HomeMy WebLinkAboutIR 2552 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 2552
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o�fUP� To the Mayor and Members of the City Council September 8, 1975
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�tX Subject: ANALYSIS OF REVENUES AND EXPENDITURES FOR AIRPORTS FUND
During Council budget study sessions, it was requested that information be
provided relative to the net earnings of Meacham Field and Greater
Southwest International Airport.
The combined earnings of the two fields have never shown sufficient
gains to provide for substantial capital imprcvements. Prior to 1960,
general obligation bonds were sold for this purpose and were serviced by
the General Fund. In 1960, $6,000,000 of Airport Revenue bonds were
sold for improvements (approximately 89% attributable to G.S.I.A. and
11% to Meacham) , which were to have been serviced from Airport Revenues.
Since that time, the revenue debt service payments have been budgeted
each year in the Airports Fund, which has averaged approximately $400,000
annually. The airports could not earn enough from normal revenues to
offset both operating expenditures and the debt service. Therefore, it
became necessary for the General Fund to subsidize whatever amount was
necessary to balance the budget. This amount has ranged from a low of
$75,000 to a high of $400,000 annually.
The 1975-76 proposed budget shows the revenue debt service in the Airports
Fund to be $377,690. Of this amount, approximately 11% ($43,434) is
applicable to Meacham Field and 89% ($334,256) to G.S.I.A.
Meacham Field shows projected revenue for 1975-76 of $480,135 (including
$12,000 of prior year revenue for the non-recurring expense of repairing
the fence along Main Street) . The operating expenses which include
direct operational expense, general administration (distributed) , and
departmental support expense (distributed) is estimated to be $448,522.
This leaves an excess of revenues over operating expenditures of $31,613.
Since the debt service for Meacham is $43,434, this means that, of the
total contribution from the General Fund, the amount of $11,821 is
attributable to Meacham Field.
Greater Southwest International Airport shows a projected income of
$235,040 for 1975-76. The operating expenses are estimated to be $85,904,
which leaves an excess of revenues over expenditures of $149,136. The
debt service for G.S.I.A. is $334,256, therefore, the contribution from
the General Fund necessary to balance the account is $185,120.
The following table shows a detailed breakdown of the revenues and ex-
penditures for each field, as proposed in the 1975-76- budget, and the
contribution needed from the General Fund to balance the budget for
each.
L ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 2552 - Page 2
oi10itr� To the Mayor and Members of the City Council September 8, 1975
Subject: ANALYSIS OF REVENUES AND EXPENDITURES FOR AIRPORTS FUND
PROPOSED AIRPORTS BUDGET FOR 1975-76
Meacham
Field GSIA Total
Revenues
Operational Income $468,135 $235,040 $703,175
Prior Year 12,000 - 12,000
Total Revenue $480,135 $235,040 $715,175
Expenditures
Operating
Direct Operational Expense $335,251 $ 67,063 $402,314
General Administration
(Distributed) 51,660 12,915 64,575
Departmental Support Expense 61,611 5,926 67,537
Sub-Total $448,522 $ 85,904 $534,426
Debt Service 435434 334,256 377,690
Total Expenditures $491,956 $420,160 $912,116
Contribution Required from
General Fund $ 11,821 $185,120 $196,941
If additional information is desired by the Couneil, it will be supplied
upon request.
Respectfully submitted,
exzL_
R. N. Line
City Manager
RNL:bee
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS