comprehensive annual financial report - Orlando International Airport

Orlando, Florida 

Comprehensive Annual Financial Report 

For the year ended September 30, 2009



For the year ended September 30, 2009 | Prepared by the Finance Department


For the year ended September 30, 2009 

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

Authority Board and Airport mAnagement 

Authority Board 

Jeffry Fuqua 

Jacqueline Bradley 

Cesar Calvet 

The Honorable Buddy Dyer 

The Honorable Richard T. Crotty 

Joseph L. Colon 

James Palmer 

position 

Chairman 

Vice Chairperson 

Treasurer 

Mayor, City of Orlando 

Mayor, Orange County 

Board Member 

Board Member 

Airport mAnagement position 

Steve Gardner 

Executive Director 

Phillip N. Brown 

Deputy Executive Director 

Robert L. Gilbert 

Deputy Executive Director 

C. Christian Schmidt Deputy Executive Director 

Jacki M. Churchill 

Chief Financial Officer 

Judith Aakeberg 

Senior Director of Administration & Purchasing 

Robert Brancheau 

Senior Director of Planning and Engineering 

James E. Rose 

Senior Director of Business Services 

Kathy Bond 

Director of Human Resources 

Art Devine 

Director of Maintenance 

Carolyn Fennell 

Director of Public Affairs 

Brigitte Goersch 

Director of Security 

Victoria Jaramillo 

Director of Marketing 

Ronald N. Lewis 

Director of Airport Operations 

Kevin McNamara 

Director of General Aviation 

John Newsome 

Director of Information Technology 

Michael Patterson 

Director of Construction 

Michelle Tatom 

Director of Small Business Development 

Dolly Daniell 

Director of Internal Audit

Introductory 

Introductory Section 

Table of Contents 

Letter of Transmittal 

Certificate of Achievement 

Organizational Chart



Table of Contents 

Introductory Section 

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

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

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

Financial Section 

Report of Independent Certified Public Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 

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

Basic Financial Statements 

Balance Sheets as of September 30, 2009 and 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 

Statements of Revenues, Expenses and Changes in Net Assets for the years ended September 30, 2009 and 2008 . . . . . . . 26 

Statements of Cash Flow for the years ended September 30, 2009 and 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 

Required Supplementary Information (Unaudited) 

Schedule of Funding Progress Single-Employer Pension Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 

Schedule of Funding Progress Single-Employer Postemployment Benefits Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 

Supplemental Schedules (as of and for the year ended September 30, 2009 unless otherwise indicated) 

Combining Schedules 

Balance Sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 

Schedule of Revenues, Expenses and Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 

Schedule of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 

I



FinANCIAL seCtion (continued) 

Orlando International Airport 

Balance Sheet Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72 

Schedule of Revenues, Expenses and Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88 

Balance Sheets as of September 30, 2009 and 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 

Schedule of Revenues, Expenses and Changes in Net Assets for the years ended September 30, 2009 and 2008 . . . . . . . . .98 

Schedule of Cash Flows for the years ended September 30, 2009 and 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99 

Budgeted Revenues and Interaccount Requirements Compared to Actual (Airport Facilities Revenue Account) . . . . . . . . .101 

Budgeted Revenue and Expenses Compared to Actual (Airport Facilities Operations and Maintenance Account) . . . . . . . .102 

Schedule of Operating Revenues by Source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 

Land Acquired and Capital Projects Completed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105 

Total Debt Service Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106 

Orlando Executive Airport 

Balance Sheets as of September 30, 2009 and 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123 

Schedule of Revenues, Expenses and Changes in Net Assets for the years ended September 30, 2009 and 2008 . . . . . . . .124 

Schedule of Cash Flows for the years ended September 30, 2009 and 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .125 

Budgeted Revenue and Expenses Compared to Actual. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .127 

Schedule of Operating Revenues by Source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .128 

Land Acquired and Capital Projects Completed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129 

Schedule of Cash, Cash Equivalents and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130 

Insurance Program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135 

II

STAtistiCAL seCtion (Unaudited) 

Financial Trends Information 

Total Annual Revenues, Expenses and Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 

Changes in Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 

Revenue Capacity Information 

Principal Operating Revenues, Airline Rates and Charges and Cost per Enplaned Passenger . . . . . . . . . . . . . . . . . . . . . . . . 142 

Debt Capacity Information 

Net Revenues Available for Debt Service and Coverage Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 

Ratios of Outstanding Debt, Debt Service and Debt Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 

Principal Airport Revenue Payers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 

Demographic and Economic Information 

Population Trends - Demographic and Economic Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 

Principal Employers in Orlando and Kissimmee - Metropolitan Statistical Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 

Visitors to Orlando - Metropolitan Statistical Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 

Shares of Total Enplanements - Largest Air Carrier Airports in Florida . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 

Operating Information 

Historical Airline Traffic Activity - Enplaned Passengers and International Enplaned Passengers . . . . . . . . . . . . . . . . . . . . . 153 

Airline Landed Weights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 

Market Shares of Air Carriers and Cargo Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 

Takeoff and Landing Aircraft Operations - Orlando International Airport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 

Aircraft Operations - Orlando Executive Airport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 

Airlines Servicing Orlando International Airport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 

Airlines with Maintenance Facilities at Orlando International Airport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 

Primary Origination and Destination Passenger Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 

Airport Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 

Budgeted Authority Staffing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 

III

Greater Orlando Aviation Authority 


IV

One Airport Boulevard, Orlando, Florida 32827-4399 | www.orlandoairports.net 

February 2, 2010 

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, 2009 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 aspects 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, Ernst & Young LLP. 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 amount 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, 2009 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 and internal control section of this report. 

1

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 valuation of costs and benefits require estimates 

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

assurance of properly recorded financial transactions. 

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, 2009 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 fifty 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 13,756 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 largest airport in Florida, the 11th largest airport in the United States and the 22nd largest airport in 

the world, ranked by the number of passengers during 2008 according to Airports Council International-North America. Within the United 

States, Orlando International Airport is the 3rd largest origin and destination market and, as of September 2009, provides scheduled nonstop 

service to 72 destinations in the United States and 16 international cities. 

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. 

2

Budgetary control (the level at which expenditures cannot legally exceed the appropriated amount) is established at the department level 

within each fund. 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 from contingency and changes in total appropriations require Board approval. Budget to actual comparisons are provided in 

the CAFR. 

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 national 

economic downturn has resulted in lower passenger enplanements nationally, including Orlando International Airport. Lower fuel prices 

have provided some economic relief to the airline industry; however, airlines are responding to reduced passenger demands and reduced 

revenue by increasing efficiencies such as matching capacity to demand and reducing airline seat capacity, resulting in fewer but fuller 

flights. 

The Airport was the 8th fastest growing major airport in the United States and the 20th fastest growing of the top 30 airports in the 

world. Orlando International Airport recorded over 33.6 million total passengers for the fiscal year ended September 30, 2009, a decrease 

of 8.0% over the previous year. International capacity growth has been much stronger than domestic, a trend which is likely to continue 

with the upcoming new international services. The seat capacity outlook is flat through the first half of 2010. 

The Authority continues to focus on attracting international air service to support the growing Central Florida economy with recent 

notable additions including Aer Lingus starting service to Dublin; Lufthansa to Frankfurt; Delta to Cancun; jetBlue to Santo Domingo, 

Cancun, Bogota, and San Jose; TAM to Sao Paulo; Mexicana to Mexico City; Martinair to Amsterdam; and TACA to San Salvador. In 

addition to new service, various air carriers increased the number of international flights. The number of international passenger flights 

has increased by 47 percent in the past 5 years. The Authority anticipates increases in international airline service with international 

enplanements forecast to outpace domestic passenger growth for the next several years. Notable increases in domestic seat capacity from 

new or increased air service in 2009 include jetBlue, AirTran and Continental Connection. 

Many airlines have added new service to the Airport recently and additional service is expected in the upcoming months. Netherlands 

based airline Martinair returned service to Orlando International Airport with three flights per week from Amsterdam beginning October 

2009 which is estimated to have a $54 million annual potential impact to the region. In addition, Central American based airline TACA 

began service in November 2009 to Orlando International Airport with three flights per week from San Salvador. By the end of 2009, 

AirTran is scheduled to operate 47 flights more per week than it operated in December 2008 and jetBlue 23 more flights per week. 

Southwest recently announced the addition of 91 more flights per week starting in March 2010. 

According to the destination forecast commissioned by the Orlando/Orange County Convention and Visitors Bureau, Inc. (CVB), Orlando 

is host to an estimated 44.5 million visitors in 2009 compared to 48.9 million visitors hosted in the previous year, a decline of 9.1 percent. 

Visitors are expected to decline 0.2 percent in 2010 to 44.4 million visitors. 

3

Walt Disney World draws people back with new attractions such as American Idol in Hollywood Studios and Characters in Flight at 

Downtown Disney; Universal opened Hollywood Rip Ride Rockit roller coaster in Universal Studios; The Wizarding World of Harry Potter 

is scheduled to open in the Spring of 2010 in Islands of Adventure; and Sea World opened Manta, a new roller coaster attraction. The 

CVB continues to work hard keeping momentum going during the current economic slow down with two campaigns aimed at keeping 

people interested in the Orlando area. “Orlando Makes Me Smile” targets tourists both domestically and internationally, and “Orlando: 

Where Creative Minds Meet” focuses on meeting and convention business groups. Many major hotel chains in Orlando announced large 

resort, convention, or condo hotels that are scheduled to open in the next few years. Norwegian Cruise Line announced it will homeport 

Norwegian Sun at Port Canaveral starting in October 2010. An 800,000 square foot Events Center will open in the fall of 2010 in 

downtown Orlando. 

Major Initiatives 

The last phase of the in-line baggage screening system, which allows the Authority to comply with security standards set forth by the 

Transportation Security Administration (TSA), is scheduled to be completed in fiscal year 2010. The system is primarily funded by federal 

and state grants, bonds, and passenger facilities charges. 

Airside terminals 1 and 3 are the Airport’s two oldest terminal facilities. The Airside 1 and 3 Rehabilitation program includes various 

improvements to building infrastructure and to bring the level of finish in those two airsides to the same level as in Airsides 2 and 4. While 

the rehabilitation of Airside 3 was substantially completed in the spring of 2009, Airside 1 will be substantially completed in the fiscal year 

2010. These projects are funded by federal and state grants, passenger facilities charges, and other Authority funds. 

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

enhancements to the Landside baggage system, ticket lobby improvements in the Landside terminal, and certain parking, rental car, and 

roadway improvements. Most of these projects are capacity driven and have been deferred with the exception of the baggage system and 

rental car project. Design of the bag claim system rehabilitation was completed during fiscal year 2009 with construction anticipated to 

begin during fiscal year 2010 with an expected completion of September 2011. 

The Rent-A-Car Quick Turn Around and support facilities are under construction and should be completed in the spring of 2010. This 

project is funded with Customer Facility Charges (CFCs). Other components of the rental car company (RAC) projects will be completed 

once funding is available. 

The Authority is also moving to revamp certain components of the airfield in 2010 including Taxiway C Rehabilitation and Taxiways Y and 

Z Rehabilitation. Other airfield improvements include the Airfield Rehabilitation Program which entails rehabilitating areas throughout the 

airfield system identified as needing certain improvements from the Authority’s latest airfield pavement rehabilitation study. The Airfield 

Rehabilitation Program is a multi-year program starting in 2010. Taxiways C, Y and Z projects have received American Recovery and 

Reinvestment Act of 2009 (ARRA) funding. 

Currently, the Authority is seeking federal and state funding for airfield improvements for Orlando Executive Airport, including taxiway 

modifications, ramp rehabilitation, construction of North Hanger Road, and the rehabilitation of the north canal drainage structure. 

4

Cash mAnagement Policies and PrACtices 

Surplus cash is invested according to investment policies adopted by the Board pursuant to Florida law. Investment types are relatively 

conservative in nature (so as to prevent losses occurring from market risks and default) and include direct obligations of or obligations 

guaranteed by the United States of America, obligations of specific agencies of the United States of America, New Housing Authority 

Bonds, or Project Notes issued by public agencies or municipalities and guaranteed by the United States of America, secured negotiable 

certificates of deposit, collateralized repurchase agreements, units of participation in the Local Government Trust Fund, commercial 

paper rated in the highest category by S&P and Moody’s, money market funds that are rated AAAM or AAAM-G by S&P and interest 

bearing time deposits or savings accounts in banks organized under the laws of Florida. The investments held on September 30, 2009 

yield interest ranging from 0.01% to 6.01% and mature on various dates through September 2024. Additional information regarding the 

Authority’s investment program can be found in Note 5 in the notes to the financial statements. 

Risk mAnagement 

The Authority maintains a self-insurance program for employers’ liability and workers’ compensation coverage up to $150,000 per 

occurrence. The Authority purchases stop loss coverage for claims in excess of $150,000 per occurrence with limits that are consistent 

with statutory requirements. No settlements have exceeded excess insurance coverage in the past three years. Additional information 

regarding the Authority’s risk management and insurance program can be found in Note 13 in the notes to the financial statements. 

Pension and Other Post-Employment Benefits 

The Authority has four pension plans covering substantially all full-time and regular part-time employees. The plans include singleemployer 

defined benefit and single-employer defined contribution plans for non-firefighter employees, and multi-employer defined 

benefit and multi-employer defined contribution plans for firefighters. Both multi-employer plans are with the Florida Retirement System, 

a cost-sharing, multiple-employer defined benefit public retirement plan. The Authority funds the total cost of the single-employer defined 

benefit plan using the actuarial basis specified by the plan document. The most recent actuary report was prepared as of October 1, 

2008 and reflects that the actuarial value of assets is 74.3% of the actuarial accrued liability for benefits. This plan was closed to new 

employees hired on or after October 1, 1999. With respect to the single-employer defined contribution plan, the Authority contributes 6% 

of base wages and up to 4% as a matching contribution. The Authority funds the cost of the multi-employer defined benefit plan using the 

funding method determined by various acts of the Florida Legislature. The Authority contributes between 9% and 20% of salary based on 

membership class to the multi-employer defined contribution plan. 

The Authority provides other post-employment benefits (OPEB) to certain retirees to subsidize their health care insurance costs. The 

Authority is not required to fund the OPEB plan. Additional information regarding OPEB can be found in note 12 in the notes to the 

financial statements. 

Funding the actuarially determined OPEB costs of the Authority has not had a significant impact on the operating costs or financial 

position. Additional information regarding the Authority’s pension plans and other post-employment benefits can be found in Notes 11 

and 12 in the notes to the financial statements. 

5

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, 

2008. This represents the twenty-eighth 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 2009. 

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, 

Steve Gardner 

Executive Director 

Jacki Churchill 


6


Authority 

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Director 

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Director 


Director 


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Financial 

Financial Section 

Report of Independent Certified Public Accountants 

Management’s Discussion and Analysis 


Notes to Financial Statements 

Supplemental Schedules

Management’s Discussion 

And Analysis

One Airport 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, 2009 and 2008 with selected comparative information for the fiscal year 

ended September 30, 2007. 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, 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 Flow 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 

Enplanements at Orlando International Airport decreased 7.9% in fiscal year 2009 from fiscal year 2008. Enplanements were up 2.3% in 

fiscal year 2008 from fiscal year 2007. In 2008, as oil and aviation fuel prices increased to unprecedented levels, the industry experienced 

significant financial losses. The industry responded by grounding older, less fuel-efficient aircraft, adopting fuel-saving operating practices, 

hedging their fuel requirements, reducing scheduled seat capacity, eliminating unprofitable routes, laying off employees, reducing 

employee compensation, reducing other non-fuel expenses, increasing airfares, and imposing other fees and charges. By the end of 

2008, the U.S. passenger airlines had collectively reduced domestic capacity (as measured by available seat-miles) by approximately 10% 

compared with the end of 2007 and most airlines undertook additional capacity reductions in 2009. As a result, the Authority expects 

slower growth in the near future with long-term passenger growth expected to average around 2.4%. 

11

A number of construction projects were completed during fiscal year 2009. Terminal projects include the completion of the rehabilitation 

of Airside 3, phases 1 and 2 of the in-line baggage system, automated people mover refurbishment, elevator and escalator refurbishments, 

fire alarm system and smoke control upgrades, landside emergency power system enhancements and the addition of an emergency 

computer room. Completed airfield projects include the first phase of Taxiway C and its connectors at Orlando International Airport and 

the lighting, signage, and drainage projects at the Orlando Executive Airport. Terminal projects remaining in construction include the 

rehabilitation of Airside 1, and the last phase of the in-line baggage system, both expected to be completed next fiscal year. The primary 

airfield project still underway is the rehabilitation of Taxiway C and its connectors. In addition, construction of a rental car facility is also 

underway and is expected to be completed during fiscal year 2010. 

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

three-year comparative period: 

ENPLANEMENTS AND OPERATIONS ACTIVITY FOR 2007 TO 2009 

2009 2008 2007 

Enplaned Passengers 16,798,602 18,238,278 17,831,818 

Operations 284,998 329,214 331,080 

The Authority’s total passengers served during fiscal year 2009 decreased approximately 3 million from fiscal year 2008. This follows an 

increase of 0.8 million total passengers during fiscal year 2008 and an increase of 1.1 million total passengers during fiscal year 2007. 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, 2006-2009 

37 36.6 

36 

35.8 

Millions 

35 

34 

33.6 

34.7 

33 

32 

2009 2008 2007 2006 

Fiscal Year 

12

Financial Highlights 

Revenues 

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

Airport which expires on September 30, 2013. 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 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 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 Signatory Airlines using an allocation percentage of 75% and 25%, respectively, for fiscal years 2011 through 2013. 

Orlando International Airport had a residual rate making lease and use agreement with various Signatory Airlines that expired on 

September 30, 2008. This agreement provided for increases in rates and charges to meet any unanticipated cash shortfall and sharing of 

any net surplus with the Signatory Airlines in the form of prepaid credits. On October 1, 2008 and 2007, the beginning of the fiscal years, 

Signatory Airline prepaid credits totaled $13.6 million and $18.7 million, respectively. These balances were transferred to the Airport 

Facilities Revenue Account as earned. Because of this transfer, Signatory Airlines generally had no cash requirement for the first three 

months of each fiscal year. 

For the year ended September 30, 2009, no Signatory Airline’s revenue under the ALUA represented more than 5% of operating revenues. 

The Signatory Airline revenues for fiscal years 2009, 2008 and 2007 represented about 25%, 31% and 23%, respectively, of total 

operating revenue. The Authority’s total revenues decreased in fiscal year 2009 due to a reduction in airfield area revenues and certain 

concession revenues as a result of a weakened economy. Those results are as follows: 

TOTAL REVENUES (IN THOUSANDS) 

2009 2008 2007 

Total Operating Revenues $320,209 $356,966 $312,680 

Total Nonoperating Revenues 97,958 99,488 93,669 

Total Revenues $418,167 $456,454 $406,349 

Operating Revenues 

Overall, the operating revenues of the Authority decreased $36.8 million in fiscal year 2009, or 10.3% from the previous year, primarily 

from decreased airfield area revenue, parking revenues, and hotel revenues. Airfield area revenues decreased $29.3 million for the 2009 

fiscal year due to a decrease in total landing fees as a result of airlines reducing capacity and previously deferred revenues under the prior 

airline agreement, recognized in airfield area revenues at the end of fiscal year 2008, as a result of the expiration of this agreement on 

September 30, 2008. Parking revenues decreased $6.9 million as a result of the reduction of passenger and parking transactions. Overall, 

the passenger traffic decreased approximately 8%. The hotel experienced a decrease in revenue earnings of $8.3 million from the prior 

year as a result of a decrease in occupancy of 6.7% and a reduction in average room rate of $22.08. 

13

Operating revenues of the Authority increased $44.3 million in fiscal year 2008 or 14.1% over 2007, primarily from increased airfield 

related revenue, terminal rent, concession fees, rental car parking and hotel revenues. Total airfield related revenue increased $30.3 

million over the prior year and is attributed to recognition of deferred revenue and an increase in total landing fees. The increase of $11.9 

million in terminal area revenue included concession revenue increases of $2.0 million, as well as an increase of $1.8 million for rental car, 

parking and ground transportation revenue. These increases are attributed to a 2.3% increase in passenger traffic. The hotel experienced 

an increase in revenue earnings over the prior year as a result of a 0.8% occupancy level increase and a 2.7% increase in rates. 

OPERATING REVENUES BY MAJOR SOURCE (IN THOUSANDS) 

2009 2008 2007 

Signatory Airlines 

Net Landing Fees $25,506 $52,441 $20,187 

Terminal Area Rents 54,026 57,122 50,764 

Signatory Airline Revenues 79,532 109,563 70,951 

Non-Signatory Airlines 

Landing Fees 3,063 4,857 5,519 

Terminal Area Rents 14,150 10,809 11,161 

Non-Signatory Airline Revenues 17,213 15,666 16,680 

Other Airfield Revenues 5,644 5,928 7,165 

Concession 

General Merchandise 14,724 15,749 14,531 

Food and Beverage 13,385 12,283 11,526 

Rental Car (RAC) 59,355 58,866 58,140 

Public Auto Parking 48,564 55,489 57,306 

Other Terminal Area 22,852 17,243 13,370 

Concession 158,880 159,630 154,873 

Other Building and Site Rentals 27,985 26,937 25,985 

Hotel 30,955 39,242 37,026 

Total Operating Revenues $320,209 $356,966 $312,680 

14

The following charts show major sources and the percentage of operating revenues for the years ended September 30, 2009, 2008, and 

2007: 

2009 OPERATING REVENUE 



Concessions, 

Parking, RAC 

49% 

Hotel 

10% 

Concessions, 

Parking, RAC 

45% 

Hotel 

11% 

Concessions, 

Parking, RAC 

49% 

Hotel 

12% 

Other Building 

and Site Rental 

9% 



7% 



8% 

Other Airfield 

2% 

Non-Signatory 

Airlines 

5% 

Signatory 

Airlines 

25% 


2% 

Non-Signatory 

Airlines 

4% 

Signatory 

Airlines 

31% 


3% 

Non-Signatory 

Airlines 

5% 

Signatory 

Airlines 

23% 

NonOperating Revenues 

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

nonoperating revenue. Investment income was $10.4 million in fiscal year 2009, $19.6 million in fiscal year 2008, and $30.8 million 

in fiscal year 2007. Interest rates decreased dramatically as a result of the Federal Open Market Committee cutting the Federal Funds 

Rate a number of times from 4.75% in September 2007 to a range of 0% to .25% in December 2008 where they have remained 

unchanged. PFCs were $64.3 million in fiscal year 2009, $70.6 million in fiscal year 2008, and $59.3 million in fiscal year 2007. The 

growth in 2008 was the result of increased passenger traffic and an increase from $3 to $4.50 in the PFC charge effective July 1, 2007. 

The decline in fiscal year 2009 is a result of a reduction in enplanements. 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 $21.8 million during fiscal year 2009. Other nonoperating revenue for 2008 includes nonmonetary exchanges of property between the 

Authority and the Orlando Orange County Expressway Authority and between the Authority and the City of Orlando. These transactions 

resulted in $3.5 million of nonoperating revenues in 2008. 

Operating Expenses 

Operating expenses, before depreciation, decreased $16.5 million, or 7.7%, from fiscal year 2008 to 2009 as a result of various cost 

saving measures adopted by the Authority and lower hotel costs as a result of reduction in occupancy. The Authority reduced certain costs, 

including but not limited to personnel and related benefits, contractual services such as janitorial, landscaping, and fleet maintenance, and 

outside services for security. All of these cost saving initiatives resulted in a reduction of expenses of approximately $13.6 million or 7.3%. 

In addition, the hotel reduced its costs $2.9 million or 10.2% to offset its reduced revenues. The Authority monitors operating expenses 

closely to ensure budget objectives are met. 

The operating expenses of the Authority before depreciation increased $20.1 million, or 10.3%, from fiscal year 2007 to 2008 as a result 

of $1.5 million higher variable hotel expenses attributed to increased occupancy; approximately $3.4 million of Authority administrative 

expenses; an additional $2.6 million for safety and security and $7.7 million in operations and facilities maintenance. Retirement costs 

and general liability insurance also increased during the year. Total operating expenses, including depreciation, increased by $23.1 million, 

or 8.0%, over fiscal year 2007 as depreciation expense increased $3.0 million from completed capital projects. 

15

OPERATING EXPENSES (IN THOUSANDS) 

2009 2008 2007 

Operations and Facilities $115,714 $121,728 $114,070 

Safety and Security 16,270 17,979 15,409 

Administration 25,898 29,720 26,296 

Hotel 25,151 28,008 26,505 

Other 13,942 16,008 11,110 

Total Operating Expenses 

Before Depreciation 196,975 213,443 193,390 

Depreciation 103,335 96,442 93,352 

Total Operating Expenses $300,310 $309,885 $286,742 

The following charts show major cost centers and the percentage of operating expenses (excluding depreciation) for the years ended 

September 30, 2009, 2008, and 2007: 

2009 OPERATING EXPENSES 



Operations 

and Facilities 

59% 

Safety and 

Security 

8% 

Operations 


57% 

Safety and 

Security 

8% 

Operations 


59% 

Safety and 

Security 

8% 

Hotel 

13% 

Hotel 

13% 

Hotel 

14% 

Other 

7% 


13% 

Other 

8% 


14% 

Other 

6% 


13% 

Nonoperating Expenses 

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

amounted to $66.8 million in fiscal year 2009, $64.1 million in fiscal year 2008, and $67.2 million in fiscal year 2007. Signatory Airline net 

revenue sharing was $11.1 million for fiscal year 2009, the first year of the ALUA. 

TOTAL EXPENSES (IN THOUSANDS) 

2009 2008 2007 

Total Operating Expenses $300,310 $309,885 $286,742 

Total Nonoperating Expenses 77,942 64,130 67,150 

Total Expenses $378,252 $374,015 $353,892 

16

Changes in Net Assets 

Capital contributions received from the federal, state and other governments amounted to $38.0 million during fiscal year 2009. Grant 

funding received on major projects for fiscal year 2009 are as follows: 

CAPITAL CONTRIBUTIONS (IN MILLIONS) 

In-line Baggage System $11.8 

Rehabilitation of Airsides 1 and 3 8.9 

Airfield Rehabilitation 7.9 

Additions to Fourth Runway 4.8 

Automated People Mover Refurbishment 1.6 

Airfield Drainage and Other Improvements 1.0 

Vehicle for Airport Rescue Fire Fighting 0.6 

Miscellaneous 1.4 

$38.0 

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

CHANGES IN NET ASSETS (IN THOUSANDS) 

2009 2008 2007 

Operating Revenues $320,209 $356,966 $312,680 

Operating Expenses 300,310 309,885 286,742 

Operating Income 19,899 47,081 25,938 

Nonoperating 

Revenues (Expenses) 20,016 35,358 26,519 

Income Before Capital 

Contributions 39,915 82,439 52,457 

Capital Contributions 38,037 69,876 47,639 

Increase in Net Assets 77,952 152,315 100,096 

Prior Period Adjustment 

(See Note 3 to financial statements) - (2,598) - 

Adjusted Increase in Net Assets $77,952 $149,717 $100,096 

17

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 is the difference between total assets and total liabilities and is an indicator of the current fiscal 

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

NET ASSETS (IN THOUSANDS) 

2009 2008 2007 

Assets: 

Current Assets 

Unrestricted Assets $188,910 $141,214 $152,125 

Restricted Assets 367,028 400,020 352,702 

Non-Current Assets 91,037 163,390 191,223 

Capital Assets 2,093,686 2,008,382 1,897,728 

Total Assets 2,740,661 2,713,006 2,593,778 

Liabilities: 

Current (payable from unrestricted assets) 56,904 42,691 58,980 

Current (payable from restricted assets) 202,758 258,042 132,849 

Non-Current Liabilities 1,052,372 1,059,000 1,200,991 

Total Liabilities 1,312,034 1,359,733 1,392,820 

Net Assets: 

Invested in Capital Assets, net of related debt 1,014,475 926,201 758,380 

Restricted 255,904 284,720 327,979 

Unrestricted 158,248 142,352 114,599 

Total Net Assets $1,428,627 $1,353,273 $1,200,958 

The majority of the Authority’s net assets at September 30, 2009 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, 2009 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, $158.2 million at September 30, 2009, 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 fourteen of the airlines effective October 1, 2008. For fiscal year 2009 in the chart below, the budgeted landing fee is 

inserted as the gross landing fee while the net landing fee is no longer applicable under the new ALUA. See the Airline-Airport Lease and 

Use Agreement (Note 20) for additional information. 

18

The rates effective for fiscal years 2008 and 2007, in the chart below, represent the rates and charges as calculated under the prior airline 

agreement, which expired on September 30, 2008. 

SIGNATORY AIRLINE RATES AND CHARGES 

Rates effective Rates effective Rates effective 

for FY 2009 for FY 2008 for FY 2007 

Terminal Average Square Foot Rate $102.01 $69.38 $55.53 

Landing Fee – per 1,000 lbs. Unit (gross) 1.4320 1.9657 1.9469 

Landing Fee – per 1,000 lbs. Unit (net) - 1.4391 1.1363 

Cargo Landing Fee – per 1,000 lbs. Unit 1.65 2.08 2.00 

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 2009, the Authority has approved 

applications to impose PFCs of approximately $1.8 billion to fund project costs of various airport improvements. PFC collections to date 

(including investment earnings) are $717.5 million. Expenditures on PFC approved projects and debt service to date are $696.9 million. 

Capital Acquisitions and Construction Activities 

During fiscal year 2009, the Authority expended $183.4 million on capital projects. This included $14.7 million funded by FAA 

contributions, $11.6 million funded by Florida Department of Transportation (FDOT) contributions, Transportation and Security 

Administration (TSA) $11.3 million, Office of Tourism Trade and Economic Development (OTTED) $0.1 million, and $64.2 million funded 

by PFCs. The balance was paid from tenant and other Authority funds, including CFCs. Of the grants noted previously, $5.0 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): 

Rehabilitation of Airside 3 $122.8 

In-line Baggage System Phase 1 & 2 44.6 

Automated People Mover Refurbishment 15.0 

Airfield Rehabilitation 6.7 

Elevator and Escalator Refurbishment 6.3 

Roadway and Pavement 5.2 

Miscellaneous (Projects < $5.0 million) 19.2 

Total $219.8 

19

Major projects under construction and the amounts expended during fiscal year 2009 are listed as follows (in millions): 

Rehabilitation of Airsides 1 and 3 $77.1 

Rental Car Facility 37.1 

In-line Baggage System 36.4 

Airfield Rehabilitation at OIA 9.6 

Miscellaneous (Projects < $5.0 million) 23.2 

Total $183.4 

More detailed information about the Authority’s capital assets is presented in Note 9 to the financial statements. 

Debt Activities 

During fiscal year 2009, the Authority issued $75.0 million in Airport Facilities Revenue Bonds, Series 2008C, to pay down existing 

commercial paper and for future construction costs associated with the in-line baggage system. The Authority defeased the Airport 

Facilities Variable Rate Refunding Revenue Bonds, Series 2002E, in the amount of $113.4 million, by using proceeds of the Airport Facilities 

Refunding Revenue Bonds, Series 2009A, in the amount of $98.5 million, and Authority funds. The Authority also issued Airport Facilities 

Refunding Revenue Bonds, Series 2009B, in the amount of $11.3 million, in order to pay a swap termination fee associated with the 2002E 

debt in the amount of $11.1 million and costs of issuance. Additional commercial paper in the amount of $25.0 million was issued during 

the current year to pay for the rental car facility and related projects. Finally, the 2002A Subordinated (“1999 Swap Fixed to Floating 

Rate”) Swap was terminated on October 1, 2008 in accordance with the swap agreement. 

During fiscal year 2008, the Authority defeased the Airport Facilities Variable Rate Subordinated Revenue Refunding Periodic Auction Rate 

Security (PARS) Bonds, Series 1998 in the amount of $282.3 million, by using proceeds of the Airport Facilities Refunding Revenue Bonds, 

Series 2008A, in the amount of $248.1 million, and Authority funds. The Authority also issued Airport Facilities Refunding Revenue Bonds, 

Series 2008B in the amount of $26.1 million, in order to pay a swap termination fee in the amount of $25.7 million and costs of issuance 

associated with the PARS debt. Additional commercial paper in the amount of $62.0 million was also issued during fiscal year 2008 to pay 

for construction costs. 

On October 7, 2009 the Authority issued $62.8 million Special Purpose Facilities Taxable Revenue Bonds, Series 2009 (the “Series 2009 

Bonds”), for the purpose of providing funds to pay costs and expenses associated with the design, construction and relocation of rental 

car facilities at the Orlando International Airport and to repay a portion of the Authority’s commercial paper debt that was used to provide 

interim financing for certain costs. The Series 2009 Bonds are payable solely from and secured by a pledge of Pledged Revenues derived by 

the Authority from Customer Facility Charges (CFCs). 

On December 17, 2009, the Authority issued $87.1 million Airport Facilities Revenue Bonds, Series 2009C for the purpose of providing 

funds to pay costs and expenses related to improvements to Airside 1 and 3 (the “2009 PFC Project”), to repay a portion of the Authority’s 

commercial paper debt that was used to provide an interim financing for certain costs of the 2009 PFC Project, and to pay certain costs of 

issuance of the Series 2009C Bonds. 

20

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, 2009 was $1.0 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; Airport Facilities Secondary Subordinated Revenue Bonds, Series 1997; 

and commercial paper notes. 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, 2009, the aggregate principal amount of all other paritysubordinated 

indebtedness was $190.8 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, 2009, was $17.9 million. 

As of September 30, 2009, the Authority has outstanding $69.0 million of Airport Facilities Subordinated Commercial Paper Notes of 

which the aggregate principal amount outstanding at any one time may not exceed $400.0 million. There exists a Commercial Paper 

Program A which is not to exceed $250 million and Program B which is not to exceed $150 million. On November 5, 2009, the Letter of 

Credit for Program B expired and no Program B Commercial Paper Notes remained outstanding under Program B. In addition, the Agent 

for the Program B CP Banks gave notice to the Authority of the intent of the Program A CP Banks to terminate the Program A Letter 

of Credit on February 3, 2010. After the issuance of the 2009C Bonds, $4,259,000 in Program A Commercial Paper Notes will remain 

outstanding which is expected to be repaid prior to the expiration of the Letter of Credit. 

In December 2009, the Authority entered into an agreement with Wachovia Corporation 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. 

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 

2009 2008 2007 

Senior lien debt 1.47% 1.70% 2.21% 

All indebtedness 1.33% 1.27% 1.37% 

More detailed information about the Authority’s noncurrent liabilities is presented in Note 14 to the financial statements. 

21

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 Airport Boulevard, Orlando, FL 32827-4399. 

Jacki Churchill 


22


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.



23

GREATER ORLANDO AVIATION AUTHORITY 

BALANCE SHEETS 

(in thousands) 

September 30, 

ASSETS 2009 2008 


Unrestricted: 

Cash and cash equivalents $ 165,362 $ 103,766 

Accounts and grants receivable, less allowance 

for uncollectibles of $387 and $128 10,628 14,727 

Investments 7,072 16,031 

Interest receivable 148 603 

Prepaid expenses 5,700 6,087 

Total unrestricted assets 188,910 141,214 

Restricted: 

Cash and cash equivalents 342,832 279,117 

Accounts and grants receivable 21,796 41,855 


Interest receivable 387 2,038 

Prepaid expenses 11 1,255 

Total restricted assets 367,028 400,020 

Total current assets 555,938 541,234 

Noncurrent Assets 

Investments, unrestricted 14,206 24,528 

Investments, restricted 76,831 138,862 

Total long-term investments 91,037 163,390 

Capital assets, net of accumulated depreciation: 

Property and equipment 1,320,710 1,170,006 

Property held for lease 493,863 522,834 

Construction in progress 279,113 315,542 

Total capital assets, net of accumulated depreciation 2,093,686 2,008,382 

Total noncurrent assets 2,184,723 2,171,772 

Total Assets $ 2,740,661 $ 2,713,006 

See accompanying notes to basic financial statements 

24




September 30, 

LIABILITIES AND NET ASSETS 2009 2008 

Current Liabilities (Payable from Unrestricted Current Assets) 

Accounts payable and accrued liabilities $ 27,003 $ 28,621 

Deferred revenue 3,034 3,665 

Deposits 5,551 5,185 

Advance rent from tenants, current 3,053 5,220 

Accrued airline revenue sharing 18,263 - 

Total current liabilities (payable from unrestricted current assets) 56,904 42,691 

Current Liabilities (Payable from Restricted Assets) 

Accrued interest 25,478 25,239 

Accounts payable and accrued liabilities 39,913 43,914 


Notes payable, current 68,951 2,003 

Revenue bonds payable, current 65,878 171,430 

Total current liabilities (payable from restricted assets) 202,758 258,042 

Total current liabilities 259,662 300,733 

Noncurrent Liabilities 

Notes payable, long-term - 127,256 

Revenue bonds payable, long-term 1,030,123 919,352 

Advance rent from tenants, long-term 2,528 2,722 

Other long-term liabilities 19,721 9,670 

Total noncurrent liabilities 1,052,372 1,059,000 

Total liabilities 1,312,034 1,359,733 

Net Assets 

Invested in capital assets, net of related debt 1,014,475 926,201 

Restricted: 

For debt service 158,961 170,579 

For capital acquisitions 96,943 114,141 

Unrestricted 158,248 142,352 

Total net assets 1,428,627 1,353,273 

Total Liabilities and Net Assets $ 2,740,661 $ 2,713,006 


25


STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS 


Years Ended 

September 30, 

2009 2008 


Airfield area $ 34,412 $ 63,680 

Terminal area 119,322 113,396 

Hotel 30,955 39,242 

Other buildings and grounds 18,084 16,564 

Ground transportation 117,436 124,084 

Total operating revenues 320,209 356,966 


Operations and facilities 115,714 121,728 

Safety and security 16,270 17,979 

Administration 25,898 29,720 

Hotel 25,151 28,008 

Other 13,942 16,008 

Total operating expenses before depreciation 196,975 213,443 

Operating income before depreciation 123,234 143,523 

Depreciation (103,335) (96,442) 

Operating income 19,899 47,081 

Nonoperating Revenues (Expenses) 

Investment income 10,441 19,579 

Interest expense (66,850) (64,130) 

Signatory Airline net revenue sharing (11,092) - 

Passenger facility charges 64,302 70,656 

Customer facility charges 21,790 - 

Federal and state grants 1,150 1,842 

Other 275 7,411 

Income before capital contributions 39,915 82,439 

Capital Contributions 38,037 69,876 

Increase in net assets 77,952 152,315 

Total Net Assets, Beginning of Year 1,353,273 1,200,958 

Pollution Remediation Obligation Adjustment (2,598) - 

Total Net Assets, Beginning of Year, as Adjusted 1,350,675 1,200,958 

Total Net Assets, End of Year $ 1,428,627 $ 1,353,273 


26


STATEMENTS OF CASH FLOW 


Years Ended 

September 30, 

2009 2008 

Cash flows from operating activities 

Cash received from customers and tenants $ 315,961 $ 336,049 

Cash paid to suppliers (142,221) (145,457) 

Cash paid to employees for services (48,566) (51,442) 

Net cash provided by operating activities 125,174 139,150 

Cash flows from noncapital financing activities 

Operating grants and passenger facilities charges received 3,545 8,048 

Net cash provided by noncapital financing activities 3,545 8,048 

Cash flows from capital and related financing activities 

Proceeds from issuance of bonds 185,948 283,214 

Proceeds from issuance of commercial paper notes 25,017 62,000 



Principal payments - bonds and notes (262,250) (348,671) 

Bond issue costs and discount on bonds (1,791) (5,164) 

Swap termination payment (11,096) (25,724) 

Interest paid (57,528) (49,824) 

Acquisition and construction of capital assets (including capitalized interest) (191,047) (209,401) 

Capital contributed by federal and state agencies 61,471 43,023 

Net cash used for capital and related financing activities (170,303) (182,323) 

Cash flows from investing activities 

Purchase of investments (214,121) (360,280) 

Proceeds from sale and maturity of investments 370,403 335,583 

Interest received 10,613 21,756 

Net cash provided by (used for) investing activities 166,895 (2,941) 

Net increase (decrease) in cash and cash equivalents 125,311 (38,066) 

Cash and Cash Equivalents, Beginning of Year 382,883 420,949 

Cash and Cash Equivalents, End of Year (1) $ 508,194 $ 382,883 

(1) Cash and Cash Equivalents - Unrestricted Assets $ 165,362 $ 103,766 

Cash and Cash Equivalents - Restricted Assets 342,832 279,117 

$ 508,194 $ 382,883 

(continued) 

27


STATEMENTS OF CASH FLOW 


Years Ended 

September 30, 

2009 2008 

Reconciliation of operating income 

to net cash provided by operating activities 

Operating income $ 19,899 $ 47,081 

Adjustments to reconcile operating income to 

net cash provided by operating activities 

Depreciation 103,335 96,442 

Noncash operating revenue - (35) 

(Increase) Decrease in operating assets 


Prepaid expenses 387 (330) 

Increase (Decrease) in operating liabilities 


Deferred revenues (13,549) (20,368) 

Deposits 366 245 

Advanced rent from tenants (2,167) 3,551 

Total adjustments 105,275 92,069 

Net cash provided by operating activities $ 125,174 $ 139,150 

Noncash Investing, Capital and Financing Activities 

Increase (Decrease) in fair value of investments $ 1,087 $ (798) 

Capital assets received in lieu of cash from exchange transaction $ - $ 2,883 


28

Notes to Financial Statements 

1. Organization and Purpose 

2. Reporting Entity 

3. Summary of Significant Accounting Policies and Practices 

4. Operation and Use Agreement - City of Orlando 

5. Cash Deposits and Investments 

6. Accounts and Grants Receivable 

7. Grant Recognition 

8. Restricted Assets 

9. Capital Assets 

10. Lease and Concession Agreements 

11. Pension Plans 

12. Postemployment Benefits Other Than Pension Benefits 

13. Risk Management 

14. Noncurrent Liabilities 

15. Derivatives and Hedging Activities 

16. Conduit Debt Obligations 

17. Deferred Amount on Refunding of Bonds 

18. Bond Issuance 

19. Capital Contributions 

20. Airline-Airport Lease and Use Agreement 

21. Outstanding Contracts 

22. Commitments and Contingencies 

23. Environmental Liabilities 

24. Subsequent Events

1. ORGANIZATION AND PURPOSE 


NOTES TO FINANCIAL STATEMENTS 

Years Ended September 30, 2009 and 2008 

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 replaced by Chapter 

98-492, Laws of Florida, as amended. The Authority operates Orlando International Airport and Orlando Executive 

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

2. REPORTING ENTITY 

In defining the Authority for financial reporting purposes, management applied the requirements as set forth by the 

Governmental Accounting Standards Board (GASB). These requirements 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. 

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND PRACTICES 

Basis of Presentation and Accounting: The Authority’s financial statements are accounted for on 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 Statement No. 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfer of 

Assets and Future Revenues (GASB 48), was issued in September 2006 and implemented by the Authority in fiscal 

year 2008. GASB 48 establishes criteria for government agencies on the reporting of receivables, and provides 

guidance in recognizing other assets and liabilities for sales of receivables or future revenues. The Authority 

pledged future airport revenues, net of specified operating expenses, to repay Airport Facilities Revenue Bonds 

issued from 1997 to 2009. Proceeds from the bonds provided financing for various airport capital projects. The 

bonds are payable solely from the airport system revenues. The Authority 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. Disclosures 

related to GASB 48 are found in Note 14. 

29




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

GASB issued Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations 

(GASB 49), in November 2006, and was adopted by the Authority in fiscal year 2009. GASB 49 provides 

accounting and financial reporting standards for pollution remediation obligations as well as disclosure 

requirements. In accordance with GASB 49, environmental expenditures are expensed (except in cases where the 

expenditures require capitalization) and liabilities are recorded when obligations have been incurred and the costs 

can be reasonably estimated. The Authority has evaluated its property and identified certain polluted sites 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. Upon adoption of GASB 49, 

the Authority recorded a pollution remediation liability of $4.1 million as of October 1, 2008. In addition, the 

Authority restated Net Assets as of October 1, 2008 by $2.6 million, which represents the pollution remediation 

liability of $4.1 million less realized recoveries of $1.5 million. The fiscal year 2008 financial statements have not 

been restated as the information is not available to determine the impact on the financial statements as of October 1, 

2007 although the Authority expects these amounts to be immaterial. Disclosures related to the pollution 

remediation liability are discussed in Note 23. 

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. 

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. 

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 new 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 2009 and 2013. The Authority accounts for revenue from these agreements and reports 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. 

30





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 

5 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 employer made a formal commitment to provide contributions. 

Other Postemployment 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 

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. The 

Authority is currently reviewing its funding options. The Authority discloses the information required by GASB 45 

in Note 12. 

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

includes those liabilities in accrued expenses. 

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 estimates the rebate payable and reduces investment 

income accordingly. 

31





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 life of the agreement. The related amount payable to or 

receivable from the counterparty is included in accrued interest or interest receivable. The fair value of the swap 

agreement is not recognized in the financial statements. In March 2008, the interest-rate swap associated with the 

Airport Facilities Variable Rate Subordinated Revenue Refunding Bonds, Series 1998, was terminated along with 

the refunding of its underlying debt. The interest-rate swap associated with the Airport Facilities Taxable 

Subordinated Refunding Revenue Bonds, Series 2002A terminated on October 1, 2008 in accordance with the terms 

of its official confirmation, and in June 2009, the interest rate swap associated with the Airport Facilities Variable 

Rate Refunding Revenue Bonds, Series 2002E, was also terminated along with the refunding of its underlying debt. 

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 when received. 

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

and 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, for the 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 new Lease and Use and Agreements will be effective through 

September 30, 2013. The key provisions of the new Lease and Use Agreements include a change from a residual to 

a compensatory rate-making 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. 

32





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. 

4. OPERATION AND USE AGREEMENT – CITY OF ORLANDO 

The City of Orlando and the Authority executed 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. 

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

services amounted to approximately $9.0 million and $10.0 million for 2009 and 2008, respectively. 

Approximately, $2.6 million and $1.0 million are recorded as liabilities due to the City of Orlando in connection 

with these services at September 30, 2009 and 2008, respectively. 

5. 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 

(SBA) 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 (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. 

33




5. CASH DEPOSITS AND INVESTMENTS (continued) 

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

for External Investment Pools, (GASB 31), 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, 2009 and 2008, the fair value of all securities regardless of the balance sheet classification was as 

follows (in thousands): 

2009 2008 

U.S. Treasury and government agency securities $ 99,599 $ 300,249 

Commercial paper - 24,884 

Local government investment pool 1,642 9,538 

Investment in money market funds 286,844 167,020 

Total securities, at fair value $ 388,085 $ 501,691 

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

2009 2008 

Current assets 






Total cash and investments 608,305 638,059 

Less cash on deposit (220,220) (136,368) 

Total securities, at fair value $ 388,085 $ 501,691 

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

As of September 30, 2009 and 2008, 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, 2009 (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 $ 2,002 $ 57,168 $ 10,400 $ 30,029 $ 99,599 

Local government investment pool 1,130 - 512 - 1,642 

Money market funds 286,844 - - - 286,844 

Total securities, at fair value $ 289,976 $ 57,168 $ 10,912 $ 30,029 $ 388,085 

34





Investment Maturities at September 30, 2008 (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 $ 130,721 $ 98,500 $ 38,693 $ 32,335 $ 300,249 

Commercial paper 24,884 - - - 24,884 

Local government investment pool 8,638 - 900 - 9,538 

Money market funds 167,020 - - - 167,020 

Total securities, at fair value $ 331,263 $ 98,500 $ 39,593 $ 32,335 $ 501,691 

On November 29, 2007, the SBA implemented a temporary freeze on the assets held in the Local Government 

Surplus Fund Trust Fund Investment Pool (Pool) due to an unprecedented amount of withdrawals from the 

Pool, coupled with the absence of market liquidity for certain securities within the Pool. On December 4, 2007, 

based on recommendations from an outside financial advisor, the SBA restructured the Pool into two separate funds; 

Fund A consisted of all money market appropriate assets, which was approximately $12.0 billion or 86% of Pool 

assets and Fund B consisted of assets that either defaulted on a payment, paid more slowly than expected, and/or had 

any significant credit and liquidity risk, which was approximately $2.1 billion or 14% of Pool assets. At the time of 

the restructuring, all current Pool participants had their existing balances proportionately allocated into Fund A and 

Fund B. Fund A was later renamed Local Government Surplus Funds Investment Pool (LGIP). The Authority had 

$3.6 million in assets transferred to Fund B. 

The SBA does not allow participants to withdraw funds from Fund B. As maturities occur in Fund B, the SBA 

transfers the monies from Fund B to LGIP. Since the SBA established Fund B on December 4, 2007, they have 

released approximately $2.6 million of the Authority’s Fund B balance into the Authority’s LGIP account. 

On July 31, 2009, the SBA disclosed the weighted average maturity of investments held in Fund B as of June 30, 

2009 as being 6.87 years. Therefore, as of September 30, 2009, the maturity date of investments held in Fund B was 

adjusted from September 16, 2017 to May 11, 2016. However, because Fund B consists of restructured or defaulted 

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

As of September 30, 2009, the Authority had $2.1 million invested in the Pool with $1.1 million in LGIP and $0.9 

million invested in Fund B. An entry to adjust the fair value of Fund B by $0.4 million to reflect the approximate 

fair value of Fund B investments at September 30, 2009 reduced the combined value of the LGIP and Fund B to 

$1.6 million. 

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 come 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 ranges 

of maturity dates for each type of security. 

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 AAA by S&P and Aaa by 

Moody’s at the time of purchase. 

35





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 SBA. 

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 investments 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, 2009, the Authority held investments exceeding 5% of the total 

investment portfolio with two issuers; Federal Home Loan Bank (5.75%) and Federal Home Loan Mortgage 

Corporation (6.80%). At September 30, 2008, the Authority held investments exceeding 5% of the total investment 

portfolio with three issuers; Federal Home Loan Bank (34.0%), Federal Home Loan Mortgage Corporation (15.5%), 

and Federal National Mortgage Association (10.2%). Each of the investments are rated either AAA 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. 

6. ACCOUNTS AND GRANTS RECEIVABLE 

At September 30, 2009 and 2008, accounts and grants receivable, net of allowance for doubtful accounts, consist of 

the following (in thousands): 

2009 2008 

Current Unrestricted Assets 

Accounts receivable $ 10,910 $ 14,707 

Allowance for doubtful accounts (387) (128) 

Grants receivable 105 148 

Net Current Unrestricted Accounts and Grants Receivable $ 10,628 $ 14,727 

Current Restricted Assets 

Accounts receivable $ 10,073 $ 6,628 

Grants receivable 11,723 35,227 

Net Current Restricted Accounts and Grants Receivable $ 21,796 $ 41,855 

7. GRANT RECOGNITION 

A Letter of Intent (LOI) is a provision under Section 47110(e) of Title 49, United States Code to obligate funds for 

future budget authority to issue grants to pay the Authority for the FAA’s shares of allowable costs. The amounts 

listed below are estimates and are not obligations of the United States or administrative commitments. The LOI can 

be amended to adjust the payment schedule or the maximum obligation. 

Under GASB Statement No. 33, Accounting and Reporting for Nonexchange Transactions, the Authority recognizes 

revenues from the LOI when all eligibility requirements are met. Since there are time and reimbursement 

requirements associated with the LOI, the balance to be collected is recognized as revenue in the year the grant is 

awarded. As of September 30, 2009, the Authority has been awarded all grants within the LOI obligations. 

36

7. GRANT RECOGNITION (continued) 




LOI ASO-99-01 dated April 3, 2000, received from the FAA for construction of a new runway, associated taxiways, 

and security roads is listed as follows (in thousands): 

2009 2008 

Maximum Obligation $ 73,190 

$ 73,190 

Collected in prior years $ 68,410 

$ 62,700 

Collected in current year 4,780 5,710 

Collected to date 73,190 68,410 

Balance to be collected $ - 

$ 4,780 

Schedule of balance to be collected: 

2009 $ - 

$ 4,780 

Balance to be collected $ - 

$ 4,780 

8. 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. Majority-in-Interest approval of 

the Signatory Airlines was granted for (1) the issuance of commercial paper to fund various capital improvements to 

Orlando International Airport, and (2) the use of Airport Facilities Improvement and Development assets to pay all 

or a portion of project costs with reimbursement from commercial paper, state and federal grants, passenger facility 

charges, and/or revenue bonds. At September 30, 2009 and 2008, composition of restricted accounts is as follows 

(in thousands): 

2009 2008 

Debt Service Accounts $ 188,540 

$ 197,710 

Capital Acquisition Accounts 150,046 218,015 

Bond Construction Accounts 55,479 61,183 

Passenger Facility Charges Account 11,870 16,132 

Customer Facility Charges Account 5,729 - 

Operating Reserve Account 32,195 32,261 

Prepaid Airlines Fees and Charges Account - 13,581 

Total Restricted Assets $ 443,859 

$ 538,882 

37




9. CAPITAL ASSETS 

A summary of capital assets activity for the years ended September 30, 2009 and 2008 follows (in thousands): 

Balance Additions Balance 

October 1, and Reclass- September 30, 

2008 ifications Deductions 2009 

Property and Equipment 

Capital Assets not Depreciated 

Land $ 246,663 $ 209 $ - $ 246,872 

Assets Held for Future Use 99,602 6,706 - 106,308 

346,265 6,915 - 353,180 

Other Property and Equipment 

Building 270,410 784 - 271,194 

Improvements 1,295,125 196,668 - 1,491,793 

Equipment 76,431 19,133 874 94,690 

Motor Vehicles 19,384 1,525 1,783 19,126 

1,661,350 218,110 2,657 1,876,803 

Accumulated Depreciation 

Building 94,417 8,969 103,386 

Improvements 670,572 55,487 726,059 

Equipment 59,084 7,995 715 66,364 

Motor Vehicles 13,536 1,701 1,773 13,464 

837,609 74,152 2,488 909,273 

Net Property and Equipment 1,170,006 150,873 169 1,320,710 

Property and Equipment - Held for Lease 


Land 8,131 - - 8,131 


Building 861,005 204 - 861,209 

Improvements 76,369 8 - 76,377 

937,374 212 - 937,586 


Building 388,944 25,005 - 413,949 

Improvements 33,727 4,178 - 37,905 

422,671 29,183 - 451,854 

Net Property and Equipment - Held for Lease 522,834 (28,971) - 493,863 

Construction Work in Progress 


Construction Work in Progress 315,542 183,404 219,833 279,113 

Net Capital Assets $ 2,008,382 $ 305,306 $ 220,002 $ 2,093,686 

38

9. CAPITAL ASSETS (continued) 




Balance 

October 1, 

2007 

Property and Equipment 


Land 186,221 

Additions 

and Reclassifications 

Deductions 

Balance 

September 

30, 2008 

$ $ 60,562 $ 120 $ 246,663 

Assets Held for Future Use - 99,602 - 99,602 

186,221 160,164 120 346,265 


Building 268,568 1,842 - 270,410 

Improvements 1,224,272 70,853 - 1,295,125 

Equipment 71,922 5,868 1,359 76,431 

Motor Vehicles 18,180 1,945 741 19,384 

1,582,942 80,508 2,100 1,661,350 


Building 85,336 9,081 94,417 

Improvements 621,798 48,774 670,572 

Equipment 52,413 7,955 1,284 59,084 

Motor Vehicles 12,774 1,502 740 13,536 

772,321 67,312 2,024 837,609 

Net Property and Equipment 996,842 173,360 196 1,170,006 

Property and Equipment - Held for Lease 


Land 8,154 - 23 8,131 


Building 860,127 878 - 861,005 

Improvements 75,354 1,015 - 76,369 

935,481 1,893 - 937,374 


Building 363,954 24,990 - 388,944 

Improvements 29,587 4,140 - 33,727 

393,541 29,130 - 422,671 

Net Property and Equipment - Held for Lease 550,094 (27,237) 23 522,834 

Construction Work in Progress 


Construction Work in Progress 350,792 197,454 232,704 315,542 

Net Capital Assets $ 1,897,728 $ 343,577 $ 232,923 $ 2,008,382 

39

9. CAPITAL ASSETS (continued) 




During 2009, the Authority capitalized interest in the amount of $1.5 million to Construction in Progress, 

representing the excess of interest cost ($1.5 million) on certain borrowings during the construction period over the 

interest earned ($36,000) on related interest-bearing investments acquired with the proceeds of the borrowings. In 

addition, the Authority capitalized commercial paper interest in the amount of $1.7 million to Construction in 

Progress related to the Airside 1 and 3 renovations and the in-line baggage screening system. 

During 2008, the Authority capitalized interest in the amount of $219,000 to Construction in Progress, representing 

the excess of interest cost ($291,000) on certain borrowings during the construction period over the interest earned 

($72,000) on related interest-bearing investments acquired with the proceeds of the borrowings. In addition, the 

Authority capitalized commercial paper interest in the amount of $2.5 million to Construction in Progress related to 

the Airside 1 and 3 renovations and the in-line baggage screening system. 

The South Terminal design, Intermodal Transit System (ITS) design and first phase of ITS construction were 

transferred from Construction in Progress (CIP) to a non-depreciable fixed assets category named Assets Held for 

Future Use during fiscal year 2008 since they had not yet been placed in service. Various grading, drainage and 

infrastructure projects were transferred from CIP and added to the cost basis of Land, which is non-depreciable. 

Additional assets in the amount of $6.7 million were transferred out of CIP to Assets Held for Future Use during 

fiscal year 2009. The assets were reviewed during the year to determine whether they should be impaired due to 

changes in the airport/airline industry that could render the design insufficient to construct the structures. No such 

impairment was noted. 

10. 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): 

2010 $ 164,041 

2011 173,672 

2012 170,757 

2013 162,870 

2014 92,871 

Later years 175,543 

Total minimum future revenues $ 939,754 

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

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

approximately $29 million and $38.2 million for the years ended September 30, 2009 and 2008 respectively. 

40




11. 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. Charles Schwab Trust Company (Schwab) currently holds the assets of the DB 

Plan in various mutual funds. Schwab currently pays 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 Airport Boulevard, Orlando, Florida 

32827, Attention: Human Resources. 

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 

members 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. The Authority Board 

establishes benefit provisions. 

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 had retired on the date of death with an immediate 50% annuity. 

If a vested participant dies before becoming eligible for early retirement, his eligible spouse or other named 

beneficiary receives an amount equal to that which would have been received if the participant had 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, 2009 and 2008 were 38.39% and 43.07% of estimated annual covered payroll, respectively. The Authority’s 

estimated annual covered payroll for employees under the DB Plan was $14.0 million and $13.1 million for the 

years ended September 30, 2009 and 2008, respectively. 

41

11. PENSION PLANS (continued) 




Annual Pension Cost and Net Pension Asset: The Authority’s annual pension cost and net pension asset, which 

has not been reflected in the financial statements, to the DB Plan at September 30, 2009 were as follows (in 

thousands): 

Annual required contribution (ARC) $ 5,368 

Interest on net pension asset (97) 

Adjustment to ARC 192 

Annual pension cost 5,463 

Contributions made (5,367) 

Decrease in net pension asset 96 

Net pension asset - October 1, 2008 1,290 

Net pension asset - September 30, 2009 $ 1,194 

Three-Year Trend Information 


Fiscal Years Ended 

September 30, 

Annual 

Pension Cost 

(APC) 

Percentage 

of APC 

Contributed 

Net Pension 

Asset 

2007 $ 6,081 98.3% $ 1,394 

2008 5,750 98.2 1,290 

2009 5,463 98.3 1,194 

Funded Status and Funding Progress: As of October 1, 2008, the most recent actuarial valuation date, the DB 

Plan was 74.3% funded. The actuarial accrued liability for benefits was $93.1 million, and the actuarial value of 

assets was $69.2 million resulting in an unfunded actuarial accrued liability (UAAL) of $23.9 million. The 

covered payroll was $15.2 million, and the ratio of the UAAL to the covered payroll was 157.4%. 

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 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. 

42





Actuarial Methods and Assumptions: The October 1, 2007 actuarial valuation determined the required 

contribution for the 2009 fiscal year. The actuarial assumptions for fiscal years 2009 and 2008 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 cost method (ACM) determines the plan's actuarial valuation. 

During fiscal year 2008, the Authority changed its cost method from the frozen initial liability method to the ACM. 

As a result of the change, the Authority reduced the probability of retirement and terminating employment for 

reasons other than retirement, disability or death. In addition, the Authority updated its mortality table to the 

RP2000 Generational Mortality Table from the 1983 Group Annuity Mortality Table. Finally, the Authority set the 

actuarial value of assets equal to market value. Because the aggregate actuarial cost method is used, it does not 

identify or separately amortize unfunded actuarial liabilities. 

Single-Employer Defined Contribution Retirement Plan 

Plan Description: The DC Plan provides benefits upon retirement to employees of the Authority. At September 

30, 2009, there were 336 active plan members. The plan provides retirement and death benefits to plan members 

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. 

The Authority’s payroll for employees covered by the DC Plan was $15.0 million and $13.8 million for the years 

ended September 30, 2009 and 2008, respectively. The Authority contributed $1.4 million and $1.1 million for the 

years ended September 30, 2009 and 2008. Participants contributed $0.6 million for each of the years ended 

September 30, 2009 and 2008. 

43





Multiple-Employer Defined Benefit Public Retirement Plan 

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 members and beneficiaries. Florida Statues 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. Special risk members meet eligibility for normal retirement after; (a) 

six years of special risk service and attaining age fifty-five, (b) twenty-five total years special risk service and 

attaining age fifty-two (may include four years military), (c) twenty-five continuous years special risk service, 

regardless of age, or (d) thirty years of any creditable service, regardless of age (may include four years military). 

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. 

The contribution rate for each of the years ended September 30, 2009, 2008 and 2007 was 20.92%. The Authority’s 

contributions to the FRS for each of the years ended September 30, 2009, 2008 and 2007 were approximately 

$900,000, which represents the required contributions for each year. 

Multi-Employer Defined Contribution Retirement Plan 

Effective July, 2002, the System 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 9% for regular to 20% for special risk. The Investment Plan does not allow participant contributions. 

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, 2009 and 2008, the Authority had one and two participants in the Investment Plan, 

respectively. 

44




12. 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 Airport Boulevard, Orlando, Florida 32827, Attention: Human Resources. As of 

September 30, 2009, the GOAAHP provided benefits to 204 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. The annual contribution of the employer, an amount 

actuarially determined in accordance with GASB 45, 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 20.7% of annual covered payroll. For the years ended 

September 30, 2009 and 2008, the Authority’s actuarially determined annual OPEB costs (expenses) were $7.0 

million and $5.3 million, respectively. 

45




12. 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, 

2009 and 2008, the annual required contribution, and changes in the Authority’s net OPEB obligation to GOAAHP 


2009 2008 

Annual required contribution $ 7,000 $ 5,375 

Interest on net OPEB obligation 585 310 

Adjustment to annual required contribution (575) (375) 

Annual OPEB cost 7,010 5,310 

Benefit payments - - 

Contributions made (774) (809) 

Increase in net OPEB obligation 6,236 4,501 

Net OPEB obligation - beginning of year 9,670 5,169 

Net OPEB obligation - end of year $ 15,906 $ 9,670 

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, 2007, 2008, and 2009 is as follows (in thousands): 

Fiscal 

Year 

Ended 

Annual 

OPEB 

Cost 

Percentage of 

Annual OPEB 

Cost Contributed 

Net 

OPEB 

Obligation 

9/30/2007 $ 3,278 23.5% $ 5,169 

9/30/2008 5,310 15.2 9,670 

9/30/2009 7,010 11.0 15,906 

Funded Status and Funding Process: The funded status of the plan as of October 1, 2009, the most recent 

actuarial valuation date, is as follows (in thousands): 

Actuarial Accrued Liability (a) $70,869 

Actuarial Value of Plan Assets (b) - 

Unfunded Actuarial Accrued Liability (a) – (b) $70,869 

Funded Ratio (b) / (a) 0.00% 

Covered Payroll (c) * $33,755 

Unfunded Actuarial Accrued Liability 

As a Percentage of Covered Payroll [(a) – (b)] / (c) 209.95% 

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 2008-2009 budgeted regular salaries for active employees covered under the GOAAHP. 

46




12. 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 members) 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 members to that point. Actuarial 

calculations reflect a long-term perspective and employ methods and assumptions that are designed to reduce 

short-term volatility in actuarial accrued liabilities and the actuarial value of assets. During the year ended 

September 30, 2009 the assumption for the investment rate of return was changed from 6% for prior years to 4% 

for the current year. Significant methods and assumptions were as follows: 

Actuarial Valuation Date October 1, 2009 

Actuarial Cost Method 

Amortization Method 

Projected Unit Credit 

Level Dollar amounts 

Amortization Period 30 

Asset Valuation Method 

N/A 

Investment Rate of Return 4.0% 

Projected Salary Increase 

N/A 

Healthcare Inflation Rate: 

Year Medical Rate Dental Rate Vision Rate 

2010 9.00% 0.00% (4.00%) 

2011 7.50% 5.00% 5.00% 

2012 7.00% 5.00% 5.00% 

2013 6.50% 5.00% 5.00% 

2014+ 6.00% 5.00% 5.00% 

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. 

47




13. RISK MANAGEMENT 

The Authority develops risk mitigation and loss prevention strategies 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. 

The Authority has a third party actuary perform a review of claim history for all claim years in 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, 2009 and 

2008 (in thousands): 

2009 2008 

Unpaid claims and claims adjustment expenses at 

beginning of year $ 779 $ 779 

Incurred claims and claims adjustment expenses: 

Provisions for insured events of the current fiscal year 251 281 

Decrease in provision for insured events of prior years (216) 10 

Total incurred claims and claims adjustment expenses 35 291 

Payments: 

Claims and claims adjustment expenses attributable to 

insured events of prior years (129) (239) 

Claims and claims adjustment expenses attributable to 

insured events of current year (130) (52) 

Total payments (259) (291) 

Total unpaid claims and claims adjustment expenses at end of year $ 555 $ 779 

48

14. NONCURRENT LIABILITIES 




A summary of non-current liability activity for the years ended September 30, 2009 and 2008 is as follows (in 

thousands): 

Airport Facilities Revenue Bonds 

Senior Lien Bonds 

Series 1997 26,080 

Balance Balance Amounts Amounts 

October 1, September 30, Due Within Due After 

2008 Additions Deductions 2009 One Year One Year 

$ $ - $ - $ 26,080 $ 8,200 $ 17,880 

Series 1998 18,765 - 3,040 15,725 2,815 12,910 

Series 1999A 184,950 - 695 184,255 14,160 170,095 

Series 1999B 12,300 - 265 12,035 275 11,760 

Series 2002A 48,325 - 1,040 47,285 1,080 46,205 

Series 2002B 109,410 - 445 108,965 465 108,500 

Series 2002C 14,940 - 14,940 - - - 

Series 2002D Taxable 650 - 650 - - - 

Series 2002E 128,745 - 128,745 - - - 

Series 2003A 61,335 - 7,440 53,895 425 53,470 

Series 2007A 141,485 - - 141,485 - 141,485 

Series 2008A 248,070 - - 248,070 8,930 239,140 

Series 2008B 26,110 - 8,655 17,455 17,455 - 

Series 2008C - 75,000 5,500 69,500 6,263 63,237 

Series 2009A - 98,550 - 98,550 - 98,550 

Series 2009B - 11,275 - 11,275 - 11,275 

Subordinated Indebtedness 

Series 1998B Gulf Breeze 690 - 690 - - - 

Series 1998C Gulf Breeze 19,290 - 1,410 17,880 2,200 15,680 

Series 2002A Taxable 17,290 - 3,415 13,875 3,610 10,265 

Secondary Subordinated 

Indebtedness 

Series 1997B 90,055 - - 90,055 - 90,055 

Total Revenue Bonds 1,148,490 184,825 176,930 1,156,385 65,878 1,090,507 

Less unamortized discounts 

and premiums 3,931 661 812 3,780 - 3,780 

Less unamortized deferred 

amounts 53,777 12,108 9,281 56,604 - 56,604 

Net Revenue Bonds 1,090,782 172,056 166,837 1,096,001 65,878 1,030,123 

Notes Payable 

Commercial Paper 129,259 25,017 85,321 68,955 68,955 - 

Less unamortized discounts - 4 - 4 4 - 

Net Notes payable 129,259 25,013 85,321 68,951 68,951 - 

Other Liabilities (1) 

Advanced rent from tenants 2,916 - 194 2,722 194 2,528 

Other Postemployment Benefits 9,670 7,136 900 15,906 - 15,906 

Pollution Remediation Liability 4,143 57 214 3,986 171 3,815 

Total Other Liabilities 16,729 7,193 1,308 22,614 365 22,249 

Total Noncurrent Liabilities $ 1,236,770 $ 204,262 $ 253,466 $ 1,187,566 $ 135,194 $ 1,052,372 

(1) Advanced rent from tenants due within one year is included with other current advanced rents from tenants on 

the balance sheet; pollution remediation liability due within one year is included in current accounts payable 

and accrued liabilities on the balance sheet. 

49

14. NONCURRENT LIABILITIES (continued) 





Senior Lien Bonds 

Series 1997 26,080 

Balance Balance Amounts Amounts 

October 1, September 30, Due Within Due After 

2007 Additions Deductions 2008 One Year One Year 

$ $ - $ - $ 26,080 $ - $ 26,080 

Series 1998 22,000 - 3,235 18,765 3,040 15,725 

Series 1999A 185,620 - 670 184,950 695 184,255 

Series 1999B 12,555 - 255 12,300 265 12,035 

Series 2002A 49,330 - 1,005 48,325 1,040 47,285 

Series 2002B 109,840 - 430 109,410 445 108,965 

Series 2002C 29,230 - 14,290 14,940 14,940 - 

Series 2002D Taxable 1,270 - 620 650 650 - 

Series 2002E 143,320 - 14,575 128,745 128,745 - 

Series 2003A 62,590 - 1,255 61,335 7,440 53,895 

Series 2007A 141,485 - - 141,485 - 141,485 

Series 2008A - 248,070 - 248,070 - 248,070 

Series 2008B - 26,110 - 26,110 8,655 17,455 

Subordinated Indebtedness 

Series 1998B Gulf Breeze 2,690 - 2,000 690 690 - 

Series 1998C Gulf Breeze 19,290 - - 19,290 1,410 17,880 

Series 1998A,B,C,D 286,250 - 286,250 - - - 

Series 2002A Taxable 20,530 - 3,240 17,290 3,415 13,875 

Secondary Subordinated 

Indebtedness 

Series 1997 90,055 - - 90,055 - 90,055 

Total Revenue Bonds 1,202,135 274,180 327,825 1,148,490 171,430 977,060 

Less unamortized discounts 

and premiums 8,621 (3,869) 821 3,931 - 3,931 

Less unamortized deferred 

amounts 33,789 27,204 7,216 53,777 - 53,777 

Net Revenue Bonds 1,159,725 250,845 319,788 1,090,782 171,430 919,352 

Notes Payable 

Commercial Paper 88,105 62,000 20,846 129,259 2,003 127,256 

Total Notes payable 88,105 62,000 20,846 129,259 2,003 127,256 

Other Liabilities 

Advanced rent from tenants (1) 3,110 - 194 2,916 194 2,722 

Other Postemployment Benefits 5,169 5,310 809 9,670 - 9,670 

Total Other Liabilities 8,279 5,310 1,003 12,586 194 12,392 

Total Noncurrent Liabilities $ 1,256,109 $ 318,155 $ 341,637 $ 1,232,627 $ 173,627 $ 1,059,000 

(1) Advanced rent from tenants due within one year is included with other current advanced rents from tenants on the 

balance sheet. 

50





A schedule of debt maturities is as follows (in thousands): 


Fiscal 

Year Principal Interest 

2010 $ 65,878 $ 51,659 

2011 68,890 49,845 

2012 72,427 46,272 

2013 74,232 42,558 

2014 110,673 37,395 

2015-2019 337,610 135,344 

2020-2024 255,530 52,468 

2025-2029 154,075 17,449 

2030-2033 17,070 1,819 

1,156,385 $ 434,809 

Less unamortized premiums and discounts (3,780) 

Less unamortized deferred amounts (56,604) 

Total Airport Facilities Revenue Bonds $ 1,096,001 

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 2009. Proceeds from the bonds provided financing for various 

airport capital projects. The bonds are payable solely from the airport system revenues and are payable through the 

year 2033. 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, 2009 is $1.6 billion with annual requirements ranging from $117.5 million in 2010 to $4.7 

million in the final year, with the highest requirements of $148.1 million in fiscal year 2014. For the twelve month 

period ended September 30, 2009, principal and interest paid was $127.2 million and total airport net revenues 

pledged for the year was $171.3 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 $86,000 and $168,000. 

51





$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 $106,000 and 

$142,000. 

$189,100,000 Airport Facilities Revenue Bonds Series 1999A, dated June 1, 1999, of which a portion is due October 

1 of each year beginning in 2002 through 2008; $26,085,000 in Term Bonds due October 1, 2018; and $69,525,000 

in Term Bonds due October 1, 2028. Interest at 5.13% to 5.25% due semi-annually on April 1 and October 1; 

unamortized discount of $1,844,000 and $2,060,000. 

$13,890,000 Airport Facilities Revenue Bonds Series 1999B, dated October 1, 1999, of which a portion is due 

October 1 of each year beginning in 2001 through 2009; $3,030,000 in Term Bonds due October 1, 2024; and 

$5,580,000 in Term Bonds due October 1, 2028. Interest at 4.40% to 5.25% due semi-annually on April 1 and 

October 1; unamortized discount of $145,000 and $156,000. 

$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 3.80% to 5.25% due 

semi-annually on April 1 and October 1; unamortized discount of $1,053,000 and $1,128,000. 

$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 

4.00% to 5.50% due semi-annually on April 1 and October 1; unamortized discount of $2,357,000 and $2,560,000. 

$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 2.50% to 5.00% due semi-annually on April 1 

and October 1; unamortized premium of $2,202,000 and $2,559,000. 

$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 $2,783,000 and $3,104,000. 

$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 $3,246,000 and $3,918,000. These bonds, along with Authority 

funds, refunded $282,325,000 of the Airport Facilities Variable Rate Subordinated Revenue Refunding Bonds, 1998 

Series A, B, C and D. See additional disclosures in Note 17 regarding refunding of bonds. 

$26,110,000 Airport Facilities Refunding Revenue Bonds, Series 2008B, dated March 31, 2008, of which a portion 

is due October 1 of each year beginning in 2008 through 2009. Interest at 3.02% due October 1; unamortized 

discount of $0 and $223,000. These bonds were used to pay a swap termination amount of $25,724,000 related to 

the Airport Facilities Variable Rate Subordinated Revenue Refunding Bonds, 1998 Series A, B, C and D. 

$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 $115,000. These bonds were used to pay down $69,000,000 of Commercial Paper, 

Program B-Series B. 

52





$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 2023; $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 $322,000. These bonds, along with Authority funds, refunded $113,450,000 of 

the Airport Facilities Variable Rate Refunding Revenue Bonds, Series 2002E. See additional disclosures in Note 17 

regarding refunding of bonds. 

$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 $169,000. These bonds were used to pay a swap termination amount of 

$11,096,000 related to the Airport Facilities Variable Rate Refunding Revenue Bonds, Series 2002E. 

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 4.65% to 5.05% due semi-annually on June 1 

and December 1; unamortized discount of $33,000 and $43,000. The proceeds of these loans, from the City of Gulf 

Breeze, Florida, Local Government Loan Program, were used to finance the costs of the Hotel. 

$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 5.23% to 5.64% 

due semi-annually on April 1 and October 1; unamortized discount of $60,000 and $103,000. 

Secondary Subordinated Indebtedness: 

$90,055,000 Airport Facilities Secondary Subordinated Revenue Bonds, Series 1997B, dated December 1997, 

principal payable October 1 of each year beginning 2023 through 2027. Variable interest rate, that was 0.44% at 

September 30, 2009, due quarterly on January 1, April 1, July 1 and October 1; unamortized discount of $5,908,000 

and $6,057,000. 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. 

Notes Payable 

The commercial paper notes are classified as short-term debt obligations. A Letter of Credit provided by a syndicate 

of banks currently supports payment of the principal amount and interest on the Commercial Paper Notes. 

With respect to Program A, the Letter of Credit and Reimbursement Agreement, dated February 1, 2003 and 

amended February 3, 2005, establishes the Authority’s obligation to reimburse the banks for draws made under the 

Letter of Credit. Interest is payable at maturity at a variable rate, not in excess of the maximum rate, and matures 

not more than 270 days after their respective dates, but in no event later than the Stated Termination Date of 

February 3, 2010. 

With respect to Program B, the Letter of Credit and Reimbursement Agreement, dated November 1, 2006, 

establishes the Authority’s obligation to reimburse the banks for draws made under the Letter of Credit. Interest is 

payable at maturity at a variable rate, not in excess of the maximum rate, and matures not more than 270 days after 

their respective dates, but in no event later than the Stated Termination Date of November 5, 2009. See additional 

disclosures in Note 24. 

53





A schedule of projected debt service requirements for the 1997B Secondary Subordinated variable rate bonds is as 

follows (in thousands): 

Calendar 

Interest Rate 

Year Principal Interest Swaps, Net 

2010 $ - 

$ 396 $ 3,611 

2011 - 396 3,611 

2012 - 398 3,609 

2013 - 396 3,611 

2014 - 397 3,610 

2015-2019 - 1,985 18,050 

2020-2024 30,730 1,929 17,545 

2025-2027 59,325 531 4,826 

Total Projected Debt Service $ 90,055 

$ 6,428 $ 58,473 

15. DERIVATIVES AND HEDGING ACTIVITIES 

Pay-Fixed, Receive Variable Interest Rate Swaps 

Objective of the swaps: The Authority entered into pay-fixed, receive variable interest rate swaps in order to 

reduce the impact of fluctuations in interest rates on its variable rate debt. The Authority terminated the swap 

associated with the 2002E Revenue Bonds during the year ended September 30, 2009. 

Terms, fair values, and risks: The notional amounts of the swaps match the principal amounts of the associated 

debt. The Authority’s swap agreements contain scheduled reductions to outstanding notional amounts that 

approximate scheduled or anticipated reductions in the outstanding principal amounts from debt repayments. The 

terms, fair values and credit ratings of the outstanding swaps as of September 30, 2009 and 2008, were as follows: 

Associated 

Bond Issue 

Notional 

Amounts 

Effective 

Date 

Fixed Rate 

Paid 

Variable 

Rate 

Received 

Sept. 30, 

2009 

Fair Values 

Swap 

Termination 

Date 

Counterparty 

Credit Rating 

1997B $ 90,055,000 Jan. 1, 2003 4.45% SIFMA* $(15,345,612) Oct. 2027 AAA/AA+ 

Associated 

Bond Issue 

Notional 

Amounts 

Effective 

Date 

Fixed Rate 

Paid 

Variable 

Rate 

Received 

Sept. 30, 

2008 

Fair Values 

Swap 

Termination 

Date 

Counterparty 

Credit Rating 

1997B $ 90,055,000 Jan. 1, 2003 4.45% SIFMA* $ (7,328,000) Oct. 2027 AAA/AA+ 

2002E 128,745,000 Oct. 1, 2002 4.31 SIFMA* (6,182,000) Oct. 2021 AAA/AA+ 

*The Securities Industry and Financial Market Association Municipal Swap Index 

54




15. DERIVATIVES AND HEDGING ACTIVITIES (continued) 

Fair Value: Because interest rates have declined, the pay-fixed, receive-variable swap noted above had a negative 

fair value as of September 30, 2009. The fair value was obtained from the swap counterparty as of September 30, 

2009. 

Credit Risk: As of September 30, 2009, the Authority was not exposed to credit risk because the pay-fixed, 

receive-variable 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 provided that, among other things, MBIA does not provide 

sufficient credit support or collateral to GSMMDP. 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 mismatch 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 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 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. 

Pay-Variable, Receive Fixed Interest Rate Swap 

Objective of the swap: The Authority entered into a separate pay-variable, receive fixed interest rate swap in order 

to affect interest cost savings. The Authority terminated the swap associated with the 2002A Revenue Bonds during 

the year ended September 30, 2009. 

Terms, fair values, and risks: The terms, fair value and credit rating of the outstanding swap as of September 30, 

2008, were as follows. 

Associated 

Bond Issue 

Notional 

Amount * 

Effective 

Date 

Variable 

Rate Paid 

Fixed 

Rate 

Received 

Fair Value 

Sept. 30, 

2008 

Swap 

Termination 

Date 

Counterparty 

Credit 

2002A $ 16,989,000 Aug. 6, 1999 140% 6.505% $ 294,000 Oct. 2008 AAA/AA+ 

Subordinated 

of SIFMA 

*The notional amount does not match the outstanding principal of the debt. 

55

16. CONDUIT DEBT OBLIGATIONS 




As of September 30, 2009 and 2008, the Authority has outstanding the following series of conduit debt obligations 


2009 2008 

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. 

$ 4,100 $ 4,100 


construction and installation of a service center for aircraft; payable solely 

from and secured by a pledge of rentals to be received from lease agreements 

and an Unconditional Guaranty Agreement. - 30,000 


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. 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. 

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. 

56




17. DEFERRED AMOUNT ON REFUNDING OF BONDS 

On June 16, 2009, the Authority issued $98,550,000 in 2009A Series Airport Facilities Refunding Revenue Bonds 

(2009A) with a true interest rate of 5.77% and $11,275,000 in 2009B Series Airport Facilities Refunding Revenue 

Bonds (2009B) with a true interest rate of 5.19%. The majority of the 2009A proceeds, in the amount of $98.2 

million, along with $16.4 million of Authority available funds were deposited into the Bank of New York escrow 

account to refund $113,450,000 of outstanding Airport Facilities Variable Rate Refunding Revenue Bonds, Series 

2002E (2002E), and pay estimated interest of $190,000 on July 1. The remaining 2009A proceeds and net premium 

totaling $1.5 million were used to pay related issuance costs. The 2009B proceeds of $11,275,000 were used to pay 

a swap termination amount of $11,096,000 related to the 2002E bonds and associated issuance costs, which will be 

charged to operations over the life of the refunded bonds using the effective-interest method. 

The refunding resulted in a loss of $4.7 million between the amount of the 2009A refunding 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 refunded bonds using the 

effective-interest method. 

The Authority initiated the refunding to mitigate interest rate risk associated with the 2002E bonds and related swap, 

as a result of the bond insurer and liquidity facility provider rating downgrades, in addition to other related market 

events. 

The 2002E bonds were considered defeased on June 16, 2009 upon deposit of the proceeds into the escrow account. 

Therefore, the liability was removed and is no longer reflected on the Authority’s financial statements at September 

30, 2009. 

On March 31, 2008, the Authority issued $248.0 million in 2008A Series Airport Facilities Refunding Bonds 

(2008A) with a true interest rate of 4.89% and $26.1 million in 2008B Series Airport Facilities Refunding Bonds 

(2008B) with a true interest rate of 4.30%. The 2008A proceeds of $257.1 million, along with $30.0 million of 

Authority available funds were deposited into the 1998 Airport Facilities Variable Rate Refunding Revenue Bonds 

Series 1998 A, B, C and D (PARS) sinking fund account to refund $282.3 million of outstanding PARS and to pay 

related issuance costs. The 2008B proceeds of $26.1 million were used to pay a swap termination amount of $25.7 

million related to the PARS and related issuance costs. 

The refunding resulted in a loss of $27.2 million between the reacquisition price and the net carrying amount of the 

old debt and swap termination payment, and the loss is reported in the accompanying financial statements as a 

deduction from bonds payable. The deferred loss will be charged to operations over the life of the 2008A and 

2008B bonds using the effective-interest method. 

The Authority initiated the refunding to mitigate interest rate risk associated with the PARS and related swap, as a 

result of the bond insurer rating downgrade and other related market events. The PARS were defeased on April 1 

and April 3, 2008. The liability was removed and is no longer reflected on Authority’s financial statements at 

September 30, 2008. 

18. BOND ISSUANCE 

On October 8, 2008 the Authority issued $75.0 million in 2008C Series Airport Facilities Revenue Bonds (2008C) 

with an interest rate of 3.99% to pay off $69.0 million of existing Commercial Paper. The remaining proceeds of 

$6.0 million were deposited with a Special Trustee of which $5.8 million will be used for construction costs and 

$200,000 for costs of issuance. The 2008C bonds are scheduled to mature on October 1, 2013. 

57

19. 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, 2009 and 2008 (in thousands): 

2009 2008 

Federal Grants $ 25,355 $ 47,572 

State of Florida Grants 11,069 21,371 

Other Grants 1,613 933 

Total Capital Contributions $ 38,037 $ 69,876 

20. 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, 2009 Signatory 

Airline net revenue sharing totaled $11.1 million as it relates to the ALUA. 

For year ended September 30, 2009, no Signatory Airline’s revenues under the ALUA represented more than 5% of 

operating revenues. 

58

21. OUTSTANDING CONTRACTS 




As of September 30, 2009 and 2008, the Authority had entered into construction contracts totaling approximately 

$809.1 million and $1.1 billion, respectively, for construction, engineering services and equipment. Approximately 

$76.4 million and $197.5 million remained unincurred as of September 30, 2009 and 2008, respectively. Grants and 

passenger facility charges will be utilized to fund a portion of these projects. 

22. 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 4) 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, 2009, 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, 2009, this contingent liability of the Authority 

amounted to approximately $3.8 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. 

For Fiscal Year 2009, the Authority continued the monitoring and maintenance of both on-site and off-site wetland 

mitigation areas and preparation of applicable conservation easements. No new mitigation credits were acquired 

during this reporting period. 

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. 

59

23. 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 

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, 2009, is as follows (in 

thousands): 

Balance 

October 1, 

2008 

Additions or 

adjustments 

Payments 

Current Year 

Balance 

September 

30, 2009 

Pollution remediation liability $ 4,143 $ 57 $ (214) $ 3,986 

Unrealized recoveries - - - - 

Net Pollution Remediation Liability 4,143 57 (214) 3,986 

Reported as follows (shown in Current 

Accrued Liabilities and Other 

Long-Term Liabilities): 

Due within one year 161 224 (214) 171 

Due after one year 3,982 (167) - 3,815 

Net Pollution Remediation Liability $ 4,143 $ 57 $ (214) $ 3,986 

Realized Recoveries (shown in Cash 

and Cash Equivalents) $ 1,545 $ - $ (73) $ 1,472 

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. 

60




24. SUBSEQUENT EVENTS 

Bond Issuance: On October 7, 2009, the Authority issued $62.8 million Special Purpose Facilities Taxable Revenue 

Bonds, Series 2009 (the “Series 2009 Bonds”) for the purpose of providing funds 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. 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”. Upon issuance, $25.0 million was deposited to the Project Fund; $25.0 

million repaid Commercial Paper; $9.4 million was deposited to the Debt Service Reserve Fund; $2.4 million was 

deposited to the Coverage Fund; and $1.0 million of the proceeds were used to pay cost of issuance including 

underwriter’s discount. In addition, $5.0 million of existing CFCs on deposit with the Authority were transferred to 

establish the CFC Stabilization Fund. The average life of the bonds is 4.68 years and the True Interest Cost is 

4.65%. 

On December 17, 2009, the Authority issued $87.1 million Airport Facilities Revenue Bonds, Series 2009C 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 a portion of the Authority's 

commercial paper debt that was used to provide an interim financing for certain costs of the 2009 PFC Project, and 

to pay certain costs of issuance of the Series 2009C Bonds. Upon issuance, $39.6 million repaid commercial paper; 

$45.2 million was used to reimburse PFC expenditures for projects and deposit to the Construction Fund; $1.2 

million was deposited to the Debt Service Reserve Fund; and $1.1 million of the proceeds were used for cost of 

issuance including underwriter’s discount. The average life of the bonds is 18.75 years and the True Interest Cost is 

4.95% 

Commercial Paper: There exists a Commercial Paper Program A, which is not to exceed $250 million and 

Program B, which is not to exceed $150 million. At any one time the aggregate principal amount of Commercial 

Paper Notes of all programs and all series may not exceed $400 million. On November 5, 2009, the Letter of Credit 

for Program B expired and no Program B Commercial Paper Notes remained outstanding under Program B. In 

addition, the Agent for the Program B CP Banks gave notice to the Authority of the intent of the Program A CP 

Banks to terminate the Program A Letter of Credit on February 3, 2010. After the issuance of the 2009C Bonds, 

$4,259,000 in Program A Commercial Paper Notes will remain outstanding which is expected to be repaid prior to 

the expiration of the Letter of Credit. 

Line of Credit Indebtedness: On December 18, 2009, the Authority entered into an agreement with Wachovia 

Corporation 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. An upfront fee 

of $150,000 plus attorney’s fees was paid at closing from Authority funds. Fees for the unused portion of the line of 

credit are 25 basis points payable semi-annually. Draw fees are also payable semi-annually with taxable draws 

calculated based on LIBOR plus 200 basis points, adjusted monthly and fees for tax-exempt draws are calculated at 

82% of LIBOR plus 131 basis points. 

61


REQUIRED SUPPLEMENT INFORMATION 

SINGLE-EMPLOYER PENSION PLAN 

SCHEDULE OF FUNDING PROGRESS 


Actuarial 

Valuation 

Date 

Oct. 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) 

2008 $69,166 $93,103 $23,937 74% $15,205 157% 

2007 63,465 85,767 22,302 74 15,018 148 

2006 49,811 76,169 26,358 65 14,795 178 

*The actuarial value of assets was set equal to market value for the October 1, 2008 actuarial valuation. 

62


SINGLE-EMPLOYER POSTEMPLOYMENT BENEFITS PLAN 

SCHEDULE OF FUNDING PROGRESS 


Actuarial 

Valuation 

Date 

Oct 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) 

2009 * $ - $ 70,869 $ 70,869 - $ 33,755 209.95% 

2008 - 47,780 47,780 - 38,008 125.71% 

2007 - 44,082 44,082 - 36,536 120.65% 

*During the year ended September 30, 2009 the assumption for the investment rate of return was changed from 6% for 

prior years to 4% for the current year. 

63



64

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.



65


COMBINING BALANCE SHEET 

September 30, 2009 


Orlando Orlando 

International Executive 

ASSETS Airport Airport Total 


Unrestricted: 

Cash and cash equivalents $ 155,524 $ 9,838 $ 165,362 


for uncollectibles of $299 and $88 10,491 137 10,628 

Investments - 7,072 7,072 

Interest receivable 93 55 148 

Prepaid expenses 5,548 152 5,700 

Due from (to) Orlando Executive Airport 285 (285) - 

Total unrestricted assets 171,941 16,969 188,910 

Restricted: 

Cash and cash equivalents 342,832 - 342,832 

Accounts and grants receivable 21,796 - 21,796 

Investments 2,002 - 2,002 

Interest receivable 387 - 387 

Prepaid expenses 11 - 11 

Total restricted assets 367,028 - 367,028 

Total current assets 538,969 16,969 555,938 


Investments, unrestricted 14,206 - 14,206 

Investments, restricted 76,831 - 76,831 

Total long-term investments 91,037 - 91,037 


Property and equipment 1,288,933 31,777 1,320,710 

Property held for lease 484,941 8,922 493,863 

Construction in progress 278,275 838 279,113 

Total capital assets, net of accumulated depreciation 2,052,149 41,537 2,093,686 

Total noncurrent assets 2,143,186 41,537 2,184,723 

Total Assets $ 2,682,155 $ 58,506 $ 2,740,661 

66


COMBINING BALANCE SHEET 





LIABILITIES AND NET ASSETS Airport Airport Total 


Accounts payable and accrued liabilities $ 24,839 $ 2,164 $ 27,003 

Deferred revenue 3,034 - 3,034 

Deposits 5,534 17 5,551 

Advance rent from tenants, current 2,859 194 3,053 

Accrued airline revenue sharing 18,263 - 18,263 

Total current liabilities (payable from unrestricted current assets) 54,529 2,375 56,904 


Accrued interest 25,478 - 25,478 

Accounts payable and accrued liabilities 39,913 - 39,913 

Deferred revenue 2,538 - 2,538 

Notes payable, current 68,951 - 68,951 

Revenue bonds payable, current 65,878 - 65,878 

Total current liabilities (payable from restricted assets) 202,758 - 202,758 

Total current liabilities 257,287 2,375 259,662 


Notes payable, long-term - - - 

Revenue bonds payable, long-term 1,030,123 - 1,030,123 

Advance rent from tenants, long-term - 2,528 2,528 

Other long-term liabilities 17,576 2,145 19,721 

Total noncurrent liabilities 1,047,699 4,673 1,052,372 

Total liabilities 1,304,986 7,048 1,312,034 

Net Assets 

Invested in capital assets, net of related debt 972,938 41,537 1,014,475 

Restricted: 

For debt service 158,961 - 158,961 

For capital acquisitions 96,943 - 96,943 

Unrestricted 148,327 9,921 158,248 

Total net assets 1,377,169 51,458 1,428,627 

Total Liabilities and Net Assets $ 2,682,155 $ 58,506 $ 2,740,661 

67


COMBINING SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS 

Year Ended September 30, 2009 




Airport Airport Total 


Airfield area $ 34,213 $ 199 $ 34,412 

Terminal area 119,137 185 119,322 

Hotel 30,955 - 30,955 

Other buildings and grounds 15,013 3,071 18,084 

Ground transportation 117,436 - 117,436 

Total operating revenues 316,754 3,455 320,209 


Operations and facilities 114,117 1,597 115,714 

Safety and security 15,321 949 16,270 

Administration 25,217 681 25,898 

Hotel 25,151 - 25,151 

Other 13,294 648 13,942 

Total operating expenses before depreciation 193,100 3,875 196,975 

Operating income (loss) before depreciation 123,654 (420) 123,234 

Depreciation (101,327) (2,008) (103,335) 

Operating income (loss) 22,327 (2,428) 19,899 


Investment income 10,121 320 10,441 

Interest expense (66,850) - (66,850) 

Signatory Airline net revenue sharing (11,092) - (11,092) 

Passenger facility charges 64,302 - 64,302 

Customer facility charges 21,790 - 21,790 

Federal and state grants 460 690 1,150 

Other 268 7 275 

Income (Loss) before capital contributions 41,326 (1,411) 39,915 

Capital Contributions 37,290 747 38,037 

Contributions to Orlando Executive Airport (4) 4 - 

Increase (Decrease) in net assets 78,612 (660) 77,952 

Total Net Assets, Beginning of Year 1,300,749 52,524 1,353,273 

Pollution Remediation Obligation Adjustment (2,192) (406) (2,598) 

Total Net Assets, Beginning of Year, as Adjusted 1,298,557 52,118 1,350,675 

Total Net Assets, End of Year $ 1,377,169 $ 51,458 $ 1,428,627 

68


COMBINING SCHEDULE OF CASH FLOWS 







Cash received from customers and tenants $ 312,623 $ 3,338 $ 315,961 

Cash paid to suppliers (139,670) (2,551) (142,221) 

Cash paid to employees for services (47,664) (902) (48,566) 

Net cash provided by (used for) operating activities 125,289 (115) 125,174 


Operating grants and passenger facilities charges 

received 2,848 697 3,545 

Net cash provided by noncapital financing activities 2,848 697 3,545 


Proceeds from issuance of bonds 185,948 - 185,948 

Proceeds from issuance of commercial paper notes 25,017 - 25,017 

Passenger facility charges 60,443 - 60,443 

Customer facility charges 20,530 - 20,530 

Principal payments - bonds and notes (262,250) - (262,250) 

Bond issue costs and discount on bonds (1,791) - (1,791) 

Swap termination payment (11,096) - (11,096) 

Interest paid (57,528) - (57,528) 

Acquisition and construction of fixed assets (including 

capitalized interest) (190,084) (963) (191,047) 

Capital contributed by federal and state agencies 60,677 794 61,471 

Net cash used for capital and related financing activities (170,134) (169) (170,303) 


Purchase of investments (205,144) (8,977) (214,121) 

Proceeds from sale and maturity of investments 361,390 9,013 370,403 

Interest received 10,273 340 10,613 

Net cash provided by investing activities 166,519 376 166,895 

Net increase in cash and cash equivalents 124,522 789 125,311 

Cash and Cash Equivalents, Beginning of Year 373,834 9,049 382,883 

Cash and Cash Equivalents, End of Year (1) $ 498,356 $ 9,838 $ 508,194 

(1) Cash and Cash Equivalents - Unrestricted Assets $ 155,524 $ 9,838 $ 165,362 

Cash and Cash Equivalents - Restricted Assets 342,832 - 342,832 

$ 498,356 $ 9,838 $ 508,194 

(continued) 

69


COMBINING SCHEDULE OF CASH FLOWS 




to net cash provided by (used for) operating activities 




Operating income (loss) $ 22,327 $ (2,428) $ 19,899 


net cash provided by (used for) operating activities 

Depreciation 101,327 2,008 103,335 

Decrease in operating assets 

Accounts and grants receivable 3,982 63 4,045 

Prepaid expenses 383 4 387 


Accounts payable and accrued liabilities 12,620 238 12,858 

Deferred revenues (13,549) - (13,549) 

Deposits 366 - 366 

Advanced rent from tenants (2,167) - (2,167) 

Total adjustments 102,962 2,313 105,275 

Net cash provided by (used for) operating activities $ 125,289 $ (115) $ 125,174 


Increase in fair value of investments $ 1,085 $ 2 $ 1,087 

70



71


ORLANDO INTERNATIONAL AIRPORT 

BALANCE SHEET INFORMATION 



ASSETS 

Total 


Unrestricted: 

Cash and cash equivalents $ 155,524 


for uncollectibles of $299 10,491 

Investments - 

Interest receivable 93 

Prepaid expenses 5,548 

Due from Orlando Executive Airport 285 

Due from (to) other accounts - 

Total unrestricted assets 171,941 

Restricted: 

Cash and cash equivalents 342,832 

Accounts and grants receivable 21,796 

Investments 2,002 


Prepaid expenses 11 

Due (to) from other accounts - 

Total restricted assets 367,028 

Total current assets 538,969 


Investments, unrestricted 14,206 

Investments, restricted 76,831 

Total long-term investments 91,037 


Property and equipment 1,288,933 

Property held for lease 484,941 

Construction in progress 278,275 

Total capital assets, net of accumulated depreciation 2,052,149 

Total noncurrent assets 2,143,186 

Total Assets $ 2,682,155 

72


Elimination Non- Airport Airport Facilities 

of Inter- Trustee Facilities Facilities Operation and 

account Revenue Revenue Bond Maintenance 

Balances Account Account Account Account 

$ (11,030) $ 3,594 $ 26,482 $ - $ 77,051 

- - 9,658 - (301) 

- - - - - 

- 2 2 - - 

- - - - 5,196 

- - (181) - - 

11,030 - (23,938) - 13,653 

- 3,596 12,023 - 95,599 

11,030 - - 104,277 - 

- - - - - 

- - - - - 

- - - 215 - 

- - - - - 

(11,030) - - 7,843 - 

- - - 112,335 - 

- 3,596 12,023 112,335 95,599 

- 1,003 - - 115 

- - - 40,429 - 

- 1,003 - 40,429 115 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- 1,003 - 40,429 115 

$ - $ 4,599 $ 12,023 $ 152,764 $ 95,714 

(continued) 

73






ASSETS 

Hotel 

Operating 

Account 


Unrestricted: 

Cash and cash equivalents $ 650 


for uncollectibles of $299 878 

Investments - 

Interest receivable - 

Prepaid expenses 352 

Due from Orlando Executive Airport - 


Total unrestricted assets 1,880 

Restricted: 

Cash and cash equivalents - 

Accounts and grants receivable - 

Investments - 


Prepaid expenses - 

Due (to) from other accounts - 

Total restricted assets - 



Investments, unrestricted - 

Investments, restricted - 

Total long-term investments - 


Property and equipment - 

Property held for lease - 

Construction in progress - 

Total capital assets, net of accumulated depreciation - 

Total noncurrent assets - 

Total Assets $ 1,880 

74



Airport Airport Facilities Facilities 

Facilities Airport Facilities Operation and Improvement 

Capital Facilities Renewal and Maintenance and 

Expenditures Discretionary Replacement Reserve Development 

Account Account Account Account Account 

$ - $ 58,777 $ - $ - $ 

- 

- 256 - - - 

- - - - - 

- 89 - - - 

- - - - - 

- - - - - 

- (745) - - - 

- 58,377 - - - 

14,026 31,595 344 30,096 36,324 

- - - - 159 

- - - 2,002 - 

15 42 30 2 74 

2 - - - 9 

(387) 1,210 (50) 35 (581) 

13,656 32,847 324 32,135 35,985 

13,656 91,224 324 32,135 35,985 

- 13,088 - - - 

4,050 5,024 3,015 60 20,126 

4,050 18,112 3,015 60 20,126 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

4,050 18,112 3,015 60 20,126 

$ 17,706 $ 109,336 $ 3,339 $ 32,195 $ 56,111 

(continued) 

75






ASSETS 

Commercial 

Paper 

Account 


Unrestricted: 

Cash and cash equivalents $ 

- 


for uncollectibles of $299 - 

Investments - 





Total unrestricted assets - 

Restricted: 



Investments - 



Due (to) from other accounts (4,714) 





Investments, restricted - 

Total long-term investments - 

Capital assets, net of accumulated depreciation and amortization: 





Total noncurrent assets - 


76

1992 

Capital 

Improvement 1997A 1999A 1999B 2002A 

Construction Construction Construction Construction Construction 


$ - $ - $ - $ - $ 

- 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

2,520 15,604 8,807 2,420 2,968 

21 - - - - 

- - - - - 

- 3 2 - - 

- - - - - 

(315) (340) (425) - - 

2,226 15,267 8,384 2,420 2,968 

2,226 15,267 8,384 2,420 2,968 

- - - - - 

- 1,003 1,003 - - 

- 1,003 1,003 - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- 1,003 1,003 - - 

$ 2,226 $ 16,270 $ 9,387 $ 2,420 $ 2,968 

(continued) 

77




Year Ended September 30. 2009 


ASSETS 

2002B 

Construction 

Account 


Unrestricted: 

Cash and cash equivalents $ 

- 


for uncollectibles of $299 - 

Investments - 





Total unrestricted assets - 

Restricted: 



Investments - 



Due (to) from other accounts (1) 





Investments, restricted 2,007 

Total long-term investments 2,007 

Capital assets, net of accumulated depreciation and amortization: 





Total noncurrent assets 2,007 


78

Passenger Customer Fixed Asset 

2008C Facility Facility and Long Projects 

Construction Charges Charges Term Debt Control 


$ - $ - $ - $ - $ 

- 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - 466 

- - - - - 

- - - - 466 

6,058 13,489 10,270 - (6,188) 

- 8,050 1,259 41 12,266 

- - - - - 

- - - - - 

- - - - - 

(6,598) (9,783) (5,800) - 30,936 

(540) 11,756 5,729 41 37,014 

(540) 11,756 5,729 41 37,480 

- - - - - 

- 114 - - - 

- 114 - - - 

- - - 1,288,933 - 

- - - 484,941 - 

- - - 278,275 - 

- - - 2,052,149 - 

- 114 - 2,052,149 - 

$ (540) $ 11,870 $ 5,729 $ 2,052,190 $ 37,480 

79






LIABILITIES AND NET ASSETS 

Total 


Accounts payable and accrued liabilities $ 24,839 

Deferred revenue 3,034 

Deposits 5,534 

Advance rent from tenants 2,859 

Accrued airline revenue sharing 18,263 

Total current liabilities (payable from unrestricted current assets) 54,529 


Accrued interest 25,478 

Accounts payable and accrued liabilities 39,913 

Deferred revenue 2,538 

Notes payable, current 68,951 

Revenue bonds payable, current 65,878 

Total current liabilities (payable from restricted assets) 202,758 

Total current liabilities 257,287 


Notes payable, long-term - 

Revenue bonds payable, long-term 1,030,123 

Other long-term liabilities 17,576 

Total noncurrent liabilities 1,047,699 

Total liabilities 1,304,986 

Net Assets 

Invested in capital assets, net of related debt 972,938 

Restricted: 

For debt service 158,961 

For capital acquisitions 96,943 

Unrestricted 148,327 

Total net assets 1,377,169 

Total Liabilities and Net Assets $ 2,682,155 

80


Elimination Non- Airport Airport Facilities 

of Inter- Trustee Facilities Facilities Operation and 

account Revenue Revenue Bond Maintenance 

Balances Account Account Account Account 

$ - $ - $ 1,146 $ - $ 20,662 

(1,719) - 2,341 - 2,412 

- - 49 - 5,485 

- - 1,434 - 1,425 

- - - - 7,170 

(1,719) - 4,970 - 37,154 

- - - - - 

- - - - - 

1,719 - - - - 

- - - - - 

- - - - - 

1,719 - - - - 

- - 4,970 - 37,154 

- - - - - 

- - - - - 

- - - - 15,523 

- - - - 15,523 

- - 4,970 - 52,677 

- - - - - 

- - - 152,764 - 

(1,719) - - - - 

1,719 4,599 7,053 - 43,037 

- 4,599 7,053 152,764 43,037 

$ - $ 4,599 $ 12,023 $ 152,764 $ 95,714 

(continued) 

81







Hotel 

Operating 

Account 


Accounts payable and accrued liabilities $ 2,199 

Deferred revenue - 

Deposits - 

Advance rent from tenants - 

Accrued airline revenue sharing - 

Total current liabilities (payable from unrestricted current assets) 2,199 


Accrued interest - 

Accounts payable and accrued liabilities - 


Notes payable, current - 

Revenue bonds payable, current - 

Total current liabilities (payable from restricted assets) - 




Revenue bonds payable, long-term - 

Other long-term liabilities - 

Total noncurrent liabilities - 

Total liabilities 2,199 

Net Assets 

Invested in capital assets, net of related debt - 

Restricted: 

For debt service - 

For capital acquisitions - 

Unrestricted (319) 

Total net assets (319) 

Total Liabilities and Net Assets $ 1,880 

82



Airport Airport Facilities Facilities 

Facilities Airport Facilities Operation and Improvement 

Capital Facilities Renewal and Maintenance and 

Expenditures Discretionary Replacement Reserve Development 


$ - $ 238 $ - $ - $ 

- 

- - - - - 

- - - - - 

- - - - - 

- 11,093 - - - 

- 11,331 - - - 

- - - - - 

776 122 - - 1,057 

- - - - - 

- - - - - 

- - - - - 

776 122 - - 1,057 

776 11,453 - - 1,057 

- - - - - 

- - - - - 

- - - - 2,053 

- - - - 2,053 

776 11,453 - - 3,110 

- - - - - 

- 31,675 - - - 

16,930 6,074 3,339 - 53,001 

- 60,134 - 32,195 - 

16,930 97,883 3,339 32,195 53,001 

$ 17,706 $ 109,336 $ 3,339 $ 32,195 $ 56,111 

(continued) 

83







Commercial 

Paper 

Account 


Accounts payable and accrued liabilities $ 

- 


Deposits - 



Total current liabilities (payable from unrestricted current assets) - 



Accounts payable and accrued liabilities 3,478 




Total current liabilities (payable from restricted assets) 3,478 







Total liabilities 3,478 

NET ASSETS 


Restricted: 



Unrestricted - 

Total net assets 30,262 


84

1992 

Capital 

Improvement 1997A 1999A 1999B 2002A 



$ - $ - $ - $ - $ 

- 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

2,226 16,270 9,387 2,420 2,968 

- - - - - 

2,226 16,270 9,387 2,420 2,968 

$ 2,226 $ 16,270 $ 9,387 $ 2,420 $ 2,968 

(continued) 

85







2002B 

Construction 

Account 


Accounts payable and accrued liabilities $ 

- 


Deposits - 



Total current liabilities (payable from unrestricted current assets) - 



Accounts payable and accrued liabilities - 




Total current liabilities (payable from restricted assets) - 

Total current liabilities - 






Total liabilities - 

Net Assets 


Restricted: 



Unrestricted - 

Total net assets 22,748 


86

Passenger 

Fixed Asset 

2008C Facility Customer and Long Projects 

Construction Charges Facility Term Debt Control 

Account Account Charges Account Account 

$ - $ - $ - $ 128 $ 466 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - 128 466 

- - - 25,478 - 

- - - 4 34,476 

- (1,719) - - 2,538 

- - - 68,951 - 

- - - 65,878 - 

- (1,719) - 160,311 37,014 

- (1,719) - 160,439 37,480 

- - - - - 

- - - 1,030,123 - 

- - - - - 

- - - 1,030,123 - 

- (1,719) - 1,190,562 37,480 

- - - 972,938 - 

- - - (25,478) - 

(540) 13,589 5,729 (85,741) - 

- - - (91) - 

(540) 13,589 5,729 861,628 - 

$ (540) $ 11,870 $ 5,729 $ 2,052,190 $ 37,480 

87



SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS 




Airfield area $ 34,213 

Terminal area 119,137 

Hotel 30,955 

Other buildings and grounds 15,013 

Ground transportation 117,436 

Total operating revenues 316,754 


Operations and facilities 114,117 

Safety and security 15,321 

Administration 25,217 

Hotel 25,151 

Other 13,294 

Total operating expenses before depreciation 193,100 

Operating income (loss) before depreciation 123,654 

Depreciation (101,327) 

Operating income (loss) 22,327 


Investment income 10,121 

Interest expense (66,850) 

Signatory Airline net revenue sharing (11,092) 

Passenger facility charges 64,302 

Customer facility charges 21,790 

Federal and state grants 460 

Other 268 

Income (loss) before capital contributions 41,326 

Capital Contributions 37,290 

Increase (decrease) in net assets 78,616 

Interaccount Activities 

Operating transfers in (out) - 

Equity transfers in (out) - 

Contributions to Orlando Executive Airport (4) 

Total Net Assets, Beginning of Year 1,300,749 

Pollution Remediation Obligation Adjustment (2,192) 

Total Net Assets, Beginning of Year, as Adjusted 1,298,557 

Total Net Assets, End of Year $ 1,377,169 

Total 

88


Non- Airport Airport Facilities 

Trustee Facilities Facilities Operation and Hotel 

Revenue Revenue Bond Maintenance Operating 


$ - $ 34,213 $ - $ - $ 

- 

- 119,137 - - - 

- 2,376 - - 28,579 

- 15,013 - - - 

- 117,436 - - - 

- 288,175 - - 28,579 

- - - 104,924 - 

- - - 15,178 - 

- - - 24,310 - 

- - - 942 22,857 

- - - 13,237 (2) 

- - - 158,591 22,855 

- 288,175 - (158,591) 5,724 

- - - - - 

- 288,175 - (158,591) 5,724 

109 9,167 - - - 

- - (50,270) - - 

- - - - - 

- 20,508 - - - 

- - - - - 

- 391 - - - 

- 315 - 117 - 

109 318,556 (50,270) (158,474) 5,724 

- - - - - 

109 318,556 (50,270) (158,474) 5,724 

- (333,190) 106,945 162,513 (6,752) 

(336) 6,617 (73,195) (8,337) (10) 

- - - - - 

4,826 15,070 169,284 47,335 719 

- - - - - 

4,826 15,070 169,284 47,335 719 

$ 4,599 $ 7,053 $ 152,764 $ 43,037 $ (319) 

(continued) 

89







Facilities 

Capital 

Expenditures 

Account 


Airfield area $ - 

Terminal area - 

Hotel - 

Other buildings and grounds - 

Ground transportation - 

Total operating revenues - 


Operations and facilities 1,127 

Safety and security - 

Administration 51 

Hotel 1,304 

Other - 

Total operating expenses before depreciation 2,482 

Operating income (loss) before depreciation (2,482) 

Depreciation - 

Operating income (loss) (2,482) 


Investment income - 

Interest expense - 

Signatory Airline net revenue sharing - 

Passenger facility charges - 

Customer facility charges - 

Federal and state grants - 

Other 5 

Income (loss) before capital contributions (2,477) 

Capital Contributions - 

Increase (decrease) in net assets (2,477) 


Operating transfers in (out) 1,900 

Equity transfers in (out) (5,326) 

Contributions to Orlando Executive Airport - 

Total Net Assets, Beginning of Year 22,833 

Pollution Remediation Obligation Adjustment - 

Total Net Assets, Beginning of Year, as Adjusted 22,833 

Total Net Assets, End of Year $ 16,930 

90


Airport Facilities Airport 

Airport Facilities Operation and Facilities 

Facilities Renewal and Maintenance Improvement & Commercial 

Discretionary Replacement Reserve Development Paper 


$ - $ - $ - $ - $ 

- 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

(5) - - 1,304 - 

- - - - - 

398 - - 308 - 

- - - 12 - 

- - - - - 

393 - - 1,624 - 

(393) - - (1,624) - 

- - - - - 

(393) - - (1,624) - 

90 - - - 410 

(10,225) - - - - 

(11,092) - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

(21,620) - - (1,624) 410 

- - - 215 - 

(21,620) - - (1,409) 410 

68,650 - (66) - - 

(13,379) (215) - (9,508) (46,824) 

- - - - - 

64,232 3,554 32,261 66,110 76,676 

- - - (2,192) - 

64,232 3,554 32,261 63,918 76,676 

$ 97,883 $ 3,339 $ 32,195 $ 53,001 $ 30,262 

(continued) 

91






1992 

Capital 

Improvement 

Construction 

Account 


Airfield area $ 

- 


Hotel - 





Operations and facilities - 


Administration - 

Hotel - 

Other - 

Total operating expenses before depreciation - 

Operating income (loss) before depreciation - 


Operating income (loss) - 


Investment income 3 





Federal and state grants 26 

Other - 

Income (loss) before capital contributions 29 


Increase (decrease) in net assets 29 



Equity transfers in (out) (839) 


Total Net Assets, Beginning of Year 3,036 


Total Net Assets, Beginning of Year, as Adjusted 3,036 

Total Net Assets, End of Year $ 2,226 

92

1997A 1999A 1999B 2002A 2002B 



$ - $ - $ - $ - $ 

- 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

83 112 8 12 179 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

- - - - - 

83 112 8 12 179 

- - - - - 

83 112 8 12 179 

- - - - - 

(951) (2,566) - (197) (1,034) 

- - - - - 

17,138 11,841 2,412 3,153 23,603 

- - - - - 

17,138 11,841 2,412 3,153 23,603 

$ 16,270 $ 9,387 $ 2,420 $ 2,968 $ 22,748 

(continued) 

93






2008C 

Construction 

Account 


Airfield area $ - 


Hotel - 





Operations and facilities - 


Administration - 

Hotel - 

Other - 

Total operating expenses before depreciation - 

Operating income (loss) before depreciation - 


Operating income (loss) - 


Investment income 43 





Federal and state grants - 

Other - 

Income (loss) before capital contributions 43 


Increase (decrease) in net assets 43 



Equity transfers in (out) (583) 


Total Net Assets, Beginning of Year - 


Total Net Assets, Beginning of Year, as Adjusted - 

Total Net Assets, End of Year $ (540) 

94

Passenger Customer Fixed Asset 

Facility Facility and Long Projects 

Charges Charges Term Debt Control 

Account Account Account Account 

$ - $ - $ - $ 

- 

- - - - 

- - - - 

- - - - 

- - - - 

- - - - 

- - - 6,767 

- - - 143 

- - 150 - 

- - 36 - 

- - - 59 

- - 186 6,969 

- - (186) (6,969) 

- - (101,327) - 

- - (101,513) (6,969) 

(67) 8 (36) - 

(281) (9) (6,065) - 

- - - - 

43,794 - - - 

- 21,790 - - 

- - - 43 

- - (169) - 

43,446 21,789 (107,783) (6,926) 

- - 231 36,844 

43,446 21,789 (107,552) 29,918 

- - - - 

(46,777) (16,060) 249,434 (29,914) 

- - - (4) 

16,920 - 719,746 - 

- - - - 

16,920 - 719,746 - 

$ 13,589 $ 5,729 $ 861,628 $ 

- 

95





September 30, 

ASSETS 2009 2008 


Unrestricted: 



for uncollectibles of $299 and $128 10,491 14,484 

Investments - 8,943 


Prepaid expenses 5,548 5,931 

Due from Orlando Executive Airport 285 351 

Total unrestricted assets 171,941 124,934 

Restricted: 

Cash and cash equivalents 342,832 279,117 



Interest receivable 387 2,038 

Prepaid expenses 11 1,255 

Total restricted assets 367,028 400,020 

Total current assets 538,969 524,954 




Total long-term investments 91,037 163,390 


Property and equipment 1,288,933 1,138,216 


Construction in progress 278,275 313,812 

Total capital assets, net of accumulated depreciation 2,052,149 1,965,720 

Total noncurrent assets 2,143,186 2,129,110 

Total Assets $ 2,682,155 $ 2,654,064 

96





September 30, 

LIABILITIES AND NET ASSETS 2009 2008 




Deposits 5,534 5,168 

Advance rent from tenants, current 2,859 5,026 

Accrued airline revenue sharing 18,263 - 

Total current liabilities (payable from unrestricted current assets) 54,529 39,176 


Accrued interest 25,478 25,239 



Notes payable, current 68,951 2,003 

Revenue bonds payable, current 65,878 171,430 

Total current liabilities (payable from restricted assets) 202,758 258,042 



Notes payable, long-term - 127,256 

Revenue bonds payable, long-term 1,030,123 919,352 

Other long-term liabilities 17,576 9,489 

Total noncurrent liabilities 1,047,699 1,056,097 

Total liabilities 1,304,986 1,353,315 

Net Assets 

Invested in capital assets, net of related debt 972,938 883,539 

Restricted: 

For debt service 158,961 170,579 

For capital acquisitions 96,943 114,141 


Total net assets 1,377,169 1,300,749 

Total Liabilities and Net Assets $ 2,682,155 $ 2,654,064 

97





Years Ended 

September 30, 

2009 2008 


Airfield area $ 34,213 $ 63,226 

Terminal area 119,137 113,206 

Hotel 30,955 39,242 

Other buildings and grounds 15,013 13,484 

Ground transportation 117,436 124,084 




Safety and security 15,321 15,166 

Administration 25,217 28,984 

Hotel 25,151 28,008 

Other 13,294 15,570 


Operating income before depreciation 123,654 144,859 

Depreciation (101,327) (94,480) 

Operating income 22,327 50,379 


Investment income 10,121 18,983 

Interest expense (66,850) (64,130) 

Signatory Airline net revenue sharing (11,092) - 



Federal and state grants 460 1,796 

Other 268 4,083 

Income before capital contributions 41,326 81,767 

Capital Contributions 37,290 68,603 

Contributions to Orlando Executive Airport (4) (117) 

Increase in net assets 78,612 150,253 

Total Net Assets, Beginning of Year 1,300,749 1,150,496 

Pollution Remediation Obligation Adjustment (2,192) - 

Total Net Assets, Beginning of Year, as Adjusted 1,298,557 1,150,496 

Total Net Assets, End of Year $ 1,377,169 $ 1,300,749 

98



SCHEDULE OF CASH FLOWS 


Years Ended 

September 30, 

2009 2008 




Cash paid to employees for services (47,664) (50,412) 

Net cash provided by operating activities 125,289 138,376 


Operating grants and passenger facilities charges received 2,848 8,185 

Net cash provided by noncapital financing activities 2,848 8,185 


Proceeds from issuance of bonds 185,948 283,214 

Proceeds from issuance of commercial paper notes 25,017 62,000 



Principal payments - bonds and notes (262,250) (348,671) 

Bond issue costs and discount on bonds (1,791) (5,164) 

Swap termination payment (11,096) (25,724) 

Interest paid (57,528) (49,824) 

Acquisition and construction of fixed assets (including 

capitalized interest) (190,084) (206,346) 

Capital contributed by federal and state agencies 60,677 41,145 

Net cash used for capital and related financing activities (170,134) (181,146) 



Proceeds from sale and maturity of investments 361,390 323,412 

Interest received 10,273 21,066 

Net cash provided by (used for) investing activities 166,519 (4,522) 

Net increase (decrease) in cash and cash equivalents 124,522 (39,107) 


Cash and Cash Equivalents, End of Year (1) $ 498,356 $ 373,834 

(1) Cash and Cash Equivalents - Unrestricted Assets $ 155,524 $ 94,717 

Cash and Cash Equivalents - Restricted Assets 342,832 279,117 

$ 498,356 $ 373,834 

(continued) 

99





Years Ended 

September 30, 

2009 2008 


to net cash provided by operating activities 

Operating income $ 22,327 $ 50,379 


net cash provided by operating activities 


Noncash operating revenue - (35) 



Prepaid expenses 383 (349) 



Deferred revenues (13,549) (20,368) 


Advanced rent from tenants (2,167) 3,588 


Net cash provided by operating activities $ 125,289 $ 138,376 


Increase (Decrease) in fair value of investments $ 1,085 $ (770) 

Capital assets received in lieu of cash from exchange transaction $ - $ 85 

100



BUDGETED REVENUES AND INTERACCOUNT REQUIREMENTS 

COMPARED TO ACTUAL (1) 



Actual Budget Variance 

Revenues 

Airfield area $ 34,213 $ 36,113 $ (1,900) 

Terminal area 119,137 113,617 5,520 

Other buildings and grounds 12,655 10,958 1,697 

Ground transportation 117,436 123,402 (5,966) 

Investment income 8,604 8,766 (162) 

Passenger Facility Charges 20,508 9,464 11,044 

Other nonoperating income 3,063 2,511 552 

315,616 304,831 10,785 

Transfers In (Out) 

Hotel Operating Account 30,932 39,162 (8,230) 

Airport Facilities Discretionary Account 608 - 608 

Changes in equity in Airport Facilities Revenue Account 7,890 - 7,890 

Airport Facilities Bond Account 7,795 - 7,795 

Airport Facilities Discretionary Account (Subordinated Debt) (7,795) - (7,795) 

Total Revenues and Transfers In $ 355,046 $ 343,993 $ 11,053 

Interaccount Requirements 

Airport Facilities Bond Account $ 114,739 $ 109,001 $ 5,738 

Airport Facilities Discretionary Account (Subordinated Debt) 17,853 14,555 3,298 

Airport Facilities Operation and Maintenance Account 177,137 197,956 (20,819) 

Airport Facilities Capital Expenditure Account 242 242 - 

Airport Facilities Operation and Maintenance Reserve Account - 798 (798) 

Airport Facilities Discretionary Account (Revenue Sharing) 45,075 21,441 23,634 

Total Interaccount Requirements $ 355,046 $ 343,993 $ 11,053 

(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. 

101



OPERATIONS AND MAINTENANCE ACCOUNT 

BUDGETED REVENUE AND EXPENSES COMPARED TO ACTUAL (1) 



Annual 


Revenues 

Interaccount Contribution 

Airport Facilities Revenue Account $ 177,137 $ 197,956 $ 20,819 

Expenses 

Executive Administration 1,977 2,167 190 

Airport Information 948 1,319 371 

Small Business Development 586 812 226 

Internal Audit 748 808 60 

Public Affairs 703 807 104 

Finance 4,361 4,613 252 

Purchasing 1,798 1,964 166 

Concessions & DBE 578 670 92 

Parking-Revenue Control 526 573 47 

Parking Management 5,346 5,449 103 

Employee Shuttle 1,246 1,393 147 

Hotel Valet Parking 348 396 48 

Satellite Parking 2,066 2,922 856 

Passenger Services 1,231 1,396 165 

Commercial Properties 1,269 1,541 272 

Marketing 945 1,227 282 

Airport Operations Administration 2,779 3,137 358 

Communications Center 1,753 1,990 237 

Airline Division 5,465 6,055 590 

Airside Operations 1,837 2,212 375 

Airport Rescue Fire Fighters 6,678 7,245 567 

Waste Management Services 1,205 1,328 123 

Landside Division 4,002 4,490 488 

Airport Police Sworn 8,500 8,500 - 

Security-Canine 499 549 50 

Security Access Control 930 1,040 110 

Security Operations (SAMS) 4,778 4,903 125 

Security Adminstration 691 802 111 

Human Resources 1,289 1,454 165 

Travel Services 67 69 2 

Risk Management 223 266 43 

Office Services 100 164 64 

Information Technology 577 606 29 

(continued) 

102



OPERATIONS AND MAINTENANCE ACCOUNT 




Annual 


Information Systems $ 3,608 $ 4,276 $ 668 

Telecommunications 1,870 2,128 258 

Board Services 365 469 104 

Facilities Executive Support Services 728 1,112 384 

Environmental 542 652 110 

Construction Services 1,560 2,259 699 

Engineering Services 731 1,191 460 

Maintenance Administration 41,036 45,918 4,882 

Utilities 17,901 17,901 - 

Airfield & Grounds 1,692 1,801 109 

Maintenance Support 310 443 133 

Airfield Electrical 1,298 1,389 91 

Carpentry 574 669 95 

Paint 666 715 49 

Plumbing 737 758 21 

HVAC 1,208 1,260 52 

Electronics 610 672 62 

Terminal Electrical 1,150 1,303 153 

Graphics 362 399 37 

Interiors 348 444 96 

Planning 1,426 1,626 200 

Governmental Relations 565 624 59 

Hotel 22,735 27,611 4,876 

Insurance, Contingency & Other 6,140 9,153 3,013 

Total expenses 174,211 197,640 23,429 

Less Reimbursed Costs 

Telecom & Other Reimbursements (1,042) (996) 46 

173,169 196,644 23,475 

Transfer to Project Accounts 1,312 1,312 - 

$ 174,481 $ 197,956 $ 23,475 

(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. 

103



SCHEDULE OF OPERATING REVENUES BY SOURCE 



Actual 

Revenue 

Percent of 

Total 

Revenue 

Airfield Area 

Landing Fees - Signatory Airlines $ 25,506 

8.05 % 

Landing Fees - Cargo, FBO, Non- Sig. 3,063 0.97 

Passenger Airline Apron Use Fees 3,615 1.14 

Fuel Flow Fees - FBO 683 0.22 

Fuel System Rental 1,346 0.42 

Total Airfield Cost Center 34,213 10.80 

Terminal Area 

Terminal Area Rents - Signatory Airlines 54,026 17.07 

Terminal Area Rents - Non-Signatory Airlines 3,376 1.07 

Terminal Area - Other 71 0.02 

Airline Equipment 3,157 1.00 

CUTE/CUSS/CUPPS 1,063 0.34 

Terminal Area Rents - Non-Airline 5,286 1.67 

Concessions - Advertising 2,997 0.95 

Concessions - Food and Beverage 13,385 4.23 

Concessions - General Merchandise 14,724 4.65 

Concessions - Services 7,720 2.44 

Federal Inspection Station & Facility Fees 10,703 3.38 

Other Government Agencies 2,629 0.83 

Total Terminal Cost Center 119,137 37.62 

Hotel 30,955 9.77 

Other Buildings and Grounds 

Fixed Base Operator Fees 1,425 0.45 

Foreign Trade Zone 17 0.01 

Building Rentals 3,273 1.03 

Land Rentals 4,303 1.36 

Cargo Apron Use 327 0.10 

Other Bldgs and Site Rentals 3,310 1.05 

Other Operating 2,358 0.74 

Total Other Cost Center 15,013 4.74 

Ground Transportation 

Ground Transportation Support 1,136 0.36 

Parking 48,564 15.33 

Onsite Rental Cars 50,747 16.02 

Offsite Rental Cars 8,608 2.72 

Commercial Lane 8,381 2.65 

Total Ground Transportation Cost Center 117,436 37.07 

Total Operating Revenue $ 316,754 100.00 % 

104



LAND ACQUIRED AND CAPITAL PROJECTS COMPLETED 



Land 

Balance, September 30, 2008 $ 242,606 

Additions: 

Various Land Improvements 209 


Buildings 

Balance, September 30, 2008 $ 1,120,256 

Additions: 

Emergency Computer Room 779 

Various Building Additions 9 


Improvements 


Additions: 

Rehabilitation of Airsides 1 & 3 122,403 

In-Line Baggage System 32,045 

Automated People Mover Refurbishment 14,964 

Airfield Rehabilitation 6,710 

Elevator and Escalator Modifications 6,284 

Roadway and Pavement Repairs 5,183 

Landside Terminal Refurbishments 1,970 

Fire Alarm System 2,101 

Temporary Taxi/Bus Hold Facility 1,302 

Various Improvements Additions 2,139 


105



DEBT SERVICE REQUIREMENTS 



Total Debt Service - All Bonds 

Calendar 

Year Interest Principal Total 

2009 $ 25,162 $ 61,155 $ 86,317 

2010 51,645 68,674 120,319 

2011 48,171 72,200 120,371 

2012 44,507 73,994 118,501 

2013 40,471 116,078 156,549 

2014 35,545 62,690 98,235 

2015 32,382 65,840 98,222 

2016 28,957 66,155 95,112 

2017 25,479 69,625 95,104 

2018 21,794 73,300 95,094 

2019 17,920 58,385 76,305 

2020 14,870 61,440 76,310 

2021 11,593 64,715 76,308 

2022 8,263 39,570 47,833 

2023 6,199 31,420 37,619 

2024 5,166 28,115 33,281 

2025 4,571 29,400 33,971 

2026 3,947 30,755 34,702 

2027 3,295 32,165 35,460 

2028 2,612 33,640 36,252 

2029 882 3,950 4,832 

2030 678 4,155 4,833 

2031 463 4,370 4,833 

2032 237 4,595 4,832 

$ 434,809 $ 1,156,386 $ 1,591,195 

106






$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) 

2009 5.75 % $ - $ 750 $ 8,200 

2010 5.75 514 514 8,690 

2011 5.75 264 264 9,190 

$ 778 $ 1,528 $ 26,080 

(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. 

107






$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 

2009 0.44 % $ 99 $ 

- 

2010 0.44 396 - 

2011 0.44 396 - 

2012 0.44 398 - 

2013 0.44 396 - 

2014 0.44 397 - 

2015 0.44 397 - 

2016 0.44 396 - 

2017 0.44 398 - 

2018 0.44 397 - 

2019 0.44 397 - 

2020 0.44 397 - 

2021 0.44 397 - 

2022 0.44 397 - 

2023 0.44 396 12,635 

2024 0.44 342 18,095 

2025 0.44 262 18,910 

2026 0.44 178 19,765 

2027 0.44 91 20,650 

$ 6,527 $ 90,055 

(1) Interest rates are estimated based on the rate as of September 30, 2009 which was 0.44%. 

(2) Interest payments are made quarterly due on the first business day of each quarter. 

108






$19,290,000 Airport Facilities Subordinated Revenue Bonds, 

Series 1998C 

Interest 


Year Rate (1) June 1 December 1 December 1 

2009 4.65 % $ - $ 451 $ 2,200 

2010 4.70 412 412 2,305 

2011 4.80 354 354 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 

$ 1,515 $ 1,966 $ 17,880 


4.79%. 

109






$46,640,000 Airport Facilities Revenue Refunding Bonds, 

Series 1998 

Interest 


Year Rate (1) April 1 October 1 October 1 

2009 5.25 % $ - $ 418 $ 2,815 

2010 5.25 344 344 2,620 

2011 5.25 275 275 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) 

$ 1,223 $ 1,640 $ 15,725 


4.53%. 

(2) Assumes that bonds are retired in accordance with sinking fund provisions. 

110







Series 1999A 

Interest 



2009 5.20 % $ - $ 4,788 $ 14,160 

2010 5.20 4,416 4,417 14,845 

2011 5.20 4,027 4,027 15,540 

2012 5.25 3,619 3,619 18,245 

2013 5.25 3,140 3,140 20,435 

2014 5.00 2,604 2,604 2,660 

2015 5.13 2,537 2,537 2,760 

2016 5.25 2,467 2,466 5,930 (2) 

2017 5.25 2,311 2,311 6,325 (2) 

2018 5.25 2,145 2,144 13,830 (2) 

2019 5.13 1,781 1,782 1,215 (2) 

2020 5.13 1,751 1,750 1,275 (2) 

2021 5.13 1,718 1,718 1,340 (2) 

2022 5.13 1,683 1,683 6,125 (2) 

2023 5.13 1,526 1,527 6,080 (2) 

2024 5.13 1,371 1,370 6,380 (2) 

2025 5.13 1,207 1,207 6,665 (2) 

2026 5.13 1,036 1,036 6,960 (2) 

2027 5.13 858 858 7,280 (2) 

2028 5.13 671 672 26,205 (2) 

$ 40,868 $ 45,656 $ 184,255 

(1) Interest rate on bonds scheduled for maturity during the year. Average interest rate over the life of the bond issue 

is 5.33%. 


111







Series 1999B 

Interest 



2009 4.40 % $ - $ 309 $ 275 

2010 4.50 303 303 290 

2011 4.70 297 297 300 

2012 4.80 289 290 315 

2013 4.88 282 282 330 

2014 4.90 274 274 345 

2015 5.00 265 266 365 

2016 5.00 256 256 385 

2017 5.00 247 247 400 

2018 5.13 237 237 420 

2019 5.25 226 226 445 (2) 

2020 5.25 214 215 465 (2) 

2021 5.25 202 202 490 (2) 

2022 5.25 190 189 515 (2) 

2023 5.25 176 175 545 (2) 

2024 5.25 161 161 570 (2) 

2025 5.25 147 146 600 (2) 

2026 5.25 131 131 635 (2) 

2027 5.25 114 114 665 (2) 

2028 5.25 97 97 3,680 (2) 

$ 4,108 $ 4,417 $ 12,035 


5.37%. 


112







Series 2002A 

Interest 



2009 3.80 % $ - $ 1,157 $ 1,080 

2010 4.00 1,137 1,136 1,120 

2011 4.00 1,114 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) 

$ 16,278 $ 17,436 $ 47,285 


5.37%. 


113







Series 2002B 

Interest 



2009 4.00 % $ - $ 2,814 $ 465 

2010 4.13 2,805 2,805 485 

2011 4.25 2,795 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) 

$ 32,654 $ 35,468 $ 108,965 

(1) Interest rate on bonds scheduled for maturity during the year. Average interest rate over the life of the bond issue 

is 5.37%. 


114






$30,015,000 Airport Facilities Taxable Subordinated Refunding Revenue Bonds, 

Series 2002A 

Interest 



2009 5.23 % $ - $ 379 $ 3,610 

2010 5.42 284 284 3,820 

2011 5.59 181 181 4,060 

2012 5.64 67 67 2,385 

$ 532 $ 911 $ 13,875 


5.47% 

115






$79,630,000 Airport Facilities Refunding Revenue Bonds, 

Series 2003A 

Interest 



2009 2.50 % $ - $ 1,281 $ 425 

2010 2.75 1,276 1,276 440 

2011 3.00 1,270 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 

$ 7,915 $ 9,195 $ 53,895 


3.80% 

116







Series 2007A 

Interest 



2009 - % $ - $ 3,525 $ 

- 

2010 - 3,525 3,524 - 

2011 - 3,524 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 

$ 30,544 $ 34,069 $ 141,485 


4.99%. 

117







Series 2008A 

Interest 



2009 5.00 % $ - $ 6,429 $ 8,930 

2010 5.00 6,206 6,206 27,725 

2011 5.00 5,513 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 

$ 31,100 $ 37,529 $ 248,070 


5.22%. 

118







Series 2008B 

Interest 



2009 3.02 % $ - $ 263 $ 17,455 

$ - $ 263 $ 17,455 


2.99%. 

119







Series 2008C 

Calendar 

Interest 

Year Rate (1) Interest Principal 

2009 3.99 % $ 688 $ 1,540 

2010 3.99 2,597 6,334 

2011 3.99 2,339 6,625 

2012 3.99 2,069 6,929 

2013 3.99 1,509 48,073 

$ 9,202 $ 69,501 


3.99%. 

120







Series 2009A 

Interest 



2009 - % $ - $ 1,652 $ 

- 

2010 - 2,831 2,832 - 

2011 - 2,832 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 

2023 5.50 138 137 5,000 

$ 28,422 $ 30,074 $ 98,550 


5.72%. 

121







Series 2009B 

Interest 



2009 - % $ - $ 159 $ 

- 

2010 - 273 273 - 

2011 - 273 273 - 

2012 - 273 273 - 

2013 - 273 273 - 

2014 4.78 273 273 9,280 

2015 5.13 51 51 1,995 

$ 1,416 $ 1,575 $ 11,275 


4.85%. 

122


ORLANDO EXECUTIVE AIRPORT 



September 30, 

ASSETS 2009 2008 


Unrestricted: 



for uncollectibles of $88 and $0 137 243 



Prepaid expenses 152 156 

Total current assets - unrestricted 17,254 16,631 



Property and equipment 31,777 31,790 


Construction in progress 838 1,730 

Total noncurrent assets 41,537 42,662 

Total Assets $ 58,791 $ 59,293 


Current Liabilities 



Advance rent from tenants, current 194 194 

Due to Orlando International Airport 285 351 



Advance rent from tenants, long-term 2,528 2,722 

Other long-term liabilities 2,145 181 

Total noncurrent liabilities 4,673 2,903 

Total liabilities 7,333 6,769 

Net Assets 

Invested in capital assets, net of related debt 41,537 42,662 


Total net assets 51,458 52,524 

Total Liabilities and Net Assets $ 58,791 $ 59,293 

123





Years Ended 

September 30, 

2009 2008 


Airfield area $ 199 $ 454 

Terminal area 185 190 

Commercial property 2,497 2,515 

Other airport related 574 565 




Safety and security 949 2,813 

Administration 681 736 

Other 648 438 


Operating loss before depreciation (420) (1,336) 

Depreciation (2,008) (1,962) 

Operating loss (2,428) (3,298) 

Nonoperating Revenues 

Investment income 320 596 

Federal and state grants 690 46 

Other 7 3,328 

(Loss) Income before capital contributions (1,411) 672 

Capital Contributions 747 1,273 

Contributions from Orlando International Airport 4 117 

(Decrease) Increase in net assets (660) 2,062 

Total Net Assets, Beginning of Year 52,524 50,462 

Pollution Remediation Obligation Adjustment (406) - 

Total Net Assets, Beginning of Year, as Adjusted 52,118 50,462 

Total Net Assets, End of Year $ 51,458 $ 52,524 

124





Years Ended 

September 30, 

2009 2008 




Cash paid to employees for services (902) (1,030) 

Net cash (used for) provided by operating activities (115) 774 


Operating grants received (transferred) 697 (137) 

Net cash provided by (used for) noncapital financing activities 697 (137) 


Acquisition and construction of fixed assets (963) (3,055) 

Capital contributed by federal and state agencies 794 1,878 

Net cash used for capital and related financing activities (169) (1,177) 



Proceeds from sale or maturity of investments 9,013 12,171 

Interest received 340 690 

Net cash provided by investing activities 376 1,581 

Net increase in cash and cash equivalents 789 1,041 


Cash and Cash Equivalents, End of Year $ 9,838 $ 9,049 

(continued) 

125





Years Ended 

September 30, 

2009 2008 

Reconciliation of operating loss to 

net cash (used for) provided by operating activities 

Operating loss $ (2,428) $ (3,298) 

Adjustments to reconcile operating loss to 

net cash (used for) provided by operating activities 



Accounts and grants receivable 63 (16) 

Prepaid expenses 4 19 


Accounts payable and accrued liabilities 238 2,144 

Advanced rent from tenants - (37) 


Net cash (used for) provided by operating activities $ (115) $ 774 


Increase (Decrease) in fair value of investments $ 2 $ (28) 

Capital assets received in lieu of cash from exchange transaction $ - $ 2,798 

126






Annual 


Revenues: 

Airfield area $ 199 $ 489 $ (290) 

Terminal area 185 - 185 

Commercial property 2,497 2,491 6 

Other airport related 574 551 23 

Interest and other income 320 400 (80) 

$ 3,775 $ 3,931 $ (156) 

Expenses: 

Administration $ 417 $ 498 $ 81 

Operations and facilities 1,278 1,565 287 

Legal and consulting fees 76 145 69 

Insurance 200 219 19 

Fire protection 500 600 100 

Other 440 526 86 

2,911 3,553 642 

Capital outlay and improvements 3 369 366 

Available for appropriation 861 9 (852) 

$ 3,775 $ 3,931 $ 156 

(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. 

127



SCHEDULE OF OPERATING REVENUES BY SOURCE 



Percent of 

Actual 

Total 

Revenue Revenue 

Airfield Area 

Fixed Base Operators $ 193 

5.60 % 

Other fuel flow fees 4 0.11 

Apron use fees 2 0.06 

199 5.77 

Terminal Area 

Terminal area rents 185 5.35 

185 5.35 

Commercial Property 2,497 72.27 

Other Airport Related 

Building and site rentals - FBOs 356 10.30 

Building and site rentals - other 194 5.62 

Other operating revenue 24 0.69 

574 16.61 

Total Operating Revenue $ 3,455 100.00 % 

128



LAND ACQUIRED AND CAPITAL PROJECTS COMPLETED 



Land 



Buildings 


Additions: 

T-Hangar 200 


Improvements 


Additions: 

Airfield Improvements 1,212 

Security Fence 362 


129


SCHEDULE OF CASH, CASH EQUIVALENTS AND INVESTMENTS 

As of September 30, 2009 


Maturity Yield Maturity Market 

Description Date (%) Value Value 

Non-Trustee Revenue Account 

Cash: 

Cash $ 3,594 $ 3,594 

Total Cash 3,594 3,594 

Investments: 

Federal Home Loan Bank 12-Aug-11 1.43 1,000 1,003 

Total Investments 1,000 1,003 

Total Cash and Investments $ 4,594 $ 4,597 

Airport Facilities Revenue Account 

Cash and Cash Equivalents: 

Cash $ 2,864 $ 2,864 

AIM Short Term Government Money Market 0.11 23,618 23,618 

Total Cash and Cash Equivalents $ 26,482 $ 26,482 

Airport Facilities Bond Account 

Cash Equivalents: 

Cash $ - $ - 

Dreyfus Govt Cash Mgmt Money Market 0.01 104,277 104,277 

Total Cash and Cash Equivalents 104,277 104,277 

Investments: 

Federal Home Loan Mortgage Corporation 19-Jul-16 6.01 2,100 2,184 

23-Sep-24 5.20 4,300 4,324 

23-Sep-24 5.20 900 905 

23-Sep-24 5.20 2,500 2,514 

19-Jul-16 6.01 2,200 2,288 

23-Sep-24 5.20 2,800 2,815 

23-Sep-24 5.20 500 503 

19-Jul-16 6.01 2,200 2,288 

23-Sep-24 5.20 7,400 7,440 

19-Jul-16 6.01 3,500 3,640 

23-Sep-24 5.20 1,600 1,609 

Federal National Mortgage Association 12-Aug-24 5.29 4,200 4,166 

12-Aug-24 5.29 5,800 5,753 


Total Cash, Cash Equivalents and Investments $ 144,277 $ 144,706 

130







Airport Facilities Operation and Maintenance Account 


Cash $ 53,976 $ 53,976 

SBA Local Government Investment Pool Fund A 0.37 1,034 1,034 

Federated Government Obligations Fund 0.12 22,041 22,041 


Investments: 

SBA Local Government Investment Pool Fund B 208 115 

Total Investments 208 115 


Airport Facilities Capital Expenditures Account 


Cash $ 12,511 $ 12,511 

SBA Local Government Investment Pool Fund A 0.37 10 10 



Investments: 

SBA Local Government Investment Pool Fund B 11-May-16 76 42 

Federal Farm Credit Bank 21-Jan-14 3.01 2,000 2,001 




Airport Facilities Discretionary Account 


Cash $ 79,759 $ 79,759 



Dreyfus Govt Cash Mgmt Money Market 0.01 7,281 7,281 

Deutsche Asset Cash Reserve Money Market 0.26 11 11 


Investments: 


Federal Home Loan Bank 17-Dec-12 3.53 4,000 4,020 

12-Aug-11 1.43 1,000 1,003 

17-Dec-12 3.53 5,000 5,025 

12-Aug-11 1.43 2,000 2,007 




(continued) 

131







Airport Facilities Renewal and Replacement Account 


Cash $ 344 $ 344 

Total Cash 344 344 

Investments: 



Total Cash and Investments $ 3,344 $ 3,359 

Airport Facilities Operating and 

Maintenance Reserve Account 


Cash $ 30,082 $ 30,082 



Investments: 





Airport Facilities Improvement and Development Account 


Cash $ 5,771 $ 5,771 




Investments: 



Federal Home Loan Mortgage Corporation 13-Aug-12 2.26 5,000 5,008 

12-Aug-13 3.01 5,000 5,014 




Commercial Paper Accounts 


Cash $ (7,415) $ (7,415) 

Deutsche Asset Cash Reserve Money Market 0.26 45,869 45,869 


132







1992 Capital Improvement Construction Account 


Cash $ 2,211 $ 2,211 

AIM Short Term Government Money Market 0.11 309 309 


1997A Construction Account 


Cash $ 2,623 $ 2,623 


AIM Short Term Government Money Market 0.11 5,962 5,962 


Investments: 






Cash $ (180) $ (180) 

Dreyfus Government Prime Cash Money Market 0.01 8,987 8,987 


Investments: 




1999B Construction Account 

Cash Equivalents: 

Dreyfus Government Prime Cash Money Market 0.01 $ 2,420 $ 2,420 

Total Cash Equivalents $ 2,420 $ 2,420 




Total Cash Equivalents $ 2,968 $ 2,968 

2002B Construction Account 



Total Cash Equivalents 20,738 20,738 

(continued) 

133







2002B Construction Account (continued) 

Investments: 



Total Cash Equivalents and Investments $ 22,738 $ 22,745 

2008C Construction Account 


Cash $ 6,058 $ 6,058 

Total Cash $ 6,058 $ 6,058 

Passenger Facility Charges Account 


Cash $ 13,462 $ 13,462 



Investments: 


Total Investments 207 114 


Customer Facilities Charges Account 


Cash $ 10,270 $ 10,270 

Total Cash $ 10,270 $ 10,270 

OEA Revenue Account 


Cash $ 9,828 $ 9,828 



Investments: 



12-Aug-11 1.43 1,000 1,003 

Federal Home Loan Mortgage Corporation 12-Aug-12 2.26 1,000 1,002 



Other Accounts: 

Hotel Operating Cash Account $ 650 $ 650 

Projects Control Cash Account (6,188) (6,188) 

Total Cash $ (5,538) $ (5,538) 

134


2008-09 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 Travelers Excess and Surplus Lines Company. 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 $400 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 Travelers Excess and Surplus Lines Company for property-related exposures 

with limits of $300 million for certified foreign acts and for domestic acts. Environmental site liability insurance 

with limits of $10 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 was provided by American Alternative Insurance Corporation. Limits were based on the value of each 

construction project. 

All owned and leased vehicles were insured by Lloyds of London and Travelers Excess and Surplus Lines Company 

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 was provided by FM Global Insurance Company 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. Maximum limits were $300 million and specific sub-limits apply 

to certain exposures, including limits for war risk and related exposures of $50 million provided by ACE. Incidental 

medical malpractice insurance was included with limits of $25 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 

and employer’s liability coverage with limits of $1 million. Excess off-airport auto liability and employer’s liability 

coverage were provided by ACE Property and Casualty as part of the airport liability policy with a sub-limit of $25 

million. 

(continued) 

135


2008-09 INSURANCE PROGRAM 

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 $3 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 $1,000,000 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 in the aggregate. 

Group Insurance 

Comprehensive medical insurance for Authority employees is provided by United HealthCare Insurance Company. 

Group life and disability insurance are provided by Metropolitan Life Insurance Company. 

136

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. 

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. 

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. 

Statistical 

Debt Capacity — intended to assist users in understanding 

and assessing the Authority’s debt burden and its ability to 

cover and issue additional debt.



137


TOTAL ANNUAL REVENUES, EXPENSES AND CHANGES IN NET ASSETS 

Years Ended September 30, 2009 


2009 2008 2007 2006 

Revenues 


Airfield area $ 34,412 $ 63,680 $ 33,321 $ 30,353 

Terminal area 119,322 113,396 101,537 93,458 

Hotel 30,955 39,242 37,026 35,986 

Other buildings and grounds 18,084 16,564 15,729 16,262 

Ground transportation 117,436 124,084 125,067 115,873 

Total operating revenue 320,209 356,966 312,680 291,932 

Nonoperating Revenues 

Investment income 10,441 19,579 30,833 25,478 

Passenger facility charges 64,302 70,656 59,302 45,933 

Customer facility charges 21,790 - - - 

Federal and state grants 1,150 1,842 2,531 12,463 

Other 275 7,411 1,003 3,597 

Total nonoperating revenue 97,958 99,488 93,669 87,471 

Total Revenues 418,167 456,454 406,349 379,403 

Expenses 


Operations and facilities 115,714 121,728 114,070 107,309 

Safety and security 16,270 17,979 15,409 15,097 

Administration 25,898 29,720 26,296 25,485 

Hotel 25,151 28,008 26,505 24,995 

Depreciation 103,335 96,442 93,352 94,220 

Other 13,942 16,008 11,110 9,503 

Total operating expenses 300,310 309,885 286,742 276,609 

Nonoperating Expenses 

Interest expense 66,850 64,130 67,150 68,790 

Signatory Airline net revenue sharing 11,092 - - - 

Total nonoperating expenses 77,942 64,130 67,150 68,790 

Total Expenses 378,252 374,015 353,892 345,399 

Capital Contributions (1) 38,037 69,876 47,639 47,959 

Increase in net assets $ 77,952 $ 152,315 $ 100,096 $ 81,963 

Net Assets, at End of Year: (2) 

Investments in capital assets, 

net of related debt $ 1,014,475 $ 926,201 $ 758,380 $ 658,885 

Restricted 255,904 284,720 327,979 351,097 

Unrestricted 158,248 142,352 114,599 90,880 

Total Net Assets, at End of Year $ 1,428,627 $ 1,353,273 $ 1,200,958 $ 1,100,862 

(1) The Authority adopted GASB statement No. 33 in FY 2001, resulting in Capital Contributions being included in Net 

Income. 

(2) The Authority adopted GASB statement No. 34 in FY 2001, resulting in the breakout of net assets from FY 2001 to current 

year. 

Source: Authority records 

138

2005 2004 2003 2002 2001 2000 

$ 32,726 $ 35,428 $ 33,377 $ 28,286 $ 29,570 $ 27,693 

87,824 84,040 81,460 86,617 86,319 76,682 

29,926 29,197 27,054 26,975 29,580 28,455 

14,141 13,535 12,728 13,006 12,611 10,249 

111,133 101,658 93,767 88,188 96,932 98,389 

275,750 263,858 248,386 243,072 255,012 241,468 

14,338 8,902 10,766 16,545 31,063 24,188 

43,436 41,287 34,779 34,405 40,043 38,835 

- - - - - - 

10,761 4,293 2,442 3,241 768 (524) 

30,786 7,172 1,248 1,466 346 319 

99,321 61,654 49,235 55,657 72,220 62,818 

375,071 325,512 297,621 298,729 327,232 304,286 

107,401 93,074 85,118 74,543 89,297 80,812 

13,857 13,860 12,718 15,111 11,452 7,939 

21,815 20,660 19,193 19,002 22,151 27,014 

22,140 21,235 19,823 18,642 21,304 19,742 

92,472 83,497 79,092 75,827 72,513 65,238 

7,536 7,974 7,285 4,916 3,357 2,776 

265,221 240,300 223,229 208,041 220,074 203,521 

71,556 72,021 72,607 65,761 75,134 66,428 

- - - - - - 

71,556 72,021 72,607 65,761 75,134 66,428 

336,777 312,321 295,836 273,802 295,208 269,949 

36,030 45,505 50,294 33,660 64,837 - 

$ 74,324 $ 58,696 $ 52,079 $ 58,587 $ 96,861 $ 34,337 

$ 578,271 $ 521,832 $ 467,504 $ 517,491 

313,062 NA 

355,135 325,876 322,431 221,093 410,616 NA 

84,226 95,600 94,677 93,949 50,268 NA 

$ 1,017,632 $ 943,308 $ 884,612 $ 832,533 $ 773,946 $ 677,085 

139


CHANGES IN CASH AND CASH EQUIVALENTS 

Years Ended September 30, 2009 


2009 2008 2007 


Cash received from customers and tenants $ 315,961 $ 336,049 $ 287,854 

Cash paid to suppliers (142,221) (145,457) (126,646) 

Cash paid to employees for services (48,566) (51,442) (50,606) 

Net cash provided by operating activities 125,174 139,150 110,602 

Cash flows from non-capital financing activities 

Operating grants received, passenger facility charges and 

insurance proceeds received 3,545 8,048 7,047 

Net cash provided by non-capital financing activities 3,545 8,048 7,047 


Proceeds from issuance of bonds 185,948 283,214 149,845 

Proceeds from issuance of commercial paper notes 25,017 62,000 60,100 

Passenger facility charges and insurance proceeds 60,443 68,224 55,788 

Customer facility charges 20,530 - - 

Principal payments - bonds and notes (262,250) (348,671) (221,463) 

Bond issue costs (1,791) (5,164) (1,205) 

Swap termination payment (11,096) (25,724) - 

Interest paid (57,528) (49,824) (64,622) 

Proceeds from sale of assets - - - 

Acquisition and construction of capital assets (including 

capitalized interest) (191,047) (209,401) (130,127) 

Capital contributed by federal and state agencies 61,471 43,023 56,106 

Net cash used for capital and related 

financing activities (170,303) (182,323) (95,578) 


Purchase of investments (214,121) (360,280) (185,852) 

Proceeds from sale and maturity of investments 370,403 335,583 252,562 

Interest received 10,613 21,756 30,438 

Net cash provided by (used for) investing activities 166,895 (2,941) 97,148 

Net increase (decrease) in cash and cash equivalents 125,311 (38,066) 119,219 

Cash and Cash Equivalents, Beginning of Year 382,883 420,949 301,730 

Cash and Cash Equivalents, End of Year (1) $ 508,194 $ 382,883 $ 420,949 

(1) Cash and Cash Equivalents - Unrestricted Assets $ 165,362 $ 103,766 $ 94,458 

Cash and Cash Equivalents - Restricted Assets 342,832 279,117 326,491 

$ 508,194 $ 382,883 $ 420,949 

Source: Authority Records 

140

2006 2005 2004 2003 2002 2001 2000 

$ 282,561 $ 277,037 $ 259,278 $ 256,455 $ 219,748 $ 252,204 $ 241,269 

(125,869) (111,934) (105,562) (97,779) (81,829) (106,162) (96,988) 

(50,258) (51,605) (45,864) (42,094) (38,355) (36,617) (35,934) 

106,434 113,498 107,852 116,582 99,564 109,425 108,347 

16,539 37,716 13,567 4,207 4,753 8,178 4,979 

16,539 37,716 13,567 4,207 4,753 8,178 4,979 

- - - 87,536 165,591 - - 

- - 72,050 - 40,900 74,000 - 

45,452 47,059 39,185 34,262 34,383 - - 

- - - - - - - 

(93,635) (61,785) (51,247) (139,321) (137,509) (56,005) (41,650) 

- - - (726) (4,247) - (7) 

- - - - - - - 

(63,190) (66,142) (64,920) (75,134) (62,415) (71,299) (74,287) 

- - - - - - 6 

(105,807) (102,594) (119,230) (146,295) (124,664) (154,420) (237,423) 

51,438 24,948 54,527 44,679 31,368 85,132 58,847 

(165,742) (158,514) (69,635) (194,999) (56,593) (122,592) (294,514) 

(178,355) (267,915) (361,449) (320,099) (283,630) (233,421) (417,754) 

184,465 187,029 277,795 386,778 236,698 322,373 416,338 

24,613 16,190 10,428 10,511 14,383 28,820 30,366 

30,723 (64,696) (73,226) 77,190 (32,549) 117,772 28,950 

(12,046) (71,996) (21,442) 2,980 15,175 112,783 (152,238) 

313,776 385,772 407,214 404,234 389,059 276,276 428,514 

$ 301,730 $ 313,776 $ 385,772 $ 407,214 $ 404,234 $ 389,059 $ 276,276 

$ 77,431 $ 76,400 $ 94,959 $ 94,437 $ 71,432 $ 69,627 $ 73,882 

224,299 237,376 290,813 312,777 332,802 319,432 202,394 

$ 301,730 $ 313,776 $ 385,772 $ 407,214 $ 404,234 $ 389,059 $ 276,276 

141


PRINCIPAL OPERATING REVENUES, AIRLINE RATES AND 

CHARGES AND COST PER ENPLANED PASSENGER 

Years Ended September 30, 


2009 2008 2007 2006 

Airfield Area 

Landing Fees - Signatory Airlines $ 25,506 $ 40,462 $ 38,678 $ 34,934 

Landing Fee Credits - Signatory Airlines - 11,979 (18,491) (20,929) 

Landing Fees - Cargo, FBO, Non- Sig. 3,063 4,857 5,519 8,657 

Passenger Airline Apron Use Fees 3,615 4,077 3,757 3,843 

Fuel Flow Fees - FBO 683 541 569 659 

Fuel System Rental 1,346 1,310 2,839 2,816 

Total Airfield Cost Center 34,213 63,226 32,871 29,980 

Terminal Area 

Terminal Area Rents - Signatory Airlines 54,026 57,122 50,764 45,981 

Terminal Area Rents - Non-Signatory Airlines 3,376 3,632 3,417 5,760 

Terminal Area Rents - Other 71 2,938 3,337 2,278 

Airline Equipment 3,157 1,186 601 153 

CUTE/CUSS/CUPPS 1,063 305 349 288 

Terminal Area Rents - Non-Airline 5,286 3,961 3,828 4,464 

Concessions - Advertising 2,997 3,038 2,378 2,564 

Concessions - Food and Beverage 13,385 12,283 11,526 10,220 

Concessions - General Merchandise 14,724 15,749 14,531 13,007 

Concessions -Services 7,720 7,147 5,364 3,473 

Federal Inspection Station & Facility Fees 10,703 4,239 4,407 4,497 

Other Government Agencies 2,629 1,606 850 588 

Total Terminal Cost Center 119,137 113,206 101,352 93,273 

Hotel 30,955 39,242 37,026 35,986 

Other Buildings and Grounds 

Fixed Base Operator Fees 1,425 1,300 1,334 1,041 

Foreign Trade Zone 17 14 17 68 

Building Rentals 3,273 3,047 2,838 2,869 

Land Rentals 4,303 4,219 3,804 3,256 

Cargo Apron Use 327 339 413 210 

Other Bldgs and Site Rentals 3,310 2,157 2,051 2,235 

Other Operating 2,358 2,408 2,304 3,793 

Total Other Cost Center 15,013 13,484 12,761 13,472 

Ground Transportation 

Ground Transportation Support 1,136 1,060 1,041 644 

Parking 48,564 55,489 57,306 50,473 

Onsite Rental Cars 50,747 46,408 42,532 40,843 

Offsite Rental Cars 8,608 12,458 15,608 15,057 

Commercial Lane 8,381 8,669 8,580 8,856 

Total Ground Transportation Cost Center 117,436 124,084 125,067 115,873 

Orlando Executive Airport Operating Revenues (1) 3,455 3,724 3,603 3,348 

Total Operating Revenue $ 320,209 $ 356,966 $ 312,680 $ 291,932 

(1) 

For purposes of this schedule, the operating revenues for Orlando Executive Airport are shown as a single line item 

as the rates and charges shown below are derived from the operating revenues of Orlando International Airport only. 

AIRLINE RATES AND CHARGES 

Gross landing fee (per 1,000 lbs.) $1.4320 $1.9657 $1.9469 $1.9698 

Average annual terminal rent (per sq. ft.) $102.01 $69.38 $55.53 $54.94 

Enplaned passengers 16,798,602 18,238,278 17,831,818 17,316,873 

Cost per enplaned passenger $5.51 $5.06 $4.44 $4.24 


142

2005 2004 2003 2002 2001 2000 

$ 37,459 $ 33,172 $ 28,607 $ 28,274 $ 30,662 $ 33,096 

(20,120) (14,076) (9,090) (11,268) (12,899) (17,621) 

7,284 8,701 7,044 4,377 4,785 5,441 

4,191 3,741 3,809 3,925 3,968 3,237 

799 787 552 573 619 1,067 

2,816 2,816 2,281 2,192 2,245 2,331 

32,429 35,141 33,203 28,073 29,380 27,551 

48,517 47,249 48,521 44,057 42,587 38,384 

1,325 3,150 3,122 865 823 410 

1,542 1,332 996 3,888 2,742 2,861 

153 136 119 72 68 

290 248 205 144 127 

3,185 2,296 2,030 2,071 2,036 1,878 

1,974 1,805 2,099 2,216 2,591 1,852 

9,772 8,260 6,660 12,728 15,196 13,112 

15,295 14,603 13,178 13,298 14,229 14,064 

2,696 2,296 2,086 3,205 3,480 3,339 

2,322 1,874 1,818 1,551 2,422 3,125 

570 563 217 48 2 

87,641 83,812 81,051 84,143 86,303 79,027 

29,926 29,197 27,054 26,975 29,580 28,455 

1,059 1,066 921 1,103 889 399 

70 50 37 52 25 35 

2,981 3,048 2,851 2,880 2,963 2,200 

3,025 2,869 2,640 2,421 2,009 2,018 

230 230 216 250 315 243 

2,221 1,961 1,779 1,933 2,369 2,362 

1,995 1,645 1,676 1,753 1,691 724 

11,581 10,869 10,120 10,392 10,261 7,981 

556 461 288 272 255 251 

46,274 39,064 34,630 31,183 35,710 35,416 

39,745 41,371 39,886 32,331 33,066 35,023 

15,338 12,544 11,809 17,603 20,183 20,629 

9,220 8,218 7,154 6,799 7,718 7,070 

111,133 101,658 93,767 88,188 96,932 98,389 

3,040 3,181 2,964 3,007 2,556 2,432 

$ 275,750 $ 263,858 $ 248,159 $ 240,778 $ 255,012 $ 243,835 

$2.0489 $2.0852 $1.8823 $1.7377 $1.7144 $1.8786 

$47.70 $48.27 $49.21 $39.95 $38.94 $41.14 

16,833,499 15,233,814 13,532,180 13,025,231 14,933,713 15,157,431 

$4.72 $5.16 $5.51 $4.44 $4.26 $4.09 

143



NET REVENUES AVAILABLE FOR DEBT SERVICE AND COVERAGE RATIOS 



2009 2008 2007 

Revenues per bond resolution (1) $ 346,496 $ 356,263 $ 346,916 

Less: 

Operations and maintenance expenses per bond resolution (2) (174,802) (182,868) (172,217) 

Net revenues A 171,694 173,395 174,699 

Required account deposits: 

Airport System Operating Reserve Account (prior lien bonds) - - - 

Airport System Renewal and Replacement Account (prior lien bonds) - - - 

Airport Facilities Operations and Maintenance Reserve Account - 3,365 3,903 

Airport Facilities Capital Expenditure Account 369 19,918 7,180 

Airport Facilities Renewal and Replacement Account - - 420 

Total required account deposits B 369 23,283 11,503 

Net revenues available for debt service [C=A-B] $ 171,325 $ 150,112 $ 163,196 

Debt service on senior lien bonds (3) $ 116,848 $ 88,514 $ 73,960 

Less: investment income on resolution funds (4) - - - 

Net debt service on senior lien bonds D 116,848 88,514 73,960 

Debt service on subordinated bonds and other parity indebtedness (3) 12,115 31,191 47,443 

Less: interest income on subordinated bonds reserve accounts (89) (1,406) (1,860) 

Net debt service on subordinated bonds and other parity indebtedness E 12,026 29,785 45,583 

Total debt service on senior lien bonds and 

subordinated indebtedness and other parity indebtedness [F=D+E] $ 128,874 $ 118,299 $ 119,543 

Coverage ratio for senior lien debt [C/D] 1.47 1.70 2.21 

Coverage ratio for all indebtedness [C/F] 1.33 1.27 1.37 

(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. 

(4) Investment earnings for resolution funds were unbudgeted revenues that were used to pay airport facility revenue bonds 

debt service. After retirement of Prior Lien Bonds on March 1, 2000, these investment earnings are budgeted revenues 

and are included in revenues per bond resolution. 


144

2006 2005 2004 2003 2002 2001 2000 

$ 330,800 $ 309,290 $ 285,834 $ 266,507 $ 266,926 $ 287,236 $ 269,051 

(148,803) (134,775) (127,292) (122,070) (110,904) (121,512) (110,039) 

181,997 174,515 158,542 144,437 156,022 165,724 159,012 

- - - - - - 1,060 

- - - - - - 15,586 

2,339 1,117 605 - - 1,503 - 

5,533 4,103 3,620 4,232 7,676 15,351 1,431 

5,420 204 371 700 - 766 450 

13,292 5,424 4,596 4,932 7,676 17,620 18,527 

$ 168,705 $ 169,091 $ 153,946 $ 139,505 $ 148,346 $ 148,104 $ 140,485 

$ 81,484 $ 74,901 $ 71,721 $ 66,397 $ 72,225 $ 72,574 $ 62,467 

- - - - - - (5,002) 

81,484 74,901 71,721 66,397 72,225 72,574 57,465 

39,800 46,810 49,515 49,966 48,773 49,839 46,632 

(1,710) (1,728) (1,730) (1,593) (1,689) (1,841) (1,008) 

38,090 45,082 47,785 48,373 47,084 47,998 45,624 

$ 119,574 $ 119,983 $ 119,506 $ 114,770 $ 119,309 $ 120,572 $ 103,089 

2.07 2.26 2.15 2.10 2.05 2.04 2.44 

1.41 1.41 1.29 1.22 1.24 1.23 1.36 

145



RATIOS OF OUTSTANDING DEBT, DEBT SERVICE AND DEBT LIMITS 



2009 2008 2007 

Outstanding Debt Ratios 

Outstanding debt by type 

Senior lien revenue bonds $ 1,034,575 $ 1,021,165 $ 783,320 

Subordinate lien revenue bonds 31,755 37,270 328,760 

Secondary subordinate lien revenue bonds 90,055 90,055 90,055 

Notes payable 68,955 129,259 88,105 

Total outstanding debt $ 1,225,340 $ 1,277,749 $ 1,290,240 

Enplaned passengers 16,798,602 18,238,278 17,831,818 

Outstanding debt per enplaned passenger $ 72.94 $ 70.06 $ 72.36 

Operating Revenues $ 316,754 $ 353,242 $ 309,077 

Ratio of outstanding debt to operating revenues 3.87 3.62 4.17 

Total revenues $ 413,695 $ 448,760 $ 401,307 

Ratio of outstanding debt to total revenues 2.96 2.85 3.22 

Debt Service Ratios 

Principal $ 70,465 $ 57,963 $ 57,860 

Interest 60,218 59,550 61,181 

Total debt service $ 130,683 $ 117,513 $ 119,041 

Debt service per enplaned passenger $ 7.78 $ 6.44 $ 6.68 

Total expenses excluding depreciation $ 193,100 $ 198,083 $ 180,329 

Ratio of debt service to total expenses 0.68 0.59 0.66 

Debt Limit (1) N/A N/A N/A 

(1) The Authority has no statutory debt limit. 


146

2006 2005 2004 2003 2002 2001 2000 

$ 828,360 $ 864,645 $ 898,835 $ 929,150 $ 958,875 $ 814,775 $ 838,520 

347,855 361,195 376,350 391,995 410,650 421,800 433,810 

90,055 90,055 90,055 90,055 90,055 90,055 90,055 

39,750 83,760 96,200 29,437 37,069 90,843 37,093 

$ 1,306,020 $ 1,399,655 $ 1,461,440 $ 1,440,637 $ 1,496,649 $ 1,417,473 $ 1,399,478 

17,316,873 16,833,499 15,233,814 13,532,180 13,025,231 14,933,713 15,157,431 

$ 75.42 $ 83.15 $ 95.93 $ 106.46 $ 114.90 $ 94.92 $ 92.33 

$ 288,584 $ 272,710 $ 260,677 $ 245,195 $ 237,771 $ 252,456 $ 241,403 

4.53 5.13 5.61 5.88 6.29 5.61 5.80 

$ 373,274 $ 370,240 $ 322,076 $ 294,191 $ 293,035 $ 324,283 $ 303,939 

3.50 3.78 4.54 4.90 5.11 4.37 4.60 

$ 54,856 $ 52,512 $ 49,608 $ 46,943 $ 41,733 $ 39,298 $ 35,477 

63,583 65,201 66,066 68,573 62,289 72,020 72,273 

$ 118,439 $ 117,713 $ 115,674 $ 115,516 $ 104,022 $ 111,318 $ 107,750 

$ 6.84 $ 6.99 $ 7.59 $ 8.54 $ 7.99 $ 7.45 $ 7.11 

$ 169,835 $ 162,573 $ 148,804 $ 136,195 $ 119,849 $ 139,316 $ 132,382 

0.70 0.72 0.78 0.85 0.87 0.80 0.81 

N/A N/A N/A N/A N/A N/A N/A 

147



PRINCIPAL AIRPORT REVENUE PAYERS 

2009 

Top-10 Payers 

Net Revenue 

% of Total Airport 


Vanguard Car Rental USA Inc. (1) $ 20,972,320 

6.5 % 

Southwest Airlines (2) 17,087,416 5.3 

Avis Budget Group Inc. (1) 16,518,303 5.2 

Dollar Rent-a-Car (1) 12,234,888 3.8 

Delta Airlines (2) 11,644,567 3.6 

AirTran Airways (2) 8,746,351 2.7 

jetBlue Airways 7,704,453 2.4 

Walt Disney World (3) 6,878,737 2.1 

Hertz Corporation 6,475,855 2.0 

American Airlines (2) 6,328,994 2.0 

Totals $ 114,591,884 

33.8 % 

Top-10 Payers 

Net Revenue 

2000 

% of Total Airport 


Avis Budget Group Inc. (1) $ 15,105,590 

5.9 % 

HMS Host 12,050,723 4.7 

Dollar Rent-a-Car (1) 10,236,337 4.0 

Vanguard Car Rental USA Inc. (1) 10,167,395 4.0 

Delta Airlines (2) 10,021,799 3.9 

Hertz Corporation 6,920,842 2.7 

US Airways (2) 4,163,091 1.6 

Walt Disney World (3) 3,570,566 1.4 

Southwest Airlines (2) 3,180,493 1.2 

American Airlines (2) 2,523,387 1.0 

Totals $ 77,940,223 

30.5 % 

(1) Rent, Percentage Fees, Ready and Return Space, Counter and Office Rent and QTA space 

(2) Landing Fees, Signatory Rent and Tenant Finish Charges (from Sig Airline Billing Report) 

(3) Includes WDW Hospitality & Recreation Corp and WDW Company 


148


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 

1999 1,607,993 $ 41,200,099 $ 25,622 2.8 % 

2000 1,656,388 44,750,765 27,017 3.1 

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 (1) 2,054,574 71,371,457 34,738 5.9 

(1) Projected amounts from the Bureau of Economic Analysis: Accelerated Metropolitan Statistical Area (MSA) 

Income Summary, Orlando, Kissimmee, FL (represents the latest available statistics) 

Sources: 

• Bureau of Economic Analysis: Regional Economic Accounts – Orlando Kissimmee, FL (MSA) 

• Unemployment Rate from the U.S. Department of Labor, Bureau of Labor Statistics (http://www.bls.gov) 

149


PRINCIPAL EMPLOYERS 

ORLANDO AND KISSIMMEE METROPOLITAN STATISTICAL AREA 

2009 

2000 

Percentage 

Percentage 

Number of of Total MSA Number of of Total MSA 

Employer Employees Rank Employment Employees Rank Employment 

Walt Disney World 62,000 1 6.20 % 55,000 1 6.52 % 

Orange County Public Schools 23,373 2 2.34 19,608 2 2.32 

Wal Mart (1) 16,757 3 1.68 N/A N/A N/A 

Florida Hospital 16,000 4 1.60 11,180 4 1.33 

Universal Studios Florida (1) 13,000 5 1.30 11,500 3 1.36 

Publix Supermarkets, Inc. 11,000 6 1.10 9,911 5 1.17 

University of Central Florida 10,350 7 1.04 N/A N/A N/A 

Orlando Regional Healthcare 10,000 8 1.00 N/A N/A N/A 

Seminole County Public Schools 8,365 9 .84 8,298 7 .98 

Orange County Government 8,033 10 .80 9,238 6 1.09 

Winn Dixie Supermarkets, Inc. N/A N/A N/A 6,625 8 .79 

Darden Restaurants Inc N/A N/A N/A 4,675 9 .55 

Osceola School District N/A N/A N/A 4,500 10 .53 

Other Employees 820,456 82.10 703,796 83.36 

Total Employees 999,334 100.00 % 844,331 100.00 % 

(1) 2008 represents the latest available statistics 

Notes: 

N/A = Not Applicable 

Sources: 

Metro Orlando Economic Development Commission 

Orlando Business Journal’s Book of Lists 

University of Central Florida, Office of Institutional Research 

Publix, Media & Community Relations Manager 

150



VISITORS TO ORLANDO 

METROPOLITAN STATISTICAL AREA 

2009 (1) 2008 2007 2006 2005 

Domestic 41,400,000 45,515,000 45,907,000 45,114,000 46,649,000 

Leisure N/A 35,282,000 35,333,000 34,490,000 36,224,000 

Florida N/A 17,954,000 17,988,000 17,492,000 18,265,000 

Non-Florida N/A 17,328,000 17,345,000 16,998,000 17,959,000 

Business N/A 10,233,000 10,574,000 10,624,000 10,425,000 

Florida N/A 6,316,000 6,504,000 6,426,000 6,337,000 

Non-Florida N/A 3,917,000 4,070,000 4,198,000 4,088,000 

International 3,100,000 3,373,000 2,838,000 2,686,000 2,673,000 

Total 44,500,000 48,888,000 48,745,000 47,800,000 49,322,000 

2004 2003 2002 2001 2000 

Domestic 45,166,000 42,685,000 40,590,000 37,701,000 39,784,000 

Leisure 35,162,000 33,100,000 31,587,000 29,070,000 30,448,000 

Florida 17,672,000 16,602,000 17,633,000 14,763,000 15,599,000 

Non-Florida 17,490,000 16,498,000 13,954,000 14,307,000 14,849,000 

Business 10,004,000 9,585,000 9,003,000 8,631,000 9,336,000 

Florida 6,076,000 5,970,000 5,732,000 5,119,000 5,156,000 

Non-Florida 3,928,000 3,615,000 3,271,000 3,512,000 4,180,000 

International 2,582,000 2,297,500 2,378,000 3,062,000 3,730,000 

Total 47,748,000 44,982,500 42,968,000 40,763,000 43,514,000 

(1) The 2009 statistical data is an estimated amount and details of the data are not available at this time. 

Sources: 

• D.K. Shifflet & Associates; U.S. Department of Commerce, Office of Travel & Tourism Industries; Orlando 

CVB Research Department 

151



SHARES OF TOTAL ENPLANEMENTS 

LARGEST AIR CARRIER AIRPORTS IN FLORIDA 

Calendar 

Year 

Fort 

Lauderdale/ 

West Palm 

Orlando Miami Tampa Hollywood Fort Myers Jacksonville Beach 

1999 2.06 % 2.48 % 1.13 % 1.01 % 0.35 % 0.37 % 0.41 % 

2000 2.13 2.37 1.16 1.10 0.37 0.38 0.41 

2001 2.14 2.33 1.24 1.22 0.41 0.40 0.45 

2002 2.09 2.31 1.26 1.30 0.41 0.39 0.43 

2003 2.04 2.26 1.21 1.33 0.44 0.38 0.46 

2004 2.16 2.13 1.22 1.43 0.47 0.38 0.46 

2005 2.28 2.07 1.29 1.49 0.51 0.40 0.47 

2006 2.28 2.13 1.26 1.41 0.51 0.41 0.46 

2007 2.29 2.11 1.23 1.43 0.51 0.42 0.45 

2008 2.34 2.21 1.22 1.48 0.51 0.41 0.43 

Source: Represents the latest available statistics, U.S. DOT T100 Database 

152



HISTORICAL AIRLINE TRAFFIC ACTIVITY 

ENPLANED PASSENGERS 


Signatory Non-Signatory Percent 

Year Airlines Airlines Total Change 

2000 13,953,147 1,204,284 15,157,431 5.81 % 

2001 13,771,306 1,162,407 14,933,713 (1.48) 

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 16,043,418 755,184 16,798,602 (7.89) 

Sources: Authority Records/Airline Reports 

INTERNATIONAL ENPLANED PASSENGERS 


International International 

Passengers Passengers International Annual Percent of 

Fiscal Scheduled Charter Passengers Increase Total 

Year Airlines Airlines Total (Decrease) Passengers 

2000 1,029,077 206,802 1,235,879 11.6 8.2 % 

2001 951,977 161,158 1,113,135 (9.9) 7.5 

2002 798,979 37,451 836,430 (24.9) 6.4 

2003 815,860 40,924 856,784 2.4 6.3 

2004 923,282 49,923 973,205 13.6 6.4 

2005 1,064,732 7,912 1,072,644 10.2 6.4 

2006 1,052,617 5,582 1,058,199 (1.3) 6.1 

2007 1,056,401 27,816 1,084,217 2.5 6.1 

2008 1,282,982 34,849 1,317,831 21.5 7.2 

2009 1,369,632 55,941 1,425,573 8.2 8.5 

Sources: Authority Records/Airline Reports 

153



AIRLINE LANDED WEIGHTS IN THOUSANDS OF POUNDS 



Year Airlines Airlines Cargo Total Change 

2000 18,082,146 1,846,989 1,352,896 21,282,031 6.87 % 

2001 17,509,824 2,038,629 1,313,226 20,861,679 (1.98) 

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 19,019,878 1,026,664 806,561 20,853,103 (9.47) 

Source: Authority Records/Airline Reports 

154



MARKET SHARES OF AIR CARRIERS AND CARGO AIRLINES 


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 166,162 0.99 % 167,137 0.99 % 195,409 0.94 % 

AirTran Airways 2,091,514 12.45 2,101,178 12.47 2,290,295 10.98 

American Airlines 1,246,307 7.42 1,250,325 7.42 1,495,918 7.17 

British Airways 102,847 0.61 102,246 0.61 201,941 0.97 

Continental Airlines 1,032,853 6.15 1,027,958 6.10 1,186,831 5.69 

Delta Air Lines 1,868,171 11.12 1,865,801 11.07 2,237,228 10.73 

jetBlue Airways 1,803,107 10.73 1,807,722 10.73 2,071,207 9.93 

Northwest Airlines 826,734 4.92 826,756 4.91 911,362 4.37 

Southwest Airlines 3,818,896 22.73 3,837,232 22.77 4,698,172 22.53 

Spirit Airlines 396,582 2.36 403,303 2.39 478,487 2.29 

US Airways 1,227,422 7.31 1,214,536 7.21 1,381,847 6.63 

United Airlines 913,343 5.44 922,537 5.48 997,304 4.78 

Virgin Atlantic 460,928 2.74 467,987 2.78 737,100 3.54 

WestJet Airlines 122,057 0.73 125,520 0.74 136,777 0.66 

16,076,923 95.70 % 16,120,238 95.67 % 19,019,878 91.21 % 

Non-Signatory 

Aeromexico 49,238 0.29 % 49,206 0.29 % 72,925 0.35 % 

Aer Lingus Ltd 37,408 0.22 38,167 0.23 61,953 0.30 

Air Jamaica 30,499 0.18 30,570 0.18 38,354 0.19 

Air Transat 27,192 0.16 26,429 0.16 35,940 0.17 

Air Wisconsin 580 0.01 438 0.00 611 0.00 

Alaska Airlines 103,278 0.62 104,438 0.62 105,022 0.50 

Atlantic Southeast Airlines 224 0.00 114 0.00 382 0.00 

Avianca 165 0.00 150 0.00 368 0.00 

Bahamasair 35,776 0.21 34,964 0.21 37,890 0.18 

Brendan Airways LLC - 0.00 154 0.00 284 0.00 

CanJet Airlines 19,912 0.12 19,603 0.12 19,603 0.10 

Comair 5,666 0.03 6,681 0.04 11,230 0.05 

Copa Airlines 75,376 0.45 78,123 0.46 94,713 0.46 

(continued) 

155



MARKET SHARES OF AIR CARRIERS AND CARGO AIRLINES 


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) 

Freedom Airlines - 0.00 % 55 0.00 % 43 0.00 % 

Frontier Airlines 48,739 0.29 49,898 0.30 53,572 0.26 

Gulfstream International 23,092 0.14 23,714 0.14 33,022 0.16 

Lufthansa Airlines 72,282 0.43 75,305 0.45 144,673 0.69 

MN Airlines 37,519 0.22 38,267 0.23 49,293 0.24 

MN Airlines (pre Bankruptcy) 398 0.00 531 0.00 731 0.00 

Mexicana 18,133 0.11 16,340 0.10 31,415 0.15 

Mesaba 2,893 0.02 3,283 0.02 9,094 0.04 

Miami Air International 3,937 0.02 4,902 0.03 7,959 0.04 

Midwest Airlines 38,824 0.23 38,959 0.23 43,260 0.21 

Omni Air - 0.00 - 0.00 411 0.00 

Pace Airlines 3,405 0.02 3,623 0.02 5,164 0.02 

Pinnacle Airlines Inc 76 0.00 76 0.00 148 0.00 

Republic Airlines 2,567 0.02 1,413 0.01 2,649 0.01 

Shuttle America Corp - 0.00 55 0.00 72 0.00 

Sky King 109 0.00 109 0.00 206 0.00 

Skyservice Airlines 7,817 0.05 7,823 0.05 7,876 0.04 

Sunwing Airlines 27,679 0.17 28,756 0.17 30,853 0.15 

Swissair - 0.00 - 0.00 423 0.00 

TACA International Airlines 533 0.00 597 0.00 1,421 0.01 

TAM Brazilian Airlines 48,017 0.29 46,230 0.27 124,209 0.60 

Vision Airlines Inc 106 0.00 210 0.00 484 0.00 

World Airways 239 0.00 - 0.00 411 0.00 

721,679 4.30 % 729,183 4.33 % 1,026,664 4.92 % 

Cargo Airlines 

ABX Air - - % - - % 6,539 0.03 % 

ASTAR Air Cargo - - - - 62,991 0.30 

Air Transport International - - - - 39,755 0.19 

Federal Express - - - - 352,548 1.69 

Kalitta Charters - - - - 27 0.00 

Mountain Air Cargo - - - - 5,359 0.03 

United Parcel Service - - - - 339,342 1.63 

- - - - 806,561 3.87 % 

Totals 16,798,602 100.00 % 16,849,421 100.00 % 20,853,103 100.00 % 


156



TAKEOFF AND LANDING AIRCRAFT OPERATIONS 



Year Airlines Airlines Cargo Total Change 

2000 261,396 45,100 14,392 320,888 2.18 % 

2001 247,962 40,236 13,454 301,652 (5.99) 

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 250,946 27,418 6,634 284,998 (13.43) 



AIRCRAFT OPERATIONS 


Itinerant Local Total Percentage 

Year Operations (1) Operations (2) Operations Change 

2000 170,903 69,163 240,066 (8.49) % 

2001 162,588 56,383 218,971 (8.79) 

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) 

(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. 


157



AIRLINES SERVICING ORLANDO INTERNATIONAL AIRPORT 


Non-Signatory 

Non-Signatory 

Signatory Scheduled/Domestic Scheduled/Foreign 

Air Canada Alaska Airlines Aeromexico 

AirTran Airways Frontier Airlines Aer Lingus 

American Airlines Midwest Airlines Air Jamaica 

British Airways Sun Country Airlines Air Transat 

Continental Airlines 

Bahamasair 

Delta Air Lines Copa Airlines (1) 

jetBlue Airways 

Lufthansa 

Northwest Airlines 

Mexicana 

Southwest Airlines 

TAM Airlines 

Spirit Airlines Martinair Holland (2) 

United Airlines 

US Airways 

Virgin Atlantic 

WestJet Airlines 

Non-Signatory Non-Signatory Non-Signatory 

Charter/Domestic Charter/Foreign Commuter 

Miami Air International CanJet Airlines Air Wisconsin 

Pace Airlines Skyservice Airlines Atlantic Southeast Airlines 

Sunwing Airlines 

Comair 

TACA International Airlines Compass 

ExpressJet 

Freedom Airlines 

Gulfstream International 

Cargo 

Mesaba 

Pinnacle 

Air Transport International 

Republic Airlines 

ASTAR Air Cargo 

Shuttle America 

Federal Express 

Mountain Air Cargo 

United Parcel Service 

(1) Becoming Signatory November 1, 2009 

(2) Commencing Service October 15, 2009 


158



AIRLINES WITH MAINTENANCE FACILITIES AT ORLANDO INTERNATIONAL AIRPORT 


Air Tran Airways 

Comair 

Continental Airlines 

jetBlue Airways 


159



PRIMARY ORIGINATION & DESTINATION PASSENGER MARKETS 


Estimated 

Annual 

Trip 

Passengers(1) 

Rank Market Length (Each-Way) 

1 Philadelphia, PA MH 657,840 

2 Newark, NJ MH 533,722 

3 New York/Kennedy, NY MH 482,507 

4 Detroit, MI MH 480,053 

5 Baltimore, MD MH 464,265 

6 Boston, MA MH 445,967 

7 San Juan, PR MH 397,860 

8 Minneapolis/St. Paul, MN MH 334,415 

9 Chicago/Midway, IL MH 332,094 

10 Chicago/O'Hare, IL MH 324,751 

11 New York/LaGuardia, NY MH 322,627 

12 Atlanta, GA SH 292,512 

13 Dallas/Ft. Worth, TX MH 284,169 

14 Pittsburgh, PA MH 251,413 

15 Buffalo, NY MH 247,530 

16 Washington/Dulles, VA MH 241,777 

17 Indianapolis, IN MH 239,787 

18 Denver, CO MH 236,282 

19 Providence, RI MH 228,212 

20 Los Angeles, CA LH 223,531 

(1) Estimated annual passengers is based on fiscal year average daily amount for the period from October 2008 

to June 2009 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: Represents the latest available statistics, U. S. DOT O&D database (Seabury Airline Planning Group 

APGdat) 

160



AIRPORT INFORMATION 


Orlando International Airport 

Location: 

Area: 

Airport Code: 

9 miles southeast of downtown Orlando 

13,756 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) 404,734 sq. ft. 

Airside Two (Gates 100-129) 351,857 sq. ft. 

Airside Three (Gates 30-59) 

337,658 sq. ft. 

Airside Four (Gates 60-99) 

585,017 sq. ft. 

Total Airport Terminal Space: 

Hotel: 

Aircraft Parking Aprons: 

Parking Spaces: 

Cargo: 

International: 

Orlando Executive Airport 

Location: 

Airport Code: 

Land: 

Runways: 

More than 5 million square feet 

445 room Hyatt Regency Hotel 

50,000 sq. ft. of Convention/Meeting Space 

AAA Rated Hemispheres Restaurant 

1,174,090 sq. yd. 

9,293 Terminal Parking Spaces 

12,330 Satellite Parking Spaces 

1,400 acre cargo center 

140 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 

1,016 acres 

Two runways: 6,003 ft. and 4,638 ft. 

Fixed Base Operators (FBOs): Sheltair Aviation Services 

Showalter Flying Services 

Information provided was materially similar for years 1999 through 2008 unless otherwise indicated. 


161



BUDGETED AUTHORITY STAFFING 


Number of Employees 

Department 2009 2008 2007 2006 

Airport Information (1) 15.0 20.0 20.0 20.0 

Airport Maintenance 157.0 164.0 158.0 153.0 

Airport Operations (2) 160.0 170.0 174.0 167.5 

Aircraft Rescue/Firefighting 66.0 69.0 69.0 69.0 

Board Services 2.0 3.0 3.0 3.0 

Commercial Properties 6.5 11.5 11.5 10.5 

Concessions & DBE Programs 3.0 6.0 5.0 7.0 

Small Business Development (3) 4.0 5.0 6.0 7.0 

Engineering & Construction 14.0 28.0 31.0 28.0 

Executive Administration/ 10.0 8.0 7.0 15.5 

Governmental Relations (4) 

Finance 32.5 37.5 37.5 57.5 

Planning 11.0 21.0 20.0 20.0 

Human Resources 9.0 12.0 12.0 12.0 

Information Technology 27.0 25.0 25.0 23.0 

Internal Audit 8.0 6.0 6.0 6.0 

Marketing 5.0 6.0 5.0 4.0 

Public Affairs 6.0 8.0 8.0 8.0 

Public Saftety Administration (5) 52.0 52.0 54.0 52.0 

Purchasing (6) 17.0 22.0 22.0 - 

Risk Management 2.0 2.0 2.0 2.0 

Orlando Executive Airport 15.0 17.0 17.0 17.0 

Total Employees 622.0 693.0 693.0 682.0 

(1) Airport Information was previously included in Public Affairs 

(2) Includes Airside, Landside and Ground Transportation 

(3) Small Business Development was previously included in Concessions and DBE 

(4) Governmental Relations was previously under Planning 

(5) Public Safety Administration and Communications Center were previously included in Airport Operation 

(6) Purchasing was previously included in Finance 


162

Number of Employees 

2005 2004 2003 2002 2001 2000 

20.0 20.0 - - - - 

148.0 143.0 150.0 156.0 156.0 147.0 

158.5 163.0 199.5 203.5 202.5 182.0 

68.0 68.0 59.0 55.0 55.0 56.0 

3.0 3.0 2.0 2.0 3.0 4.0 

9.0 9.0 9.0 21.0 24.0 56.0 

13.0 11.0 11.0 - - - 

- - - - - - 

28.0 25.0 25.0 37.0 37.0 36.0 

18.5 30.0 45.0 13.0 10.0 9.0 

55.5 54.5 54.0 54.0 53.0 53.5 

19.0 17.0 16.0 19.0 20.0 20.0 

12.0 13.0 13.0 14.0 13.0 15.0 

21.0 18.0 19.0 22.0 21.0 21.0 

6.0 6.0 8.0 7.0 7.0 7.0 

4.0 4.0 5.0 10.0 12.0 12.0 

8.0 8.0 29.0 30.0 30.0 25.0 

53.0 51.0 - - - - 

- - - - - - 

2.0 3.0 2.0 3.0 3.0 3.0 

17.0 17.0 17.0 17.0 17.0 17.0 

663.5 663.5 663.5 663.5 663.5 663.5 

163



164

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