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03-13-2012 Regular Meeting ~ Peachtree City Airport Authority (PCM) Regular Minutes Thursday, March 13th, 2012 Aviation Center, Peachtree City-Atlanta Regional Airport 7:00 p.m. Members Present: Richard Whiteley, Chairman, Vice-Chairman & SecretaryjTreasurer - Bill Flynn, Zaheer Faruqi, Bill Rial. Aviation Director - Bryan LaBrecque, Airport Manager -Hope Macaluso, A.A. E., Airport Attorney - Doug Warner. I. CALL THE MEETING TO ORDER Richard Whiteley called the meeting to order at 7:07 p.m. II. APPROVAL OF MINUTES Bill Flynn made a motion to approve the February Minutes, seconded by Bill Rial. Motion Carries, 4/0. III. REPORTS ~ Airport Safety & Operations -George Harrison None to report. Finance & Capital BudRetinR - Bill Flynn Bill Flynn mentioned monthlyfinance meeting and noted zero changes were made to the financial numbers during the meeting and that all looked in order. Bill Flynn also mentioned that both vendor bids had been received regarding the financing of the FBO Hangar roof replacement and referred board members to the notes provided, concerning exact figures. Tenant & CommunitvRelations - Bill Rial Bill Rial reminded the board that the RV Fly in will be on May 5th in conjunction with the Aircraft Spruce Fly-In, the same weekend. He also mentioned that a liaison has been appointed amongst the RV Squadron to communicate with the airport for the event. He also mentioned the potential for fuel sales during the event. MarketinR - Zaheer Faruqi Zaheer Faruqi suggested the development of marketing material for the Area C. ~. ~ Operations - Airport Manager, Hope Macaluso IV. FINANCIAL REVIEW - Aviation Director - Bryan LaBrecque Bryan LaBrecque reported that overall, the airport had a strong financial month. Profit for the month was $14,000, which was $7,000 more than was budgeted for the month. Much of the additional profit was due to a surprisingly strong month for Jet A fuel sales. Margins were where at forecast and were consistent with budget. Fuel sales have been trending upwards and are attributed to the front desk and lineman staying on top of sales and "upselling" to customers. Bill Flynn mentioned that during the month, Sany Ccorp. brought their corporate jet to ARA in lieu of Hartsfield for the first time. Richard Whiteley mentioned that he sent a follow up note to Sany, thanking them for their visit to FFC. As a result of a jet aircraft based in our FBO hanger, along with increased activity and partnering with Priority Jet, Jet A fuel sales are quickly becoming our major source of revenue. Bryan mentioned that he expects sales to continue to improve once the new employee incentive program is up and running. ~ With regard to lease opportunities, the FBO hangar is nearly at 100% capacity and all of our available office space is occupied. Bryan mentioned that hangar, leases and office space rental is becoming a larger part of the airports income. This will help hedge lower fuel sales months. Overall, during the month, expenses were below budget - with the exception of maintenance (again). Bryan suggested that a thorough breakdown of maintenance expense would help to better budget in the future. Richard Whiteley said that it would be worth re-casting using multiple line items. Bryan mentioned that the new tenants have been a great addition, including a new revenue sharing program with Atlanta East Aviation's Maintenance Program which netted the airport several hundred dollars this month. Bryan reported that the airport's cash position was solid and stated that the airport currently has $804,000 in the bank of which $4,500 is designated for the purpose of improving the Veterans Memorial. ,-- Additionally more expenses have been cut now that both Nulink and AT&T have been cancelled. Richard Whiteley reverted to the maintenance cost in the financials and asked if they were currently in the "Misc" category. Bryan responded and said they would be placed in the correct place for March's numbers. - V. OLD AGENDA ITEMS 8-11-02 Ted Mallory Memorial Plaque Bill Rial gave a quick history of the project, which was committed to by the PCAA in August of 2011. In September of 2011, Bill indicated that he'd confirmed concurrence on project with Mrs. Mallory and her family. Between October and December of 2011, Bill attempted to contact multiple companies to contract work. In December of 2011 he met with Mallory family to discuss plaque details. In January 2012 he received his first quote. In February of 2012 Bill began correspondence with a 2nd company and followed that activity by adding two additional companies for quotes. He ultimately received their separate quotes for a plaque. The three quotes were 1) $568.85, 2) $571.11, and 3) $414.00. Bill Rial stated that he plans to make a vendor recommendation to the PCAA by the end of next week. Following vendor selection, the plaque will take 4-6 weeks to complete, at which time Bill has volunteered to pick up the plaque, saving on shipping cost. After delivery Bill Rial will meet with Mrs. Mallory to discuss the plaque placement. Bill mentioned that he will need help with the installation and hopes to have the plaque in place by June 2012. Mallory family has given the "OK" for the wording on the plaque. VI. NEW AGENDA ITEMS 3-12-01 3-12-02 - Presentation of Georgia Tech Economic Impact Study of The Great Georgia Airshow Harold Chaplin a representative of The Great Georgia Airshow presented a slide show presentation of the study and a copy of the report can be obtained as if requested. He noted that the study was initiated by a student of Georgia Tech and that The Great Georgia Airshow did not solicit the information. Overall Georgia Tech expects an increase on the local economic impact as the show continues to grow. Consideration of Financing Instrument for Repair of FBO Hangar Roof As was requested by the PCAA previously, Bill Flynn solicited reviewed a second quote for FBO hangar roof replacement. The second quote was not as financially beneficial as the first and was dismissed. Bryan LaBrecque interjected by suggesting that in lieu of financing the replacement, the PCAA consider utilizing some of the airport's available cash to pay for the work. A rather lengthy discussion took place, the summary of which follows. - Bryan noted that the airport currently has approximately $650,000 in ready cash. Financing the project - while conserving cash - would cost the airport an additional $24,000 in interest on the $136,000 replacement bill, primarily due to the fact that the interest is front-loaded. Richard opened the discussion by commenting that - as a general rule - one borrows money versus using cash if that cash earned a higher rate of interest or if there was a more productive use of that cash, on the horizon. He mentioned that neither of those two conditions currently exists. Skip Barnette noted that although cash would be conserved using available financing, the proposed financing terms resulted in a "balloon" payment after 5 years. At that point, the airport would once again be faced with the same question - refinance or pay cash - and will have already "lost" significant funds to interest payments. Richard added that Retained Earnings have been steady - not strong, but steady - and as a result cash could/should be replenished over the same period. Bill Flynn expressed his concern over using cash. He noted that while he recognized that in this case, conserving cash had a large price, and that he had no better use for the cash currently, he still felt very strongly that the airport should conserve its cash position. He indicated that cash is the basis for remaining open and many organizations had failed due to the lack of it. Bill Rial indicated that he felt the cost (interest) of conserving cash in this case was too high and promoted the use of our available cash to pay for the roof replacement. After listening to the pros and cons, Richard asked Bryan and Hope if there were any cash "gotchas" lurking on the horizon, to help clarify any potential need for immediate cash. Bryan responded that the only significant issue that resides is the exposure of the 20 year old airport lighting system, but noted that the price tag of approximately $1.5 million for full replacement would far exceed our cash in any event. He added that the lighting system replacement is included in the FAA Capital Improvement Plan (CIP) for FY 2014. Hope did note that the grant local match has moved from 2.5% to 5% but the available land for land swap would more than cover that expense increase. ~ The discussion then briefly moved to questioning the need for the roof replacement at all, but after brief comments by several authority members it was quickly returned to the question of financing, since all agreed once again, that roof replacement was necessary and appropriate. Zaheer asked, aside from our cash, what the limit was on our current open line of credit and how much was available. Bryan responded that the limit is set at $500,000 and was all available. Bill Flynn again reiterated his concern over depleting cash. At the close of the discussion, Richard Whiteley moved that the PCAA authorize using cash in the airports general fund to pay for FBO hangar roof replacement in lieu of financing. Bill Rial seconded his motion. The motion was carried 3/1. The general fund will be used to pay for FBO hangar roof replacement. VII. Adjournment Bill Flynn made a motion to adjourn the meeting which was seconded by Bill Rial. Motion Carried 4/0. Time 8:44pm (local) ~ ~ ;<7-- ~ ..... :J> en :::.: - ~ , S"-' '" .. "0 o ::::iI m ..... S>> S>> I'\) S".. I ::::iI ~ j ..... K3 c ..... I'\) w w ~ o .... o o ~ .. ..... ~ ~ o ..... c , ..... ~ ..... K3 o ..... -Ill. ~ ;;0 i: w c.> o .... o o ~ .. ..... ~ K3 o ..... o I ..... ~ ~ c ..... <.) ...... c.>-I\.) - I\.) NO 0...... ~I\.) s:: 0) d ::r (i') CD o ca CD ::I: l>> .. .. (ii" o ::::iI c.> ...... I\.) c... 0) :J w w '#. ..... :::.: K3 o g I ..... ~ ..... ~ C ..... I'\) N l>> ::::II" CD CD .. -n l>> .. C -e. .....en<m..... :::.: CD n' = :::.: K3~CD-K3 CS.O.;'O ..... l>> ........... 1\).,;::::iI7" ,'<-.= ~~3~j;) ~..l>> w ..... CD = ..... ~=- K3 cc 0 ..... ::! ..... 0) :; 01 c.> w w w o o .... o o ~ .. .... C) C) ~ .. 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"* *" "* ';Ji. 00 ~ .g N 8 IV .... o ;.:, ..., )> s: S' Peachtree City Airport Authority Balance Sheet Prey Year Comparison As of March 31, 2012 Mar31,12 Feb 29, 12 $ Change ,sets Checking/Savings 1000 . General Fund Account 172,410.12 216,465.25 (44,055.13) 1002 . Reserve Account 539,285.07 539,285.07 0.00 1005. Grant Account 294.55 294.55 0.00 1008. Falcon Field Veterans Memorial 48,527.34 48,525.48 1.86 Total Checking/Savings 760,517.08 804,570.35 (44,053.27) Accounts Receivable 1100 . Accounts Receivable 1,201.87 14,144.74 (12,942.87) 1104 . Prepaid Accounts Receivable 30,900.87 24,234.73 6,666.14 1105 . AIR Loans/Other 1,000.00 1,000.00 0.00 Total Accounts Receivable 33,102.74 39,379.47 (6,276.73) Other Current Assets 1080 . Petty Cash 500.00 500.00 0.00 1101 . Accrued AIR-Hotel/Motel 17,285.94 8,110.94 9,175.00 1150 . Grants Receivable 25,140.00 25,140.00 0.00 1200. Inventory 40,540.59 51,816.91 (11,276.32) - 1499. Undeposited Funds 54.00 (50.00) 104.00 Total~herCurrentAssets 83,520.53 85,517.85 (1,997.32) Total Current Assets 877,140.35 929,467.67 (52,327.32) Fixed Assets 1505. Improvements(Airfield) 19,350,261.59 19,350,261.59 0.00 1506 . Land 7,687,974.01 7,687,974.01 0.00 1510 . Buildings & Improvement 6,954,780.51 6,920,580.51 34,200.00 1520 . Machinery & Equipment 366,018.93 359,416.93 6,602.00 1530 . Under Construction 364,627.20 364,627.20 0.00 1570 . Equipment 2,326.14 2,326.14 0.00 1681 . Accum depreciation - Other (12,929,511.37) (12,867,201.37) (62,310.00) Total Fixed Assets 21,796,477.01 21,817,985.01 (21,508.00) ~her Assets 1301 . Prepaid Sales Tax Liability 3,011.48 3,011.48 0.00 1320 . Prepaid Workers' Comp 4,805.61 3,846.51 959.10 1321 . Prepaid Ins/General Liabilty 3,622.98 4,226.81 (603.83) 1322. Prepaid Prof. Liab. Ins. 1,819.60 2,122.80 (303.20) - 1323 . Prepaid Property Ins. 476.00 952.00 (476.00) 1324 . Prepaid Auto Ins. 2,574.96 3,004.12 (429.16) 1330. Prepaid Other (FAA/ASOS) 3,537.47 4,420.83 (883.36) 1525 . Loan Costs 5,000.00 5,000.00 0.00 04/05/12 Pea.chtree City Airpprt Authority Balance Sheet Prey Y$r Comparison As of March 31, 2012 ! M~r 31,12 Feb 29,12 $ Change ~ 1682. Accumulated Amortization 1 (4,121.00) (4,080.00) (41.00) Total Other Assets 120,727.10 22,504.55 (1,777.45) TOTAL ASSETS 22,694,344.46 22,769,957.23 (75,612.77) LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 2000 . Accounts Payable 1,811.86 30,986.66 (29,174.80) Total Accounts Payable 1,811.86 30,986.66 (29,174.80) Other Current Liabilities 2001 . Accts Payable/Accruals 21,005.11 18,604.46 2,400.65 2050 . Accrued Wages 7,271.00 4,091.88 3,179.12 2055 . Compensated absences 3,344.80 3,344.80 0.00 2100 . Employee Health Ins. Payable (691.99) 3.06 (695.05) 2101 . Employee Dental Ins. Payable (413.29) (326.34) (86.95) 2110 . Co. Paid Employee Health 908.90 (364.74) 1,273.64 2111 . Simple IRA (115.38) (115.38) 0.00 2190. Sales Tax Payable 5,083.20 5,978.45 (895.25) 2220 . State Withholding Tax Payable 1,080.30 1,033.14 47.16 2280 . Accrued FUT A 450.41 385.09 65.32 2285 . Accrued SUT A 1,668.34 1,331.50 336.84 2510 . Long- Term Debt 66,083.15 66,083.15 0.00 2690 . Deposits - Hangars 5,000.00 5,000.00 0.00 2962 . Unearned Prepaid Revenue 30,900.87 24,234.73 6,666.14 2963 . Veterans Memorial Donation 43,871.93 43,931.93 (60.00) 2964 . J.Cobb-Memorial 4,584.46 4,584.46 0.00 Total Other Current Liabilities ~90,031.81 177,800.19 12,231.62 , Total Current Liabilities ~91,843.67 208,786.85 (16,943.18) Long Term Liabilities 2811 . Note Payable #20-Bldg Renov i 36,017.55 39,371.73 (3,354.18) 2814 . Note Payable #23-CIP ~82,590.32 384,779.98 (2,189.66) Total Long Term Liabilities ~18,607.87 424,151.71 (5,543.84) , Total Liabilities ~10,451.54 632,938.56 (22,487.02) - Equity 3030 . Contrib. Capital - Grant i 19,933.87 19,933.87 0.00 3035 . Contrib.,Capital - Donation ! 2,1125,000.00 2,125,000.00 0.00 3040 . Retained Earnings 9 398,851.92 9,398,851.92 0.00 04/05/12 Peachtree City Airport Authority Balance Sheet Prey Year Comparison As of March 31, 2012 Mar 31, 12 Feb 29,12 $ Change ~ 3051 . Contr. Capital - FAA #02 1,221,311.00 1,221,311.00 0.00 3052. Contr. Capital- FAA #03 2,126,666.00 2,126,666.00 0.00 3053, Contr. Capital- FAA #04 2,126,667.00 2,126,667.00 0.00 3054. Contr. Capital- FAA #05 2,126,667.00 2,126,667.00 0.00 3055 . Contr. Capital - FAA #06 183,844.00 183,844.00 0.00 3056 . Contr. Capital - FAA #07 710,537.00 710,537.00 0.00 3057 . Contr. Capital - FAA #08 653,506.00 653,506.00 0.00 3058, Contr. Capital- FAA #09 390,320.00 390,320.00 0.00 3059, Contr. Capital - FAA #10 184,408.00 184,408.00 0.00 3060 . Contr. Captial - FAA #11 271,956.00 271 ,956.00 0.00 3070 . Contr. Capital - State #1-113 38,857.55 38,857.55 0.00 3071 . Contr. Capital - State #2-113 66,500.00 66,500.00 0.00 3072 . Contr. Capital - State #3-113 104,000.00 104,000.00 0.00 3073 . Contr. Capital - State #4-113 7,425.00 7,425.00 0.00 3074. Contr. Capital- State #5-113 96,640.00 96,640.00 0.00 3075, Contr. Capital- State #6-113 316,950.00 316,950.00 0.00 3076 . Contr. Capital - State #7-113 29,519.00 29,519.00 0.00 3077 . Contr. Capital - State #8-113 9,180.00 9,180.00 0.00 3078, Contr. Capital- State #9-113 16,707.10 16,707.10 0.00 3079. Contr. Capital- State #10-113 60,566.44 60,566.44 0.00 3080 . Contr. Capital - State #11-113 511.13 511.13 0.00 3081 . Contr. Capital - State #12-113 5,697.90 5,697.90 0.00 Net Income (208,328.99) (155,203.24) (53,125.75) Total Equity 22,083,892.92 22,137,018.67 (53,125.75) TOTAL LIABILITIES & EQUITY 22,694,344.46 22,769,957.23 (75,612.77)