Page 25 - BAA CAFR 2017

BIRMINGHAM AIRPORT AUTHORITY
Management's Discussion and Analysis (Unaudited) (continued)
Fiscal Years Ended June 30, 2017,2016, and 2015

The airline cost per enplaned passenger is calculated by adding all the airport charges to the airlines
during a fiscal year and dividing that sum by the number of passengers enplaned by the airlines
during the twelve-month period.

CHANGES IN NET POSITION
From July 1, 2016 to June 30, 2017, net position increased by $3.2 million or by 0.7%.
From July 1, 2015 to June 30, 2016, net position increase by $5.8 million or by 1.4%.

2017 2016 2015
Operating revenue:
Space rentals $ 9,205,501 $ 9,273,080 $ 11,296,350
Concession fees - parking 12,615,023 12,984,370 12,764,253
Concession fees - other 8,643,213 8,783,938 7,057,996
Landing fees 10,303,116 10,114,416 10,277,188
Fuel flowage 340,322 327,774 312,429
Ground hangar rentals 1,458,502 1,545,886 1,445,876
Other revenues 1,263,601 1,016,731 899,430
Total operating revenues 43,829,278 44,046,195 44,053,522
Operating expenses
Personnel costs 11,810,425 11,279,857 11,705,510
Pension expense 3,501,021 4,793,349 1,632,061
Security and fire protection 4,520,505 4,080,074 3,920,943
Utilities 1,912,000 2,137,622 2,265,915
Professional services 568,201 735,644 1,186,682
Materials and supplies 1,154,405 996,564 1,401,053
Repairs and maintenance 3,627,252 3,619,370 3,126,806
Other services 1,815,147 2,583,089 2,246,992
Total operating expenses before depreciation
and amortization 28,908,956 30,225,569 27,485,962
Depreciation and amortization 17,342,863 16,311,707 15,572,715
Total operating expenses 46,251,819 46,537,276 43,058,677
Operating income (loss) before non-operating
revenues (expenses) (2,422,541) (2,491,081) 994,845
Non-Operating Revenues (Expenses):
Passenger facility charges 5,208,341 5,258,436 5,241,743
Customer facility charges 4,745,406 4,830,565 4,725,271
Interest income 239,243 110,407 130,593
Interest expense (9,572,401) (9,606,613) (9,011,341)
Gain on disposal of capital assets - 110,000 -
Insurance settlement 27,283 - -
Unrealized gain (loss) on investments (net) 33,013 (8,115) (8,806)
Total non-operating revenues 680,885 694,680 1,077,460
Income (loss) before capital contributions
from federal agency (1,741,656) (1,796,401) 2,072,305
Capital contributions from federal agency 4,937,446 7,600,907 6,844,392
Net Position:

Increase in net position 3,195,790 5,804,506 8,916,697
Total net position, beginning of the year-restated
(Note 19) 431,839,367 426,034,861 417,118,164
Total net position, end of the year $435,035,157 $431,839,367 $426,034,861
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