funding Policy: Various acts of the Florida Legislature determine the funding methods and benefits. These acts 

provide employers, such as the Authority, requirements to contribute at the current actuarially determined rate of 

covered payroll for special risk members. Effective July 1, 2011, all FRS employees, with the exception of the 

Deferred Retirement Option Program (DROP) participants and reemployed retirees who are initially reemployed 

under covered employment on or after July 1, 2010, are required to make pretax retirement contributions of 3% of 

their gross salary to the plan. 

The employer contribution rate for the year ended September 30, 2011 was 23.25% from October 1, 2010 to 

June 30, 2011 and 14.10% from July 1, 2011 to September 30, 2011. The contribution rate for the year ended 

September 30, 2010 was 20.92% from October 1, 2009 to June 30, 2010 and 23.25% from July 1, 2010 to 

September 30, 2010. The contribution rate for the year ended September 30, 2009 was 20.92%. The Authority’s 

contributions to the FRS for each of the years ended September 30, 2011, 2010, and 2009 were approximately 

$800,000, which represents the required contributions for each year. 

Multi-Employer Defined Contribution Retirement Plan 

Effective July, 2002, the FRS offered its members the Florida Retirement System Investment Plan (Investment Plan) 

as a second retirement plan option. The Investment Plan is a defined contribution plan funded by employer 

contributions established by law. The employers’ contributions are based on salary and FRS membership class, 

ranging from 6% for regular to 17% for special risk. Effective July 1, 2011, all FRS employees, with the exception 

of DROP participants and reemployed retirees who are initially reemployed under covered employment on or after 

40





July 1, 2010, are required to make pretax retirement contributions of 3% of their gross salary to the plan. Employees 

that do not elect this plan automatically enroll in the defined benefit plan. Employees vest after one year of service. 

Participants of the FRS have one lifetime option of transferring the value of their plan to the Investment Plan. As of 

September 30, 2011 and 2010, the Authority had one participant in this plan. 

9. POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS 

Plan Description: The Greater Orlando Aviation Authority Healthcare Plan (GOAAHP) is a single-employer 

healthcare plan administered by the Authority. The GOAAHP provides postemployment healthcare benefits to 

those participants who, in accordance with Article 4 of the Retirement Plan for Employees of the Greater Orlando 

Aviation Authority and Article 5 of the Greater Orlando Aviation Authority Defined Contribution Retirement Plan, 

retire at a participants’ normal retirement date or early retirement date and who receive pension benefits 

immediately upon termination. CBIZ Benefits and Insurance Services issues a publicly available actuarial report 

that includes required supplementary information for GOAAHP. The report may be obtained by writing to Greater 

Orlando Aviation Authority, One Jeff Fuqua Boulevard, Orlando, Florida 32827, Attention: Human Resources. As 

of September 30, 2011, the GOAAHP provided benefits to 255 participants. 

Funding Policy and Annual Cost: The Authority establishes and amends benefit provisions and contribution 

obligations. The Authority provides medical, dental, and vision coverage at no cost to employees who retired prior 

to August 2, 1997. 

For employees that retire after August 2, 1997 and employees hired prior to October 1, 2006, eligibility for 

retirement health care benefits will be determined by the years of credited service, and whether the employee 

immediately begins to receive pension benefits. Employees who do not elect to receive pension benefits 

immediately upon termination of employment forfeit eligibility for any health care coverage under this policy. The 

Authority’s premium contribution for employees retiring after August 2, 1997 and for employees hired prior to 

October 1, 2006 is as follows: 

Credited Service 

Contribution 

20 or more years 100% 

15 but less than 20 years 

75% 

10 but less than 15 years 50% 

Less than 10 years 0% 

The premiums for employees hired on or after October 1, 2006, will be paid by the employee at 100%. Dependent 

coverage is available at the retiree’s expense provided the retiree is eligible to receive health benefits under this 

policy. 

The Authority is not required to fund the GOAAHP. However, on September 30, 2011, the Authority funded its 

OPEB obligation to a qualifying, irrevocable trust in the amount of $26.3 million. The annual contribution of the 

employer, an amount actuarially determined in accordance with GASB 45, Accounting and Financial Reporting by 

Employers for Postemployment Benefits other Than Pensions, represents a level of funding that, if paid on an 

ongoing basis, is projected to cover normal cost each year and to amortize any unfunded actuarial liabilities (or 

funding excess) over a period not to exceed thirty years. The current rate is 16.7% of annual covered payroll. For 

the years ended September 30, 2011 and 2010, the Authority’s actuarially determined annual OPEB costs (expenses) 

were $5.3 million and $7.2 million, respectively. 


41




9. POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (continued) 

The following table shows the components of the Authority’s annual OPEB cost for the years ended September 30, 

2011 and 2010, the annual required contribution, and changes in the Authority’s net OPEB obligation to GOAAHP 

(in thousands): 

2011 2010 

Annual required contribution $ 5,580 $ 7,432 

Interest on net OPEB obligation 1,428 637 

Adjustment to annual required contribution (1,684) (884) 

Annual OPEB cost 5,324 7,185 

Benefit payments (1,059) (1,103) 

Trust contributions made (26,253) - 

(Decrease) Increase in net OPEB obligation (21,988) 6,082 

Net OPEB obligation - beginning of year 21,988 15,906 

Net OPEB obligation - end of year $ - $ 21,988 

The Authority’s annual OPEB cost, the percentage of annual OPEB cost contributed to the GOAAHP, and the net 

OPEB obligation for the fiscal years ended September 30, 2011, 2010, and 2009 is as follows (in thousands): 

Fiscal Years Annual Percentage of Net 

Ended OPEB Annual OPEB OPEB 

September 30, Cost Cost Contributed Obligation 

2011 $ 5,324 512.9 % $ 

- 

2010 7,185 15.4 21,988 

2009 7,010 11.0 15,906 

Funded Status and Funding Process: The funded status of the plan as of October 1, 2011, the most recent 

actuarial valuation date, is as follows (in thousands): 

Actuarial Accrued Liability (a) $ 48,038 

Actuarial Value of Plan Assets ( b) 

Unfunded Actuarial Accrued Liability (a) – (b) 

$ 

26,253 

21,785 

Funded Ratio (b) / (a) 54.6% 

C overed Payroll (c) * $ 31,866 

U nfunded Actuarial Accrued Liability 

as a Percentage of Covered Payroll [(a) – (b)] / (c)] 68.4% 

Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of 

events in the future. Amounts determined regarding the funded status of the GOAAHP and the annual contribution 

of the employer are subject to continual revision as actual results are compared to past expectations and new 

estimates are made about the future. 

* Covered Payroll is the 2010-2011 actual regular salaries for active employees covered under the GOAAHP. 

42




9. POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (continued) 

Actuarial Methods and Assumptions: Projections of benefits are based on the substantive plan (the plan as 

understood by the employer and plan participants) and include the types of benefits in force at the valuation date and 

the pattern of sharing benefit costs between the Authority and the GOAAHP participants to that point. Actuarial 

calculations reflect a long-term perspective and employ methods and assumptions that are designed to reduce shortterm 

volatility in actuarial accrued liabilities and the actuarial value of assets. Significant methods and assumptions 

were as follows: 

Actuarial Valuation Date October 1, 2011 

Actuarial Cost Method 

Projected Unit Credit 

Amortization Method 

Level Dollar amounts 

Amortization Period\ (open) 

30 years 

Asset Valuation Method 

N/A 

Investment Rate of Return 6.5% 

Projected Salary Increase 

N/A 

Healthcare Inflation Rate: 

Year Medical Rate Dental Rate Vision Rate 

2012 9.0% 5.0% 5.0% 

2013 7.5 5.0 5.0 

2014 7.0 5.0 5.0 

2015 6.5 5.0 5.0 

2016+ 6.0 5.0 5.0 

The required schedule of funding progress presented as required supplementary information immediately following 

the notes to the financial statements presents multi-year trend information about whether the actuarial value of plan 

assets is increasing or decreasing over time, relative to the actuarial accrued liability for benefits. 

During the fiscal year 2011, the Authority changed its interest rate of return from 4.0% to 6.5% as a result of 

funding the OPEB obligation to a qualifying, irrevocable trust. 

10. RISK MANAGEMENT 

The Authority developed risk mitigation strategies for loss prevention to address exposure to various risks. One of 

those risk mitigation strategies is the purchase of commercial insurance for losses related to torts and other 

liabilities, theft of, damage to and destruction of assets, and natural disasters. The supplemental section of the 

Comprehensive Annual Financial Report of the Authority discusses specific details regarding insurance coverage 

and deductibles. 

Effective October 1, 2000, the Authority became self-insured for workers compensation and employer’s liability 

insurance up to $150,000 per occurrence. The Authority purchases excess coverage for workers compensation and 

employer’s liability claims to provide stop loss coverage for claims in excess of $150,000 per occurrence with limits 

that are consistent with statutory requirements. Johns Eastern Company, Inc. provides claims administration and 

associated reporting. The Authority records workers compensation liabilities when it is probable that a loss occurred 

and the amount of the loss can be reasonably estimated. Liabilities include an amount for the claims that have been 

incurred but not reported (IBNR). The Authority includes liabilities for unpaid claims at year-end in accrued 

expenses as current liabilities. 

43

10. RISK MANAGEMENT (continued) 




The Authority has a third party actuary perform a review of claim history for all claim years which open claims are 

outstanding. The actuary projects the ultimate claim payment obligation (including IBNR) for each year’s claim 

experience. The Authority recorded this estimate as a liability. No settlements exceeded excess insurance coverage 

in the past three years. 

Changes in the Authority’s workers compensation claims liability are as follows as of September 30, 2011 and 2010 


2011 2010 

Unpaid claims and claims adjustment expenses at beginning of year $ 555 $ 555 

Incurred claims and claims adjustment expenses: 

Provisions for insured events of the current fiscal year 303 227 

Decrease in provision for insured events of prior years (12) (120) 

Total incurred claims and claims adjustment expenses 291 107 

Payments: 

Claims and claims adjustment expenses attributable to insured 

events of prior years (116) (32) 

Claims and claims adjustment expenses attributable to insured 

events of current year (113) (75) 

Total payments (229) (107) 

Total unpaid claims and claims adjustment expenses at end of year $ 617 $ 555 


44

11. NONCURRENT LIABILITIES 




A summary of noncurrent liability activity for the years ended September 30, 2011 and 2010 is as follows (in thousands): 

Balance Balance Amounts Amounts 

October 1, September 30, Due Within Due After 

2010 Additions Deductions 2011 One Year One Year 

Airport Facilities Revenue Bonds 

Senior Lien Bonds 

Series 1997 $ 17,880 $ - $ 8,690 $ 9,190 $ 9,190 $ - 

Series 1998 12,910 - 2,620 10,290 2,425 7,865 

Series 1999A 84,370 - 84,370 - - - 

Series 1999B 11,760 - 11,760 - - - 

Series 2002A 46,205 - 1,120 45,085 1,165 43,920 

Series 2002B 108,500 - 485 108,015 505 107,510 

Series 2003A 53,470 - 440 53,030 445 52,585 

Series 2007A 141,485 - - 141,485 - 141,485 

Series 2008A 239,140 - 27,725 211,415 29,525 181,890 

Series 2008C 63,238 - 6,551 56,687 6,852 49,835 

Series 2009A 98,550 - - 98,550 - 98,550 

Series 2009B 11,275 - - 11,275 - 11,275 

Series 2009C 87,110 - 1,155 85,955 1,490 84,465 

Series 2010A 79,705 - - 79,705 - 79,705 

Series 2010B 84,105 - - 84,105 15,740 68,365 

Series 2011A - 6,355 - 6,355 270 6,085 

Series 2011B - 70,040 - 70,040 - 70,040 

Subordinated Indebtedness 

Series 1998C Gulf Breeze 15,680 - 2,305 13,375 2,420 10,955 

Series 2002A Taxable 10,265 - 3,820 6,445 4,060 2,385 

Secondary Subordinated 

Indebtedness 

Series 1997B 90,055 - - 90,055 - 90,055 


Series 2009CFC 62,800 - 6,910 55,890 7,175 48,715 

Total Revenue Bonds 1,318,503 76,395 157,951 1,236,947 81,262 1,155,685 

Less unamortized discounts 

and (premiums) 2,074 986 (230) 3,290 - 3,290 

Less unamortized deferred 

amounts 48,984 1,313 9,237 41,060 - 41,060 

Add interest rate swap-fair value 21,557 3,945 - 25,502 - 25,502 

Net Revenue Bonds 1,289,002 78,041 148,944 1,218,099 81,262 1,136,837 

Notes Payable 

Line of Credit - 1,182 - 1,182 1,182 - 

Total Notes Payable - 1,182 - 1,182 1,182 - 

Other Liabilities 

Advanced rent from tenants (1) 2,528 - 194 2,334 194 2,140 

Other Postemployment Benefits 21,988 5,324 27,312 - - - 

Compensated Absences (1) 3,997 2,850 2,631 4,216 3,031 1,185 

Pollution Remediation Liability (1) 4,311 172 282 4,201 1,121 3,080 

Total Other Liabilities 32,824 8,346 30,419 10,751 4,346 6,405 

Total Noncurrent Liabilities $ 1,321,826 $ 87,569 $ 179,363 $ 1,230,032 $ 86,790 $ 1,143,242 

(1) Advance rent from tenants due within one year is included with other current advanced rents from tenants on the balance 

sheet; compensated absences and the pollution remediation liability due within one year is included in current accounts 

payable and accrued liabilities on the balance sheet. 

45

11. NONCURRENT LIABILITIES (continued) 




Balance Balance Amounts Amounts 

October 1, September 30, Due Within Due After 

2009 Additions Deductions 2010 One Year One Year 


Senior Lien Bonds 

Series 1997 $ 26,080 $ - $ 8,200 $ 17,880 $ 8,690 $ 9,190 

Series 1998 15,725 - 2,815 12,910 2,620 10,290 

Series 1999A 184,255 - 99,885 84,370 14,845 69,525 

Series 1999B 12,035 - 275 11,760 290 11,470 

Series 2002A 47,285 - 1,080 46,205 1,120 45,085 

Series 2002B 108,965 - 465 108,500 485 108,015 

Series 2003A 53,895 - 425 53,470 440 53,030 

Series 2007A 141,485 - - 141,485 - 141,485 

Series 2008A 248,070 - 8,930 239,140 27,725 211,415 

Series 2008B 17,455 - 17,455 - - - 

Series 2008C 69,500 - 6,262 63,238 6,551 56,687 

Series 2009A 98,550 - - 98,550 - 98,550 

Series 2009B 11,275 - - 11,275 - 11,275 

Series 2009C - 87,110 - 87,110 1,155 85,955 

Series 2010A - 79,705 - 79,705 - 79,705 

Series 2010B - 84,105 - 84,105 - 84,105 

Subordinated Indebtedness 

Series 1998C Gulf Breeze 17,880 - 2,200 15,680 2,305 13,375 

Series 2002A Taxable 13,875 - 3,610 10,265 3,820 6,445 

Secondary Subordinated 

Indebtedness 

Series 1997B 90,055 - - 90,055 - 90,055 


Series 2009CFC - 62,800 - 62,800 6,910 55,890 

Total Revenue Bonds 1,156,385 313,720 151,602 1,318,503 76,956 1,241,547 

Less unamortized discounts 

and (premiums) 3,780 (1,430) 276 2,074 - 2,074 

Less unamortized deferred 

amounts 56,604 2,160 9,780 48,984 - 48,984 

Add interest rate swap-fair value 15,346 6,211 - 21,557 - 21,557 

Net Revenue Bonds 1,111,347 319,201 141,546 1,289,002 76,956 1,212,046 

Notes Payable 

Commercial Paper 68,955 - 68,955 - - - 

Less unamortized discounts 4 - 4 - - - 

Total Notes Payable 68,951 - 68,951 - - - 

Other Liabilities 

Advanced rent from tenants (1) 2,722 - 194 2,528 194 2,334 

Other Postemployment Benefits 15,906 7,185 1,103 21,988 - 21,988 

Compensated Absences (1) 4,431 2,504 2,938 3,997 2,874 1,123 

Pollution Remediation Liability (1) 3,986 540 215 4,311 381 3,930 

Total Other Liabilities 27,045 10,229 4,450 32,824 3,449 29,375 

Total Noncurrent Liabilities $ 1,207,343 $ 329,430 $ 214,947 $ 1,321,826 $ 80,405 $ 1,241,421 

(1) Advanced rent from tenants due within one year is included with other current advanced rents from tenants on the balance 

sheet; compensated absences and the pollution remediation liability due within one year is included in current accounts 

payable and accrued liabilities on the balance sheet. 

46


A schedule of debt maturities is as follows (in thousands): 

Revenue Bonds 




Fiscal 

Year Principal Interest 

2012 $ 81,262 $ 53,599 

2013 82,857 51,296 

2014 119,533 45,883 

2015 72,910 42,098 

2016 76,495 38,357 

2017-2021 365,770 132,451 

2022-2026 218,385 59,078 

2027-2031 135,240 31,915 

2032-2036 47,790 14,532 

2037-2040 36,705 3,782 

Total Revenue Bonds 1,236,947 $ 472,991 

Less unamortized premiums and discounts (3,290) 

Less unamortized deferred amounts (41,060) 

Add interest rate swap-fair value 25,502 

Net Revenue Bonds $ 1,218,099 

Notes Payable 

2012 1,182 

Total Notes Payable $ 1,182 

A description of the bonds and notes payable is as follows: 


The Authority has pledged future airport revenues, net of specified operating expenses, to repay $1.2 billion in 

Airport Facilities Revenue Bonds issued from 1997 to 2011. Proceeds from the bonds provided financing for various 

airport capital projects and refundings for previously issued debt. The bonds are payable solely from the airport 

system revenues and are payable through the year 2040. The Authority has agreed to maintain rates and charges 

each year to provide net revenues, as defined in the applicable bond agreements, equal to at least 1.25 times the sum 

of the aggregate debt service on senior lien bonds each fiscal year and at least 1.00 times on all other debt. Total 

principal and interest remaining on the bonds as of September 30, 2011 is $1.6 billion with annual requirements 

ranging from $125.4 million in 2012 to $10.1 million in the final year, with the highest requirements of $156.0 

million in fiscal year 2014. For the twelve month period ended September 30, 2011, principal and interest 

requirements were $132.0 million and total airport net revenues pledged for the year were $204.4 million. 

Senior Lien Bonds: 

$26,080,000 Airport Facilities Revenue Bonds, Series 1997, dated November 15, 1997, of which a portion is due on 

October 1 of each year beginning 2009 through 2011. Interest at 5.75% due semi-annually on April 1 and 

October 1; unamortized discount of $0 and $29,000. 

$46,640,000 Airport Facilities Refunding Revenue Bonds, Series 1998, dated August 15, 1998 of which a portion is 

due October 1 of each year beginning 1999 through 2013; and $4,110,000 in Term Bonds due October 1, 2017. 

Interest at 5.25% to 5.50% due semi-annually on April 1 and October 1; unamortized premium of $52,000 and 

$76,000. 

47





$53,070,000 Airport Facilities Revenue Bonds, Series 2002A, dated May 9, 2002, of which a portion is due October 

1 of each year beginning 2003 through 2022; $1,850,000 in Term Bonds due October 1, 2021; $11,085,000 in Term 

Bonds due October 1, 2027; and $14,235,000 in Term Bonds due October 1, 2032. Interest at 4.00% to 5.25% due 

semi-annually on April 1 and October 1; unamortized discount of $908,000 and $980,000. 

$111,445,000 Airport Facilities Revenue Bonds, Series 2002B (AMT), dated May 9, 2002, of which a portion is due 

October 1 of each year beginning in 2003 through 2019; $3,045,000 in Term Bonds due October 1, 2017; 

$63,430,000 in Term Bonds due October 1, 2021; and $12,560,000 in Term Bonds due October 1, 2032. Interest at 

4.25% to 5.50% due semi-annually on April 1 and October 1; unamortized discount of $1,953,000 and $2,155,000. 

$79,630,000 Airport Facilities Refunding Revenue Bonds, Series 2003A, dated July 3, 2003, of which a portion is 

due October 1 of each year beginning 2004 through 2018. Interest at 3.00% to 5.00% due semi-annually on April 1 

and October 1; unamortized premium of $1,494,000 and $1,847,000. 

$141,485,000 Airport Facilities Refunding Revenue Bonds, Series 2007A, dated August 9, 2007, of which a portion 

is due October 1 of each year beginning in 2012 through 2023. Interest at 4.50% to 5.00% due semi-annually on 

April 1 and October 1; unamortized premium of $2,140,000 and $2,462,000. 

$248,070,000 Airport Facilities Refunding Revenue Bonds, Series 2008A, dated March 31, 2008, of which a portion 

is due October 1 of each year beginning in 2009 through 2018. Interest at 5.00% to 5.25% due semi-annually on 

April 1 and October 1; unamortized premium of $2,023,000 and $2,599,000. 

$75,000,000 Airport Facilities Revenue Bonds, Series 2008C, dated October 8, 2008, of which a portion is due the 

1 st of each month beginning November 2008 through 2013. Interest at 3.99% is also due the 1 st of each month; 

unamortized discount of $51,000 and $81,000. 

$98,550,000 Airport Facilities Refunding Revenue Bonds, Series 2009A, dated June 16, 2009, of which a portion is 

due October 1 of each year beginning in 2015 through 2021; $14,420,000 in Term Bonds due October 1, 2022; and 

$5,000,000 in Term Bonds due October 1, 2023. Interest at 5.38% to 6.25% due semi-annually on April 1 and 

October 1; unamortized discount of $258,000 and $290,000. 

$11,275,000 Airport Facilities Refunding Revenue Bonds, Series 2009B, dated June 16, 2009, of which a portion is 

due October 1 of each year beginning in 2014 through 2015. Interest at 4.78% to 5.13% due semi-annually on 

April 1 and October 1; unamortized discount of $104,000 and $136,000. 

$87,110,000 Airport Facilities Revenue Bonds, Series 2009C, dated December 17, 2009 of which a portion is due 

October 1 of each year beginning in 2010 through 2029; $19,095,000 in Term Bonds due October 1, 2034; and 


October 1; unamortized discount of $819,000 and $865,000. 

$79,705,000 Airport Facilities Revenue Bonds, Series 2010A, dated April 15, 2010, of which a portion is due 

October 1 of each year beginning in 2014 through 2025; $25,515,000 in Term Bonds due October 1, 2032; and 


October 1; unamortized premium of $286,000 and $302,000. 

$84,105,000 Airport Facilities Refunding Revenue Bonds, Series 2010B, dated April 15, 2010, of which a portion is 

due October 1 of each year beginning in 2011 through 2018. Interest at 3.00% to 5.00% due semi-annually on 

April 1 and October 1; unamortized premium of $2,072,000 and $2,784,000. These bonds, along with an associated 

premium, refunded $85,725,000 of the Airport Facilities Revenue Bonds, Series 1999A. 

$6,355,000 Airport Facilities Refunding Revenue Bonds, Series 2011A, dated March 17, 2011, of which a portion is 

due October 1 of each year beginning in 2011 through 2028. Interest at 4.65% percent due semi-annually on April 1 

48





and October 1; unamortized discount of $57,000. These bonds, along with Authority funds, refunded $11,470,000 

of the Airport Facilities Revenue Bonds, Series 1999B. 

$70,040,000 Airport Facilities Refunding Revenue Bonds, Series 2011B, dated September 20, 2011, of which a 

portion is due October 1 of each year beginning in 2019 through 2028. Interest at 3.25% to 5.00% percent due semiannually 

on April 1 and October 1; unamortized discount of $925,000. These bonds refunded $69,525,000 of the 

outstanding Airport Facilities Revenue Bonds, Series 1999A. 

Subordinated Indebtedness: 

$19,290,000 Airport Facilities Subordinated Revenue Bonds, Series 1998C, dated June 1998, principal payable 

December 1 of each year beginning 2008 through 2015. Interest at 4.80% to 5.05% due semi-annually on June 1 

and December 1; unamortized discount of $17,000 and $24,000. 

$30,015,000 Airport Facilities Taxable Subordinated Refunding Revenue Bonds, Series 2002A, dated June 28, 

2002, of which a portion is due October 1 of each year beginning 2003 through 2012. Interest at 5.59% to 5.64% 

due semi-annually on April 1 and October 1; unamortized discount of $8,000 and $28,000. 

Secondary Subordinated Indebtedness: 

$90,055,000 Airport Facilities Secondary Subordinated Revenue Bonds, Series 1997, (Series 1997B) dated 

December 1997, principal payable October 1 of each year beginning 2023 through 2027. Variable interest rate, that 

was 0.23% at September 30, 2011, due quarterly on January 1, April 1, July 1 and October 1; unamortized discount 

of $5,609,000 and $5,759,000. At the time these bonds were issued, the Authority purchased a bond insurance 

policy from MBIA Insurance Corporation in lieu of executing a liquidity facility for this variable rate debt. The 

insurance policy is in effect for the full life of the bonds. The rate that the Authority currently pays for the Series 

1997B debt service is currently based on the Securities Industry and Financial Markets Association (SIFMA) Index, 

a variable rate per annum determined and reset weekly plus 9 basis points. 

Special Purpose Facilities Bonds: 

$62,800,000 Special Purpose Airport Facilities Taxable Revenue Bonds, Series 2009, dated October 7, 2009, of 

which a portion is due October 1 of each year beginning in 2010 through 2017. Interest at 2.76% to 5.47% due 

semi-annually on April 1 and October 1; unamortized discount of $638,000 and 816,000. 

Notes Payable 

Commercial Paper - On October 7, 2009, the Authority issued the Series 2009 Bonds, $25,000,000 of which 

refunded Commercial Paper Notes-Series C under Program A which was previously issued as an interim financing 

source for various capital projects. The remaining $17,000 of Series C Commercial Paper was repaid with Authority 

funds. On November 5, 2009, the Letter of Credit for Program B expired and no Program B Commercial Paper 

Notes remained outstanding under Program B. The Agent for the Program B, CP Banks, gave notice to the 

Authority of the intent of CP Banks to terminate the Program A Letter of Credit on February 3, 2010. On December 

17, 2009, the Authority issued the 2009C Bonds which refunded $39,679,000 of Commercial Paper Notes-Series B 

under Program A. The remaining $4,259,000 of Series B Commercial Paper was repaid by the Authority on January 

13, 2010. No Commercial Paper is outstanding in the financial statements as of September 30, 2011 and 2010. 

Line of Credit - In December 2009, the Authority entered into an agreement with Wachovia Bank, N.A. (now Wells 

Fargo) to provide the Authority with a $100 million line of credit. The line of credit is to be used as interim 

financing for capital projects in anticipation of the issuance of long term bonds and/or receipt of grants, PFCs, CFCs, 

Authority funds and other permanent funding sources. The term of the line of credit is three years. As of September 

30, 2011, the Authority has drawn $1,182,000 on this line of credit. 

49





A schedule of projected debt service requirements for the 1997B Secondary Subordinated variable rate bonds is as 

follows (in thousands): 

Variable Rate Bonds 

Projected Debt Service Requirement 


Variable Rate Bonds 

Calendar 

Interest Rate 

Year Principal Interest (1) Swaps, Net Total 

2012 $ - $ 208 $ 3,799 $ 4,007 

2013 - 208 3,799 4,007 

2014 - 208 3,799 4,007 

2015 - 208 3,799 4,007 

2016 - 208 3,799 4,007 

2017-2021 - 1,040 18,997 20,037 

2022-2026 69,405 825 15,074 85,304 

2027 20,650 48 871 21,569 

$ 90,055 $ 2,953 $ 53,937 $ 146,945 

(1) Interest rates are estimated based on the rate as of September 30, 2011, which was 0.23%. 

12. DERIVATIVES AND HEDGING ACTIVITIES 

Objective of the swap: The Authority entered into a pay-fixed, receive-variable interest rate swap associated with 

the Airport Facilities Secondary Subordinated Revenue Bonds, Series 1997B (the 1997B Gulf Breeze Swap) to 

reduce the impact of fluctuations in interest rates on the variable rate debt. 

Fair value and classification: Because interest rates have declined, the 1997B Gulf Breeze Swap had a negative 

fair value as of September 30, 2011. The fair value decreased by $3.9 million from the September 30, 2010 amount. 

The fair values for each period were obtained from the swap counterparty, Goldman Sachs Mitsui Marine Derivative 

Products, L.P. (GSMMDP). In accordance with GASB Statement No. 53, Accounting and Reporting for Derivative 

Instruments, the fair value is reflected as a liability in the revenue bonds payable, long-term section on the balance 

sheet with a corresponding outflow in deferrals. The fair value of the deferred outflows in connection with the swap 

was $25.5 million and $21.6 million for the years ended September 30, 2011 and 2010, respectively. 


50




12. DERIVATIVES AND HEDGING ACTIVITIES (continued) 

Terms and risks: The notional amount of the 1997B Gulf Breeze Swap matches the principal amount of the 

associated debt. The Authority’s swap agreement contains scheduled reductions to outstanding notional amounts 

that approximate scheduled or anticipated reductions in the outstanding principal amounts from debt repayments. 

The terms, fair value and risks of the outstanding swap as of September 30, 2011 and September 30, 2010, were as 

follows (in thousands): 

Associated 

Bond Issue 

Notional 

Amounts 

Effective 

Date 

Fixed Rate 

Paid 

Variable 

Rate 

Received 

Sept. 30, 2011 

Fair Values 

Swap 

Termination 

Date 

Counterparty 

Credit Rating 

1997B $ 90,055 Jan. 1, 2003 4.45% SIFMA* $ (25,502) Oct. 1, 2027 AAA/Aa1 

Associated 

Bond Issue 

Notional 

Amounts 

Effective 

Date 

Fixed Rate 

Paid 

Variable 

Rate 

Received 

Sept. 30, 2010 

Fair Values 

Swap 

Termination 

Date 

Counterparty 

Credit Rating 

1997B $ 90,055 Jan. 1, 2003 4.45% SIFMA* $ (21,557) Oct. 1, 2027 AAA/Aa1 

*The Securities Industry and Financial Market Association Municipal Swap Index 

Credit Risk: As of September 30, 2011, the Authority was not exposed to credit risk because the pay-fixed, 

receive-variable 1997B Gulf Breeze Swap had a negative fair value. Should interest rates change and the fair value 

of the swap become positive, the Authority would be exposed to credit risk in the amount of the derivative’s fair 

value. 

Termination Risk: Goldman Sachs Mitsui Marine Derivative Products, L.P. (GSMMDP) has the right to terminate 

the 1997B Gulf Breeze Swap upon the occurrence of certain insolvency events with respect to MBIA Insurance 

Corporation (“MBIA”), the insurer of the payments due from the Authority under the 1997B Gulf Breeze Swap, or 

the occurrence of certain credit downgrades of MBIA. MBIA Inc. established an intermediate holding company, 

MuniCo Holdings, Inc., to which the stock of MBIA Insurance Corp. of Illinois, which was renamed National Public 

Finance Guarantee Corporation (“National”), was transferred. National is managed as a separate entity and 

dedicated solely to insuring U.S. public finance debt. Its insured portfolio consists primarily of MBIA Insurance 

Corp.’s U.S. public finance portfolio. If GSMMDP has notified GOAA that an insurance event has occurred and 

continuing and GOAA has not, within 30 days of receiving such notice (a) provided a Credit Support Provider 

acceptable to GSMMDP; (b) executed a collateral agreement with GSMMDP; or (c) provided documentation from 

S&P establishing a rating of “A-” or better or a rating from Moody’s of “A3” or better for GOAA’s long term 

unsecured debt, GSMMDP can elect to exercise their right to terminate the 1997B Gulf Breeze Swap. Such an early 

termination would result in a cash settlement, based upon market conditions at the time of termination. The 1997B 

Gulf Breeze Swap also contains early termination and cash settlement provisions at the election of the Authority. 

Basis Risk: Under the 1997B Gulf Breeze Swap, GSMMDP has the right to convert the SIFMA Index based rate to 

a rate based upon percentage of London Interbank Offered Rate (“LIBOR”) upon the occurrence of certain taxability 

events. Such a conversion could result in the Authority having to pay the difference between the LIBOR-based rate 

and the tax-exempt variable rate. 

Market-access Risk: The 1997B Gulf Breeze Swap exposes the Authority to market-access risk for issues where 

access to the markets is limited or where that credit access will become more costly. Depending on the market 

conditions and the Authority’s credit position, an interim placement may not offer the same level of economic 

benefit as originally intended. Market access also may become an issue if the Authority decides to terminate or 

51




12. DERIVATIVES AND HEDGING ACTIVITIES (continued) 

modify the existing swap, either because it is no longer economically beneficial or because the related debt should 

be restructured. The Authority would evaluate the potential effects of this risk when considering any event where 

market access becomes an issue. 

13. CONDUIT DEBT OBLIGATIONS 

As of September 30, 2011 and 2010, the Authority has outstanding the following series of conduit debt obligations 


2011 2010 

Special Purpose Facilities Revenue Bonds issued to provide for the 

acquisition, construction and equipping of a Fixed Base Operator Facility; 

payable solely from and secured by a pledge of loan payments to be received 

from a loan agreement and from proceeds of the letter of credit provided by 

the borrower. The bonds are scheduled to mature June 1, 2021. $ 4,100 $ 4,100 


construction of a flight training facility and the acquisition of flight training 

equipment; payable solely from a pledge of loan payments to be received from 

a loan agreement and a pledge of lease payments to be received from a lease 

agreement and an Unconditional Guaranty Agreement. The Bonds are 

scheduled to mature October 1, 2023 ($13,100) and October 1, 2035 ($6,900). 20,000 20,000 


acquisition, construction and equipping of a corporate training facility and an 

aircraft maintenance hanger facility; payable solely from a pledge of lease 

payments to be received from the lease agreement and secured by the 

Leasehold Mortgage. The Bonds are scheduled to mature November 15, 2026 

($15,000) and November 15, 2036 ($32,315). However, they do have an 

optional redemption provision with the period beginning November 15, 2011. 

The Authority does not have plans to execute the option redemption provision 

at this time. 

47,315 47,315 

These bonds are special limited obligations of the Authority, payable as described above. The bonds do not 

constitute a debt, liability or obligation of the Authority, the City of Orlando, or the State of Florida or any political 

subdivisions thereof and accordingly have not been reported in the accompanying financial statements. 

14. DEFERRED AMOUNT ON REFUNDING OF BONDS 

On September 20, 2011, the Authority issued $70.0 million in Airport Facilities Refunding Revenue Bonds, Series 

2011B (AMT) (the “Series 2011B Bonds”) with a true interest rate of 4.59%. From the $70.0 million issuance (less 

the $0.1 million discount), and the $2.4 million of Authority funds, $71.5 million was deposited into the Bank of 

New York escrow account to refund the outstanding $69.5 million of Airport Facilities Revenue Bonds, Series 

1999A and pay associated interest of $2.0 million. The remaining Series 2011B Bond proceeds of $0.8 million were 

used to pay related issuance costs including underwriter’s discount. 

52




14. DEFERRED AMOUNT ON REFUNDING OF BONDS (continued) 

The refunding resulted in a loss of $1.1 million between the amount of the Series 2011B Bonds and the net carrying 

amount of the refunded bonds. This deferred loss is reported in the financial statements as a deduction from bonds 

payable and will be charged to operations over the life of the 2011B bonds using the effective-interest method. The 

Authority completed the advance refunding to reduce its total debt service payment over the next 17 years by 

approximately $5.2 million and to obtain an economic gain (difference between the present values of the defeased 

and new debt service payments) of approximately $3.1 million. 

On March 17, 2011, the Authority issued $6.4 million in Airport Facilities Refunding Revenue Bonds, Series 2011A 

(Non-AMT) (the “Series 2011A Bonds”) with a true interest rate of 4.65%. The majority of the 2011A Bonds, in the 

amount of $6.3 million, along with $5.5 million of Authority available funds were deposited into the Bank of New 

York escrow account to refund $11.5 million of outstanding Airport Facilities Revenue Bonds, Series 1999B and 

pay associated interest of $0.3 million. The remaining Series 2011A Bond proceeds of $0.1 million were used to 

pay related issuance costs. 

The refunding resulted in a loss of $0.2 million between the amount of the Series 2011A Bonds and the net carrying 

amount of the refunded bonds. This deferred loss is reported in the financial statements as a deduction from bonds 

payable and will be charged to operations over the life of the 2011A bonds using the effective-interest method. The 

Authority completed the advance refunding to reduce its total debt service payment over the next 17 years by 

approximately $9.2 million and to obtain an economic gain (difference between the present values of the defeased 

and new debt service payments) of approximately $6.0 million. 

On April 15, 2010, the Authority issued $84.1 million in Airport Facilities Refunding Revenue Bonds, Series 2010B 

(AMT) (the “Series 2010B Bonds”) with a true interest rate of 3.51%. The Series 2010B Bonds were issued for the 

purpose of providing funds to refund $85.7 million of the Airport Facilities Revenue Bonds, Series 1999A (the 

“Series 1999A Bonds”) and pay associated interest and certain costs of issuance of the Series 2010B Bonds. From 

the $84.1 million issuance and $4.0 million premium, $87.2 million was deposited to the Refunding Escrow Account 

and $0.9 million of the proceeds were used to pay cost of issuance including underwriter’s discount. 

The partial refunding of the Series 1999A Bonds resulted in a loss of $2.2 million between the amount of the Series 

2010B Bonds and the net carrying amount of the refunded bonds. This deferred loss is reported in the 

accompanying financial statements as a deduction from bonds payable and will be charged to operations over the life 

of the Series 2010B bonds using the effective-interest method. The Authority completed the advance refunding to 

reduce its total debt service payment over the next 8 years by approximately $4.5 million and to obtain an economic 

gain (difference between the present values of the defeased and new debt service payments) of approximately $3.8 

million. 

15. BOND ISSUANCE (OTHER THAN REFUNDING ISSUES) 

On April 15, 2010 the Authority issued $79.7 million in Airport Facilities Revenue Bonds, Series 2010A (Non- 

AMT) (the “Series 2010A Bonds”) with a true interest rate of 4.81%. The Series 2010A Bonds were issued for the 

purpose of providing funds, along with other available Authority funds of $7.7 million, to finance costs of the 2010 

Projects, consisting of Baggage System Improvements, Vertical Circulation and Central Plant Improvements, which 

are partially PFC Projects; make a deposit to the Composite Reserve Subaccount in an amount sufficient to cause the 

balance to equal the Composite Reserve Requirement, pay capitalized interest on the 2010A Bonds, and to pay 

certain costs of issuance of the Series 2010A Bonds. 

On December 17, 2009 the Authority issued $87.1 million in Airport Facilities Revenue Bonds, Series 2009C (the 

“Series 2009C Bonds”) with a true interest rate of 4.95%. The Series 2009C Bonds were issued for the purpose of 

providing funds to pay costs and expenses related to improvements to Airside 1 and 3 (the “2009 PFC Project”), 

make a deposit to the Composite Reserve Subaccount of the Debt Service Reserve Account in an amount required to 

bring the balance equal to the Composite Reserve Requirement, repay the PFC Fund and a portion of the Authority's 

commercial paper debt that was used to provide interim financing for certain costs of the 2009 PFC Project, and to 

pay certain costs of issuance of the Series 2009C Bonds. 

53




15. BOND ISSUANCE (OTHER THAN REFUNDING ISSUES) (continued) 

On October 7, 2009 the Authority issued $62.8 million in Special Purpose Facilities Taxable Revenue Bonds, Series 

2009 (the “Series 2009 Bonds”) with a true interest rate of 4.65%. The Series 2009 Bonds were issued for the 

purpose of providing funds, along with other available Authority funds of $5.0 million, to pay costs and expenses 

associated with the design, construction and relocation of automobile rental facilities at the Orlando International 

Airport, fund the Debt Service Reserve Fund and Coverage Fund requirements, refund the Authority’s taxable 

commercial paper debt used to provide interim financing and to pay certain costs of issuance of the Series 2009 

Bonds. The Series 2009 Bonds are payable solely from and secured by a pledge of Pledged Revenues derived by the 

Authority from Customer Facility Charges or “CFCs”. 

16. CAPITAL CONTRIBUTIONS 

Grants and other contributions used to acquire capital assets are classified as capital contributions in the 

Statements of Revenues, Expenses, and Changes in Net Assets. Capital contributions consisted of the following 

at September 30, 2011 and 2010 (in thousands): 

Federal Grants 

State of Florida Grants/Other Grants 

Total Capital Contributions 

2011 2010 

$ 12,466 $ 32,634 

4,043 7,925 

$ 16,509 $ 40,559 

17. AIRLINE-AIRPORT LEASE AND USE AGREEMENT 

On October 1, 2008, the Authority entered into Airline-Airport Lease and Use Agreements (ALUA) with certain 

airlines serving the Airport (the Signatory Airlines) which expire on September 30, 2013. The ALUA sets forth the 

terms and conditions governing use of the Airfield and Apron areas of the Airport and the use and occupancy of 

space in the Landside Terminal and Airside Buildings. The ALUA provides for a compensatory rate-making 

methodology for use of the terminal facilities, a cost center residual rate-making methodology to establish landing 

fees for the use of the airfield, revenue sharing between the Authority and Signatory Airlines, and an Extraordinary 

Coverage Protection provision. 

The ALUA establishes the procedure for reviewing the fees and charges at least annually so that for each fiscal year, 

revenues less operation and maintenance expenses, amounts required to be deposited into the Operation and 

Maintenance Reserve Account, the Capital Expenditures Account, and the Renewal and Replacement Account 

established under the Bond Resolution shall be equal to or greater than 1.25 times the aggregate principal and 

interest (other than capitalized interest) to become due and payable in such fiscal year on the then outstanding bonds. 

In the event the annual analysis of revenue is less than the requirement, the Authority can recover additional rates 

and charges, pursuant to an Extraordinary Coverage Protection provision from each Signatory Airline to cover any 

shortfall of the Authority’s Rate Covenant. The Signatory Airlines also approved an increased scope of capital 

expenditures not subject to Majority-In-Interest approval. 

The ALUA provides for the sharing of net revenues after the payment of debt service and other fund deposit 

requirements with the Signatory Airlines. For fiscal years 2009 and 2010, the net remaining revenues are divided 

between the Authority and the Signatory Airlines using an allocation percentage of 70% and 30%, respectively. The 

net remaining revenues will be divided between the Authority and the Signatory Airlines using an allocation 

percentage of 75% and 25%, respectively, for fiscal years 2011 through 2013. The net remaining revenues are 

deposited into the Discretionary Account and a liability is established for the Signatory Airline share. Checks are 

issued to the Signatory Airlines in the subsequent fiscal year. For the year ended September 30, 2011 Signatory 

Airline net revenue sharing totaled approximately $16.4 million as it relates to the ALUA. 

For year ended September 30, 2011, no Signatory Airline’s revenues under the ALUA represented more than 5% of 

operating revenues. 

54

18. OUTSTANDING CONTRACTS 




As of September 30, 2011, the Authority had entered into construction contracts totaling approximately $464.3 

million for construction, engineering services and equipment, approximately $62.4 million of which remains 

unincurred. Grants will be utilized to fund a portion of these projects. 

19. COMMITMENTS AND CONTINGENCIES 

Grants: The Authority receives grants from federal and state assistance programs. Amounts received or receivable 

under these programs are subject to audit and adjustment. The amount, if any, of disallowed claims, including 

amounts already collected, cannot be determined at this time, although the Authority expects such amounts, if any, 

to be immaterial. 

City of Orlando: The Operation and Use Agreement with the City of Orlando (Note 2) provided for certain future 

payments by the Authority to the City of Orlando in the amount of $2.0 million in total plus 6% interest. The 

Agreement provides that all principal payments will be deferred and interest payments will be abated during the full 

term of airport revenue bonds issued for the construction of major new terminal facilities, runways or appurtenances 

at Orlando International Airport. It is improbable that this liability and related interest will be paid since the term of 

the revenue bonds issued for such items and the outstanding revenue bonds balance will extend beyond the terms of 

the Agreement. As of September 30, 2011, this contingent liability of the Authority amounted to approximately $1.7 

million. 

Rental Car Agencies: The Authority has agreed to reimburse several car rental agencies for the unamortized 

residual value of their leasehold improvements at Orlando International Airport, if their leases are terminated by the 

Authority prior to their expiration dates. As of September 30, 2011, this contingent liability of the Authority 

amounted to approximately $3.0 million. 

Wetland Mitigation: Pursuant to environmental permits issued by the U. S. Army Corps of Engineers, the FDEP 

and the South Florida Water Management District (collectively, the Environmental Agencies), the Authority has 

been required to provide mitigation for impacts which Authority projects had on existing wetlands. Wetland 

mitigation includes the preservation of both upland and wetland land in their natural state, the enhancement of 

existing wetlands, and the creation of new wetland areas. Wetland mitigation may also include funding the 

acquisition of environmentally sensitive lands by third parties. 

The Authority has completed the wetland mitigation activities for mitigation enhancements projects at the site of the 

Disney Wilderness Preserve. The mitigation was for wetland impacts to areas associated with the future South 

Terminal and Fourth Runway and related development areas. The mandated agency success criteria has been 

achieved and long term maintenance endowments have been fully funded. In 2011, the Authority completed the 

purchase of approximately $11.5 million in mitigation credits from approved mitigation banks to offset proposed 

impacts to the East Airfield development area. Unlike the migration projects discussed previously, such purchases 

satisfy permit requirements and do not require ongoing endowments. The mitigation banks assume the full 

responsibility to complete the off-site mitigation improvements. 

Construction Disputes: The Authority is not aware of any current dispute arising from the construction of 

improvements in which the contractors involved may seek additional compensation. 

20. ENVIRONMENTAL LIABILITIES 

The Authority has certain polluted sites primarily from chemical and fuel spills, asbestos, and former landfills 

whereas the Authority is named or will be named a responsible or potentially responsible party or where pollution 

remediation has already commenced with monitoring being completed as necessary. The Authority recorded a 

pollution remediation liability as of October 1, 2008, measured at $4.1 million, using the expected cash flow 

technique. Under this technique, the Authority estimated a reasonable range of potential outlays and multiplied 

those outlays by their probability of occurring. This liability could change over time due to changes in costs of 

55

20. ENVIRONMENTAL LIABILITIES (continued) 




goods and services, changes in remediation technology, or changes in laws and regulations governing the 

remediation efforts. The possibility of recovery of some of these costs from outside governmental funding or other 

parties exists; however, the Authority only recognizes these recoveries in the financial statements as they become 

probable. A summary of the changes in liability for the year ended September 30, 2011 and 2010, is as follows (in 

thousands): 

Balance 

October 1, 

2010 

Additions or 

Adjustments 

Payments 

Current 

Year 

Balance 

September 30, 

2011 

Pollution remediation liability $ 4,311 $ 172 $ (282) $ 4,201 

Unrealized recoveries - - - - 

Net Pollution Remediation Liability $ 4,311 $ 172 $ (282) $ 4,201 

Reported as follows (shown in Current 

Accrued Liabilities and Other 

Long-Term Liabilities): 

Due within one year $ 381 $ 1,022 $ (282) $ 1,121 

Due after one year 3,930 (850) - 3,080 


Realized Recoveries (shown in Cash 

and Cash Equivalents) $ 1,418 $ - $ (89) $ 1,329 

Balance 

October 1, 

2009 

Additions or 

Adjustments 

Payments 

Current 

Year 

Balance 

September 30, 

2010 

Pollution remediation liability $ 3,986 $ 540 $ (215) $ 4,311 

Unrealized recoveries - - - - 


Reported as follows (shown in Current 

Accrued Liabilities and Other 

Long-Term Liabilities): 

Due within one year $ 171 $ 425 $ (215) $ 381 

Due after one year 3,815 115 - 3,930 


Realized Recoveries (shown in Cash 

and Cash Equivalents) $ 1,472 $ - $ (54) $ 1,418 

The Authority has certain land sites that are being evaluated for potential remediation, in accordance with GASB 49, 

or are in the post-remediation stage with monitoring being completed as necessary at Orlando International Airport. 

In addition, the Authority has a polluted site from chemical and fuel spills, whereas the Authority is involved in 

litigation at Orlando International Airport. The liabilities associated with these sites are not reasonably estimable 

and, as such are not recorded in the financial statements. 

56




21. SUBSEQUENT EVENTS 

Bond Issuance: On October 12, 2011, the Authority issued $40.4 million Airport Facilities Refunding Revenue 

Bonds, Series 2011C (the “Series 2011C Bonds”) and $67.9 million Airport Facilities Refunding Revenue Bonds, 

Series 2011D (the “Series 2011D” Bonds). The Series 2011C Bonds, together with other available funds of the 

Authority, were issued for the purpose of providing funds to advance refund and redeem $42.7 million Airport 

Facilities Refunding Revenue Bonds, Series 2002A and pay certain costs of issuance. The average life of the Series 

2011C Bonds is 12.77 years and the True Interest Cost is 3.96%. The Series 2011D Bonds, together with other 

available funds of the Authority, were issued for the purpose of providing funds to advance refund and redeem $66.3 

million Airport Facilities Refunding Revenue Bonds, Series 2002B and pay certain costs of issuance. The average 

life of the Series 2011D Bonds is 8.28 years and the True Interest Cost is 3.68%. 

57


REQUIRED SUPPLEMENTARY INFORMATION 

SINGLE-EMPLOYER PENSION PLAN 


SCHEDULE OF FUNDING PROGRESS 

Actuarial 

Valuation 

Date 

October 1, 

Actuarial 

Value of 

Assets* 

(a) 

Actuarial 

Accrued 

Liability 

(AAL) Entry 

Age (b) 

Unfunded 

AAL 

(UAAL) 

(b-a) 

Funded 

Ratio 

(a/b) 

Covered 

Payroll 

(c) 

UAAL 

as a 

Percentage 

of 

Covered 

Payroll 

((b-a)/c) 

2010 $ 78,994 $ 100,508 $ 21,514 78.6 % $ 12,371 173.9 % 

2009 73,796 96,263 22,467 76.7 12,761 176.1 

2008 69,166 93,103 23,937 74.3 15,205 157.4 

*The actuarial value of assets was set equal to market value for the October 1, 2009 actuarial valuation. 

SCHEDULE OF EMPLOYER CONTRIBUTIONS 

Employer Contributions 

Fiscal Years 

Ended 

September 30, 

Annual Required 

Contributions 

(ARC) 

Percentage of 

ARC 

Contributed 

2011 $ 5,347 100.0 % 

2010 

5,770 

100.0 

2009 5,368 100.0 

58


REQUIRED SUPPLEMENTARY INFORMATION 

SINGLE-EMPLOYER POSTEMPLOYMENT BENEFIT PLAN 


SCHEDULE OF FUNDING PROGRESS 

Actuarial 

Valuation 

Date 

October 1, 

Actuarial 

Value of 

Assets* 

(a) 

Actuarial 

Accrued 

Liability 

(AAL) 

Projected 

Unit Credit 

(b) 

Unfunded 

AAL 

(UAAL) 

(b-a) 

Funded 

Ratio 

(a/b) 

Covered 

Payroll 

(c) 

UAAL 

as a 

Percentage 

of 

Covered 

Payroll 

((b-a)/c) 

2011 * $ 26,253 $ 48,038 $ 21,785 54.6 % $ 31,866 68.4 % 

2010 - 80,719 80,719 - 32,526 248.2 

2009 - 70,869 70,869 - 33,755 210.0 

* During the year ended September 30, 2011 the assumption for the investment rate of return was changed from 4.0% for 

prior years to 6.5% for the current year. 

SCHEDULE OF EMPLOYER CONTRIBUTIONS 

Employer Contributions 

Fiscal Years 

Ended 

September 30, 

Annual Required 

Contributions 

(ARC) 

Percentage of 

ARC 

Contributed 

2011 $ 5,580 489.5 % 

2010 

2009 

7,432 

7,000 

14.8 

11.1 

59



60

Supplemental Schedules 

Supplemental schedules, although not necessary for fair 

presentation of financial position and results of operations 

in conformity with Generally Accepted Accounting Principles: 

1. Present the composition of individual accounts which 

are used for legal or management purposes and are 

consolidated for financial statement reporting purposes. 

2. Provide a budget versus actual comparison for those 

accounts for which an annual budget is adopted. 

3. Provide additional information.



61


COMBINING BALANCE SHEET 

September 30, 2011 


Orlando Orlando 

International Executive 

ASSETS AND DEFERRALS Airport Airport Total 


Unrestricted: 

Cash and cash equivalents $ 134,719 $ 11,224 $ 145,943 


for uncollectibles of $213 and $0 10,651 28 10,679 

Investments 33,954 7,036 40,990 

Interest receivable 81 6 87 

Due from Orlando Executive Airport 357 (357) - 

Due from other governmental agencies 761 - 761 

Prepaid expenses and inventory 4,851 36 4,887 

Total unrestricted assets 185,374 17,973 203,347 

Restricted: 

Cash and cash equivalents 381,468 - 381,468 

Accounts receivable 9,734 - 9,734 

Investments 111,392 - 111,392 

Interest receivable 773 - 773 

Due from other governmental agencies 9,791 - 9,791 

Prepaid expenses 86 - 86 

Total restricted assets 513,244 - 513,244 

Total current assets 698,618 17,973 716,591 


Investments, unrestricted 37,253 - 37,253 

Investments, restricted 118,428 - 118,428 

Total long-term investments 155,681 - 155,681 


Property and equipment 1,434,026 31,763 1,465,789 

Property held for lease 480,744 8,634 489,378 

Construction in progress 44,643 22 44,665 

Total capital assets, net of accumulated depreciation 1,959,413 40,419 1,999,832 

Total noncurrent assets 2,115,094 40,419 2,155,513 

Total assets 2,813,712 58,392 2,872,104 

Deferred swap outflows 25,502 - 25,502 

Total Assets and Deferrals $ 2,839,214 $ 58,392 $ 2,897,606 

62


COMBINING BALANCE SHEET 





LIABILITIES AND NET ASSETS Airport Airport Total 


Accounts payable and accrued liabilities $ 26,532 $ 3,039 $ 29,571 

Deferred revenue 2,446 32 2,478 

Deposits 5,910 67 5,977 

Advance rent from tenants, current 7,691 194 7,885 

Due to other governmental agencies 405 560 965 

Accrued airline revenue sharing 22,350 - 22,350 

Total current liabilities (payable from unrestricted current assets) 65,334 3,892 69,226 


Accrued interest 26,721 - 26,721 

Accounts payable and accrued liabilities 11,995 - 11,995 

Due to other governmental agencies 2,305 - 2,305 

Notes payable, current 1,182 - 1,182 

Revenue bonds payable, current 81,262 - 81,262 

Total current liabilities (payable from restricted assets) 123,465 - 123,465 

Total current liabilities 188,799 3,892 192,691 


Revenue bonds payable, long-term 1,136,837 - 1,136,837 

Advance rent from tenants, long-term - 2,140 2,140 

Other long-term liabilities 3,325 940 4,265 

Total noncurrent liabilities 1,140,162 3,080 1,143,242 

Total liabilities 1,328,961 6,972 1,335,933 

Net Assets 

Invested in capital assets, net of related debt 872,224 40,419 912,643 

Restricted: 

For debt service 180,812 - 180,812 

For capital acquisitions 268,403 - 268,403 

Unrestricted 188,814 11,001 199,815 

Total net assets 1,510,253 51,420 1,561,673 

Total Liabilities and Net Assets $ 2,839,214 $ 58,392 $ 2,897,606 

63


COMBINING SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS 

Year Ended September 30, 2011 




Airport Airport Total 


Airfield area $ 34,008 $ 92 $ 34,100 

Terminal area 137,320 185 137,505 

Ground transportation 138,369 - 138,369 

Other buildings and grounds 15,462 2,553 18,015 

Hotel 30,390 - 30,390 

Total operating revenues 355,549 2,830 358,379 


Operations and facilities 112,924 1,222 114,146 

Safety and security 24,338 939 25,277 

Administration 25,830 562 26,392 

Hotel 25,776 - 25,776 

Other 10,106 366 10,472 

Total operating expenses before depreciation 198,974 3,089 202,063 

Operating income (loss) before depreciation 156,575 (259) 156,316 

Depreciation (116,354) (2,110) (118,464) 

Operating income (loss) 40,221 (2,369) 37,852 


Investment income 4,200 68 4,268 

Interest expense (65,403) - (65,403) 

Signatory Airline net revenue sharing (16,352) - (16,352) 

Passenger facility charges 70,277 - 70,277 

Customer facility charges 23,295 - 23,295 

Federal and state grants 1,101 56 1,157 

Other 2,856 5 2,861 

Income (Loss) before capital contributions 60,195 (2,240) 57,955 

Capital Contributions 15,922 587 16,509 

Increase (Decrease) in net assets 76,117 (1,653) 74,464 

Total Net Assets, Beginning of Year 1,434,136 53,073 1,487,209 

Total Net Assets, End of Year $ 1,510,253 $ 51,420 $ 1,561,673 

64


COMBINING SCHEDULE OF CASH FLOWS 







Cash received from customers, tenants and governmental agencies $ 362,433 $ 2,516 $ 364,949 

Cash paid to suppliers and governmental agencies (142,467) (1,690) (144,157) 

Cash paid to employees for services (71,996) (1,542) (73,538) 

Cash paid to airlines (26,326) - (26,326) 

Net cash provided by (used for) operating activities 121,644 (716) 120,928 


Operating grants and passenger facilities charges 

received 3,977 61 4,038 

Net cash provided by noncapital financing activities 3,977 61 4,038 


Proceeds from issuance of bonds 76,395 - 76,395 

Proceeds from line of credit 1,182 - 1,182 

Passenger facility charges 69,599 - 69,599 

Customer facility charges 23,417 - 23,417 

Principal payments - bonds and notes (157,951) - (157,951) 

Bond issue costs and discount on bonds (783) - (783) 

Interest paid (65,107) - (65,107) 

Proceeds from sale of assets 128 631 759 

Acquisition and construction of capital assets (64,976) (319) (65,295) 

Capital contributed by federal and state agencies 12,707 623 13,330 

Net cash (used for) provided by capital and related financing activities (105,389) 935 (104,454) 


Purchase of investments (580,040) (15,992) (596,032) 

Proceeds from sale and maturity of investments 571,378 14,029 585,407 

Interest received 5,387 84 5,471 

Net cash used for investing activities (3,275) (1,879) (5,154) 

Net increase (decrease) in cash and cash equivalents 16,957 (1,599) 15,358 

Cash and Cash Equivalents, Beginning of Year 499,230 12,823 512,053 

Cash and Cash Equivalents, End of Year (1) $ 516,187 $ 11,224 $ 527,411 

(1) Cash and Cash Equivalents - Unrestricted Assets $ 134,719 $ 11,224 $ 145,943 

Cash and Cash Equivalents - Restricted Assets 381,468 - 381,468 

$ 516,187 $ 11,224 $ 527,411 

(continued) 

65


COMBINING SCHEDULE OF CASH FLOWS 




to net cash provided by (used for) operating activities 




Operating income (loss) $ 40,221 $ (2,369) $ 37,852 


net cash provided by (used for) operating activities 

Depreciation 116,354 2,110 118,464 


Accounts receivable (1,030) (15) (1,045) 

Due from other governmental agencies (77) - (77) 

Prepaid expenses 757 21 778 


Accounts payable and accrued liabilities 5,360 1,127 6,487 

Due to other governmental agencies (116) (5) (121) 

Accrued airline revenue sharing (20,328) - (20,328) 

Deferred revenues 318 32 350 

Deposits 311 - 311 

Advanced rent from tenants 1,227 (194) 1,033 

Due from (to) other funds 79 (79) - 

Other liabilities (21,432) (1,344) (22,776) 

Total adjustments 81,423 1,653 83,076 

Net cash provided by (used for) operating activities $ 121,644 $ (716) $ 120,928 


(Decrease) Increase in fair value of investments $ (238) $ 21 $ (217) 

South Narcoossee Road land donation $ (25) $ - $ (25) 

66



67


ORLANDO INTERNATIONAL AIRPORT 

BALANCE SHEET INFORMATION 



Elimination 

of Interaccount 

ASSETS AND DEFERRALS Total Balances 


Unrestricted: 

Cash and cash equivalents $ 134,719 $ (10,545) 


for uncollectibles of $213 10,651 - 

Investments 33,954 - 

Interest receivable 81 - 

Due from Orlando Executive Airport 357 - 

Due from other governmental agencies 761 - 

Prepaid expenses and inventory 4,851 - 

Due from (to) other accounts - 10,545 

Total unrestricted assets 185,374 - 

Restricted: 


Accounts receivable 9,734 - 



Due from other governmental agencies 9,791 - 

Prepaid expenses 86 - 

Due (to) from other accounts - (10,545) 

Total restricted assets 513,244 - 

Total current assets 698,618 - 


Investments, unrestricted 37,253 - 

Investments, restricted 118,428 - 

Total long-term investments 155,681 - 


Property and equipment 1,434,026 - 

Property held for lease 480,744 - 

Construction in progress 44,643 - 

Total capital assets, net of accumulated depreciation 1,959,413 - 

Total noncurrent assets 2,115,094 - 

Total assets 2,813,712 - 

Deferred swap outflows 25,502 - 

Total Assets and Deferrals $ 2,839,214 $ - 

68

Airport 

Non- Airport Airport Facilities 

Trustee Facilities Facilities Operation and Hotel 

Revenue Revenue Bond Maintenance Operating 

Account Account Account Account Account 

$ 2,256 $ 33,026 $ - $ 41,243 $ 455 

- 9,665 - 66 920 

- - - - - 

2 1 - 24 - 

- (2) - - - 

- 761 - - - 

- - - 4,554 297 

(20) (31,076) - 17,197 - 

2,238 12,375 - 63,084 1,672 

- - 116,939 - - 

- - - - - 

- - - - - 

- - 491 - - 

- - - - - 

- - - - - 

- - 7,938 - - 

- - 125,368 - - 

2,238 12,375 125,368 63,084 1,672 

2,001 1,000 - 20,101 - 

- - 39,912 - - 

2,001 1,000 39,912 20,101 - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

2,001 1,000 39,912 20,101 - 

4,239 13,375 165,280 83,185 1,672 

- - - - - 

$ 4,239 $ 13,375 $ 165,280 $ 83,185 $ 1,672 

(continued) 

69






Airport 

Facilities Airport 

Capital Facilities 

Expenditures Discretionary 

ASSETS AND DEFERRALS Account Account 


Unrestricted: 

Cash and cash equivalents $ - $ 67,718 

Accounts and grants receivable, less allowance 

for uncollectibles of $213 - - 

Investments - 33,954 

Interest receivable - 54 

Due from Orlando Executive Airport - - 

Due from other governmental agencies - - 

Prepaid expenses and inventory - - 

Due from (to) other accounts - 3,354 

Total unrestricted assets - 105,080 

Restricted: 


Accounts receivable - - 




Prepaid expenses 86 - 

Due (to) from other accounts (145) 1,093 




Investments, unrestricted - 14,151 




Property and equipment - - 

Property held for lease - - 

Construction in progress - - 

Total capital assets, net of accumulated depreciation - - 

Total noncurrent assets 9,033 18,152 

Total assets 33,434 150,857 

Deferred swap outflows - - 

Total Assets and Deferrals $ 33,434 $ 150,857 

70

Airport 

Airport 

Airport Facilities Facilities 1992 

Facilities Operation and Improvement Capital 

Renewal and Maintenance and Commercial Improvement 

Replacement Reserve Development Paper Construction 


$ - $ - $ - $ - $ - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

1,967 5,403 4,083 14,189 1,674 

- - - - - 

- 24,484 29,944 - - 

1 9 96 - - 

- - - - - 

- - - - - 

(46) 90 (73) - (14) 

1,922 29,986 34,050 14,189 1,660 

1,922 29,986 34,050 14,189 1,660 

- - - - - 

1,000 2,951 19,382 - - 

1,000 2,951 19,382 - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

1,000 2,951 19,382 - - 

2,922 32,937 53,432 14,189 1,660 

- - - - - 

$ 2,922 $ 32,937 $ 53,432 $ 14,189 $ 1,660 

(continued) 

71






1997A 

1999A 

Construction Construction 



Unrestricted: 

Cash and cash equivalents $ - $ - 



Investments - - 

Interest receivable - - 




Due from (to) other accounts - - 

Total unrestricted assets - - 

Restricted: 






Prepaid expenses - - 

Due (to) from other accounts (27) - 




Investments, unrestricted - - 

Investments, restricted - - 

Total long-term investments - - 






Total noncurrent assets - - 

Total assets 9,384 5,889 


Total Assets and Deferrals $ 9,384 $ 5,889 

72

1999B 2002A 2002B 2008C 2009C 

Construction Construction Construction Construction Construction 


$ - $ - $ - $ - $ - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

182 3,029 14,128 1,310 144 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - (33) (78) - 

182 3,029 14,095 1,232 144 

182 3,029 14,095 1,232 144 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

182 3,029 14,095 1,232 144 

- - - - - 

$ 182 $ 3,029 $ 14,095 $ 1,232 $ 144 

(continued) 

73




Year Ended September 30. 2011 


2010A 

Line of 

Construction Credit 



Unrestricted: 

Cash and cash equivalents $ - $ - 








Due from (to) other accounts - - 

Total unrestricted assets - - 

Restricted: 

Cash and cash equivalents 48,407 - 





Prepaid expenses - - 

Due (to) from other accounts (1,577) (1,072) 

Total restricted assets 51,848 (1,072) 

Total current assets 51,848 (1,072) 


Investments, unrestricted - - 

Investments, restricted 6,008 - 

Total long-term investments 6,008 - 






Total noncurrent assets 6,008 - 

Total assets 57,856 (1,072) 


Total Assets and Deferrals $ 57,856 $ (1,072) 

74

Passenger Customer Fixed Asset 

Facility Facility and Long Projects 

Charges Charges Term Debt Control 

Account Account Account Account 

$ 566 $ - $ - $ - 

- - - - 

- - - - 

- - - - 

- - - 359 

- - - - 

- - - - 

- - - - 

566 - - 359 

58,430 50,104 - (3,346) 

8,103 1,585 - 46 

37,971 2,000 - - 

133 6 - - 

- - 41 9,750 

- - - - 

(2,231) (28) (297) 7,045 

102,406 53,667 (256) 13,495 

102,972 53,667 (256) 13,854 

- - - - 

30,143 5,998 - - 

30,143 5,998 - - 

- - 1,434,026 - 

- - 480,744 - 

- - 44,643 - 

- - 1,959,413 - 

30,143 5,998 1,959,413 - 

133,115 59,665 1,959,157 13,854 

- - 25,502 - 

$ 133,115 $ 59,665 $ 1,984,659 $ 13,854 

75






Elimination 

of Interaccount 

LIABILITIES AND NET ASSETS Total Balances 


Accounts payable and accrued liabilities $ 26,532 $ - 

Deferred revenue 2,446 - 

Deposits 5,910 - 

Advance rent from tenants, current 7,691 - 

Due to other governmental agencies 405 - 

Accrued airline revenue sharing 22,350 - 

Total current liabilities (payable from unrestricted current assets) 65,334 - 


Accrued interest 26,721 - 

Accounts payable and accrued liabilities 11,995 - 

Due to other governmental agencies 2,305 - 


Revenue bonds payable, current 81,262 - 

Total current liabilities (payable from restricted assets) 123,465 - 

Total current liabilities 188,799 - 


Revenue bonds payable, long-term 1,136,837 - 

Other long-term liabilities 3,325 - 

Total noncurrent liabilities 1,140,162 - 

Total liabilities 1,328,961 - 

Net Assets 

Invested in capital assets, net of related debt 872,224 - 

Restricted: 

For debt service 180,812 - 

For capital acquisitions 268,403 - 

Unrestricted 188,814 - 

Total net assets 1,510,253 - 

Total Liabilities and Net Assets $ 2,839,214 $ - 

76

Airport 

Non- Airport Airport Facilities 

Trustee Facilities Facilities Operation and Hotel 

Revenue Revenue Bond Maintenance Operating 


$ - $ 2 $ - $ 23,566 $ 2,608 

- 238 - 2,208 - 

- 243 - 5,667 - 

- 7,621 - 70 - 

- 263 - 15 - 

- - - 5,999 - 

- 8,367 - 37,525 2,608 

- - - - - 

- - 203 - - 

- - - - - 

- - - - - 

- - - - - 

- - 203 - - 

- 8,367 203 37,525 2,608 

- - - - - 

- - - 1,154 - 

- - - 1,154 - 

- 8,367 203 38,679 2,608 

- - - - - 

- - 165,077 - - 

- - - - - 

4,239 5,008 - 44,506 (936) 

4,239 5,008 165,077 44,506 (936) 

$ 4,239 $ 13,375 $ 165,280 $ 83,185 $ 1,672 

(continued) 

77






Airport 

Facilities Airport 

Capital Facilities 

Expenditures Discretionary 

LIABILITIES AND NET ASSETS Account Account 


Accounts payable and accrued liabilities $ - $ (2) 

Deferred revenue - - 

Deposits - - 

Advance rent from tenants, current - - 

Due to other governmental agencies - - 

Accrued Airline Revenue Sharing - 16,351 

Total current liabilities (payable from unrestricted current assets) - 16,349 


Accrued interest - - 

Accounts payable and accrued liabilities 458 - 


Notes payable, current - - 

Revenue bonds payable, current - - 

Total current liabilities (payable from restricted assets) 458 - 

Total current liabilities 458 16,349 


Revenue bonds payable, long-term - - 

Other long-term liabilities 196 - 

Total noncurrent liabilities 196 - 

Total liabilities 654 16,349 

Net Assets 

Invested in capital assets, net of related debt - - 

Restricted: 

For debt service - 23,506 


Unrestricted - 102,882 

Total net assets 32,780 134,508 

Total Liabilities and Net Assets $ 33,434 $ 150,857 

78

Airport 

Airport 

Airport Facilities Facilities 1992 

Facilities Operation and Improvement Capital 

Renewal and Maintenance and Commercial Improvement 

Replacement Reserve Development Paper Construction 


$ - $ - $ - $ - $ - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - 139 - - 

- - - - - 

- - - - - 

- - - - - 

- - 139 - - 

- - 139 - - 

- - - - - 

- - 1,975 - - 

- - 1,975 - - 

- - 2,114 - - 

- - - - - 

- - - - - 

2,922 - 51,318 14,189 1,660 

- 32,937 - - - 

2,922 32,937 51,318 14,189 1,660 

$ 2,922 $ 32,937 $ 53,432 $ 14,189 $ 1,660 

(continued) 

79






1997A 

1999A 

Construction Construction 



Accounts payable and accrued liabilities $ - $ - 


Deposits - - 



Accrued Airline Revenue Sharing - - 

Total current liabilities (payable from unrestricted current assets) - - 



Accounts payable and accrued liabilities - - 




Total current liabilities (payable from restricted assets) - - 

Total current liabilities - - 



Other long-term liabilities - - 

Total noncurrent liabilities - - 

Total liabilities - - 

Net Assets 


Restricted: 

For debt service - - 


Unrestricted - - 



80

1999B 2002A 2002B 2008C 2009C 



$ - $ - $ - $ - $ - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

182 3,029 14,095 1,232 144 

- - - - - 

182 3,029 14,095 1,232 144 

$ 182 $ 3,029 $ 14,095 $ 1,232 $ 144 

(continued) 

81






2010A 

Line of 

Construction Credit 



Accounts payable and accrued liabilities $ - $ - 


Deposits - - 



Accrued Airline Revenue Sharing - - 

Total current liabilities (payable from unrestricted current assets) - - 



Accounts payable and accrued liabilities - - 




Total current liabilities (payable from restricted assets) - - 

Total current liabilities - - 



Other long-term liabilities - - 

Total noncurrent liabilities - - 

Total liabilities - - 

Net Assets 


Restricted: 

For debt service - - 

For capital acquisitions 57,856 (1,072) 

Unrestricted - - 

Total net assets 57,856 (1,072) 

Total Liabilities and Net Assets $ 57,856 $ (1,072) 

82

Passenger Customer Fixed Asset 

Facility Facility and Long Projects 

Charges Charges Term Debt Control 

Account Account Account Account 

$ - $ - $ - $ 358 

- - - - 

- - - - 

- - - - 

- - 127 - 

- - - - 

- - 127 358 

- - 26,721 - 

- - - 11,195 

- - 4 2,301 

- - 1,182 - 

- - 81,262 - 

- - 109,169 13,496 

- - 109,296 13,854 

- - 1,136,837 - 

- - - - 

- - 1,136,837 - 

- - 1,246,133 13,854 

- - 872,224 - 

- 18,950 (26,721) - 

132,549 40,715 (106,589) - 

566 - (388) - 

133,115 59,665 738,526 - 

$ 133,115 $ 59,665 $ 1,984,659 $ 13,854 

83



SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS 



Total 

Non- 

Trustee 

Revenue 

Account 


Airfield area $ 34,008 $ - 

Terminal area 137,320 - 

Ground transportation 138,369 - 

Other buildings and grounds 15,462 - 

Hotel 30,390 - 

Total operating revenues 355,549 - 


Operations and facilities 112,924 - 

Safety and security 24,338 - 

Administration 25,830 - 

Hotel 25,776 - 

Other 10,106 - 

Total operating expenses before depreciation 198,974 - 

Operating income (loss) before depreciation 156,575 - 

Depreciation (116,354) - 

Operating income (loss) 40,221 - 


Investment income 4,200 12 

Interest expense (65,403) - 

Signatory Airline net revenue sharing (16,352) - 

Passenger facility charges 70,277 - 

Customer facility charges 23,295 - 

Federal and state grants 1,101 - 

Other 2,856 - 

Income (loss) before capital contributions 60,195 12 

Capital Contributions 15,922 - 

Increase (decrease) in net assets 76,117 12 

Interaccount Activities 

Operating transfers in (out) - - 

Equity transfers in (out) - (121) 

Total Net Assets, Beginning of Year 1,434,136 4,348 

Total Net Assets, End of Year $ 1,510,253 $ 4,239 

84

Airport 

Airport 

Airport Airport Facilities Facilities 

Facilities Facilities Operation and Hotel Capital 

Revenue Bond Maintenance Operating Expenditures 


$ 34,008 $ - $ - $ - $ - 

137,320 - - - - 

138,369 - - - - 

15,462 - - - - 

- - - 30,390 - 

325,159 - - 30,390 - 

- - 98,713 - 2,208 

- - 23,310 - 28 

- - 25,377 - 104 

- - 803 24,322 636 

- - 9,969 - - 

- - 158,172 24,322 2,976 

325,159 - (158,172) 6,068 (2,976) 

- - - - - 

325,159 - (158,172) 6,068 (2,976) 

3,690 - - - - 

- (56,871) - - - 

- - - - - 

31,528 - - - - 

- - - - - 

45 - - - - 

2,260 - - - 1 

362,682 (56,871) (158,172) 6,068 (2,975) 

- - - - - 

362,682 (56,871) (158,172) 6,068 (2,975) 

(365,875) 120,389 164,219 (6,821) 17,810 

6,053 (67,479) (9,601) - (5,947) 

2,148 169,038 48,060 (183) 23,892 

$ 5,008 $ 165,077 $ 44,506 $ (936) $ 32,780 

(continued) 

85






Airport 

Facilities 

Discretionary 

Account 

Airport 

Facilities 

Renewal and 

Replacement 

Account 


Airfield area $ - $ - 

Terminal area - - 

Ground transportation - - 

Other buildings and grounds - - 

Hotel - - 

Total operating revenues - - 


Operations and facilities - - 

Safety and security - - 

Administration 214 - 

Hotel 12 - 

Other - - 

Total operating expenses before depreciation 226 - 

Operating income (loss) before depreciation (226) - 

Depreciation - - 

Operating income (loss) (226) - 


Investment income 83 - 

Interest expense (5,405) - 

Signatory Airline net revenue sharing (16,352) - 

Passenger facility charges - - 

Customer facility charges - - 

Federal and state grants - - 

Other - - 

Income (loss) before capital contributions (21,900) - 

Capital Contributions - - 

Increase (decrease) in net assets (21,900) - 


Operating transfers in (out) 63,908 - 

Equity transfers in (out) (22,420) (127) 

Total Net Assets, Beginning of Year 114,920 3,049 

Total Net Assets, End of Year $ 134,508 $ 2,922 

86

Airport 

Airport 

Facilities Facilities 1992 

Operation and Improvement Capital 

Maintenance and Commercial Improvement 1997A 

Reserve Development Paper Construction Construction 


$ - $ - $ - $ - $ - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- 496 - - - 

- - - - - 

- 119 - - - 

- 3 - - - 

- - 112 - - 

- 618 112 - - 

- (618) (112) - - 

- - - - - 

- (618) (112) - - 

- - (305) (6) 33 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- 5 - - - 

- (613) (417) (6) 33 

- - - - - 

- (613) (417) (6) 33 

1,377 4,993 - - - 

- (2,541) (7,075) 96 (5,645) 

31,560 49,479 21,681 1,570 14,996 

$ 32,937 $ 51,318 $ 14,189 $ 1,660 $ 9,384 

(continued) 

87






1999A 

Construction 

Account 

1999B 

Construction 

Account 






Hotel - - 





Administration - - 

Hotel - - 

Other - - 

Total operating expenses before depreciation - - 

Operating income (loss) before depreciation - - 


Operating income (loss) - - 


Investment income (9) (3) 

Interest expense - - 

Signatory Airline net revenue sharing - - 

Passenger facility charges - - 



Other - - 

Income (loss) before capital contributions (9) (3) 


Increase (decrease) in net assets (9) (3) 



Equity transfers in (out) (1,907) (2,252) 


Total Net Assets, End of Year $ 5,889 $ 182 

88

2002A 2002B 2008C 2009C 2010A 



$ - $ - $ - $ - $ - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

10 50 1 - 133 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

10 50 1 - 133 

- - - - - 

10 50 1 - 133 

- - - - - 

323 (6,193) 2,800 (4) (20,108) 

2,696 20,238 (1,569) 148 77,831 

$ 3,029 $ 14,095 $ 1,232 $ 144 $ 57,856 

(continued) 

89






Line of 

Credit 

Account 

Passenger 

Facility 

Charges 

Account 






Hotel - - 





Administration - - 

Hotel - - 

Other - - 

Total operating expenses before depreciation - - 

Operating income (loss) before depreciation - - 


Operating income (loss) - - 


Investment income - 601 

Interest expense - - 

Signatory Airline net revenue sharing - - 

Passenger facility charges - 38,749 



Other - 566 

Income (loss) before capital contributions - 39,916 


Increase (decrease) in net assets - 39,916 



Equity transfers in (out) (1,072) 6,590 

Total Net Assets, Beginning of Year - 86,609 

Total Net Assets, End of Year $ (1,072) $ 133,115 

90

Customer Fixed Asset 

Facility and Long Projects 

Charges Term Debt Control 

Account Account Account 

$ - $ - $ - 

- - - 

- - - 

- - - 

- - - 

- - - 

- - 11,507 

- - 1,000 

- - 16 

- - - 

25 - - 

25 - 12,523 

(25) - (12,523) 

- (116,354) - 

(25) (116,354) (12,523) 

120 (210) - 

(2,424) (703) - 

- - - 

- - - 

23,295 - - 

- - 1,056 

- 24 - 

20,966 (117,243) (11,467) 

- - 15,922 

20,966 (117,243) 4,455 

- - - 

(8,926) 150,011 (4,455) 

47,625 705,758 - 

$ 59,665 $ 738,526 $ - 

91





September 30, 

ASSETS AND DEFERRALS 2011 2010 


Unrestricted: 



for uncollectibles of $213 and $256 10,651 9,565 



Due from Orlando Executive Airport 357 472 

Due from other governmental agencies 761 358 

Prepaid expenses and inventory 4,851 5,608 

Total unrestricted assets 185,374 197,123 

Restricted: 


Accounts receivable 9,734 9,666 


Interest receivable 773 1,168 

Due from other governmental agencies 9,791 7,109 

Prepaid expenses 86 1,824 








Property and equipment 1,434,026 1,468,714 


Construction in progress 44,643 27,779 

Total capital assets, net of accumulated depreciation 1,959,413 2,003,393 

Total noncurrent assets 2,115,094 2,172,984 

Total assets $ 2,813,712 $ 2,831,361 

Deferred swap outflows $ 25,502 $ 21,557 

Total Assets and Deferrals $ 2,839,214 $ 2,852,918 

92





September 30, 

LIABILITIES AND NET ASSETS 2011 2010 



Deferred revenue 2,446 2,085 

Deposits 5,910 5,599 

Advance rent from tenants, current 7,691 6,464 

Due to other governmental agencies 405 521 

Accrued airline revenue sharing 22,350 26,326 

Total current liabilities (payable from unrestricted current assets) 65,334 62,207 


Accrued interest 26,721 30,100 

Accounts payable and accrued liabilities 11,995 10,030 

Deferred revenue - 43 

Due to other governmental agencies 2,305 2,643 


Revenue bonds payable, current 81,262 76,956 

Total current liabilities (payable from restricted assets) 123,465 119,772 



Revenue bonds payable, long-term 1,136,837 1,212,046 

Other long-term liabilities 3,325 24,757 

Total noncurrent liabilities 1,140,162 1,236,803 

Total liabilities 1,328,961 1,418,782 

Net Assets 


Restricted: 

For debt service 180,812 181,358 



Total net assets 1,510,253 1,434,136 

Total Liabilities and Net Assets $ 2,839,214 $ 2,852,918 

93





Years Ended 

September 30, 

2011 2010 


Airfield area $ 34,008 $ 32,658 

Terminal area 137,320 125,208 

Ground transportation 138,369 128,662 

Other buildings and grounds 15,462 14,302 

Hotel 30,390 28,236 



Operations and facilities 112,924 101,178 

Safety and security 24,338 20,956 

Administration 25,830 25,446 

Hotel 25,776 24,613 

Other 10,106 10,694 

Total operating expenses before depreciation and impairment write-down 198,974 182,887 

Operating income before depreciation and impairment write-down 156,575 146,179 

Depreciation and impairment write-down (116,354) (140,075) 

Operating income 40,221 6,104 


Investment income 4,200 6,529 

Interest expense (65,403) (68,248) 

Signatory Airline net revenue sharing (16,352) (16,741) 



Federal and state grants 1,101 1,384 

Other 2,856 341 

Income before capital contributions 60,195 19,642 

Capital Contributions 15,922 37,310 

Contributions from Orlando Executive Airport - 15 

Increase in net assets 76,117 56,967 

Total Net Assets, Beginning of Year 1,434,136 1,377,169 

Total Net Assets, End of Year $ 1,510,253 $ 1,434,136 

94



SCHEDULE OF CASH FLOWS 


Years Ended 

September 30, 

2011 2010 




Cash paid to employees for services (71,996) (44,294) 

Cash paid to airlines (26,326) (19,000) 

Net cash provided by operating activities 121,644 142,624 


Operating grants and passenger facilities charges received 3,977 2,601 

Net cash provided by noncapital financing activities 3,977 2,601 


Proceeds from issuance of bonds 76,395 319,058 

Proceeds from line of credit 1,182 - 



Principal payments - bonds and notes (157,951) (220,541) 

Bond issue costs and discount on bonds (783) (3,819) 

Interest paid (65,107) (59,951) 


Acquisition and construction of capital assets (64,976) (106,817) 

Capital contributed by federal and state agencies 12,707 32,265 

Net cash (used for) provided by capital and related financing activities (105,389) 49,555 



Proceeds from sale and maturity of investments 571,378 410,025 

Interest received 5,387 5,525 

Net cash used for investing activities (3,275) (193,906) 

Net increase in cash and cash equivalents 16,957 874 


Cash and Cash Equivalents, End of Year (1) $ 516,187 $ 499,230 

(1) Cash and Cash Equivalents - Unrestricted Assets $ 134,719 $ 129,581 

Cash and Cash Equivalents - Restricted Assets 381,468 369,649 

$ 516,187 $ 499,230 

(continued) 

95





Years Ended 

September 30, 

2011 2010 


to net cash provided by operating activities 

Operating income $ 40,221 $ 6,104 


net cash provided by operating activities 

Depreciation and impairment write-down 116,354 140,075 


Accounts receivable (1,030) 848 

Due from other governmental agencies (77) (55) 

Prepaid expenses 757 (60) 


Accounts payable and accrued liabilities 5,360 (1,072) 

Due to other governmental agencies (116) (729) 

Accrued airline revenue sharing (20,328) (8,678) 

Deferred revenues 318 (3,444) 


Advanced rent from tenants 1,227 3,605 

Due from (to) other funds 79 (121) 

Other liabilities (21,432) 6,086 


Net cash provided by operating activities $ 121,644 $ 142,624 


(Decrease) Increase in fair value of investments $ (238) $ 134 

South Narcoossee Road land donation/Army reserve property donation $ (25) $ 9,785 

96



AIRPORT FACILITIES REVENUE ACCOUNT 

BUDGETED REVENUES AND INTERACCOUNT REQUIREMENTS 

COMPARED TO ACTUAL (1) 



Actual Budget Variance 

Revenues 

Airfield area $ 34,008 $ 35,773 $ (1,765) 

Terminal area 137,320 131,064 6,256 

Ground transportation 138,369 126,653 11,716 

Other buildings and grounds 15,462 14,462 1,000 

Investment income 3,690 6,470 (2,780) 

Passenger facilities charges 31,486 31,215 271 

Other nonoperating revenue 2,400 25 2,375 

362,735 345,662 17,073 

Transfers In (Out) 

Hotel Operating Account 29,794 28,470 1,324 

Changes in equity in Airport Facilities Revenue Account (2,860) - (2,860) 

Total Revenues and Transfers In $ 389,669 $ 374,132 $ 15,537 

Interaccount Requirements 

Airport Facilities Bond Account 120,389 120,409 (20) 

Airport Facilities Operation and Maintenance Account 189,278 197,090 (7,812) 

Airport Facilities Capital Expenditure Account 860 830 30 

Airport Facilities Discretionary Account (Subordinated Debt) 17,566 17,937 (371) 

Airport Facilities Discretionary Account (Revenue Sharing) 60,200 36,460 23,740 

Airport Facilities Operation and Maintenance Reserve Account 1,376 1,406 (30) 

$ 389,669 $ 374,132 $ 15,537 

(1) This schedule is prepared on a budgetary basis and as such, does not present the results of operations on a basis of 

generally accepted accounting principles. 

97



AIRPORT FACILITIES OPERATIONS AND MAINTENANCE ACCOUNT 

BUDGETED REVENUE AND EXPENSES COMPARED TO ACTUAL (1) 



Favorable 

Annual (Unfavorable) 


Revenues 

Interaccount Contribution 


Revenue Account $ 191,278 $ 197,090 $ 5,812 

Expenses 

Executive Administration 2,005 2,338 333 

Airport Information 846 896 50 

Small Business Development 627 678 51 

Internal Audit 610 786 176 

Public Affairs 707 774 67 

Finance 4,442 4,547 105 

Purchasing 1,564 1,631 67 

Concessions 443 489 46 

Parking - Revenue Control 593 593 - 

Parking Operations 5,520 5,829 309 

Employee Shuttle 1,488 1,526 38 

Hotel Valet Parking 345 391 46 

Satellite Parking 1,809 2,057 248 

Ground Transportation Services 1,096 1,207 111 

Commercial Properties 952 991 39 

Marketing 979 1,070 91 

Airport Operations Administration 887 1,083 196 

Communications Center 1,701 1,995 294 

Airline Division 7,490 8,203 713 

Airfield Operations 1,873 2,020 147 

Airport Rescue Fire Fighters 6,772 7,152 380 

Waste Management Services 1,247 1,310 63 

Landside Division 3,542 3,809 267 

Airport Police 8,987 9,200 213 

Security - Canine 797 864 67 

Security - Access Control 907 1,074 167 

Security - Operations (SAMS) 5,978 6,947 969 

Security - Administration 861 932 71 

Human Resources 1,280 1,447 167 

Travel Services 74 74 - 

Risk Management/Safety 289 321 32 

Office Services 101 133 32 

Information Technology 769 862 93 

(continued) 

98



AIRPORT FACILITIES OPERATIONS AND MAINTENANCE ACCOUNT 




Favorable 



Information Systems 4,241 4,965 724 

Telecommunications 2,053 2,432 379 

Board Services 337 378 41 

Facilities Executive Support Services 486 589 103 

Environmental 251 404 153 

Construction Services 1,834 1,834 - 

Maintenance Administration 41,384 42,638 1,254 

Utilities 18,449 18,454 5 

Pavement and Grounds 1,889 1,940 51 

Maintenance Support 307 313 6 

Airfield Electrical 1,679 1,698 19 

Carpentry 588 585 (3) 

Paint 665 725 60 

Plumbing 876 895 19 

HVAC 1,292 1,361 69 

Electronics 762 794 32 

Terminal Electrical 1,334 1,364 30 

Graphics 422 433 11 

Planning 2,354 2,545 191 

Governmental Relations 571 650 79 

Hotel 25,124 23,884 (1,240) 

Insurance, Contingency and Other 9,969 12,655 2,686 

Total expenses 184,448 194,765 10,317 

Less Reimbursed Costs 

Telecommunications and Other Reimbursements (963) (1,911) (948) 

183,485 192,854 9,369 

Transfer to Project Accounts 3,969 4,236 267 

187,454 $ 197,090 $ 9,636 

Excess Revenues and Interaccount Contribution 

Over Expenses Before Interaccount Requirements 3,824 

Reduced By 

Amount Available for Revenue Sharing (3,824) 

Amount to be Distributed $ - 

(1) This schedule is prepared on a budgetary basis and as such, does not present the results of operations on a basis of 

generally accepted accounting principles. 

99



SCHEDULE OF OPERATING REVENUES BY SOURCE 



Actual 

Revenue 

Percent of 

Total 

Revenue (%) 

Airfield Area 

Landing Fees - Signatory $ 24,443 

6.87 % 

Landing Fees - Cargo, Fixed Base Operator, Non-Signatory 3,478 0.98 

Passenger Airline Apron Use Fees 3,771 1.06 

Fuel Flow Fees - Fixed Base Operator 920 0.26 

Fuel System Rental 1,396 0.39 

Total Airfield Area 34,008 9.56 

Terminal Area 

Terminal Area Rents - Signatory 60,509 17.02 

Terminal Area Rents - Non-Signatory 1,017 0.29 

Terminal Area Rents - Non-Airline 9,950 2.80 

Terminal Area - Other 2,829 0.80 

Airline Equipment 2,797 0.79 

CUTE/CUSS/CUPPS 941 0.26 

Concessions - Advertising 3,126 0.88 

Concessions - Food and Beverage 16,879 4.74 

Concessions - General Merchandise 16,735 4.71 

Concessions - Services 7,837 2.20 

Federal Inspection Station/Facility Fees 12,406 3.49 

Other Government Agencies 2,294 0.64 

Total Terminal Area 137,320 38.62 

Ground Transportation 

Ground Transportation Support 1,250 0.35 

Parking - North 49,955 14.05 

Onsite Rental Cars 76,111 21.41 

Offsite Rental Cars 2,275 0.64 

Commercial Lane 8,778 2.47 

Total Ground Transportation 138,369 38.92 

Other Buildings and Grounds 

Fixed Base Operator Fees 1,486 0.42 

Foreign Trade Zone 16 0.00 

Building Rentals 3,458 0.97 

Land Rentals 3,809 1.07 

Cargo Apron Use 277 0.08 

Other Building and Grounds 4,156 1.17 

Other Operating Revenue 2,260 0.64 

Total Other Buildings and Grounds 15,462 4.35 

Hotel 30,390 8.55 

Total Operating Revenue $ 355,549 100.00 % 

100



LAND ACQUIRED AND CAPITAL PROJECTS COMPLETED 



Land 

Balance, September 30, 2010 $ 251,267 

Additions: 

East Airfield Development Area Mitigation Credits 10,978 

Various Land Additions 2,162 

Deductions: 

Land Sale/Donation (55) 


Buildings 

Balance, September 30, 2010 $ 1,164,036 

Additions: 

Various Building Additions 1,657 


Improvements 


Additions: 

International Terminal Improvements 8,193 

Vertical Circulation & Central Plant Improvements 7,686 

Airline Relocation 5,027 

Public Restroom Refurbishment 4,932 

Automated People Mover 4,403 

Various Improvements Additions 4,008 

Deductions: 

2011 Retirements (14) 


101



DEBT SERVICE REQUIREMENTS 



Total Debt Service - All Bonds 

Calendar 

Year Interest Principal Total 

2011 $ 26,218 $ 76,094 $ 102,312 

2012 53,457 82,619 136,076 

2013 49,097 124,939 174,036 

2014 43,898 72,910 116,808 

2015 40,302 76,495 116,797 

2016 36,417 78,105 114,522 

2017 32,367 82,150 114,517 

2018 28,045 76,930 104,975 

2019 24,168 62,670 86,838 

2020 20,929 65,915 86,844 

2021 17,466 69,370 86,836 

2022 13,921 44,445 58,366 

2023 11,710 36,445 48,155 

2024 10,543 33,300 43,843 

2025 9,740 34,825 44,565 

2026 8,919 36,425 45,344 

2027 8,035 38,105 46,140 

2028 7,147 38,410 45,557 

2029 5,360 10,880 16,240 

2030 4,817 11,420 16,237 

2031 4,240 12,000 16,240 

2032 3,632 12,605 16,237 

2033 2,995 7,355 10,350 

2034 2,627 7,720 10,347 

2035 2,241 8,110 10,351 

2036 1,835 8,515 10,350 

2037 1,409 8,940 10,349 

2038 963 9,390 10,353 

2039 493 9,860 10,353 

$ 472,991 $ 1,236,947 $ 1,709,938 

102






$169,880,000 Airport Facilities Revenue Bonds, 

Series 1997 

Interest 

Calendar Interest Due Due Principal Due 

Year Rate (1) April 1 October 1 October 1 (2) 

2011 5.75 % $ - $ 264 $ 9,190 

$ - $ 264 $ 9,190 

(1) Interest rate on bonds scheduled for maturity during the year. Average interest rate over the life of the bond issue is 

5.40%. 

(2) The principal amount of $143,800,000 has been refunded by the 2007A Refunding Revenue Bonds. 

103






$90,055,000 Airport Facilities Secondary Subordinated Revenue Bonds, 

Series 1997 

Projected Debt Service Requirement 

Calendar Interest Estimated Principal Due 

Year Rate (1) Interest (2) October 1 

2011 0.23 % $ 52 $ 

- 

2012 0.23 208 - 

2013 0.23 208 - 

2014 0.23 208 - 

2015 0.23 208 - 

2016 0.23 208 - 

2017 0.23 208 - 

2018 0.23 208 - 

2019 0.23 208 - 

2020 0.23 208 - 

2021 0.23 208 - 

2022 0.23 208 - 

2023 0.23 208 12,635 

2024 0.23 178 18,095 

2025 0.23 137 18,910 

2026 0.23 94 19,765 

2027 0.23 48 20,650 

$ 3,005 $ 90,055 

(1) Interest rates are estimated based on the rate as of September 30, 2011 which was 0.23%. 

(2) Interest payments are made quarterly due on the first business day of each quarter. 

104






$19,290,000 Airport Facilities Subordinated Revenue Bonds, 

Series 1998C 

Interest 


Year Rate (1) June 1 December 1 December 1 

2011 4.80 % $ - $ 343 $ 2,420 

2012 4.90 291 291 2,540 

2013 4.95 225 225 2,665 

2014 5.00 154 154 2,805 

2015 5.05 79 79 2,945 

$ 749 $ 1,092 $ 13,375 


4.79%. 

105






$46,640,000 Airport Facilities Revenue Refunding Bonds, 

Series 1998 

Interest 


Year Rate (1) April 1 October 1 October 1 

2011 5.25 % $ - $ 275 $ 2,425 

2012 5.25 212 212 2,030 

2013 5.25 159 158 1,725 

2014 5.50 113 113 1,570 (2) 

2015 5.50 70 70 1,215 (2) 

2016 5.50 36 36 810 (2) 

2017 5.50 14 14 515 (2) 

$ 604 $ 878 $ 10,290 


4.53%. 

(2) Assumes that bonds are retired in accordance with sinking fund provisions. 

106







Series 2002A 

Interest 



2011 4.00 % $ - $ 1,114 $ 1,165 

2012 4.13 1,091 1,091 1,210 

2013 4.25 1,066 1,066 1,260 

2014 4.38 1,039 1,039 1,315 

2015 4.50 1,010 1,011 1,370 

2016 4.63 980 980 1,435 

2017 4.75 947 946 1,500 

2018 4.75-4.80 910 911 1,570 

2019 4.75-5.00 873 874 2,230 (2) 

2020 5.00-5.25 820 819 2,340 (2) 

2021 5.00 759 759 2,465 (2) 

2022 5.10 697 697 1,905 (2) 

2023 5.13 649 649 2,000 (2) 

2024 5.13 598 597 2,105 (2) 

2025 5.13 544 544 2,210 (2) 

2026 5.13 487 487 2,325 (2) 

2027 5.13 427 427 2,445 (2) 

2028 5.13 364 365 2,570 (2) 

2029 5.13 299 299 2,700 (2) 

2030 5.13 230 230 2,840 (2) 

2031 5.13 157 157 2,985 (2) 

2032 5.13 80 81 3,140 (2) 

$ 14,027 $ 15,143 $ 45,085 


5.37%. 


107







Series 2002B 

Interest 



2011 4.25 % $ - $ 2,794 $ 505 

2012 4.38 2,784 2,784 525 

2013 5.50 2,772 2,773 545 (2) 

2014 5.50 2,757 2,758 575 (2) 

2015 5.50 2,742 2,742 610 (2) 

2016 5.50 2,725 2,725 640 (2) 

2017 5.50 2,707 2,707 675 (2) 

2018 5.13 2,688 2,689 715 (2) 

2019 5.13-5.25 2,670 2,670 28,700 (2) 

2020 5.13 1,918 1,917 30,210 (2) 

2021 5.13 1,144 1,143 31,755 (2) 

2022 5.25 330 330 875 (2) 

2023 5.25 307 307 920 (2) 

2024 5.25 283 283 965 (2) 

2025 5.25 257 257 1,015 (2) 

2026 5.25 230 231 1,070 (2) 

2027 5.25 203 203 1,125 (2) 

2028 5.25 173 173 1,185 (2) 

2029 5.25 142 142 1,250 (2) 

2030 5.25 109 109 1,315 (2) 

2031 5.25 75 74 1,385 (2) 

2032 5.25 38 38 1,455 (2) 

$ 27,054 $ 29,849 $ 108,015 


5.37%. 


108






$30,015,000 Airport Facilities Taxable Subordinated Refunding Revenue Bonds, 

Series 2002A 

Interest 



2011 5.59 % $ - $ 181 $ 4,060 

2012 5.64 67 67 2,385 

$ 67 $ 248 $ 6,445 


5.47%. 

109






$79,630,000 Airport Facilities Refunding Revenue Bonds, 

Series 2003A 

Interest 



2011 3.00 % $ - $ 1,270 $ 445 

2012 3.13 1,263 1,263 460 

2013 3.25-5.00 1,256 1,256 14,160 

2014 3.50-5.00 931 930 5,540 

2015 5.00 808 808 5,790 

2016 5.00 663 664 14,535 

2017 5.00 300 300 6,105 

2018 3.90-5.00 148 147 5,995 

$ 5,369 $ 6,638 $ 53,030 


3.80%. 

110







Series 2007A 

Interest 



2011 - % $ - $ 3,525 $ 

- 

2012 5.00 3,525 3,524 9,675 

2013 4.50-5.00 3,283 3,283 10,165 

2014 5.00 3,041 3,041 10,650 

2015 5.00 2,775 2,775 11,180 

2016 5.00 2,495 2,496 11,740 

2017 5.00 2,202 2,202 12,325 

2018 5.00 1,894 1,894 12,940 

2019 5.00 1,571 1,570 13,590 

2020 5.00 1,230 1,231 14,270 

2021 5.00 874 873 14,980 

2022 5.00 499 500 15,730 

2023 5.00 106 106 4,240 

$ 23,495 $ 27,020 $ 141,485 


4.99%. 

111







Series 2008A 

Interest 



2011 5.00 % $ - $ 5,512 $ 29,525 

2012 5.25 4,774 4,775 29,680 

2013 5.25 3,996 3,995 16,720 

2014 5.25 3,556 3,557 27,950 

2015 5.25 2,823 2,823 29,880 

2016 5.25 2,039 2,039 20,430 

2017 5.25 1,502 1,502 30,915 

2018 5.25 691 691 26,315 

$ 19,381 $ 24,894 $ 211,415 


5.22%. 

112







Series 2008C 

Calendar 

Interest 

Year Rate (1) Interest Principal 

2011 3.99 % $ 560 $ 1,684 

2012 3.99 2,069 6,929 

2013 3.99 1,509 48,074 

$ 4,138 $ 56,687 


3.99%. 

113







Series 2009A 

Interest 



2011 - % $ - $ 2,831 $ 

- 

2012 - 2,831 2,832 - 

2013 - 2,832 2,831 - 

2014 - 2,831 2,832 - 

2015 5.50 2,832 2,831 7,730 

2016 6.00 2,619 2,619 10,250 

2017 6.00 2,311 2,311 10,865 

2018 6.00 1,985 1,986 11,515 

2019 5.50 1,640 1,640 12,205 

2020 6.25 1,304 1,304 12,880 

2021 5.38 902 902 13,685 

2022 5.50 534 534 14,420 (2) 

2023 5.50 138 137 5,000 (2) 

$ 22,759 $ 25,590 $ 98,550 


5.72%. 


114







Series 2009B 

Interest 



2011 - % $ - $ 273 $ 

- 

2012 - 273 273 - 

2013 - 273 273 - 

2014 4.78 273 273 9,280 

2015 5.13 51 51 1,995 

$ 870 $ 1,143 $ 11,275 


4.85%. 

115






$62,800,000 Special Purpose Airport Facilities Taxable Revenue Bonds, 

Rental Car Facility Project 

Series 2009 

Interest 



2011 2.76 % $ - $ 1,175 $ 7,175 

2012 3.26 1,076 1,076 7,370 

2013 3.66 955 956 7,615 

2014 4.16 817 816 7,890 

2015 4.51 652 652 8,220 

2016 5.12 467 467 8,590 

2017 5.47 247 247 9,030 

$ 4,214 $ 5,389 $ 55,890 

(1) Interest rate on bonds scheduled for maturity during the year. Average interest rate over the life of the bond 

issue is 4.50%. 

116







Series 2009C 

Interest 



2011 3.00 % $ - $ 2,072 $ 1,490 

2012 3.00 2,049 2,049 1,535 

2013 4.00 2,026 2,026 1,580 

2014 5.00 1,995 1,994 1,640 

2015 4.00 1,954 1,954 1,725 

2016 5.00 1,919 1,919 1,795 

2017 4.00-5.00 1,874 1,874 1,885 

2018 4.00-5.00 1,835 1,835 1,960 

2019 5.00 1,791 1,791 2,050 

2020 4.25-5.00 1,740 1,739 2,150 

2021 4.38 1,690 1,690 2,250 

2022 5.00 1,641 1,641 2,350 

2023 5.00 1,582 1,582 2,465 

2024 4.50-5.00 1,520 1,521 2,590 

2025 5.00 1,457 1,457 2,715 

2026 5.00 1,389 1,389 2,855 

2027 5.00 1,318 1,318 2,995 

2028 4.75-5.00 1,243 1,243 3,145 

2029 4.75 1,165 1,165 3,300 

2030 5.00 1,087 1,087 3,455 (2) 

2031 5.00 1,001 1,000 3,630 (2) 

2032 5.00 910 910 3,810 (2) 

2033 5.00 815 815 4,000 (2) 

2034 5.00 714 715 4,200 (2) 

2035 5.00 610 610 4,410 (2) 

2036 5.00 499 500 4,635 (2) 

2037 5.00 384 383 4,865 (2) 

2038 5.00 262 262 5,110 (2) 

2039 5.00 134 134 5,365 (2) 

$ 36,604 $ 38,675 $ 85,955 




117







Series 2010A 

Interest 



2011 - % $ - $ 1,923 $ 

- 

2012 - 1,923 1,923 - 

2013 - 1,923 1,923 - 

2014 4.00 1,923 1,923 1,095 

2015 4.00 1,901 1,901 1,140 

2016 4.00 1,878 1,878 2,020 

2017 5.00 1,838 1,838 2,100 

2018 3.60 1,785 1,785 2,205 

2019 4.00 1,745 1,746 2,285 

2020 5.00 1,700 1,700 2,375 

2021 5.00 1,640 1,641 2,495 

2022 4.13 1,578 1,578 2,615 

2023 4.25 1,524 1,524 2,725 

2024 5.00 1,467 1,466 2,845 

2025 5.00 1,395 1,395 2,985 

2026 5.00 1,321 1,320 3,135 (2) 

2027 5.00 1,242 1,242 3,290 (2) 

2028 5.00 1,160 1,159 3,450 (2) 

2029 5.00 1,074 1,074 3,630 (2) 

2030 5.00 982 983 3,810 (2) 

2031 5.00 888 888 4,000 (2) 

2032 5.00 787 788 4,200 (2) 

2033 5.00 682 683 3,355 (2) 

2034 5.00 599 599 3,520 (2) 

2035 5.00 511 510 3,700 (2) 

2036 5.00 418 418 3,880 (2) 

2037 5.00 321 321 4,075 (2) 

2038 5.00 220 219 4,280 (2) 

2039 5.00 113 112 4,495 (2) 

$ 34,538 $ 36,460 $ 79,705 




118







Series 2010B 

Interest 



2011 3.00 % $ - $ 1,895 $ 15,740 

2012 5.00 1,658 1,659 18,100 

2013 5.00 1,206 1,206 20,240 

2014 5.00 700 700 2,400 

2015 5.00 640 640 2,490 

2016 5.00 578 577 5,645 

2017 5.00 437 437 6,010 

2018 4.25 286 286 13,480 

$ 5,505 $ 7,400 $ 84,105 



119







Series 2011A 

Interest 



2011 4.65 % $ - $ 159 $ 270 

2012 4.65 142 142 180 

2013 4.65 137 137 190 

2014 4.65 133 133 200 

2015 4.65 128 128 205 

2016 4.65 124 124 215 

2017 4.65 119 119 225 

2018 4.65 114 113 235 

2019 4.65 108 108 250 

2020 4.65 102 102 260 

2021 4.65 96 96 270 

2022 4.65 89 90 285 

2023 4.65 83 83 300 

2024 4.65 76 76 310 

2025 4.65 69 69 325 

2026 4.65 61 62 340 

2027 4.65 53 53 355 

2028 4.65 45 45 1,940 

$ 1,679 $ 1,839 $ 6,355 



120







Series 2011B 

Interest 



2011 % $ - $ - $ 

- 

2012 1,678 1,582 - 

2013 1,582 1,581 - 

2014 1,582 1,582 - 

2015 1,582 1,582 - 

2016 1,581 1,581 - 

2017 1,582 1,582 - 

2018 1,582 1,582 - 

2019 5.00 1,582 1,581 1,360 

2020 3.25 1,548 1,547 1,430 

2021 5.00 1,524 1,525 1,470 

2022 4.00 1,487 1,488 6,265 

2023 4.00 1,363 1,362 6,160 

2024 5.00 1,239 1,239 6,390 

2025 4.25-5.00 1,080 1,079 6,665 

2026 5.00 924 924 6,935 

2027 4.50 750 751 7,245 

2028 4.50 588 589 26,120 

$ 23,254 $ 23,157 $ 70,040 



121


ORLANDO EXECUTIVE AIRPORT 



September 30, 

ASSETS 2011 2010 


Unrestricted: 



for uncollectibles of $0 and $0 28 644 



Due from other governmental agencies - 36 


Total current assets - unrestricted 18,330 18,655 



Property and equipment 31,763 33,400 


Construction in progress 22 344 

Total noncurrent assets 40,419 42,246 

Total Assets $ 58,749 $ 60,901 

LIABILITIES AND NET ASSETS 

Current Liabilities 


Deferred revenue 32 - 


Advance rent from tenants, current 194 194 

Due to Orlando International Airport 357 472 

Due to other governmental agencies 560 565 



Advance rent from tenants, long-term 2,140 2,334 

Other long-term liabilities 940 2,284 

Total noncurrent liabilities 3,080 4,618 

Total liabilities 7,329 7,828 

Net Assets 





122





Years Ended 

September 30, 

2011 2010 


Airfield area $ 92 $ 69 

Terminal area 185 185 

Commercial property 1,956 2,487 

Other airport related 597 628 



Operations and facilities 1,222 904 

Safety and security 939 952 

Administration 562 560 

Other 366 810 

Total operating expenses before depreciation 3,089 3,226 

Operating (loss) income before depreciation (259) 143 

Depreciation (2,110) (2,022) 

Operating loss (2,369) (1,879) 


Investment income 68 152 

Federal and state grants 56 90 

Other 5 18 

Loss before capital contributions (2,240) (1,619) 

Capital Contributions 587 3,249 

Contributions to Orlando International Airport - (15) 

(Decrease) Increase in net assets (1,653) 1,615 


Total Net Assets, End of Year $ 51,420 $ 53,073 

123





Years Ended 

September 30, 

2011 2010 




Cash paid to employees for services (1,542) (838) 

Net cash (used for) provided by operating activities (716) 686 


Operating grants received 61 107 

Net cash provided by noncapital financing activities 61 107 



Acquisition and construction of capital assets (319) (431) 

Capital contributed by federal and state agencies 623 438 

Net cash provided by capital and related financing activities 935 8 



Proceeds from sale or maturity of investments 14,029 13,510 

Interest received 84 198 

Net cash (used for) provided by investing activities (1,879) 2,184 

Net (decrease) increase in cash and cash equivalents (1,599) 2,985 


Cash and Cash Equivalents, End of Year $ 11,224 $ 12,823 

(continued) 

124





Years Ended 

September 30, 

2011 2010 

Reconciliation of operating loss to 

net cash (used for) provided by operating activities 

Operating loss $ (2,369) $ (1,879) 

Adjustments to reconcile operating loss to 

net cash (used for) provided by operating activities 

Depreciation 2,110 2,022 


Accounts receivable (15) 19 



Accounts payable and accrued liabilities 1,127 339 

Deferred revenue 32 - 

Due to other governmental agencies (5) 2 

Deposits - 50 

Advanced rent from tenants (194) (194) 

Due (to) from other funds (79) 121 

Other liabilities (1,344) 111 


Net cash (used for) provided by operating activities $ (716) $ 686 


Increase (Decrease) in fair value of investments $ 21 $ (32) 

Navy property donation $ - $ 2,865 

125






Favorable 



Revenues: 

Airfield area $ 92 $ 24 $ 68 

Terminal area 185 - 185 

Commercial property 1,956 2,042 (86) 

Other airport related 597 594 3 

Interest and other income 73 189 (116) 

2,903 2,849 54 

Contribution from OEA Revenue Fund 186 - 186 

Total Sources $ 3,089 $ 2,849 $ 240 

Expenses: 

Operations and Facilities $ 795 $ 819 $ 24 

Safety and security 939 968 29 

Administration 562 499 (63) 

Other 366 481 115 

2,662 2,767 105 

Transfer to Project Accounts 427 - (427) 

Capital outlay and improvements - 65 65 

Available for appropriation - 17 17 

$ 3,089 $ 2,849 $ (240) 

(1) This schedule is prepared on a budgetary basis and, as such, does not present the results of operations on a basis 

of generally accepted accounting principles. 

126



SCHEDULE OF OPERATING REVENUES BY SOURCE 



Actual 

Revenue 

Percent of 

Total 

Revenue (%) 

Airfield Area 

Fixed base operators $ 81 

2.86 % 

Other fuel flow fees 4 0.14 

Apron use fees 7 0.25 

92 3.25 

Terminal Area 

Terminal space rental-other 185 6.54 

Commercial Property 1,956 69.11 

Other Airport Related 

Building and site rentals - fixed base operators 403 14.24 

Building and site rentals - other 172 6.08 

Other operating revenue 22 0.78 

597 21.10 

Total Operating Revenue $ 2,830 100.00 % 

127



LAND ACQUIRED AND CAPITAL PROJECTS COMPLETED 



Land 



Buildings 


Additions: 

Sheltair Jet Center 600 


Improvements 



128


SCHEDULE OF CASH, CASH EQUIVALENTS AND INVESTMENTS 

As of September 30, 2011 


Maturity Yield Maturity Market 

Description Date (%) Value Value 

Non-Trustee Revenue Account 

Cash: 

Cash $ 2,256 $ 2,256 

Total Cash 2,256 2,256 

Investments: 

Federal Home Loan Bank 29-Nov-11 0.28 2,001 2,001 

Total Investments 2,001 2,001 

Total Cash and Investments $ 4,257 $ 4,257 

Airport Facilities Revenue Account 

Cash and Cash Equivalents: 

Cash $ 7,273 $ 7,273 

Federated Govt. Obligations Money Market 25,753 25,753 

Total Cash and Cash Equivalents 33,026 33,026 

Investments: 



Total Cash, Cash Equivalents and Investments $ 34,026 $ 34,026 

Airport Facilities Bond Account 


Cash $ 572 $ 572 

Dreyfus Govt. Cash Mgmt Money Market 116,367 116,367 


Investments: 

Federal National Mortgage Association 26-Nov-25 4.02 5,000 4,978 

15-Dec-25 4.28 6,000 6,031 

15-Dec-25 4.28 4,300 4,322 

17-Feb-26 4.61 710 718 

26-Nov-25 4.02 2,000 1,991 

17-Feb-26 4.61 320 324 

15-Dec-25 4.28 900 905 

15-Dec-25 4.28 2,500 2,513 

17-Feb-26 4.61 540 546 

26-Nov-25 4.02 5,000 4,978 

17-Feb-26 4.61 700 708 

15-Dec-25 4.28 2,800 2,815 

17-Feb-26 4.61 470 475 

15-Dec-25 4.28 500 503 

17-Feb-26 4.61 180 182 

15-Dec-25 4.28 7,400 7,438 

17-Feb-26 4.61 480 485 



(continued) 

129







Airport Facilities Operation and Maintenance Account 


Cash $ 30,573 $ 30,573 

Commercial Paper 14-Oct-2011 0.11 5,000 4,999 

17-Oct-2011 0.15 670 670 

19-Oct-2011 0.09 5,000 4,999 

SBA Local Government Investment Pool Fund A 0.24 2 2 


Investments: 

SBA Local Government Investment Pool Fund B 24-Jul-2016 128 97 




Airport Facilities Capital Expenditures Account 


Cash $ 19,455 $ 19,455 



Investments: 


Federal Home Loan Bank 12-Sep-12 0.22 5,000 4,997 

19-Mar-13 0.30 5,000 4,996 

29-Nov-11 0.28 4,000 4,001 



Airport Facilities Discretionary Account 


Cash $ 74,628 $ 74,628 


Dreyfus Govt. Cash Mgmt. Money Market 7,615 7,615 

Commercial Paper 14-Nov-11 0.37 5,000 4,998 


Investments: 


Commercial Paper 08-Jun-12 0.40 5,000 4,978 

15-Mar-12 0.48 5,000 4,990 

13-Apr-12 0.33 3,000 2,990 

06-Feb-12 0.28 3,000 2,995 


28-May-14 1.28 5,000 5,103 

12-Sep-12 0.22 5,000 4,997 

130







Airport Facilities Discretionary Account (continued) 

Federal National Mortgage Association 18-Oct-13 1.00 $ 6,000 $ 6,002 

Federal Farm Credit Bank 22-Aug-12 0.27 5,000 5,000 

25-Apr-12 0.28 1,000 1,000 

Federal Home Loan Bank 21-Dec-11 0.06 5,999 6,000 

11-Jan-12 0.07 3,000 3,000 

07-Mar-12 0.10 5,000 4,999 

29-Nov-11 0.28 2,000 2,000 



Airport Facilities Renewal and Replacement Account 

Cash: 

Cash $ 1,967 $ 1,967 

Total Cash 1,967 1,967 

Investments: 



Total Cash and Investments $ 2,967 $ 2,967 

Airport Facilities Operation and 

Maintenance Reserve Account 


Cash $ 5,402 $ 5,402 



Investments: 


Federal Farm Credit Bank 25-Apr-12 0.28 2,000 2,000 

22-Aug-12 0.27 10,000 9,999 

Federal Home Loan Bank 17-Jul-12 0.21 4,000 3,997 

29-Nov-11 0.28 2,900 2,901 

12-Sep-12 0.22 4,500 4,497 

Commercial Paper 17-Jan-12 0.20 2,000 1,998 

13-Apr-12 0.33 2,000 1,993 



(continued) 

131







Airport Facilities Improvement and Development Account 


Cash $ 4,082 $ 4,082 



Investments: 



20-Jul-16 2.10 5,000 5,004 

22-Aug-12 0.27 4,960 4,960 


12-Sep-12 0.22 5,000 4,997 

19-Mar-13 0.30 5,000 4,996 

Federal National Mortgage Association 01-May-13 1.43 2,000 2,125 

02-Jan-14 1.72 2,000 2,185 

Commercial Paper 12-Mar-12 0.56 5,000 4,990 

17-Jan-12 0.20 3,000 2,996 

Federal Home Loan Mortgage Corporation 27-Mar-12 0.10 5,000 4,999 

30-Sep-13 0.55 5,000 5,000 



Commercial Paper Accounts 

Cash Equivalents: 

Deutsche Asset Cash Reserve Money Market $ 14,189 $ 14,189 

Total Cash Equivalents $ 14,189 $ 14,189 

1992 Capital Improvement Construction Account 


Cash $ 1,365 $ 1,365 

Federated Govt. Obligations Money Market 309 309 

Total Cash and Cash Equivalents $ 1,674 $ 1,674 

1997A Construction Account 


Cash $ 2,371 $ 2,371 



132









Cash $ (8) $ (8) 

Federated Government Obligations MM 5,897 5,897 


1999B Construction Account 

Cash 

Cash $ 182 $ 182 

Total Cash $ 182 $ 182 



Cash $ 323 $ 323 



2002B Construction Account 


Federated Govt. Obligations Money Market $ 14,128 $ 14,128 

Total Cash Equivalents $ 14,128 $ 14,128 

2008C Construction Account 

Cash: 

Cash $ 1,310 $ 1,310 

Total Cash $ 1,310 $ 1,310 

2009C Construction Account 


Federated Govt. Obligations Money Market $ 144 $ 144 

Total Cash Equivalents $ 144 $ 144 



Cash $ (588) $ (588) 



Investments: 

Federal Home Loan Bank 21-Dec-11 0.40 6,000 6,008 

17-Nov-11 0.28 5,000 5,001 



(continued) 

133







Passenger Facility Charges Account 


Cash $ 58,994 $ 58,994 



Investments: 


Federal Home Loan Mortgage Corporation 11-Apr-14 1.43 5,000 5,001 

07-Jan-13 0.65 5,000 5,000 

30-Sep-13 0.55 5,000 5,000 

Federal National Mortgage Association 18-Oct-13 1.00 5,000 5,001 


22-Aug-12 0.27 5,000 5,000 


12-Sep-12 0.22 5,000 4,997 

19-Mar-13 0.30 5,000 4,996 

17-Jul-12 0.21 4,000 3,997 

07-Mar-12 0.10 5,000 5,000 

Commercial Paper 12-Feb-12 0.32 5,000 4,990 

10-Apr-12 0.57 4,000 3,987 

08-Jun-12 0.70 5,000 5,000 



Customer Facility Charges Account 


Cash $ (120) $ (120) 

Dreyfus Govt Cash Mgmt Money Market 50,224 50,224 


Investments: 


08-Sep-17 2.00 1,000 1,003 

Federal National Mortgage Association 12-Sep-14 0.85 2,000 1,992 

21-Sep-16 1.50 2,000 2,007 

12-Sep-14 0.85 1,000 996 



134







OEA Revenue Account 


Cash $ 9,223 $ 9,223 


Commercial Paper - Banque et Caisse Epargne 19-Oct-11 0.19 2,000 2,000 


Investments: 



Federal Farm Credit Bank 22-Aug-12 0.27 2,000 2,000 



Other Accounts: 

Hotel Operating Cash Account $ 455 $ 455 

Projects Control Cash Account (3,346) (3,346) 

Total Cash $ (2,891) $ (2,891) 

Cash, Cash Equivalents and Investments - All Funds 

Cash and Cash Equivalents $ 527,415 $ 527,411 

Investments held to maturity 307,733 308,063 


135


2010-11 INSURANCE PROGRAM 

Property Insurance 

The insurance coverage is renegotiated and renewed or replaced on May 1 of each calendar year. Owned property, 

not insured by others in compliance with their contractual obligations to the Authority, was insured by Lloyd’s of 

London with excess coverage provided by American Guarantee and Liability Insurance Co. and Allianz Global & 

Specialty Marine Insurance Co. The Authority purchased a public entity insurance package from Lloyds of London 

for the first layer of insurance above self insured retention for coverage that includes property, auto physical 

damage, off-airport auto liability, workers compensation, crime, and public officials’ liability. 

Property coverage was all perils protection on a replacement cost basis with a maximum limit of $500 million and 

included coverage for loss of business income from a covered property loss. Specific sub-limits applied to certain 

coverages, including $100 million for damage caused by a named wind storm. There was a self-insured retention of 

$100,000, a deductible of $25,000 per occurrence and a deductible of 2% of the value of each building for a named 

wind storm. 

Terrorism insurance was provided by Lloyds of London for property-related exposures with limits of $300 million 

for certified foreign acts and for domestic acts. Environmental site liability insurance with limits of $25 million was 

provided by Chubb Custom Insurance Company and does not exclude losses for exposures from nuclear, chemical, 

biological or radioactive materials. 

Builders’ risk coverage was included in the property insurance policy, which covers renovations, additions, 

alterations, remodeling, rehabilitation, repairs, etc. to existing structures. Builders’ risk insurance for stand-alone 

structures is provided on an as needed basis with limits based on the value of each construction project. 

All owned and leased vehicles were insured by Lloyds of London and American Guarantee and Liability Insurance 

Co. for stated value of the vehicle or actual cash value of physical damage, above a $25,000 self-insured retention 

per occurrence. 

Loss by employee crime was insured by Lloyds of London up to a limit of $500,000 and by Travelers Casualty and 

Surety Company of America up to $5 million with a $25,000 self-insured retention. 

Boiler and Machinery coverage are provided by The Hartford Steam Boiler Inspection and Insurance Co. up to $100 

million with a $100,000 deductible. 

Liability Insurance 

Airport liability was underwritten by ACE Property and Casualty Insurance Company (ACE), and Lloyds of 

London, which covered the operation of airports until May 1, 2011. Airport liability insurance was provided by 

National Union Fire Insurance Company of Pittsburgh, PA from May 1, 2011 through the end of the fiscal year. 

Maximum limits were $300 million and specific sub-limits apply to certain exposures, including limits for war risk 

and related exposures of $100 million. Incidental medical malpractice insurance was included with limits of $50 

million. 

Liability for the operation of all owned and non-owned automobiles while driven off airport property was 

underwritten by Lloyds of London as a part of the public entity package with a $2,000,000 combined single limit per 

occurrence and a $25,000 self insured retention. 

The public entity package, through Lloyds of London, provides $150,000 of workers’ compensation and employer’s 

liability coverage for claims in excess of the $150,000 self-insured retention per occurrence. Liberty Mutual 

Insurance Company provides excess coverage for claims that exceed $300,000 per occurrence up to statutory limits 

(continued) 

136


2010-11 INSURANCE PROGRAM 

and employer’s liability coverage with limits of $1 million. Excess off-airport auto liability and employer’s liability 

coverage were provided by National Union Fire Insurance Company as part of the airport liability policy with a sublimit 

of $50 million. 

As required by law, a performance bond in the amount of $10,000 for each board member is provided by either the 

Hartford Insurance Company of the Southeast or Travelers Casualty and Surety Company of America. 

Public officials' liability was underwritten by Lloyds of London with limits of $2 million and a self-insured retention 

of $100,000. Fiduciary liability coverage for the Authority’s Retirement Benefits Committee was underwritten by 

Travelers Casualty and Surety Company with a $5 million limit and a $25,000 deductible. 

The Authority also carries the following additional insurance: 

1) Travel accident coverage for Authority’s Board members provided by AIG with limits of $250,000 per 

occurrence and $1,250,000 in the aggregate. 

2) Firefighter’s accidental death and dismemberment coverage with Hartford Insurance Company as required by 

state statute. 

3) Storage tank liability coverage for pollution liability and environmental damage caused by storage tanks is 

insured by Commerce & Industries (AIG) for $1,000,000 per claim and $2 million in the aggregate. 

Group Insurance 

Comprehensive medical insurance for Authority employees is provided by United HealthCare Insurance Company. 

Group life and long-term disability insurance are provided by Metropolitan Life Insurance Company. They also 

provide advice-to-pay for employee short-term disability claims, which are self-insured by the Aviation Authority. 

137



138

Statistical Section 

This section contains statistical information and differs 

from the financial statements because it usually covers more 

than one fiscal year and may present non-accounting data. 

This information is presented in five categories: 

Financial Trends — intended to assist users in understanding 

and assessing how the Authority’s financial position has 

changed over time. 

Revenue Capacity — intended to assist users in 

understanding and assessing the factors affecting the 

Authority’s ability to generate its own source revenues. 

Debt Capacity — intended to assist users in understanding 

and assessing the Authority’s debt burden and its ability to 

cover and issue additional debt. 

Demographic and Economic — intended to assist users 

in understanding the socioeconomic environment within 

which the Authority operates and to provide information that 

facilitates comparisons of financial statement information 

over time and among similar entities. 

Statistical 

Operating — intended to provide contextual information 

about the Authority’s operations and resources to assist 

readers in using financial statement information to 

understand and assess the Authority’s economic condition.



139


TOTAL ANNUAL REVENUES, EXPENSES AND CHANGES IN NET ASSETS 

Years Ended September 30, 2011 


2011 2010 2009 2008 

Revenues 


Airfield area $ 34,100 $ 32,727 $ 34,412 $ 63,680 

Terminal area 137,505 125,393 120,753 114,807 

Ground transportation 138,369 128,662 118,381 125,192 

Other buildings and grounds 18,015 17,417 18,084 16,564 

Hotel 30,390 28,236 28,579 36,723 

Total operating revenues 358,379 332,435 320,209 356,966 


Investment income 4,268 6,681 10,441 19,579 

Passenger facility charges 70,277 68,327 64,302 70,656 

Customer facility charges 23,295 21,946 21,790 - 

Federal and state grants 1,157 1,474 1,150 1,842 

Other 2,861 359 275 7,411 

Total nonoperating revenues 101,858 98,787 97,958 99,488 

Total Revenues 460,237 431,222 418,167 456,454 

Expenses 


Operations and facilities 114,146 102,082 108,818 115,037 

Safety and security 25,277 21,908 23,166 24,670 

Administration 26,392 26,006 25,898 29,720 

Hotel 25,776 24,613 25,151 28,008 

Other 10,472 11,504 13,942 16,008 

Depreciation and impaiment write-down 118,464 142,097 103,335 96,442 

Total operating expenses 320,527 328,210 300,310 309,885 

Nonoperating Expenses 

Interest expense 65,403 68,248 66,850 64,130 

Signatory Airline net revenue sharing 16,352 16,741 11,092 - 

Total nonoperating expenses 81,755 84,989 77,942 64,130 

Total Expenses 402,282 413,199 378,252 374,015 

Capital Contributions 16,509 40,559 38,037 69,876 

Increase in net assets $ 74,464 $ 58,582 $ 77,952 $ 152,315 

Net Assets, at End of Year: 

Investments in capital assets 

net of related debt $ 912,643 $ 926,028 $ 1,014,475 $ 926,201 

Restricted 449,215 380,959 255,904 284,720 

Unrestricted 199,815 180,222 158,248 142,352 

Total Net Assets, at End of Year $ 1,561,673 $ 1,487,209 $ 1,428,627 $ 1,353,273 

Source: Authority records 

140

2007 2006 2005 2004 2003 2002 

$ 33,321 $ 30,353 $ 32,726 $ 35,428 $ 33,377 $ 28,286 

102,912 94,555 88,931 84,915 82,177 85,066 

126,153 116,821 111,978 102,434 94,498 88,753 

15,729 16,262 14,141 13,535 12,728 13,006 

35,941 33,941 27,974 27,546 25,379 25,667 

312,680 291,932 275,750 263,858 248,159 240,778 

30,833 25,478 14,338 8,902 10,766 16,545 

59,302 45,933 43,436 41,287 34,779 34,405 

- - - - - - 

2,531 12,463 10,761 4,293 2,442 3,241 

1,003 3,597 30,786 7,172 1,248 1,466 

93,669 87,471 99,321 61,654 49,235 55,657 

406,349 379,403 375,071 325,512 297,394 296,435 

110,149 103,492 103,824 89,737 81,494 71,399 

19,330 18,914 17,434 17,197 16,115 15,961 

26,296 25,485 21,815 20,660 19,193 19,002 

26,505 24,995 22,140 21,235 19,823 18,642 

11,110 9,503 7,536 7,974 7,285 4,916 

93,352 94,220 92,472 83,497 79,092 75,827 

286,742 276,609 265,221 240,300 223,002 205,747 

67,150 68,790 71,556 72,021 72,607 65,761 

- - - - - - 

67,150 68,790 71,556 72,021 72,607 65,761 

353,892 345,399 336,777 312,321 295,609 271,508 

47,639 47,959 36,030 45,505 50,294 33,660 

$ 100,096 $ 81,963 $ 74,324 $ 58,696 $ 52,079 $ 58,587 

$ 758,380 $ 658,885 $ 578,271 $ 521,832 $ 467,504 $ 517,491 

327,979 351,097 355,135 325,876 322,431 221,093 

114,599 90,880 84,226 95,600 94,677 93,949 

$ 1,200,958 $ 1,100,862 $ 1,017,632 $ 943,308 $ 884,612 $ 832,533 

141


CHANGES IN CASH AND CASH EQUIVALENTS 

Years Ended September 30, 2011 


2011 2010 2009 


Cash received from customers, tenants and governmental agencies $ 364,949 $ 342,813 $ 315,961 

Cash paid to suppliers and governmental agencies (144,157) (135,371) (142,221) 

Cash paid to employees for services (73,538) (45,132) (48,566) 

Cash paid to airlines (26,326) (19,000) - 

Net cash provided by operating activities 120,928 143,310 125,174 


Operating grants received, passenger facility charges and 

insurance proceeds received 4,038 2,708 3,312 

Net cash provided by noncapital financing activities 4,038 2,708 3,312 


Proceeds from issuance of bonds 76,395 319,058 185,948 

Proceeds from line of credit 1,182 - 25,017 

Passenger facility charges and insurance proceeds 69,599 67,826 60,443 

Customer facility charges 23,417 21,499 20,530 

Principal payments - bonds and notes (157,951) (220,541) (262,250) 

Bond issue costs and discount on bonds (783) (3,819) (1,791) 

Swap termination payment - - (11,096) 

Interest paid (65,107) (59,951) (57,528) 

Proceeds from sale of assets 759 36 233 

Acquisition and construction of capital assets (65,295) (107,248) (191,047) 

Capital contributed by federal and state agencies 13,330 32,703 61,471 

Net cash (used for) provided by capital and related 

financing activities (104,454) 49,563 (170,070) 


Purchase of investments (596,032) (620,980) (214,121) 

Proceeds from sale and maturity of investments 585,407 423,535 370,403 

Interest received 5,471 5,723 10,613 

Net cash (used for) provided by investing activities (5,154) (191,722) 166,895 

Net increase (decrease) in cash and cash equivalents 15,358 3,859 125,311 

Cash and Cash Equivalents, Beginning of Year 512,053 508,194 382,883 

Cash and Cash Equivalents, End of Year (1) $ 527,411 $ 512,053 $ 508,194 

(1) Cash and Cash Equivalents - Unrestricted Assets $ 145,943 $ 142,404 $ 165,362 

Cash and Cash Equivalents - Restricted Assets 381,468 369,649 342,832 

$ 527,411 $ 512,053 $ 508,194 

Source: Authority Records 

142

2008 2007 2006 2005 2004 2003 2002 

$ 336,049 $ 287,854 $ 282,561 $ 277,037 $ 259,278 $ 256,455 $ 219,748 

(145,457) (126,646) (125,869) (111,934) (105,562) (97,779) (81,829) 

(51,442) (50,606) (50,258) (51,605) (45,864) (42,094) (38,355) 

- - - - - - - 

139,150 110,602 106,434 113,498 107,852 116,582 99,564 

8,001 6,892 16,393 37,610 13,528 4,168 4,660 

8,001 6,892 16,393 37,610 13,528 4,168 4,660 

283,214 149,845 - - - 87,536 165,591 

62,000 60,100 - - 72,050 - 40,900 

68,224 55,788 45,452 47,059 39,185 34,262 34,383 

- - - - - - - 

(348,671) (221,463) (93,635) (61,785) (51,247) (139,321) (137,509) 

(5,164) (1,205) - - - (726) (4,247) 

(25,724) - - - - - - 

(49,824) (64,622) (63,190) (66,142) (64,920) (75,134) (62,415) 

47 155 146 106 39 39 93 

(209,401) (130,127) (105,807) (102,594) (119,230) (146,295) (124,664) 

43,023 56,106 51,438 24,948 54,527 44,679 31,368 

(182,276) (95,423) (165,596) (158,408) (69,596) (194,960) (56,500) 

(360,280) (185,852) (178,355) (267,915) (361,449) (320,099) (283,630) 

335,583 252,562 184,465 187,029 277,795 386,778 236,698 

21,756 30,438 24,613 16,190 10,428 10,511 14,383 

(2,941) 97,148 30,723 (64,696) (73,226) 77,190 (32,549) 

(38,066) 119,219 (12,046) (71,996) (21,442) 2,980 15,175 

420,949 301,730 313,776 385,772 407,214 404,234 389,059 

$ 382,883 $ 420,949 $ 301,730 $ 313,776 $ 385,772 $ 407,214 $ 404,234 

$ 103,766 $ 94,458 $ 77,431 $ 76,400 $ 94,959 $ 94,437 $ 71,432 

279,117 326,491 224,299 237,376 290,813 312,777 332,802 

$ 382,883 $ 420,949 $ 301,730 $ 313,776 $ 385,772 $ 407,214 $ 404,234 

143


PRINCIPAL OPERATING REVENUES, AIRLINE RATES AND 

CHARGES AND COST PER ENPLANED PASSENGER 

Years Ended September 30, 


2011 2010 2009 2008 

Airfield Area 

Landing Fees - Signatory $ 24,443 $ 23,239 $ 25,506 $ 40,462 

Landing Fee Credits - Signatory - - - 11,979 

Landing Fees - Cargo, FBO, Non-Signatory 3,478 3,507 3,063 4,857 

Passenger Airline Apron Use Fees 3,771 3,719 3,615 4,077 

Fuel Flow Fees - FBO 920 797 683 541 

Fuel System Rental 1,396 1,396 1,346 1,310 

Total Airfield Area 34,008 32,658 34,213 63,226 

Terminal Area 

Terminal Area Rents - Signatory 60,509 56,356 54,026 57,122 

Terminal Area Rents - Non-Signatory 1,017 1,389 3,376 3,632 

Terminal Area Rents - Non-Airline 9,950 7,139 5,286 3,961 

Terminal Area Rents - Other 2,829 1,560 1,502 4,349 

Airline Equipment 2,797 2,976 3,157 1,186 

CUTE/CUSS/CUPPS 941 1,005 1,063 305 

Concessions - Advertising 3,126 3,162 2,997 3,038 

Concessions - Food & Beverage 16,879 15,224 13,385 12,283 

Concessions - General Merchandise 16,735 15,078 14,724 15,749 

Concessions - Services 7,837 7,234 7,720 7,147 

Federal Inspection Station & Facility Fees 12,406 11,779 10,703 4,239 

Other Government Agencies 2,294 2,306 2,629 1,606 

Total Terminal Area (1) 137,320 125,208 120,568 114,617 

Ground Transportation 

Ground Transportation Support 1,250 1,160 1,136 1,060 

Parking - North 49,955 50,033 49,509 56,597 

Onsite Rental Cars 76,111 62,957 50,747 46,408 

Offsite Rental Cars 2,275 6,124 8,608 12,458 

Commercial Lane 8,778 8,388 8,381 8,669 

Total Ground Transportation (1) 138,369 128,662 118,381 125,192 

Other Buildings and Grounds 

Fixed Base Operator Fees 1,486 1,427 1,425 1,300 

Foreign Trade Zone 16 16 17 14 

Building Rentals 3,458 3,264 3,273 3,047 

Land Rentals 3,809 4,276 4,303 4,219 

Cargo Apron Use 277 299 327 339 

Other Buildings and Grounds 4,156 2,433 3,310 2,157 

Other Operating Revenue 2,260 2,587 2,358 2,408 

Total Other Buildings and Grounds 15,462 14,302 15,013 13,484 

Hotel (1) 30,390 28,236 28,579 36,723 

Orlando Executive Airport Operating Revenues 2,830 3,369 3,455 3,724 

Total Operating Revenue $ 358,379 $ 332,435 $ 320,209 $ 356,966 

AIRLINE RATES AND CHARGES 

Gross landing fee (per 1,000 lbs.) (2) $1.2714 $1.2399 $1.3591 $1.9657 

Average annual terminal rent (per sq. ft.) (2) $ 97.92 $93.65 $92.71 $69.38 

Enplaned passengers 17,770,320 17,131,096 16,798,602 18,238,278 

Cost per enplaned passenger $5.15 $5.03 $5.51 $5.06 

(1) Parking and certain service revenues for fiscal years 2002 through 2010 have been reclassified from Hotel to 

Ground Transportation and Terminal Area. 

(2) For purposes of this schedule the gross landing fee and the average annual terminal rent for 2009 through 2011 

represent the final Signatory rates and charges under the new ALUA versus the budgeted rates in previous years. 

144

2007 2006 2005 2004 2003 2002 

$ 38,678 $ 34,934 $ 37,459 $ 33,172 $ 28,607 $ 28,274 

(18,491) (20,929) (20,120) (14,076) (9,090) (11,268) 

5,519 8,657 7,284 8,701 7,044 4,377 

3,757 3,843 4,191 3,741 3,809 3,925 

569 659 799 787 552 573 

2,839 2,816 2,816 2,816 2,281 2,192 

32,871 29,980 32,429 35,141 33,203 28,073 

50,764 45,981 48,517 47,249 48,521 44,057 

3,417 5,760 1,325 3,150 3,122 865 

3,828 4,464 3,185 2,296 2,030 2,071 

4,712 3,375 2,649 2,207 1,940 4,631 

601 153 153 136 119 72 

349 288 290 248 205 144 

2,378 2,564 1,974 1,805 2,099 2,216 

11,526 10,220 9,772 8,260 6,660 12,728 

14,531 13,007 15,295 14,603 13,178 13,298 

5,364 3,473 2,696 2,296 2,086 3,205 

4,407 4,497 2,322 1,874 1,818 1,551 

850 588 570 563 217 48 

102,727 94,370 88,748 84,687 81,995 84,886 

1,041 644 556 461 288 272 

58,392 51,421 47,119 39,840 35,361 31,748 

42,532 40,843 39,745 41,371 39,886 32,331 

15,608 15,057 15,338 12,544 11,809 17,603 

8,580 8,856 9,220 8,218 7,154 6,799 

126,153 116,821 111,978 102,434 94,498 88,753 

1,334 1,041 1,059 1,066 921 1,103 

17 68 70 50 37 52 

2,838 2,869 2,981 3,048 2,851 2,880 

3,804 3,256 3,025 2,869 2,640 2,421 

413 210 230 230 216 250 

2,051 2,235 2,221 1,961 1,779 1,933 

2,304 3,793 1,995 1,645 1,676 1,753 

12,761 13,472 11,581 10,869 10,120 10,392 

34,565 33,941 27,974 27,546 25,379 25,667 

3,603 3,348 3,040 3,181 2,964 3,007 

$ 312,680 $ 291,932 $ 275,750 $ 263,858 $ 248,159 $ 240,778 

$1.9469 $1.9698 $2.0489 $2.0852 $1.8823 $1.7377 

$55.53 $54.94 $47.70 $48.27 $49.21 $39.95 

17,831,818 17,316,873 16,833,499 15,233,814 13,532,180 13,025,231 

$4.44 $4.24 $4.72 $5.16 $5.51 $4.44 

145



NET REVENUES AVAILABLE FOR DEBT SERVICE AND COVERAGE RATIOS 



2011 2010 2009 

Revenues per bond resolution (1) $ 393,262 $ 363,449 $ 346,496 

Less: 

Operations and maintenance expenses per bond resolution (2) (187,453) (173,884) (174,802) 

Net revenues A 205,809 189,565 171,694 

Required account deposits: 

Airport facilities operations and maintenance reserve account 1,406 - - 

Airport facilities capital expenditure account - - - 

Airport facilities renewal and replacement account - - - 

Total required account deposits B 1,406 - - 

Net revenues available for debt service [C=A-B] $ 204,403 $ 189,565 $ 171,694 

Debt service on senior lien bonds (3) $ 120,392 $ 117,845 $ 116,848 

Net debt service on senior lien bonds D 120,392 117,845 116,848 

Debt service on subordinated bonds and other parity indebtedness (3) 11,663 11,611 12,115 

Less interest income on subordinated bonds reserve accounts (83) (43) (89) 

Net debt service on subordinated bonds and other parity indebtedness E 11,580 11,568 12,026 

Total debt service on senior lien bonds and 

subordinated indebtedness and other parity indebtedness [F=D+E] $ 131,972 $ 129,413 $ 128,874 

Coverage ratio for senior lien debt [C/D] 1.70 1.61 1.47 

Coverage ratio for all indebtedness [C/F] 1.55 1.46 1.33 

(1) Effective with FY 2009, Revenues are earned by the Airport Facilities Revenue Account, before revenue sharing with 

airlines required by the Airlines Lease and Use Agreement plus miscellaneous receipts in the Operations and Maintenance 

Account. 

(2) Expenses and encumbrances incurred by the Airport Facilities Operations and Maintenance Account. 

(3) Debt service is net of applicable capitalized interest. 


146

2008 2007 2006 2005 2004 2003 2002 

$ 356,263 $ 346,916 $ 330,800 $ 309,290 $ 285,834 $ 266,507 $ 266,926 

(182,868) (172,217) (148,803) (134,775) (127,292) (122,070) (110,904) 

173,395 174,699 181,997 174,515 158,542 144,437 156,022 

3,365 3,903 2,339 1,117 605 - - 

1,918 7,180 5,533 4,103 3,620 4,232 7,676 

- 420 5,420 204 371 700 - 

23,283 11,503 13,292 5,424 4,596 4,932 7,676 

$ 150,112 $ 163,196 $ 168,705 $ 169,091 $ 153,946 $ 139,505 $ 148,346 

$ 88,514 $ 73,960 $ 81,484 $ 74,901 $ 71,721 $ 66,397 $ 72,225 

88,514 73,960 81,484 74,901 71,721 66,397 72,225 

31,191 47,443 39,800 46,810 49,515 49,966 48,773 

(1,406) (1,860) (1,710) (1,728) (1,730) (1,593) (1,689) 

29,785 45,583 38,090 45,082 47,785 48,373 47,084 

$ 118,299 $ 119,543 $ 119,574 $ 119,983 $ 119,506 $ 114,770 $ 119,309 

1.70 2.21 2.07 2.26 2.15 2.10 2.05 

1.27 1.37 1.41 1.41 1.29 1.22 1.24 

147



RATIOS OF OUTSTANDING DEBT, DEBT SERVICE AND DEBT LIMITS 


2011 2010 2009 

Outstanding Debt Ratios 

Outstanding debt by type (in thousands) 

Senior lien revenue bonds $ 1,127,072 $ 1,202,503 $ 1,034,575 

Subordinate lien revenue bonds 19,820 25,945 31,755 

Secondary subordinate lien revenue bonds 90,055 90,055 90,055 

Notes payable/Line of Credit 1,182 - 68,955 

Total outstanding debt (in thousands) $ 1,238,129 $ 1,318,503 $ 1,225,340 

Enplaned passengers 17,770,320 17,131,096 16,798,602 

Outstanding debt per enplaned passenger $ 69.67 $ 76.97 $ 72.94 

Operating Revenues (in thousands) $ 355,549 $ 329,066 $ 316,754 

Ratio of outstanding debt to operating revenues 3.48 4.01 3.87 

Total revenues (in thousands) $ 457,278 $ 427,593 $ 413,695 

Ratio of outstanding debt to total revenues 2.71 3.08 2.96 

Debt Service Ratios 

Principal (in thousands) $ 81,116 $ 76,674 $ 70,465 

Interest (in thousands) 61,452 63,039 60,218 

Total debt service (in thousands) $ 142,568 $ 139,713 $ 130,683 

Debt service per enplaned passenger $ 8.02 $ 8.16 $ 7.78 

Total operating expenses exc. depreciation (in thousands) $ 198,974 $ 182,887 $ 193,100 

Ratio of debt service to total expenses 0.72 0.76 0.68 

Debt Limit (1) N/A N/A N/A 

(1) The Authority has no statutory debt limit. 


148

2008 2007 2006 2005 2004 2003 2002 

$ 1,021,165 $ 783,320 $ 828,360 $ 864,645 $ 898,835 $ 929,150 $ 958,875 

37,270 328,760 347,855 361,195 376,350 391,995 410,650 

90,055 90,055 90,055 90,055 90,055 90,055 90,055 

129,259 88,105 39,750 83,760 96,200 29,437 37,069 

$ 1,277,749 $ 1,290,240 $ 1,306,020 $ 1,399,655 $ 1,461,440 $ 1,440,637 $ 1,496,649 

18,238,278 17,831,818 17,316,873 16,833,499 15,233,814 13,532,180 13,025,231 

$ 70.06 $ 72.36 $ 75.42 $ 83.15 $ 95.93 $ 106.46 $ 114.90 

$ 353,242 $ 309,077 $ 288,584 $ 272,710 $ 260,677 $ 245,195 $ 237,771 

3.62 4.17 4.53 5.13 5.61 5.88 6.29 

$ 448,760 $ 401,307 $ 373,274 $ 370,240 $ 322,076 $ 294,191 $ 293,035 

2.85 3.22 3.50 3.78 4.54 4.90 5.11 

$ 57,963 $ 57,860 $ 54,856 $ 52,512 $ 49,608 $ 46,943 $ 41,733 

59,550 61,181 63,583 65,201 66,066 68,573 62,289 

$ 117,513 $ 119,041 $ 118,439 $ 117,713 $ 115,674 $ 115,516 $ 104,022 

$ 6.44 $ 6.68 $ 6.84 $ 6.99 $ 7.59 $ 8.54 $ 7.99 

$ 208,383 $ 190,442 $ 177,427 $ 169,262 $ 154,892 $ 141,713 $ 127,669 

0.56 0.63 0.67 0.70 0.75 0.82 0.81 

N/A N/A N/A N/A N/A N/A N/A 

149



DEBT SERVICE COVERAGE RATE COVENANT 

SPECIAL PURPOSE FACILITIES TAXABLE REVENUE BONDS 

SERIES 2009 

Year Ended September 30, 


2011 2010 

Pledged Revenues $ 23,295 $ 21,945 

Coverage Fund Required Balance (Series 2009 Bonds) 2,356 2,356 

Adjusted Pledged Revenues $ 25,651 $ 24,301 

Annual Debt Service (Series 2009 Bonds) $ 9,525 $ 9,366 

Debt Service Coverage (with Coverage Fund) 2.69 2.59 

Debt Service Coverage (without Coverage Fund) 2.45 2.34 

150



PRINCIPAL AIRPORT REVENUE PAYERS 


2011 2002 

Percentage of 

Total Airport 

Operating 

Top-10 Payers Net Revenue Rank Revenues Net Revenue Rank 

Percentage of 

Total Airport 

Operating 

Revenues 

Vanguard Car Rental USA Inc. (1)(4) $ 29,673 1 8.35 % $ 17,235 2 7.00 % 

Avis Budget Car Rental LLC (1)(4) 19,653 2 5.53 14,579 3 5.92 

The Hertz Corporation (1) 16,417 3 4.62 6,539 8 3.17 

Southwest Airlines (2) 15,004 4 4.22 7,797 7 3.46 

DTG Operations Inc (1) 14,199 5 3.98 8,512 6 8.15 

Delta Air Lines (2) 13,746 6 3.75 20,066 1 2.91 

jetBlue Airways (2) 10,775 7 3.03 N/A N/A N/A 

AirTran Airways (2) 9,188 8 2.58 N/A N/A N/A 

Host International 8,154 9 2.29 11,352 4 4.61 

Walt Disney World (3) 7,089 10 2.01 N/A N/A N/A 

US Airways (2) N/A N/A N/A 8,705 5 3.54 

American Airlines (2) N/A N/A N/A 5,719 9 2.32 

United Airlines (2) N/A N/A N/A 5,480 10 2.23 

Total $ 143,898 

40.36 % $ 105,984 

43.31 % 

(1) Annual Rental Fees, Counter Space & Queuing Space, Office Space, Ready Return Space and Terminal QTA 

space 

(2) Landing Fees, Signatory Rent and Tenant Finish Charges 

(3) Includes WDW Hospitality & Recreation Corp and WDW Company 

(4) Vanguard Car Rental USA Inc. (Previously Alamo Rent a Car and National Rent a Car) and Avis Budget Group 

Inc. (previously Avis Rent a Car System and Budget Rent a Car) were separate business entities during 2002. 

Notes: 

N/A = Not Applicable 

Net Revenue is derived from the company’s core business activities. 


151


DEMOGRAPHIC AND ECONOMIC STATISTICS 

ORLANDO AND KISSIMMEE METROPOLITAN STATISTICAL AREA 

Personal 

Annual Average 

Calendar Income Per Capita Unemployment 

Year Population (in thousands) Personal Income Rate 

2001 1,706,792 46,349,620 27,156 4.2 % 

2002 1,754,492 48,319,140 27,540 5.6 

2003 1,801,741 50,820,583 28,206 5.1 

2004 1,863,086 55,102,889 29,576 4.4 

2005 1,931,479 60,951,385 31,557 3.6 

2006 1,998,347 66,129,379 33,092 3.2 

2007 2,028,699 70,046,804 34,528 3.8 

2008 2,060,968 73,611,612 35,717 5.9 

2009 2,111,917 73,465,904 34,786 10.2 

2010 (1) 2,140,795 75,288,944 35,169 11.4 

(1) Preliminary amounts from the Bureau of Economic Analysis: Advance Metropolitan Statistical Area (MSA) 

Income Summary, Orlando, Kissimmee, Sanford, FL (represents the latest available statistics) 

Sources: 

• Bureau of Economic Analysis: Regional Economic Accounts – Orlando, Kissimmee, Sanford, FL (MSA) 

• Unemployment Rate from the U.S. Department of Labor, Bureau of Labor Statistics (http://www.bls.gov) 

152


PRINCIPAL EMPLOYERS 

ORLANDO AND KISSIMMEE METROPOLITAN STATISTICAL AREA 

2011 2002 

Percentage 

Percentage 

Number of of Total MSA Number of of Total MSA 

Employer Employees Rank Employment Employees Rank Employment 

Walt Disney World 58,000 1 5.75 % 55,900 1 6.17 % 

Orange County Public Schools 21,772 2 2.16 19,608 2 2.16 

Wal Mart 18,199 3 1.80 11,125 7 1.23 

Publix Supermarkets, Inc. 17,521 4 1.74 15,628 4 1.72 

Florida Hospital 16,700 5 1.66 18,797 3 2.07 

Orlando Regional Healthcare 14,310 6 1.42 12,000 5 1.32 

Universal Studios Florida (1) 13,000 7 1.29 12,000 6 1.32 

University of Central Florida 10,346 8 1.03 N/A N/A N/A 

Seminole County Public Schools 7,909 9 0.78 8,522 9 0.94 

Orange County Government 7,338 10 0.73 9,677 8 1.07 

Winn Dixie Supermarkets, Inc. N/A N/A N/A 8,045 10 0.89 

Other Employees 823,233 81.64 734,898 81.11 

Total Employees 1,008,328 100.00 % 906,200 100.00 % 

(1) 2008 represents the latest available statistics 

Notes: 

N/A = Not Applicable 

Sources: 

Metro Orlando Economic Development Commission 

Orange County Public Schools 

Orlando Health 

University of Central Florida, Office of Institutional Research 

Seminole County Public Schools 

Orange County Government, Florida 

153



VISITORS TO ORLANDO 

METROPOLITAN STATISTICAL AREA 

2011 (1) 2010 2009 2008 2007 

Domestic 49,600,000 47,780,000 43,319,000 45,515,000 45,907,000 

Leisure N/A 38,263,000 33,993,000 35,282,000 35,333,000 

Florida N/A 20,042,000 17,623,000 17,954,000 17,988,000 

Non-Florida N/A 18,221,000 16,370,000 17,328,000 17,345,000 

Business N/A 9,517,000 9,326,000 10,233,000 10,574,000 

Florida N/A 5,974,000 5,843,000 6,316,000 6,504,000 

Non-Florida N/A 3,543,000 3,483,000 3,917,000 4,070,000 

International 3,800,000 3,675,000 3,264,000 3,343,000 2,838,000 

Total 53,400,000 51,455,000 46,583,000 48,858,000 48,745,000 

2006 2005 2004 2003 2002 

Domestic 45,114,000 46,649,000 45,166,000 42,685,000 40,590,000 

Leisure 34,490,000 36,224,000 35,162,000 33,100,000 31,587,000 

Florida 17,492,000 18,265,000 17,672,000 16,602,000 17,633,000 

Non-Florida 16,998,000 17,959,000 17,490,000 16,498,000 13,954,000 

Business 10,624,000 10,425,000 10,004,000 9,585,000 9,003,000 

Florida 6,426,000 6,337,000 6,076,000 5,970,000 5,732,000 

Non-Florida 4,198,000 4,088,000 3,928,000 3,615,000 3,271,000 

International 2,686,000 2,673,000 2,582,000 2,297,500 2,378,000 

Total 47,800,000 49,322,000 47,748,000 44,982,500 42,968,000 

(1) The 2011 statistical data is an estimated amount and details of the data are not available at this time. 

Sources: 

• D.K. Shifflet & Associates; Tourism Economics; U.S. Department of Commerce, Office of Travel & Tourism 

Industries; Visit Orlando Market Research and Insights; Orlando CVB Research Department 

154



SHARES OF TOTAL ENPLANEMENTS 

LARGEST AIR CARRIER AIRPORTS IN FLORIDA 

Calendar 

Year (1) 

Fort 

Lauderdale/ 

West Palm 

Orlando Miami Tampa Hollywood Fort Myers Jacksonville Beach 

2001 2.15 % 2.37 % 1.25 % 1.23 % 0.41 % 0.40 % 0.45 % 

2002 2.11 2.35 1.26 1.32 0.41 0.39 0.44 

2003 2.03 2.21 1.19 1.30 0.44 0.38 0.45 

2004 2.14 2.07 1.20 1.40 0.46 0.38 0.46 

2005 2.23 2.02 1.26 1.46 0.50 0.41 0.47 

2006 2.26 2.10 1.25 1.40 0.50 0.41 0.45 

2007 2.29 2.11 1.22 1.43 0.51 0.42 0.45 

2008 2.33 2.20 1.21 1.48 0.50 0.41 0.43 

2009 2.32 2.30 1.19 1.45 0.52 0.40 0.42 

2010 2.37 2.36 1.15 1.49 0.51 0.39 0.41 

(1) Information for calendar years 2001 through 2009 has been updated from that previously reported. 

Source: U.S. DOT T100 Database 

155



HISTORICAL AIRLINE TRAFFIC ACTIVITY 

ENPLANED PASSENGERS 


Signatory Non-Signatory 

Year Airlines Airlines Total 

Percent 

Change 

2002 11,952,951 1,072,280 13,025,231 (12.78) % 

2003 11,475,466 2,056,714 13,532,180 3.89 

2004 12,703,097 2,530,717 15,233,814 12.57 

2005 14,857,551 1,975,948 16,833,499 10.50 

2006 14,258,616 3,058,257 17,316,873 2.87 

2007 16,411,212 1,420,606 17,831,818 2.97 

2008 17,090,151 1,148,127 18,238,278 2.28 

2009 16,070,626 727,976 16,798,602 (7.89) 

2010 16,151,417 979,679 17,131,096 1.98 

2011 16,811,258 959,062 17,770,320 3.73 

Sources: Authority Records/Airline Reports 

INTERNATIONAL ENPLANED PASSENGERS 


Passengers Passengers International 

Fiscal Scheduled Charter Passengers 

Year Airlines Airlines Total 

Annual 

Increase 

(Decrease) 

Percent of 

Total 

Passengers 

2002 798,979 37,451 836,430 (24.86) % 6.42 % 

2003 815,860 40,924 856,784 2.43 6.33 

2004 923,282 49,923 973,205 13.59 6.39 

2005 1,064,732 7,912 1,072,644 10.22 6.37 

2006 1,052,617 5,582 1,058,199 (1.35) 6.11 

2007 1,056,401 27,816 1,084,217 2.46 6.08 

2008 1,282,982 34,849 1,317,831 21.55 7.23 

2009 1,367,593 57,980 1,425,573 8.18 8.49 

2010 1,536,724 58,850 1,595,574 11.93 9.31 

2011 1,615,376 74,915 1,690,291 5.94 9.51 

Sources: Authority Records/Airline Reports 

156



AIRLINE LANDED WEIGHTS IN THOUSANDS OF POUNDS 


Signatory Non-Signatory 

Year Airlines Airlines Cargo Total 

Percent 

Change 

2002 16,045,409 1,421,034 1,212,132 18,678,575 (10.46) % 

2003 14,002,392 3,643,961 1,181,903 18,828,256 0.80 

2004 15,953,189 3,195,075 1,129,745 20,278,009 7.70 

2005 18,410,983 2,493,047 1,179,565 22,083,595 8.90 

2006 17,747,211 3,410,475 997,753 22,155,439 0.33 

2007 19,823,344 1,796,879 988,143 22,608,366 2.04 

2008 20,597,384 1,535,036 901,786 23,034,206 1.88 

2009 19,012,961 1,033,581 806,561 20,853,103 (9.47) 

2010 18,763,454 1,356,584 778,678 20,898,716 0.20 

2011 19,239,801 1,371,432 809,678 21,420,911 2.50 

Source: Authority Records/Airline Reports 

157



AIRLINES SERVICING ORLANDO INTERNATIONAL AIRPORT 


Enplaned Passengers Deplaned Passengers Landed Weight 

Percent Percent Thousands Percent 

Airline Name Number of Total Number of Total of Pounds of Total 

Signatory 

Air Canada 193,620 1.09 % 199,418 1.12 % 158,390 0.74 % 

AirTran Airways 2,323,511 13.08 2,329,785 13.10 704,313 3.29 

Allegiant Air LLC 71,291 0.40 73,653 0.41 1,299,968 6.07 

American Airlines 1,360,678 7.66 1,368,696 7.70 952,966 4.45 

British Airways 87,943 0.49 88,556 0.50 424,670 1.98 

Continental Airlines 967,635 5.45 969,374 5.45 4,298,224 20.07 

COPA Airlines 107,481 0.60 112,293 0.63 2,474,675 11.55 

Delta Air Lines 2,713,986 15.27 2,605,474 14.65 3,202,131 14.95 

jetBlue Airways 2,228,683 12.54 2,254,327 12.68 127,100 0.59 

Southwest Airlines 3,804,282 21.40 3,816,950 21.46 1,073,979 5.00 

Spirit Airlines 381,042 2.14 385,149 2.17 174,709 0.82 

US Airways 809,372 4.55 818,207 4.60 1,531,160 7.15 

United Airlines 1,199,306 6.75 1,225,458 6.89 79,205 0.37 

Virgin Atlantic 418,921 2.36 421,681 2.37 2,516,686 11.75 

WestJet Airlines 143,507 0.81 148,032 0.83 221,625 1.03 

16,811,258 94.59 % 16,817,053 94.56 % 19,239,801 89.81 % 

Non-Signatory 

Aer Lingus Ltd 33,853 0.19 % 33,318 0.19 % 60,907 0.28 % 

Aerolineas Galapagos 681 - 732 - 995 - 

Aerovias de Mexico SA de CV 65,451 0.37 66,267 0.37 90,490 0.42 

Air France 16,355 0.09 18,812 0.11 27,700 0.13 

Air Transat 25,975 0.15 24,634 0.14 33,460 0.16 

Alaska Airlines Inc 84,724 0.48 86,348 0.49 83,621 0.39 

American Eagle Airlines Inc - - - - 188 - 

Atlantic Southeast Airlines Inc 12,537 0.07 13,715 0.08 21,002 0.10 

Avianca 4,707 0.03 5,020 0.03 6,247 0.03 

Bahamasair 35,725 0.20 35,341 0.20 40,743 0.19 

Brendan Airways LLC 64 - 144 - 568 - 

Canjet Airlines 43,860 0.25 45,141 0.25 45,369 0.21 

Caribbean Airlines Limited 2,856 0.02 3,056 0.02 3,365 0.02 

Caribbean Sun Airlines Inc 538 - 944 0.01 1,170 0.01 

Comair Inc 42,008 0.24 42,465 0.24 61,330 0.29 

Compass Airline 15,454 0.09 16,061 0.09 34,356 0.16 

Edelweiss Air AG 1,496 0.01 1,804 0.01 4,012 0.02 

Express Jet Airlines 5331 0.03 5486 0.03 5327 0.02 

158





Enplaned Passengers Deplaned Passengers Landed Weight 

Percent Percent Thousands Percent 

Airline Name Number of Total Number of Total of Pounds of Total 

Non-Signatory (continued) 

Frontier Airlines 138,053 0.78 % 137,121 0.77 % 144,974 0.68 % 

Gulfstream International 13,026 0.07 13,416 0.08 21,052 0.10 

Gulfstream International 

(pre bankruptcy) 2,685 0.02 3,133 0.02 4,829 0.02 

Kalitta Charters 2 - - - 210,398 0.98 

Lufthansa Airlines 96,683 0.54 98,461 0.55 16,640 0.08 

Martinair Holland 11,310 0.06 10,535 0.06 7,447 0.03 

Miami Air International 4,069 0.02 4,428 0.02 59,545 0.28 

MN Airlines LLC 50,086 0.28 52,755 0.30 2,021 0.01 

Pinnacle Airlines Inc 1,341 0.01 1,481 0.01 67 - 

PSA Airlines Inc - - 67 - 29,030 0.14 

Republic Airline Inc 28,646 0.16 24,017 0.14 294 - 

Shuttle America Corp 44 - 114 - 22,860 0.11 

Sunwing Airlines Inc 17,327 0.10 17,874 0.10 23,268 0.11 

TACA International Airlines 16,106 0.09 16,652 0.09 182,396 0.85 

TAM Brazilian Airlines 91,636 0.52 88,179 0.50 140 0.00 

Virgin America Inc 83,846 0.47 85,356 0.48 102,798 0.48 

VPAA CO. 3,693 0.02 4,340 0.02 6,573 0.03 

VRG Lineas Aereas S.A 6,761 0.04 4,980 0.03 8,876 0.04 

Whitejets Transportes Aereos Ltda 1,781 0.01 1,588 0.01 6,000 0.03 

World Airways 352 - 252 - 1,374 0.01 

959,062 5.41 % 964,037 5.44 % 1,371,432 6.41 % 

Cargo Airlines 

ABX Air Inc - - % - - % 81,971 0.38 % 

Air Transport International - - - - 37,720 0.18 

Amerijet International - - - - 283 - 

ASTAR Air Cargo Inc - - - - 46,475 0.22 

Avialeasing Aviation Company - - - - 255 - 

Federal Express Corporation - - - - 355,910 1.66 

Kalitta Charters - - - - 217 - 

Mountain Air Cargo - - - - 3,774 0.02 

United Parcel Service Inc - - - - 283,073 1.32 

- - - - 809,678 3.78 

Totals 17,770,320 100.00 % 17,781,090 100.00 % 21,420,911 100.00 % 


159



TAKEOFF AND LANDING AIRCRAFT OPERATIONS 


Signatory Non-Signatory Percent 

Year Airlines Airlines Cargo Total Change 

2002 213,092 36,058 10,486 259,636 (13.93) % 

2003 195,560 61,738 10,266 267,564 3.05 

2004 200,968 75,166 10,044 286,178 6.96 

2005 240,416 71,864 11,112 323,392 13.00 

2006 235,228 82,474 9,380 327,082 1.14 

2007 265,982 56,224 8,874 331,080 1.22 

2008 280,246 40,794 8,174 329,214 (0.56) 

2009 261,810 16,554 6,634 284,998 (13.43) 

2010 260,874 20,724 5,894 287,492 0.88 

2011 266,696 21,634 5,748 294,078 2.29 



AIRCRAFT OPERATIONS 


Itinerant Local Total Percentage 

Year Operations (1) Operations (2) Operations Change 

2002 160,088 45,247 205,335 (6.23) % 

2003 127,071 47,219 174,290 (15.12) 

2004 115,549 43,557 159,106 (8.71) 

2005 109,283 46,878 156,161 (1.85) 

2006 108,058 56,657 164,715 5.48 

2007 100,646 50,437 151,083 (8.28) 

2008 86,997 53,566 140,563 (6.96) 

2009 69,544 43,665 113,209 (19.46) 

2010 63,614 38,409 102,023 (9.88) 

2011 62,703 47,000 109,703 7.53 

(1) Itinerant operations are primarily general aviation operations and may also include air taxi and military operations. 

(2) Local operations are all general aviation and military operations remaining in the local traffic pattern. 


160





Non-Signatory 

Non-Signatory 

Signatory Scheduled/Domestic Scheduled/Foreign 

Air Canada Alaska Airlines Aer Lingus 

AirTran Airways Frontier Airlines Aeromexico 

Allegiant Air (1) Sun Country Airlines Air France 

American Airlines Virgin America Air Transat 

British Airways 

Avianca 

Continental Airlines 

Bahamasair 

COPA Caribbean Airlines Limited (4) 

Delta Air Lines 

Lufthansa 

jetBlue Airways Martinair Holland (2) 

Southwest Airlines 

TACA International 

Spirit Airlines 

TAM Airlines 

United Airlines 

US Airways 

Virgin Atlantic 

WestJet Airlines 

Non-Signatory Non-Signatory Non-Signatory 

Charter/Domestic Charter/Foreign Commuter 

Brendan Airways (4) Aerolineas Galapagos S.A. (4) Air Wisconsin 

Miami Air International CanJet Airlines Atlantic Southeast Airlines 

Caribbean Sun Airlines Inc (4) Chautauqua 

Edelweiss Air (4) 

Comair 

Sunwing Airlines 

Compass 

VRG Lineas Aereas (4) 

ExpressJet 

Whitejets Transportes Aereos (4) Freedom Airlines 

World Airways (4) Gulfstream International/VPAA CO. (3) 

Cargo 

Mesa 

Mesaba 

ABX Cargo 

PSA Airlines 

Air Transport International 

Pinnacle 

ASTAR Air Cargo 

Republic Airlines 

Federal Express 

Shuttle America 

Mountain Air Cargo 

Skywest Airlines 

United Parcel Service 

(1) Discontinued Services 02/2011 

(2) Discontinued Services 01/2011 

(3) Acquired by VPAA CO. 05/2011 

(4) Seasonal 


161



AIRLINES WITH MAINTENANCE FACILITIES AT ORLANDO INTERNATIONAL AIRPORT 


Air Tran/Southwest 

Continental 

jetBlue 

Source: GOAA Commercial Properties Department 

162



PRIMARY ORIGINATION & DESTINATION PASSENGER MARKETS 


Estimated 

Annual 

Trip Passengers (1) 

Rank Market Length (Each-Way) 

1 Philadelphia, PA MH 596,008 

2 Newark, NJ MH 549,854 

3 New York/Kennedy, NY MH 519,215 

4 Boston, MA MH 473,047 

5 Detroit, MI MH 454,744 

6 San Juan, PR MH 393,734 

7 Baltimore, MD MH 387,991 

8 Chicago/Midway, IL MH 357,629 

9 New York/LaGuardia, NY MH 347,955 

10 Minneapolis/St. Paul, MN MH 327,545 

11 Washington/National, VA MH 312,432 

12 Atlanta, GA SH 301,446 

13 Dallas/Ft. Worth, TX MH 291,315 

14 Chicago/O'Hare, IL MH 279,836 

15 Hartford, CT MH 274,444 

16 Los Angeles, CA LH 259,758 

17 Denver, CO MH 256,513 

18 Buffalo, NY MH 253,005 

19 Pittsburgh, PA MH 250,969 

20 Milwaukee, WI MH 246,225 

(1) Estimated annual passengers are based on the average daily passengers for the period from October 2010 to 

June 2011 multiplied by 365 days. 

Trip Length: 

SH (short haul) = 0 to 600 miles 

MH (medium haul) = 601 to 1,800 miles 

LH (long haul) = over 1,801 miles 

Source: U. S. DOT O&D database (Diio) 

163



BUDGETED AUTHORITY STAFFING 


Number of Employees 

Department 2011 2010 2009 2008 

Airport Information (1) 15.0 15.0 15.0 20.0 

Airport Maintenance 157.0 157.0 157.0 164.0 

Airport Operations (2) 168.0 167.5 160.0 170.0 

Aircraft Rescue/Firefighting 67.0 67.0 66.0 69.0 

Board Services 2.0 2.0 2.0 3.0 

Commercial Properties 6.5 6.5 6.5 11.5 

Concessions & DBE Programs 3.0 3.0 3.0 6.0 

Small Business Development (3) 5.0 4.0 4.0 5.0 

Engineering & Construction 14.0 14.0 14.0 28.0 

Executive Administration/ 10.0 11.0 10.0 8.0 

Governmental Relations (6) 

Finance 34.0 34.0 32.5 37.5 

Planning 11.0 11.0 11.0 21.0 

Human Resources 9.0 9.0 9.0 12.0 

Information Technology 31.0 28.0 27.0 25.0 

Internal Audit 6.0 7.0 8.0 6.0 

Marketing 5.0 5.0 5.0 6.0 

Public Affairs 6.0 6.0 6.0 8.0 

Public Safety Administration (4) 56.0 55.0 52.0 52.0 

Purchasing (5) 16.0 17.0 17.0 22.0 

Risk Management 3.0 2.0 2.0 2.0 

Orlando Executive Airport 14.0 14.0 15.0 17.0 

Total Employees 638.5 635.0 622.0 693.0 

(1) Airport Information was previously included in Public Affairs (2004) 

(2) Includes Airside, Landside and Ground Transportation 

(3) Small Business Development was previously included in Concessions and DBE (2006) 

(4) Public Safety Administration and Communications Center were previously included in Airport Operation 

(2004) 

(5) Purchasing was previously included in Finance (2007) 

(6) Governmental Relations was previously under Planning (2009) 


164

Number of Employees 

2007 2006 2005 2004 2003 2002 

20.0 20.0 20.0 20.0 - - 

158.0 153.0 148.0 143.0 150.0 156.0 

174.0 167.5 158.5 163.0 199.5 203.5 

69.0 69.0 68.0 68.0 59.0 55.0 

3.0 3.0 3.0 3.0 2.0 2.0 

11.5 10.5 9.0 9.0 9.0 21.0 

5.0 7.0 13.0 11.0 11.0 - 

6.0 7.0 - - - - 

31.0 28.0 28.0 25.0 25.0 37.0 

7.0 15.5 18.5 30.0 45.0 13.0 

37.5 57.5 55.5 54.5 54.0 54.0 

20.0 20.0 19.0 17.0 16.0 19.0 

12.0 12.0 12.0 13.0 13.0 14.0 

25.0 23.0 21.0 18.0 19.0 22.0 

6.0 6.0 6.0 6.0 8.0 7.0 

5.0 4.0 4.0 4.0 5.0 10.0 

8.0 8.0 8.0 8.0 29.0 30.0 

54.0 52.0 53.0 51.0 - - 

22.0 - - - - - 

2.0 2.0 2.0 3.0 2.0 3.0 

17.0 17.0 17.0 17.0 17.0 17.0 

693.0 682.0 663.5 663.5 663.5 663.5 

165



AIRPORT INFORMATION 



Location: 

Area: 

Airport Code: 

9 miles southeast of downtown Orlando 

13,430 acres 

MCO 

Runways: Two runways: 12,000 X 200 ft. 

One runway: 10,000 X 150 ft. 

One runway: 9,000 X 150 ft. (opened in 2003) 

Landside Terminal: 

One main terminal consisting of a 4,828,746 sq. ft. 

tri-level building 

Airside Terminals: Airside One (Gates 1-29) 391,177 sq. ft. 

Airside Two (Gates 100-129) 405,123 sq.ft. (opened in 2000) 

Airside Three ( Gates 30-59) 350,741 sq. ft. 

Airside Four (Gates 60-99) 533,368 sq. ft. 

Total Airport Terminal Space: 

More than 5 million square feet 

Hotel: 445 room Hyatt Regency Hotel (reduced from 446 in 2007) 

50,000 sq. ft. of Convention/Meeting Space 

AAA Rated Hemispheres Restaurant 

Aircraft Parking Aprons: 

Parking Spaces: 

Cargo: 

International: 

Orlando Executive Airport 

Location: 

Airport code: 

Land: 

Runways: 

Fixed Base Operators (FBOs): 

1,384,654 sq. yd. 

8,949 Terminal Parking Spaces 

12,330 Satellite Parking Spaces 

1,400 acre cargo center 

132 acres of cargo ramp 

205 acre Foreign Trade Zone 

U.S. Department of Agriculture (USDA) Plant Inspection 

Station 

Several perishable handling facilities 

Two International Arrivals Concourses with 

United States Immigration and Customs Facilities and 

United States Department of Agriculture Inspection 

3 miles northeast of downtown Orlando 

ORL 

989 acres 

Two runways: 6,003 ft. and 4,638 ft. 

Sheltair Aviation Services 

Showalter Flying Services 


166

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