Page 43 - BAA CAFR 2017

BIRMINGHAM AIRPORT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS

NOTE 4 FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
REPORTED AT FAIR VALUE (CONTINUED)

The fair value presented herein is based on pertinent information available to
management as of June 30, 2017 and 2016. Although management is not aware of
any factors that would significantly affect fair value amounts, future events or other
valuation techniques for determining fair value may differ significantly from the
amounts presented herein.

NOTE 5 OPERATING LEASES

The Authority is the lessor of terminal space, land, and buildings at the Airport
under various operating leases for periods through 2027. Some of the leases, in
addition to non-cancellable amounts at fixed rates, provide for additional payments
based on usage or activity. The following is a table of future minimum non-
cancellable lease payments to the Authority:

2018 $ 11,038,476
2019 10,161,338
2020 10,024,777
2021 9,784,777
2022 983,326
2023 - 2027 2,303,158
Thereafter 1,161,875

$ 45,457,727

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