Guidebook for Developing General Aviation Airport Business Plans (2012)

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132 CHAPTER 11 FINANCIAL 11.1 Introduction 11.2 Financial and Accounting Principles 11.3 Financial Departments 11.4 Funding 11.5 Financial Statements 11.6 Performance Measures 11.7 Budgets 11.8 Wrap-Up 11.9 Templates 11.1 INTRODUCTION The fiduciary responsibilities of general aviation airport managers and policymakers should never be taken lightly. Stakeholders expect that these responsibilities will be pursued with utmost diligence. As indicated previously, under Airport Sponsor Assurance #24, the FAA requires that any AIP-funded airport be as financially self-sustaining as possible given the circumstances that exist at the airport. The development and implementation of an airport business plan provides the opportunity for airport managers and policymakers to demonstrate that fiduciary responsibilities and the requirements of the FAA are being taken seriously. An airport’s financial statements, budgets, and performance measures are considered essential tools for achieving goals and realizing the mission and vision for the airport. This chapter provides information that will help facilitate the development of these essential tools. In addition to examining financial statements, budgets, and performance measures, this chapter will discuss GAAP, financial and accounting systems, financial controls, common financial departments, and typical funding mechanisms. Before taking the job 3 years ago, the airport manager had been the operations manager at a large general aviation airport in a major metropolitan area. There were 20 employees at the airport and the responsibilities of each employee were highly specialized. Being the airport manager at a small general aviation airport provided the opportunity to delve into all aspects of the airport and the airport manager was excited by the challenges that presented. When it came to preparing budgets, reviewing financial statements, and tracking performance measures, the airport manager understood the importance of this aspect of the job, took it seriously, and pursued it diligently. As a result, over the years, the airport manager gained a fond appreciation of the value of being able to “crunch the numbers.”

Financial 133 Planning is bringing the future into the present so that you can do something about it now. – Alan Lakein Only those portions of this chapter relevant to achieving the goals established for the airport need to be consulted. When examining the relevant areas, the planning team should look for opportunities to develop objectives that will help achieve the goals. Each goal can have multiple objectives. 11.2 FINANCIAL AND ACCOUNTING PRINCIPLES Typically, a general aviation airport is owned and operated as a public, not-for-profit, agency by a government entity, commonly referred to as the airport sponsor. Airport managers should always manage the financial aspects of the airport to the "bottom line" and strive to maximize financial self-sufficiency. When it comes to the financial management of a public agency airport, the bottom line is better known as a surplus or deficit versus a profit or loss, terms more commonly used in the private sector. Airports are required to be operated in a fiscally responsible manner and a good argument can be made that airports should be operated like businesses. Further, general aviation airports differ from private-sector entities in other ways, including purpose, involvement of stakeholders as compared to investors, and ability to raise funds by securing grants or tax proceeds. Therefore, the financial and accounting principles used at an airport need to be consistent with best practices and provide the basis for holding policymakers accountable. Overseeing the financial management and accounting functions of an airport is not for the faint of heart. If an airport manager does not have a good working knowledge of accounting and financial management principles, these functions should be overseen by a knowledgeable individual either internally or externally. However, it is important that airport managers have a basic understanding of financial and accounting principles and be able to (1) interpret the airport's financial statements; (2) prepare the airport’s budgets; (3) understand the role and function of performance measures; and (4) oversee the airport’s financial and accounting functions. FINANCIAL AND ACCOUNTING SYSTEMS Beyond effectively managing the financial affairs of an airport to the bottom line, to develop and implement an airport business plan, sound financial and accounting systems are required. An airport’s financial and accounting systems can be as simple as a spreadsheet or as complex as a sophisticated software package. A simple software package that is easily administered may be best suited for the financial management and accounting functions of a general aviation airport, especially at smaller, less active airports or if resources are limited. Public agencies must follow GAAP which has been adopted by the Governmental Accounting Standards Board (GASB). GASB is an independent organization that establishes and improves standards of financial and accounting reporting for state and local governments (www.gasb.org). GASB’s financial and accounting principles are focused primarily on maintaining accountability. Public agency financial and accounting guidance is also provided by the Government Finance Officers Association (GFOA)—(www.gfoa.org). GFOA’s mission statement is “… to enhance and promote professional management of governments for the public benefit by identifying and developing financial policies and best practices and promoting their use through education, training, facilitation of member networking, and leadership.”

134 Guidebook for Developing General Aviation Airport Business Plans One of the key components of effective financial and accounting systems is the development of a detailed Chart of Accounts, which is typically divided into eight primary categories: (1) assets; (2) liabilities; (3) net assets; (4) operating revenues; (5) operating cost of goods sold; (6) operating expenses; (7) non-operating sources of funds; and (8) non-operating uses of funds. These categories need to be consistent with the airport’s financial statements, which are discussed in detail in Section 11.5—Financial Statements. FINANCIAL CONTROLS Financial controls should be considered during the development and implementation of an airport business plan. Consistent with best practices, financial controls are typically used to monitor financial transactions, report financial results, protect assets, and eliminate the potential for embezzlement, fraud, or other financial crimes. Financial controls should include the establishment of minimum staff qualifications and experience; responsibilities and authority; policies and procedures; and document management, storage, and retrieval for accounts receivable, accounts payable, bank accounts, payroll, capital assets, and inventories. 11.3 FINANCIAL DEPARTMENTS Understanding the source of operating revenues and operating expenses of an airport is critical to the development and implementation of an airport business plan. The results of the survey of general aviation airports conducted for the development of this Guidebook indicated that airports with a business plan had, on average, 2010 operating revenues of $1,452,500 and airports without a business plan had, on average, 2010 operating revenues of $568,284. The best way to gain a better understanding of the source of operating revenues and operating expenses is to identify each of the airport’s financial departments. Discussion of some of the most common financial departments at general aviation airports follows. ADMINISTRATION In the administration department, the financial transactions associated with the administrative and management functions of the airport are tracked. This includes airport manager and administrative staff compensation and governing body expenses. Most often, this department will not generate any direct revenue other than administrative fees associated with applications or permits. The net operating surplus or deficit of the administrative department can and should be proportionally allocated to other departments to facilitate the setting and adjustment of fees. This type of allocation, which is consistent with a best-practices approach for recovering operating costs by charging fees, can help maximize financial self- sufficiency. Allocations to the other departments and secondary and tertiary revenue and expense centers can be made using various methods, including percentage of related revenues, percentage of related expenses, weighted payroll (time or dollars), square footages, and other factors. The resulting allocation can be applied to the net operating surplus or deficit or by line item. An operating department typically has a department head and associated staff (e.g., administration, properties, operations, and maintenance). A financial department provides a place—in the airport’s financial statements and budgets—to record, track, and report the department’s financial performance.

Financial 135 AIRSIDE The airside department tracks the financial transactions associated with the airside infrastructure and improvements, such as runways, taxiways, ramps, lighting, striping, and utilities. This includes staff payroll and the expenses associated with operating and maintaining airside infrastructure and improvements as well as associated vehicles, equipment, and tools. Some examples of airside revenue include fuel flowage fees, landing fees, based aircraft fees, and transient aircraft fees. LANDSIDE The landside department tracks the financial transactions associated with the airport’s landside infrastructure and improvements, such as public roadways, public vehicle parking, lighting, and utilities. This includes staff payroll and the expenses associated with operating and maintaining landside infrastructure and improvements as well as associated vehicles, equipment, and tools. Typically, the landside unit will not generate any direct revenue other than vehicle permit and parking fees. The net operating surplus or deficit of the landside department can and should be proportionally allocated to other departments, other than the administration department, to facilitate the setting and adjustment of fees. The methods that can be used for allocating landside net operating surpluses or deficits to other departments are similar to the approaches described in the administrative department overview. AVIATION REAL ESTATE The aviation real estate department tracks the financial transactions associated with the (1) leasing of airport land for the development of lessee-owned improvements and facilities and (2) leasing of improvements and facilities owned by the airport sponsor used for aviation purposes. The properties available for lease for aviation purposes, but currently not being leased, would be included in this department. If necessary, secondary and tertiary revenue and expense centers can be identified to gain a better understanding of the operating surpluses and deficits associated with these centers. In Figure 11-1, some examples of aviation real estate uses are provided. FIGURE 11-1: Aviation Real Estate Uses FAA Improvements and Facilities •Control tower •Approach equipment •Navigation equipment FBO Improvements and Facilities •General aviation terminal building •Offices •Shops •Storage •Aircraft hangars •Ramp •Vehicle parking areas •Fuel storage SASO Improvements and Facilities •Aircraft maintenance and repair •Avionics and instruments •Aircraft rental •Flight training •Aircraft charter •Aircraft management •Specialized services Aircraft Storage Improvements and Facilities •Ramp (including tiedown spaces) •Shadeports •T-hangars •Executive/box hangars •Community hangars •Corporate hangars •Maintenance hangars

136 Guidebook for Developing General Aviation Airport Business Plans NON-AVIATION REAL ESTATE The non-aviation real estate department tracks the financial transactions associated with the (1) leasing of airport land for the development of lessee-owned improvements and facilities and (2) leasing of improvements and facilities owned by the airport sponsor used for non-aviation purposes. The properties available for lease for non- aviation purposes, but currently not being leased, would be included in this department. If necessary, secondary and tertiary operating revenue and expense centers can be identified to gain a better understanding of the operating surpluses and deficits associated with these centers. In Figure 11-2, some examples of non-aviation real estate uses are provided. Generally, the FAA must approve any non-aeronautical use of airport property designated for aeronautical purposes. FIGURE 11-2: Non-Aviation Real Estate Uses 11.4 FUNDING The identification and use of subsidies is an economic reality for many general aviation airports. The survey of general aviation airports conducted for the development of this Guidebook indicated that only 17.5% of airports with a business plan relied on operating subsidies, while approximately 35.6% of airports without a business plan relied on operating subsidies. The budgets to support the airport’s goals may indicate a deficit. In such a situation, it is incumbent on the airport manager and policymakers to identify non-operating sources of funds or debt financing to support initiatives set forth in the airport business plan. Recreational •Campground •Entertainment center •Golf course •Hunting and fishing •Hiking and biking •Skate park •Race (go-cart) track •Gaming Commercial •Convenience store •Hotel or motel •Rental car facility •Restaurant •Shopping (retail) center •Automobile dealership •Gasoline station •Car wash Office and Storage •Educational institution •Industrial park •Office building •Storage units •Technology park •Warehouse •Vehicle parking •RV and boat storage Other •Advertising billboards •Agriculture and forestry •Cellular telephone towers •Oil, gas, or mineral exploration, production, or extraction •Public safety or emergency services

Financial 137 NON-OPERATING SOURCES OF FUNDS According to the survey of general aviation airports conducted for the development of this Guidebook, airports with a business plan were able to identify and secure, on average, $1,877,600 (in 2010) of non-operating sources of funds, primarily grants. By comparison, airports without a business plan only secured, on average, $885,869 (in 2010) of non-operating sources of funds, primarily grants. Non-operating sources of funds typically come from external sources, are not debt related, and are not directly related to the use of the airport or the leasing of airport land, improvements, and facilities. Some specific examples of non-operating sources of funds follow. FEDERAL GRANTS Federal grant funding is available to support the purchase of land; the development, major maintenance or repair, and replacement of airside infrastructure, improvements, and facilities; the purchase of airside maintenance vehicles, equipment, and tools; and airside planning efforts. The most common source of federal funding is provided through AIP. Any public-use general aviation airport included in the NPIAS is eligible to obtain grant funding that can cover a substantial portion of eligible costs. The FAA’s authorizing legislation delineates the total amount of funds available through AIP, the classification and distribution of such funds (e.g., entitlement, set- aside, or discretionary), and the extent of matching funds required. More information on AIP is provided in ACRP Report 16: Guidebook for Managing Small Airports. STATE GRANTS All states have a department dedicated to overseeing the state’s transportation system and some states have a department dedicated solely to aviation and/or airports. Such departments may have funds that can be used as matching funds or supplements to AIP funds. The types of projects eligible for state funding vary from state to state and may include landside roadways, vehicle parking lots, utility infrastructure, street lighting, or general aviation terminal buildings. Furthermore, projects focused on airport operations, such as the development of primary planning and guiding documents, and revenue-generating improvements, such as hangars and fuel storage facilities, may also be eligible. TAXATION AND GOVERNMENT SUBSIDIES In many cases, general aviation airports receive subsidies from the airport sponsor to cover operating deficits or provide matching funds required to receive federal and state grants. Some airports may also receive subsidies from other municipalities or counties that benefit from the presence of the airport. Some general aviation airports receive funding through property taxes, both directly and indirectly. An airport may be granted direct taxing authority through state legislation when a stand-alone entity, such as an airport authority, is established to own and operate an airport. In other situations, airports may indirectly benefit from the taxing authority of the airport sponsor, such as a municipality or county, when a portion of the taxes collected by the airport sponsor are designated for the airport. For example, the Truckee Tahoe Airport District, which owns and operates Truckee Tahoe Airport in Truckee, California, receives a share of property taxes collected within the district. The DuPage Airport Authority, an Illinois Special District, which owns and operates DuPage Airport in West Chicago, has taxing authority within the airport’s district.

138 Guidebook for Developing General Aviation Airport Business Plans INVESTMENT INCOME Investment income is associated with interest or gains directly tied to the investment of airport funds. DONATIONS While less common, private donations may also be a source of funding. Donations can be used as matching funds to help secure a grant or as capital for projects, vehicles, equipment, tools, and materials that may not be eligible under federal and state grant programs. For example, a local businesswoman offered to donate $10,000 to the Norwalk-Huron County Airport in Norwalk, Ohio, to be used as matching funds to help secure an AIP grant. In North Carolina, businesses benefiting from the presence of the Raleigh Executive Jetport at Sanford-Lee County donated money to furnish and decorate rooms in a new general aviation terminal building. A plaque in each room acknowledges the donation and recognizes each contributor. SALE OF SURPLUS ASSETS An airport’s vehicles, equipment, tools, and other capital assets should be evaluated periodically to identify items that may no longer be needed, are beyond useful life, or have become obsolete. Such assets should be sold in accordance with airport policies and procedures. The sale of surplus assets may require the reimbursement or reinvestment of the federal or state share of grant monies used for the initial acquisition. DEBT FINANCING Long-term loans are typically used to finance the acquisition of land; the purchase of vehicles, equipment, or tools; and the development of infrastructure, improvements, or facilities not eligible for grant funding. Short-term loans or lines of credit are typically used to supplement working capital to cover operating expenses during cash flow short falls. Various bonding mechanisms can be used to raise funds for projects not eligible for grants. A general obligation bond is typically backed by the general tax revenues of the airport sponsor. However, the airport’s revenue stream, not the tax revenues of the airport sponsor or revenues specifically associated with the bonding project, is typically used to service the debt associated with revenue bonds. Special facility bonds can be used to fund the development of a single or multi-tenant facility and the revenue generated through leasing the facility can then be used to service the debt. More information on debt financing is provided in ACRP Synthesis 1: Innovative Finance and Alternative Sources of Revenue for Airports. 11.5 FINANCIAL STATEMENTS Financial statements are used to record, track, and report the airport’s financial performance and position and check progress toward achieving the financial goals established for the airport.

Financial 139 A public agency uses a different set of financial statements than private-sector entities. Stakeholders should be able to review an airport’s financial statements and determine if airport managers and policymakers are being good stewards of the airport’s assets, taking the FAA requirement to be as financially self-sustaining as possible seriously, and meeting the fiduciary responsibilities expected of public servants. A description of the financial statements used to manage the financial affairs of a general aviation airport follows. The intricacy of the financial statements should match the complexity of the airport or business operating environment. The number of financial departments and the detail of the Chart of Accounts should be based on the measures of financial health and performance selected and consistent with the goals established for the airport. STATEMENT OF NET ASSETS A Statement of Net Assets identifies the airport’s assets and liabilities, with the difference between the two being reported as net assets. This statement provides insight into the financial condition or health of the airport at a specific point in time, not for a period of time. Assets include current assets, non-current assets, and capital (fixed) assets. Liabilities include current and long-term liabilities. In the private sector, this financial statement is commonly referred to as a Balance Sheet. Net assets represent the airport’s net worth or the overall financial strength of the airport. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the airport is improving or deteriorating. The cost of an asset, identified in a Statement of Net Assets, may not accurately reflect the current market value of the asset. During the airport business planning process, the capital asset list should be reviewed for completeness and currency, and all capital assets currently in service, including capital assets purchased with grant funds, should be identified. This list will be extremely helpful during the budgeting process for identifying the capital assets that need to be replaced and the schedule for doing so. The useful life of a capital asset can, and many times will, be different than the tax depreciation life of a capital asset. Template 11-1: Capital Asset List The Capital Asset List Template is designed to help the planning team identify the existing capital assets of the airport, the purchase date, the associated general ledger account number, the purchase cost, and the estimated replacement date. The capital asset list should be organized by financial department. While this template is provided at the end of the chapter, it is recommended that the reader use the template in Part 4 of the digital files which can be opened, modified, and saved for future reference or printing.

140 Guidebook for Developing General Aviation Airport Business Plans STATEMENT OF FINANCIAL ACTIVITIES A Statement of Financial Activities identifies the airport’s operating revenues, operating cost of goods sold, operating expenses, non-operating sources of funds, and non-operating uses of funds over a specific period of time. In combination, this results in a net change— surplus or deficit—to the airport’s net assets. In the private sector, this financial statement is commonly referred to as an Income Statement. In order to accurately reflect the financial performance of the airport, this statement should be prepared using the accrual accounting approach, as opposed to a cash basis approach, to reflect revenues and expenses when earned and incurred instead of when received and paid. The Statement of Financial Activities represents the airport’s financial performance over a period of time (e.g., 1 month, 1 quarter, 1 year, etc.). Seasonal changes or extraordinary financial transactions can skew financial results, especially if the statement covers a period of less than 1 year. This can create significant challenges when analyzing and evaluating financial results. In addition to evaluating financial performance over various periods of time, the airport’s financial or accounting software should be designed to segregate financial results by financial department. This will be helpful during the business planning process and will make it much easier to analyze and evaluate the financial performance of each department in the future. STATEMENT OF CASH FLOWS A Statement of Cash Flows identifies the cash and cash equivalent activities associated with operating activities, non-capital financing activities, capital financing activities, and investing activities over a specific period of time. This statement does not measure operating or non-operating surplus or deficit or the availability of working capital; it models the airport’s financial liquidity and solvency or short-term ability to meet financial obligations. Because this statement is measuring cash flow, it is prepared using the cash basis approach. The relationship among these financial statements, the period each financial statement depicts, and a description of what each statement conveys is shown in Figure 11-3. FIGURE 11-3: Financial Statements—Relationships •What happened financially Statement of Financial Activities During Current Period •What happened financially Statement of Cash Flows During Current Period •Where airport "was" financially Statement of Net Assets End of Prior Period •Where airport "is" financially Statement of Net Assets End of Current Period When using the cash basis approach, revenues (accounts receivable) are recorded when received (not earned) and expenses (accounts payable) are recorded when paid (not incurred).

Financial 141 When presenting financial statements to stakeholders, a section should be dedicated to management’s discussion and analysis (MD&A), and financial statement notes should be provided to explain the unique nuances associated with each statement or particular line items that may not be readily apparent. The MD&A should provide an objective analysis of the airport's financial health and performance based on current facts, conditions, and circumstances. The discussion should focus on a comparison of the airport’s current year results with the previous year results. Tables, charts, and graphs should be used to illustrate key points. The discussion is general rather than specific and only the most relevant information should be provided. FINANCIAL STATEMENT TEMPLATES The Financial Statement Templates (Statement of Net Assets, Statement of Financial Activities-Airport, Statement of Financial Activities-Airport Operated FBO, and Statement of Cash Flows) are designed to help the planning team develop the airport’s financial statements. Although these templates are provided at the end of the chapter, it is recommended that the reader use the templates in Part 4 of the digital files which can be opened, modified, and saved for future reference or printing. Template 11-2: Statement of Net Assets Template 11-3: Statement of Financial Activities (Airport) Template 11-4: Statement of Financial Activities (Airport Operated FBO) Template 11-5: Statement of Cash Flows SYNOPSIS In combination, the financial statements discussed in this section will help airport managers and policymakers: • Assess the financial health and performance of the airport and each financial department; • Determine whether financial health and performance have improved or deteriorated; • Ascertain whether operating revenues and non-operating sources of funds are sufficient to achieve the goal of being financially self-sustaining; • Ensure that the airport sponsor has maintained control of airport revenues and not diverted funds for non-airport purposes; and • Evaluate the cost of providing the airport’s land, infrastructure, improvements, and facilities which can, in turn, serve as the basis for conducting a cost recovery analysis. Chicago Executive Airport in Prospect Heights and Wheeling, Illinois, has been preparing comprehensive financial reports for several years and on numerous occasions the airport’s reports have been awarded the Certificate of Achievement for Excellence in Financial Reporting from the GFOA. This award is the highest form of recognition for excellence in state and local government financial reporting. A link to Chicago Executive Airport’s comprehensive annual financial report follows: http://www.palwaukee.org/docs/CAFR/ CAFR2010.pdf

142 Guidebook for Developing General Aviation Airport Business Plans Financial Operational Combined (Financial and Operational) 11.6 PERFORMANCE MEASURES Many measures can be used to determine how an airport is performing. Performance measures can be used to compare financial and operational results between current and historical periods and compare results to the performance of comparable and competitive airports, a practice commonly referred to as comparative analysis. Airport performance measures typically fall into the following categories: financial; operational; or a combination of both. Calculating and analyzing performance measures may reveal characteristics or traits that were not identified during the review of financial or operational results. While capturing current and past financial and operational results, performance measures are commonly used to identify changes and trends and make projections. Airport managers must select the most relevant and appropriate performance measures for the airport and share the results with stakeholders on a regular basis. The selected performance measures should be directly related to the goals established for the airport. Figure 11-4 identifies some of the key financial, operational, and combined performance measures that could be used. FIGURE 11-4: Key Performance Measures Operating revenue o Total, financial department, line item Cost of goods sold o Total, financial department, line item Operating Expenses o Total, financial department, line item Non-operating sources of funds o Total, financial department, line item Non-operating uses of funds o Total, financial department, line item Capital assets Current ratio Gross profit margin Internal rate of return Operating profit margin Quick ratio A/R or A/P turnover Land o Total, leasable, leased, available o Aviation, non-aviation Improvements o Total, leasable, leased, available o Aviation, non-aviation Aircraft operations o Total, itinerant, local Based aircraft o Total, piston, turboprop, jet, helicopter, other Fuel volumes o Jet, avgas, mogas o Based and transient o Commercial, non-commercial Employees (full time equivalent or FTE) o Management o Staff Revenue per o Square foot o Operation o Based aircraft o Gallon o Employee Operating expenses per o Square foot o Operation o Based aircraft o Gallon o Employee Operating profit margin for o Square foot o Operation o Based aircraft o Gallon o Employee • • • • • • • • • • • • • • • • • • • • •

Financial 143 A good plan is like a road map: It shows the final destination and usually the best way to get there. - H. Stanley Judd Table 11-1 identifies some of the possible relationships among the key performance measures. TABLE 11-1: Performance Measures Matrix 11.7 BUDGETS A budget is one of the principal elements of an airport business plan. A budget forecasts the financial health and performance of the airport. This includes forecasting an airport’s operating revenues, operating cost of goods sold, operating expenses, non-operating sources of funds, non- operating uses of funds, and capital expenditures for a specific period of time, typically a calendar year or a fiscal year. However, in seasonal markets, budgets should be broken down by month or quarter. Being able to understand, develop, present, and implement a budget is an important responsibility of an airport manager. This ability is integral to being a good steward of the airport’s assets, meeting fiduciary responsibilities, and maintaining accountability. To ta l ( al l) Le as ab le (a ll) Le as ed (a ll) To ta l ( av ia ti on ) Le as ab le (a vi ati on ) Le as ed (a vi ati on ) To ta l ( no n- av ia ti on ) Le as ab le (n on -a vi ati on ) Le as ed (n on -a vi ati on ) To ta l ( al l) Le as ab le (a ll) Le as ed (a ll) To ta l ( av ia ti on ) Le as ab le (a vi ati on ) Le as ed (a vi ati on ) To ta l ( no n- av ia ti on ) Le as ab le (n on -a vi ati on ) Le as ed (n on -a vi ati on ) To ta l Iti ne ra nt Lo ca l To ta l Je t Tu rb op ro p Pi st on He lic op te r To ta l Je t f ue l Ba se d Tr an sie t To ta l M an ag em en t St aff OPERATING REVENUE Total             By Financial Department                                  By Line Item                                  COST OF GOODS SOLD Total  By Financial Department     By Line Item     OPERATING EXPENSES Total             By Financial Department                                  By Line Item                                  OPERATING INCOME Total             By Financial Department             By Line Item                                  NON-OPERATING SOURCES OF FUNDS Total           By Financial Department           By Line Item           NON-OPERATING USES OF FUNDS Total           By Financial Department           By Line Item           CHANGE IN NET ASSETS Total             By Financial Department             By Line Item                                  ASSETS Total             By Financial Department                              By Line Item                              LIABILITIES Total             By Financial Department                              By Line Item                              AVIATION FUEL VOLUMES AIRPORT EMPLOYEES GENERAL AVIATION AIRPORT FINANCIAL and OPERATIONAL PERFORMANCE MEASURES LAND (ACRES) IMPROVEMENTS (AIRPORT OWNED) AIRCRAFT OPERATION NUMBER OF BASED AIRCRAFT

144 Guidebook for Developing General Aviation Airport Business Plans Consistent with best practices, key steps when developing and implementing a budget follow (see Figure 11-5): • Analyze historical results and compare previous year to prior year (actual to budgeted) results and performance measures. • Understand influencing factors that may affect financial results. • Consider the effect on finances of the other elements of the airport business plan, such as the airport’s mission, vision, goals, objectives, and action plans. • Obtain input from the planning team. • Enlist the experience and knowledge of airport management, staff, and outside advisors to gain insight about past performance, identify the best ways to achieve goals, and help prepare realistic and attainable budgets for the airport. • Prepare budgets giving consideration to historical results, influencing factors, seasonality of the market, the effect associated with the other principal elements (especially, action plans), and input from the planning team, airport management, staff, and outside advisors. • Present budgets to policymakers for review and adoption. • Implement budgets and share them with airport management, staff, and stakeholders. • Check progress using the airport’s financial and accounting systems to record, track, and report results and analyze variances between actual and budgeted results. FIGURE 11-5: Budgeting Process • Make adjustments to the budget as needed. • Analyze historical results at the conclusion of the budget period in preparation for developing the next budget. BUDGETS Two primary budgets should be included in the airport business plan—a Financial Budget and an Operating Budget. These budgets can be prepared for the entire airport, each financial department (on a revenue or cost- center basis), or each project or program (e.g., capital, revenue, and expense). A discussion of each type of budget follows. Analyze Historical Results Understand Influencing Factors Consider Airport Business Plan Obtain Planning Team Input Enlist Experience of Others Prepare Budgets Adopt Budgets Implement Budgets Check Progress/ Results Make Adjustments (as needed)

Financial 145 FINANCIAL BUDGET The Financial Budget aligns with the Statement of Net Assets and Statement of Cash Flows. This budget identifies all planned sources and uses of cash and anticipated capital investment and expenditures identified during the business planning process. For general aviation airports identified in the NPIAS, a CIP is required to secure AIP funding. The elements of a CIP should be incorporated into the financial budget. OPERATING BUDGET The Operating Budget aligns with the Statement of Financial Activities. This budget identifies the forecasted operating revenues, operating cost of goods sold, and operating expenses projected during the business planning process. BUDGETING TECHNIQUES While historical financial results provide the foundation for developing a budget, various budgeting techniques can be used to forecast the financial performance of a general aviation airport. A discussion of the techniques most commonly used at general aviation airports follows. INCREMENTAL BUDGETING This budgeting technique focuses primarily on the results achieved during the previous financial period. Beyond this, an analysis of the previous 3-to-5-year period can be used to identify macro (or global) and micro (or line- item) trends. Inflationary trends can be examined as well. When using historical financial results for incremental budgeting, it is critical to eliminate any extraordinary or non-recurring operating revenues, operating expenses, or capital expenditures from consideration. ZERO-BASED BUDGETING Zero-based budgeting connects each functional area to the budget. This budgeting technique is used primarily during the preparation of an Operating Budget. Historical financial results and associated variances are set aside during this budgeting process. Operating revenues and expenses are established with consideration given only to the priority, timing, and schedule for achieving the goals set forth in the airport’s business plan. PERFORMANCE-BASED BUDGETING This budgeting technique typically focuses on identifying the capital resources and operating expenditures required to achieve the goals, accomplish the objectives, and complete the action plans for the airport. Capital resources may not be available, in which case, additional capital resources would need to be secured or the goals, objectives, and action plans would need to be modified.

146 Guidebook for Developing General Aviation Airport Business Plans BUDGET TEMPLATES The Budget Templates (Budget-Statement of Net Assets, Budget-Statement of Financial Activities-Airport, Budget- Statement of Financial Activities-Airport Operated FBO, and Budget-Statement of Cash Flows) are designed to help the planning team develop budgets. While these templates are provided at the end of the chapter, it is recommended that the reader use the templates in Part 4 of the digital files which can be opened, modified, and saved for future reference or printing. Template 11-6: Budget-Statement of Net Assets Template 11-7: Budget-Statement of Financial Activities (Airport) Template 11-8: Budget-Statement of Financial Activities (Airport Operated FBO) Template 11-9: Budget-Statement of Cash Flows 11.8 WRAP-UP This chapter discussed the fiduciary responsibilities of airport managers and policymakers and provided information to facilitate the development of financial statements, budgets, and performance measures which are considered essential tools for achieving goals and realizing the mission and vision for the airport. In addition to discussing each of these tools, this chapter examined GAAP, financial and accounting systems, financial controls, common financial departments, and funding mechanisms. 11.9 TEMPLATES • Template 11-1: Capital Asset List • Template 11-2: Statement of Net Assets • Template 11-3: Statement of Financial Activities (Airport) • Template 11-4: Statement of Financial Activities (Airport Operated FBO) • Template 11-5: Statement of Cash Flows • Template 11-6: Budget-Statement of Net Assets • Template 11-7: Budget-Statement of Financial Activities (Airport) • Template 11-8: Budget-Statement of Financial Activities (Airport Operated FBO) • Template 11-9: Budget-Statement of Cash Flows

Financial 147 TEMPLATE 11-1: CAPITAL ASSET LIST CHAPTER 11: FINANCIAL This template will help the planning team identify the airport’s capital assets, the purchase date, the description, the associated general ledger account number, the purchase cost, and the estimated replacement date. Item Name Item # PurchaseDate Description GL Account # Purchase Cost Estimated Replacement Date ADMINISTRATION DEPARTMENT Office Furniture -$ Office Equipment -$ Vehicles -$ -$ -$ -$ -$ -$ -$ -$ Subtotal -$ AIRSIDE DEPARTMENT Land -$ Runways -$ Taxiways -$ Vehicles -$ Equipment -$ -$ -$ -$ -$ Subtotal -$ LANDSIDE DEPARTMENT Land -$ Roadways -$ Vehicle Parking -$ Vehicles -$ Equipment -$ -$ -$ -$ Subtotal -$ AVIATION REAL ESTATE DEPARTMENT Land -$ Terminal -$ Office Buildings -$ Shop Buildings -$ Hangars -$ Vehicle Parking -$ Ramp -$ Taxilanes -$ Vehicles -$ Equipment -$ -$ -$ Subtotal -$ NON-AVIATION REAL ESTATE DEPARTMENT Land -$ Buildings -$ Vehicle Parking -$ Vehicles -$ Equipment -$ -$ -$ -$ Subtotal -$ AVIATION PRODUCTS AND SERVICES DEPARTMENT Fuel Storage Facility -$ Office Equipment -$ Office Furniture -$ Terminal Furniture -$ Vehicles -$ Equipment -$ Refueling Vehicles -$ Ground Support Equipment -$ -$ -$ -$ Subtotal -$ TOTAL -$ CAPITAL ASSET LIST Name of Airport Date

148 Guidebook for Developing General Aviation Airport Business Plans TEMPLATE 11-2: STATEMENT OF NET ASSETS CHAPTER 11: FINANCIAL The Financial Statement Templates are designed to help the planning team develop the airport’s financial statements. The Statement of Net Assets identifies the airport’s assets and liabilities, with the difference between the two being reported as net assets. % of Total Amount % of Total Amount % Change Amount CURRENT ASSETS Cash and Cash Equivalents 0.0% -$ 0.0% -$ 0.0% -$ Investments 0.0% -$ 0.0% -$ 0.0% -$ Accounts Receivable 0.0% -$ 0.0% -$ 0.0% -$ Inventories 0.0% -$ 0.0% -$ 0.0% -$ Prepaid Expenses 0.0% -$ 0.0% -$ 0.0% -$ Other Current Assets 0.0% -$ 0.0% -$ 0.0% -$ TOTAL CURRENT ASSETS 0.0% -$ 0.0% -$ 0.0% -$ CAPITAL ASSETS Capital Assets (Not Being Depreciated) Airside - Land 0.0% -$ 0.0% -$ 0.0% -$ Airside - Infrastructure In Progress 0.0% -$ 0.0% -$ 0.0% -$ Landside - Land 0.0% -$ 0.0% -$ 0.0% -$ Landside - Infrastructure in Progress 0.0% -$ 0.0% -$ 0.0% -$ Aviation Real Estate - Land 0.0% -$ 0.0% -$ 0.0% -$ Aviation Real Estate - Improvements in Progress 0.0% -$ 0.0% -$ 0.0% -$ Non-Aviation Real Estate - Land 0.0% -$ 0.0% -$ 0.0% -$ Non-Aviation Real Estate - Improvements in Progress 0.0% -$ 0.0% -$ 0.0% -$ Total Capital Assets (Not Being Depreciated) 0.0% -$ 0.0% -$ 0.0% -$ Capital Assets (Being Depreciated) Airside Infrastructure 0.0% -$ 0.0% -$ 0.0% -$ Landside Infrastructure 0.0% -$ 0.0% -$ 0.0% -$ Aviation Real Estate Improvements 0.0% -$ 0.0% -$ 0.0% -$ Non-Aviation Real Estate Improvements 0.0% -$ 0.0% -$ 0.0% -$ Vehicles and Equipment 0.0% -$ 0.0% -$ 0.0% -$ Total Capital Assets (Being Depreciated) 0.0% -$ 0.0% -$ 0.0% -$ Accumulated Depreciation -$ -$ 0.0% -$ Net Capital Assets (Being Depreciated) 0.0% -$ 0.0% -$ 0.0% -$ NET CAPITAL ASSETS 0.0% -$ 0.0% -$ 0.0% -$ TOTAL ASSETS 0.0% -$ 0.0% -$ 0.0% -$ % of Total Amount % of Total Amount % Change Amount CURRENT LIABILITIES Accounts Payable 0.0% -$ 0.0% -$ 0.0% -$ Accrued Expenses 0.0% -$ 0.0% -$ 0.0% -$ Accrued Interest Payable 0.0% -$ 0.0% -$ 0.0% -$ Security Deposits 0.0% -$ 0.0% -$ 0.0% -$ Accrued Payroll 0.0% -$ 0.0% -$ 0.0% -$ Unearned Rent 0.0% -$ 0.0% -$ 0.0% -$ Current Portion of Loans Payable 0.0% -$ 0.0% -$ 0.0% -$ Other Current Liabilities 0.0% -$ 0.0% -$ 0.0% -$ TOTAL CURRENT LIABILITIES 0.0% -$ 0.0% -$ 0.0% -$ LONG-TERM LIABILITIES Loans Payable 0.0% -$ 0.0% -$ 0.0% -$ Other Long-Term Liabilities 0.0% -$ 0.0% -$ 0.0% -$ TOTAL LONG-TERM LIABILITIES 0.0% -$ 0.0% -$ 0.0% -$ TOTAL LIABILITIES -$ -$ 0.0% -$ NET ASSETS Invested in Capital Assets (Net of Related Debt) 0.0% -$ 0.0% -$ 0.0% -$ Restricted - Capital Projects 0.0% -$ 0.0% -$ 0.0% -$ Restricted - Debt Service 0.0% -$ 0.0% -$ 0.0% -$ Restricted - Other Purposes 0.0% -$ 0.0% -$ 0.0% -$ Unrestricted 0.0% -$ 0.0% -$ 0.0% -$ NET ASSETS 0.0% -$ 0.0% -$ 0.0% -$ Name of Airport STATEMENT OF NET ASSETS Statement Date CURRENT PERIOD PREVIOUS PERIOD NET CHANGE

Financial 149 TEMPLATE 11-3: STATEMENT OF FINANCIAL ACTIVITIES (AIRPORT) CHAPTER 11: FINANCIAL The Financial Statement Templates are designed to help the planning team develop the airport’s financial statements. The Statement of Financial Activities (Airport) identifies the airport’s operating revenues, operating cost of goods sold, operating expenses, non-operating sources of funds, and non-operating uses of funds over a specific period of time. % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount OPERATING REVENUES Landing Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Fuel Flowage Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Based Aircraft Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Transient Aircraft Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Application Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Permit Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ US Custom Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Other Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Land Rent 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Vehicle Parking Rent 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Ramp Rent 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Terminal Rent 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Office Rent 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Shop Rent 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Hangar Rent 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Other Rent 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Other Revenues 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ TOTAL REVENUE 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ COST OF GOODS SOLD 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ GROSS MARGIN 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount OPERATING EXPENSES Bad Debts 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Bank and Credit Card Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Communications and Connectivity 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Contributions and Donations 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Dues and Subscriptions 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Employee Benefits 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Employee Recruiting and Testing 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Insurance 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Lease (Rent) 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ License, Fees, and Business Taxes 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Maintenance 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Marketing and Public Relations 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Office Equipment 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Payroll 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Payroll Taxes 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Postage and Delivery 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Professional Services 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Security 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Supplies and Materials 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Training 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Travel, Meals, and Entertainment 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Uniforms 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Utilities 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Vehicle and Equipment Leasing 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Vehicle and Equipment Maintenance 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Vehicle and Equipment Operations 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ TOTAL OPERATING EXPENSES 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ OPERATING INCOME -$ -$ -$ -$ -$ -$ % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount NON-OPERATING SOURCES OF FUNDS (NOSF) Federal Government Grant and Monies 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ State Government Grant and Monies 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Local Government Grant and Monies 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Airport Sponsor Subsidy 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Investment Income 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Gain on Sale of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Other Non-Operating Sources of Funds 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ TOTAL NOSF 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NON-OPERATING USES OF FUNDS (NOUF) Depreciation Expense 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Amortization Expense 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Interest Expense 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Loss on Sale of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Other Non-Operating Use of Funds 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ TOTAL NOUF 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ CHANGE IN NET ASSETS -$ -$ -$ -$ -$ -$ NET ASSETS, Beginning of Period -$ -$ -$ -$ -$ -$ NET ASSETS, End of Period -$ -$ -$ -$ -$ -$ Financial Period (From - To) TOTAL STATEMENT OF FINANCIAL ACTIVITIES (AIRPORT) Name of Airport ADMINISTRATION AIRSIDE LANDSIDE AVIATION REAL ESTATE NON-AVIATION REAL ESTATE

150 Guidebook for Developing General Aviation Airport Business Plans TEMPLATE 11-4: STATEMENT OF FINANCIAL ACTIVITIES (AIRPORT OPERATED FBO) CHAPTER 11: FINANCIAL The Financial Statement Templates are designed to help the planning team develop the airport’s financial statements. The Statement of Financial Activities (Airport Operated FBO) identifies the operating revenues, operating cost of goods sold, operating expenses, non-operating sources of funds, and non-operating uses of funds for the airport’s FBO over a specific period of time. % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount OPERATING REVENUES Retail Aviation Fuel and Additives 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Contract Aviation Fuel and Additives 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Oils and Lubricants 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Ramp (Aircraft Parking) 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Pilot Supplies 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Line (Ground) Services 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Passenger/Crew Services 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Aircraft Storage 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Other Revenues 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ TOTAL REVENUE 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ COST OF GOODS SOLD 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ GROSS MARGIN 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount OPERATING EXPENSES Bad Debts 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Bank and Credit Card Fees 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Communications and Connectivity 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Contributions and Donations 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Dues and Subscriptions 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Employee Benefits 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Employee Recruiting and Testing 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Insurance 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Lease (Rent) 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ License, Fees, and Business Taxes 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Maintenance 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Marketing and Public Relations 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Office Equipment 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Payroll 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Payroll Taxes 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Postage and Delivery 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Professional Services 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Security 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Supplies and Materials 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Training 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Travel, Meals, and Entertainment 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Uniforms 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Utilities 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Vehicle and Equipment Leasing 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Vehicle and Equipment Maintenance 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Vehicle and Equipment Operations 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ TOTAL OPERATING EXPENSES 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ OPERATING INCOME -$ -$ -$ -$ -$ -$ % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount % of Total Amount NON-OPERATING SOURCES OF FUNDS (NOSF) Federal Government Grant and Monies 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ State Government Grant and Monies 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Local Government Grant and Monies 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Airport Sponsor Subsidy 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Investment Income 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Interest Income 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Gain on Sale of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Other Non-Operating Sources of Funds 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ TOTAL NOSF 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NON-OPERATING USES OF FUNDS (NOUF) Depreciation Expense 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Amortization Expense 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Interest Expense 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Loss on Sale of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ Other Non-Operating Uses of Funds 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ TOTAL NOUF 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ CHANGE IN NET ASSETS -$ -$ -$ -$ -$ -$ NET ASSETS, Beginning of Period -$ -$ -$ -$ -$ -$ NET ASSETS, End of Period -$ -$ -$ -$ -$ -$ STATEMENT OF FINANCIAL ACTIVITIES (AIRPORT OPERATED FBO) Name of Airport's FBO Financial Period (From - To) TOTAL Jet A Avgas Mogas Products and Services Facilities

Financial 151 TEMPLATE 11-5: STATEMENT OF CASH FLOWS CHAPTER 11: FINANCIAL The Financial Statement Templates are designed to help the planning team develop the airport’s financial statements. The Statement of Cash Flows identifies the airport’s cash and cash equivalent activities—positive and negative—associated with operating activities, non-capital financial activities, capital financing activities, and investing activities over a specific period of time. % of Total Amount % of Total Amount % Change Amount CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Airport Lessees, Permittees, and Users 0.0% -$ 0.0% -$ 0.0% -$ Receipts from FBO Customers 0.0% -$ 0.0% -$ 0.0% -$ Receipts from Others 0.0% -$ 0.0% -$ 0.0% -$ Payments to Vendors 0.0% -$ 0.0% -$ 0.0% -$ Payments to Suppliers 0.0% -$ 0.0% -$ 0.0% -$ Payments to Employees 0.0% -$ 0.0% -$ 0.0% -$ Payments to Others 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NET CASH FROM OPERATING ACTIVITIES 0.0% -$ 0.0% -$ 0.0% -$ CASH FLOWS FROM NON-OPERATING ACTIVITIES Grants 0.0% -$ 0.0% -$ 0.0% -$ Subsidies 0.0% -$ 0.0% -$ 0.0% -$ Investment Income 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NET CASH FROM NON-OPERATING ACTIVITIES 0.0% -$ 0.0% -$ 0.0% -$ CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Other Revenues (Expenses) 0.0% -$ 0.0% -$ 0.0% -$ Proceeds from Current and Long-Term Liabilities 0.0% -$ 0.0% -$ 0.0% -$ Interest Paid on Current and Long-Term Liabilities 0.0% -$ 0.0% -$ 0.0% -$ Principal Paid on Current and Long-Term Liabilities 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NET CASH FROM NONCAPITAL FINANCING ACTIVITIES 0.0% -$ 0.0% -$ 0.0% -$ CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES Acquisition of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ Construction of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ Disposal of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ Proceeds from Current and Long-Term Liabilities 0.0% -$ 0.0% -$ 0.0% -$ Interest Paid on Current and Long-Term Liabilities 0.0% -$ 0.0% -$ 0.0% -$ Principal Paid on Current and Long-Term Liabilities 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NET CASH FROM CAPITAL AND RELATED FINANCING ACTIVITIES 0.0% -$ 0.0% -$ 0.0% -$ CASH FLOWS FROM INVESTING ACTIVITIES Purchase (Sale) of Investments 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NET CASH FROM INVESTING ACTIVITIES 0.0% -$ 0.0% -$ 0.0% -$ NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0.0% -$ 0.0% -$ 0.0% -$ CASH AND CASH EQUIVALENTS, Beginning of period 0.0% -$ 0.0% -$ 0.0% -$ CASH AND CASH EQUIVALENTS, End of period 0.0% -$ 0.0% -$ 0.0% -$ STATEMENT OF CASH FLOWS Name of Airport Statement Date CURRENT PERIOD PREVIOUS PERIOD NET CHANGE

152 Guidebook for Developing General Aviation Airport Business Plans TEMPLATE 11-6: BUDGET-STATEMENT OF NET ASSETS CHAPTER 11: FINANCIAL The Budget Templates are designed to help the planning team develop the airport’s budgets. The Budget- Statement of Net Assets identifies the airport’s budgeted and actual assets and liabilities, with the difference between the two being reported as net assets. % of Total Amount % of Total Amount % Change Amount CURRENT ASSETS Cash and Cash Equivalents 0.0% -$ 0.0% -$ 0.0% -$ Investments 0.0% -$ 0.0% -$ 0.0% -$ Accounts Receivable 0.0% -$ 0.0% -$ 0.0% -$ Inventories 0.0% -$ 0.0% -$ 0.0% -$ Prepaid Expenses 0.0% -$ 0.0% -$ 0.0% -$ Other Current Assets 0.0% -$ 0.0% -$ 0.0% -$ TOTAL CURRENT ASSETS 0.0% -$ 0.0% -$ 0.0% -$ CAPITAL ASSETS Capital Assets (Not Being Depreciated) Airside - Land 0.0% -$ 0.0% -$ 0.0% -$ Airside - Infrastructure In Progress 0.0% -$ 0.0% -$ 0.0% -$ Landside - Land 0.0% -$ 0.0% -$ 0.0% -$ Landside - Infrastructure in Progress 0.0% -$ 0.0% -$ 0.0% -$ Aviation Real Estate - Land 0.0% -$ 0.0% -$ 0.0% -$ Aviation Real Estate - Improvements in Progress 0.0% -$ 0.0% -$ 0.0% -$ Non-Aviation Real Estate - Land 0.0% -$ 0.0% -$ 0.0% -$ Non-Aviation Real Estate - Improvements in Progress 0.0% -$ 0.0% -$ 0.0% -$ Total Capital Assets (Not Being Depreciated) 0.0% -$ 0.0% -$ 0.0% -$ Capital Assets (Being Depreciated) Airside Infrastructure 0.0% -$ 0.0% -$ 0.0% -$ Landside Infrastructure 0.0% -$ 0.0% -$ 0.0% -$ Aviation Real Estate Improvements 0.0% -$ 0.0% -$ 0.0% -$ Non-Aviation Real Estate Improvements 0.0% -$ 0.0% -$ 0.0% -$ Vehicles and Equipment 0.0% -$ 0.0% -$ 0.0% -$ Total Capital Assets (Being Depreciated) 0.0% -$ 0.0% -$ 0.0% -$ Accumulated Depreciation -$ -$ 0.0% -$ Net Capital Assets (Being Depreciated) 0.0% -$ 0.0% -$ 0.0% -$ NET CAPITAL ASSETS 0.0% -$ 0.0% -$ 0.0% -$ TOTAL ASSETS 0.0% -$ 0.0% -$ 0.0% -$ % of Total Amount % of Total Amount % Change Amount CURRENT LIABILITIES Accounts Payable 0.0% -$ 0.0% -$ 0.0% -$ Accrued Expenses 0.0% -$ 0.0% -$ 0.0% -$ Accrued Interest Payable 0.0% -$ 0.0% -$ 0.0% -$ Security Deposits 0.0% -$ 0.0% -$ 0.0% -$ Accrued Payroll 0.0% -$ 0.0% -$ 0.0% -$ Unearned Rent 0.0% -$ 0.0% -$ 0.0% -$ Current Portion of Loans Payable 0.0% -$ 0.0% -$ 0.0% -$ Other Current Liabilities 0.0% -$ 0.0% -$ 0.0% -$ TOTAL CURRENT LIABILITIES 0.0% -$ 0.0% -$ 0.0% -$ LONG-TERM LIABILITIES Loans Payable 0.0% -$ 0.0% -$ 0.0% -$ Other Long-Term Liabilities 0.0% -$ 0.0% -$ 0.0% -$ TOTAL LONG-TERM LIABILITIES 0.0% -$ 0.0% -$ 0.0% -$ TOTAL LIABILITIES -$ -$ 0.0% -$ NET ASSETS Invested in Capital Assets (net of related debt) 0.0% -$ 0.0% -$ 0.0% -$ Restricted - Capital Projects 0.0% -$ 0.0% -$ 0.0% -$ Restricted - Debt Service 0.0% -$ 0.0% -$ 0.0% -$ Restricted - Other Purposes 0.0% -$ 0.0% -$ 0.0% -$ Unrestricted 0.0% -$ 0.0% -$ 0.0% -$ NET ASSETS 0.0% -$ 0.0% -$ 0.0% -$ BUDGET-STATEMENT OF NET ASSETS Name of Airport Statement Date BUDGET ACTUAL VARIANCE

Financial 153 TEMPLATE 11-7: BUDGET-STATEMENT OF FINANCIAL ACTIVITIES (AIRPORT) CHAPTER 11: FINANCIAL The Budget Templates are designed to help the planning team develop the airport’s budgets. The Budget- Statement of Financial Activities identifies the airport’s budgeted and actual operating revenues, operating cost of goods sold, operating expenses, non-operating sources of funds, and non-operating uses of funds over a specific period of time. Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual OPERATING REVENUES Landing Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Fuel Flowage Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Based Aircraft Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Transient Aircraft Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Application Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Permit Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ US Custom Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Land Rent -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Vehicle Parking Rent -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Ramp Rent -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Terminal Rent -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Office Rent -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Shop Rent -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Hangar Rent -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Rent -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Revenues -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL REVENUE -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ COST OF GOODS SOLD -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ GROSS MARGIN -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual OPERATING EXPENSES Bad Debts -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Bank and Credit Card Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Communications and Connectivity -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Contributions and Donations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Dues and Subscriptions -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Employee Benefits -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Employee Recruiting and Testing -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Insurance -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Lease (Rent) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ License, Fees, and Business Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Maintenance -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Marketing and Public Relations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Office Equipment -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Payroll -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Payroll Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Postage and Delivery -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Professional Services -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Security -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Supplies and Materials -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Training -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Travel, Meals, and Entertainment -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Uniforms -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Utilities -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Vehicle and Equipment Leasing -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Vehicle and Equipment Maintenance -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Vehicle and Equipment Operations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL OPERATING EXPENSES -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ OPERATING INCOME -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual NON-OPERATING SOURCES OF FUNDS (NOSF) Federal Government Grant and Monies -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ State Government Grant and Monies -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Local Government Grant and Monies -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Airport Sponsor Subsidy -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Investment Income -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Interest Income -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Gain on Sale of Capital Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Non-Operating Sources of Funds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL NOSF -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ NON-OPERATING USES OF FUNDS (NOUF) Depreciation Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Amortization Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Interest Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Loss on Sale of Capital Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Non-Operating Uses of Funds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL NOUF -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ CHANGE IN NET ASSETS -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ NET ASSETS, Beginning of Period -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ NET ASSETS, End of Period -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Financial Period (From - To) TOTAL BUDGET-STATEMENT OF FINANCIAL ACTIVITIES (AIRPORT) Name of Airport ADMINISTRATION AIRSIDE LANDSIDE AVIATION REAL ESTATE NON-AVIATION REAL ESTATE

154 Guidebook for Developing General Aviation Airport Business Plans TEMPLATE 11-8: BUDGET-STATEMENT OF FINANCIAL ACTIVITIES (AIRPORT OPERATED FBO) CHAPTER 11: FINANCIAL The Budget Templates are designed to help the planning team develop the airport’s budgets. The Budget- Statement of Financial Activities-Airport Operated FBO identifies the budgeted and actual operating revenues, operating cost of goods sold, operating expenses, non-operating sources of funds, and non-operating uses of funds for the airport’s FBO over a specific period of time. Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual OPERATING REVENUES Retail Aviation Fuel and Additives -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Contract Aviation Fuel and Additives -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Oils and Lubricants -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Ramp (Aircraft Parking) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Pilot Supplies -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Line (Ground) Services -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Passenger/Crew Services -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Aircraft Storage -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Revenues -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL REVENUE -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ COST OF GOODS SOLD -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ GROSS MARGIN -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual OPERATING EXPENSES Bad Debts -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Bank and Credit Card Fees -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Communications and Connectivity -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Contributions and Donations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Dues and Subscriptions -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Employee Benefits -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Employee Recruiting and Testing -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Insurance -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Lease (Rent) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ License, Fees, and Business Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Maintenance -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Marketing and Public Relations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Office Equipment -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Payroll -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Payroll Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Postage and Delivery -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Professional Services -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Security -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Supplies and Materials -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Training -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Travel, Meals, and Entertainment -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Uniforms -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Utilities -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Vehicle and Equipment Leasing -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Vehicle and Equipment Maintenance -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Vehicle and Equipment Operations -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL OPERATING EXPENSES -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ OPERATING INCOME -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget Actual NON-OPERATING SOURCES OF FUNDS (NOSF) Federal Government Grant and Monies -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ State Government Grant and Monies -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Local Government Grant and Monies -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Airport Sponsor Subsidy -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Investment Income -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Interest Income -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Gain on Sale of Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Non-Operating Sources of Funds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL NOSF -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ NON-OPERATING USES OF FUNDS (NOUF) Depreciation Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Amortization Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Interest Expense -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Loss on Sale of Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Other Non-Operating Uses of Funds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TOTAL NOUF -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ CHANGE IN NET ASSETS -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ NET ASSETS, Beginning of Period -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ NET ASSETS, End of Period -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ BUDGET-STATEMENT OF FINANCIAL ACTIVITIES (AIRPORT OPERATED FBO) Name of Airport's FBO Financial Period (From - To) TOTAL Jet A Avgas Mogas Products and Services Facilities

Financial 155 TEMPLATE 11-9: BUDGET-STATEMENT OF CASH FLOWS CHAPTER 11: FINANCIAL The Budget Templates are designed to help the planning team develop the airport’s financial budgets. The Budget- Statement of Cash Flows identifies the airport’s budgeted and actual cash and cash equivalent activities—positive and negative—associated with operating activities, non-capital financial activities, capital financing activities, and investing activities over a specific period of time. % of Total Amount % of Total Amount % Change Amount CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Airport Lessees, Permittees, and Users 0.0% -$ 0.0% -$ 0.0% -$ Receipts from FBO Customers 0.0% -$ 0.0% -$ 0.0% -$ Payments to Vendors 0.0% -$ 0.0% -$ 0.0% -$ Payments to Employees 0.0% -$ 0.0% -$ 0.0% -$ Other 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NET CASH FROM OPERATING ACTIVITIES 0.0% -$ 0.0% -$ 0.0% -$ CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Other Revenue (Expense) 0.0% -$ 0.0% -$ 0.0% -$ Proceeds from Loans and Notes 0.0% -$ 0.0% -$ 0.0% -$ Interest Paid on Loans and Notes 0.0% -$ 0.0% -$ 0.0% -$ Principal Paid on Loans and Notes 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NET CASH FROM NONCAPITAL FINANCING ACTIVITIES 0.0% -$ 0.0% -$ 0.0% -$ CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES Acquisition of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ Construction of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ Disposal of Capital Assets 0.0% -$ 0.0% -$ 0.0% -$ Proceeds from Loans and Notes 0.0% -$ 0.0% -$ 0.0% -$ Interest Paid on Loans and Notes 0.0% -$ 0.0% -$ 0.0% -$ Principal Paid on Loans and Notes 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ 0.0% -$ NET CASH FROM CAPITAL AND RELATED FINANCING ACTIVITIES 0.0% -$ 0.0% -$ 0.0% -$ CASH FLOWS FROM INVESTING ACTIVITIES Purchase (Sale) of Investments 0.0% -$ 0.0% -$ 0.0% -$ Interest Earned 0.0% -$ 0.0% -$ 0.0% -$ Other 0.0% -$ 0.0% -$ 0.0% -$ NET CASH FROM INVESTING ACTIVITIES 0.0% -$ 0.0% -$ 0.0% -$ NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0.0% -$ 0.0% -$ 0.0% -$ CASH AND CASH EQUIVALENTS, Beginning of period 0.0% -$ 0.0% -$ 0.0% -$ CASH AND CASH EQUIVALENTS, End of period 0.0% -$ 0.0% -$ 0.0% -$ BUDGET-STATEMENT OF CASH FLOWS Name of Airport Statement Date BUDGET ACTUAL VARIANCE