Audit Report - 1984
SALINA AIRPORT AUTHORITY
Salina, Kansas
AUDIT REPORT
Year 1984
A. H. LECKBAND & CO.
Certified Public Accountants
Accounting Bldg., 719 East Crawford
Salina, Kansas 67401
SALINA AIRPORT AUTHORITY
TABLE OF CONTENTS
Auditor's Report
Financial Statements
Balance Sheet
Statement of Revenues, Expenses and Changes in
Statement of Changes in Financial Position
Summary of Capital Expenditures
Notes to Financial Statements
SUPPLEMENTAL INFORMATION
Financial Statements-Airport Revolving Account
Balance Sheet
Statement of Revenues, Expenses and Changes in
Statement of Changes in Financial Position
Capital Expenditures-Airport Revolving Account
Financial Statements-Building Revenue Account
Balance Sheet
Statement of Revenues, Expenses and Changes in
Statement of Changes in Financial Position
Capital Expenditures-Building Revenue Account
Bonds of Indebtedness (Summary)
General Obligation Bonds
Building Revenue Bonds-Series
Building Revenue Bonds-Series
Building Revenue Bonds-Series
1973
1973-2
1984
Reconcilement of Fiscal Agency Account
Schedule of Investments
Insurance in Force
1
Equity
2
3
4
5
6-7
Equity
8
9-10
11
12
Equity
13
14
15
16
17
18
19
20
21
22
23
24
A.
H.
LECK8AND
&
co.
CERTIFIED PUBLIC ACCOUNTANTS
719 EAST CRAWFORD SALINA, KANSAS 67401
A. H. LECK8AND. C.P.A.
EUGENE O. HARRISON. C.P.A.
MEMBERS AMERICAN INSTITUTE OF' CERTIF'IED PUBLIC ACCOUNTANTS
ACCOUNTING DEPARTMENT (913) 827-7244
DATA PROCESSING DEPARTMENT (913) 827-7245
February 18,
1985
The Board of Directors
Salina Airport Authority
Salina, Kansas
We have examined the financial statements listed in the table of contents of the
Salina Airport Authority, Salina, Kansas, for the year ended December 31, 1984.
Our examination was made in accordance with generally accepted auditing standards
and the Minimum Standard Audit Program approved by the State Municipal Accounting
Board, and accordingly included such tests of the accounting records and such
other auditing procedures as we considered necessary in the circumstances. We
have previously examined and reported on the financial statements for the preceding
year, and have given an unqualified opinion on them.
In our opinion, the aforementioned financial statements present fairly the financial
position of the General Operating Fund of the Salina Airport Authority at December
31, 1984, and the results of its operations and changes in its financial position
for the year then ended, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year.
The accompanying supplemental information listed on the table of contents is not
necessary for a fair presentation of the financial statements, but is presented
as additional analytical data. This information has been subjected to the tests
and other auditing procedures applied in the examination of the financial statements
mentioned above and, in our opinion is fairly stated in all material respects
in relation to the financial statements taken as a whole.
A.H. LECKBAND & CO.
~/cJ.¿¿~~
Eugëne O. Harr~son, ..
in charge of and actively
engaged in this audit.
1
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
BALANCE SHEET
ASSETS
CURRENT ASSETS
Cash in banks
Certificates of deposit
Notes receivable
Prepaid bond interest
1984
December 31
1983
515,000.00 250,000.00
7,858,526.50 6,622,145.85
$8,447,334.77 $6,968,737.05
$ 178,604.32
1,120,000.00
9,853.72
3,978.75
TOTAL CURRENT ASSETS
$1,312,436.79
RESTRICTED ASSETS
Certificates of deposit
Provision for Bond Reserve
Provision for Replacement and
Depreciation
Reserve Fund for Non-Recurring Main-
tenance and Capital Improvements
$
18,000.00
5,000.00
40,000.00
TOTAL RESTRICTED ASSETS
$
63,000.00
FIXED ASSETS
Equipment
Buildings
Other Improvements
Land
$ 673,602.71
5,623,651.67
2,322,655.96
478,000.00
$9,097,910.34
2,092,010.38
Less-accumulated depreciation
TOTAL FIXED ASSETS
$7,005,899.96
OTHER ASSETS
Long-term notes receivable
$
65,998.02
TOTAL ASSETS
$8,447,334.77
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Payroll deductions
Bond payable
Deferred rent income
Accrued bond interest
$
2,320.36
55,000.00
5,916.03
10,571.88
TOTAL CURRENT LIABILITIES
$
73,808.27
LONG-TERM LIABILITIES
Bonds payable
EQUITY
TOTAL LIABILITIES AND EQUITY
$
577 ,061. 24
580,000.00
9,684.82
9,412.50
$1,176,158.56
$
21,000.00
12,000.00
40,000.00
$
73,000.00
$ 639,116.64
4,560,420.90
1,728,465.07
478,000.00
$7,406,002.61
1,762,275.86
$5,643,726.75
$
75,851.74
$6,968,737.05
$
5,243.28
85,000.00
6 , 347 . 92
$
96,591.20
The notes to financial statements are an integral part of this statement.
2
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
STATEMENT OF REVENUE, EXPENSES, AND
CHANGES IN EQUITY
January 1 to December 31
1984 1983
REVENUES
Operating revenues
Income from mill levy
Proceeds of Airport Development Aid
Program grants
Property sales
Interest on property sales
Interest on investments
$1,023,840.86
345,800.28
514,616.21
2 , 401. 00
10,472.21
166,773.00
TOTAL REVENUES
$2,063,903.56
EXPENSES
Office and administration
Maintenance
Bond interest and expenses
Depreciation
$
193,321.94
269,047.93
27,418.71
337,734.33
TOTAL EXPENSES
$
827,522.91
EXCESS OF REVENUES OVER EXPENSES
$1,236,380.65
EQUITY-January 1
6,622,145.85
EQUITY-Decmeber 31
$7,858,526.50
$
971,348.04
310,086.46
706,621.69
142,000.00
11,344.08
121,662.48
$2,263,062.75
$
206,738.93
245,542.96
22,825.81
280,824.86
$
755,932.56
$1,507,130.19
5,115,015.66
$6,622,145.85
The notes to financial statements are an integral part of this statement.
3
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
January 1 to December 31
1984 1983
FUNDS WERE PROVIDED BY:
Excess of revenues over expenses
Depreciation
Disposition of fixed assets
Decrease in restricted assets
Decrease in long-term receivable
Increase in long-term liabilities
$1,236,380.65
337,734.33
11,899.81
10,000.00
9,853.72
400,000.00
TOTAL FUNDS PROVIDED
$2,005,868.51
FUNDS WERE APPLIED TO:
Capital expenditures
Depreciation on assets disposed of
Reduction of long-term liabilities
Increase in working capital
$1,703,807.54
7,999.81
135 ,000.00
159,061.16
TOTAL FUNDS APPLIED
$2,005,868.51
CHANGES IN WORKING CAPITAL
Current Assets-Increase (Decrease)
Cash in banks
Certificates of deposit
Notes receivable
Prepaid bond interest
$( 398,456.92)
540,000.00
168.90
( 5,433.75)
Current Liabilities-Decrease
Payroll deductions
Bonds payable
Deferred rent income
Accrued bond interest
(Increase)
(
(
2,922.92
30,000.00
5,916.03)
4,223.96)
TOTAL INCREASE
(DECREASE) IN WORKING CAPITAL
$
159,061.16
$1,507,130.19
280,824.86
9,533.05
$1,797,488.10
$
941,059.71
165,000.00
691,428.39
$1,797,488.10
$
372,442.80
310,000.00
1,740.04
559.42)
169.54)
5,000.00
2,974.51
$
691,428.39
The notes to financial statements are an integral part of this statement.
4
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
CAPITAL EXPENDITURES
Buildings
January 1 to December 31
1984 1983
$ 46,385.88 $ 41,127.01
1,063,230.77 196,078.64
594,190.89 703,854.06
$1,703,807.54 $ 941,059.71
Equipment
Other improvements
TOTAL CAPITAL EXPENDITURES
The notes to financial statements are an integral part of this statement.
5
THE SALINA AIRPORT AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
1.
The Salina Airport Authority is governed by a Board of five directors
appointed by the City Commission of City of Salina, Kansas. The
following directors served during the period of our examination:
Edward Pogue, Chairman
Thomas J. Kennedy, Vice-Chairman
Robert D. Wilbur, Secretary-Treasurer
Joe C. Cloud, Assistant Secretary
Carl Engstrom
Ben Vidricksen-term expired April 26,
1984
2.
The following officials, appointed by the Salina Airport
of Directors, served during the period of our examination:
Authority
Board
John F. Scanlan, Executive Vice-President
Donald C. Kneubuhl, Director of Operations
3.
Summary of accounting policies
A. The General Operating Fund is composed of two accounts-the Airport
Revolving Account and the Building Revenue Account. The Airport
Revolving Account is used for general airport operations and the
Building Revenue Account is for segregation of monies and establish-
ment of reserves as provided by the bond ordinances. The provisions
of the bond ordinances have been complied with.
B.
On May 13, 1980, the board of directors adopted a resolution authorizing
the establishment of a "Reserve Fund for Non-Recurring Maintenance
and Capital Expenditures" to be used only for those purposes after
board approval. The Reserve Fund had a balance of $40,000.00 at
December 31, 1984
C.
The accrual basis of accounting is used.
D.
Depository security is adequate for all accounts.
E.
Investments are stated at cost.
F.
Fixed assets are stated at cost. Depreciation is computed using the
straight-line method based on estimated useful lives as follows:
Equipment
Buildings
Other improvements
5-10 years
15-30 years
20 years
6
SALINA AIRPORT AUTHORITY
NOTES TO FINANCIAL STATEMENTS (continued)
December 31, 1984
4.
Composition of cash balances
Planters Bank and Trust Co., Salina, Kansas
First National Bank and Trust Co., Salina, Kansas
National Bank of America, Salina, Kansas
5.
Composition of certificates of deposit
First National Bank and Trust Co., Salina,
National Bank of America, Salina, Kansas
Planters Bank & Trust Co., Salina, Kansas
First Bank and Trust Co., Salina, Kansas
Kansas
$ 39,720.84
85,560.07
53,323.41
$ 178,604.32
$
131,000.00
566,000.00
386,000.00
100,000.00
$1,183,000.00
7
$ 2,320.36 $ 5,243.28
907,685.63 465,434.27
$ 910,005.99 $ 470,677.55
3,311,103.21 2,598,878.55
$4,221,109.20 $3,069,556.10
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
BALANCE SHEET
ASSETS
1984
CURRENT ASSETS
Cash in banks
Certificates of deposit
$
39,720.84
50,000.00
TOTAL CURRENT ASSETS
$
89,720.84
FIXED ASSETS
Equipment
Buildings
Other improvements
Land
$ 673,602.71
2,126,817.29
2,322,655.96
Less-accumulated depreciation
$5,123,075.96
991,687.60
TOTAL FIXED ASSETS
$4,131,388.36
TOTAL ASSETS
$4,221,109.20
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Payroll deductions
Due to Building Revenue Account
TOTAL CURRENT LAIBILITIES
EQUITY
TOTAL LIABILITIES AND EQUITY
December 31
1983
$
418,596.69
$
418,596.69
$ 639,116.64
1,063,586.52
1,728,465.07
$3,431,168.23
780,208.82
$2,650,959.41
$3,069,556.10
The notes to dinancial statements are an integral part of this statement.
8
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY
TOTAL OPERATING REVENUES
January 1 to December 31
1984 1983
$ 336,318.26 $ 299,962.07
28,083.44 14,986.25
23,447.64 23,193.11
1,525.00 1,725.00
69,211.11 57,649.30
7,722.31 21,865.49
4,868.72 5,196.74
2,057.77 6,748.01
$ 473 ,234.25 $ 431,325.97
REVENUES
OPERATING REVENUES
Building rents
Agricultural land rents
Other land rents
Other rents
Fixed base operator
Landing fees
Commissions
Miscellaneous income
OTHER REVENUES
Proceeds from Airport Development Aid
program grants
Income from mill levy
Interest on investments
TOTAL OTHER REVENUES
$ 514,616.21 $ 706,621.69
345,800.28 310,086.46
54,092.49 26,898.55
$ 914,508.98 $1,043,606.70
$1,387,743.23 $1,474,932.67
TOTAL REVENUES
EXPENSES
OPERATING EXPENSES
Office and Administration
Office salaries $ 80,190.54 $ 75,464.08
Office supplies 2,561.03 8,175.83
Postage 1,302.97 2,839.23
Car expense 2,636.18 2,886.95
Travel expense 1,365.30 736.03
Agricultural land expense 4,510.54 811. 38
Legal and auditing 22,663.85 11,535.11
Insurance 32,861.08 39,339.52
Engineering 6,795.03 1,138.55
Payroll taxes 12,856.53 11 ,628.68
Employees retirement 6,953.02 7 , 722 . 68
Telephone 4,028.83 3,702.30
Contribution to industrial development
program 20,000.00
Other office and administration 8,351.15 9,457.28
SUB-TOTAL $ 187,076.05 $ 195,437.62
(continued)
9
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY (continued)
January 1 to December 31
Maintenance 1984 1983
Building maintenance $ 38,039.54 $ 54,056.24
Runways, taxiways, and ramps 27,245.34 23,294.17
Equipment, gas, oil and repairs 37,583.98 17,331.23
Utilities 37,369.83 34,369.58
Grounds maintenance 1,287.71 3,240.09
Janitor supplies 812.24 906.22
Maintenance salaries 90,361.43 98,657.43
Snow removal 225.00 1,349.08
Airfield lighting equipment 5,400.26 3,012.31
Fire department expense 2,602.80 1,389.90
Other maintenance expense 28,035.80 7,398.91
SUB-TOTAL $ 268,963.93 $ 245,005.16
Depreciation $ 219,478.59 $ 163,360.66
TOTAL EXPENSES $ 675,518.57 $ 603,803.44
EXCESS OF REVENUES OVER EXPENSES $ 712,224.66 $ 871,129.23
EQUITY-January 1 2,598,878.55 1,727,749.32
EQUITY-December 31 $3,311,103.21 $2,598,878.55
The notes to financial statements are an integral part of this statement.
10
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
STATMENT OF CHANGES IN FINANCIAL POSITION
FUNDS WERE PROVIDED BY:
Excess of revenues over expenses
Depreciation
Disposition of fixed assets
Decrease in working capital
TOTAL FUNDS PROVIDED
FUNDS WERE APPLIED TO:
Capital expenditures
Depreciation on assests disposed of
Increase in working capital
TOTAL FUNDS APPLIED
CHANGES IN WORKING CAPITAL
Current Assets-Increase (Decrease)
Cash in banks
Certificates of deposit
Current Liabilities-Decrease (Increase)
Payroll deductions
Due to Building Revenue Account
TOTAL INCREASE (DECREASE) IN WORKING CAPITAL
January 1 to December 31
1984 1983
$
712,224.66
219,478.59
11,899.81
768,204.29
$
871,129.23
163,360.66
$1,711,807.35
$1,703,807.54
7,999.81
$1,711,807.35
$( 378,875.85)
50,000.00
2,922.92
( 442,251.36)
$ 068,204.29)
$1,034,489.89
$
893,568.03
140,921. 86
$1,034,489.89
$
313,525.67
( 169.54)
( 172,434.27)
$
140,921. 86
The notes to financial statements are an integral part of this statement.
11
January 1 to December 31
1984 1983
$ 4,597.20
3,322.56
6,932.00
1,062.57
6,891.55
9,697.00
13,883.00
$ 968.90
2,188.79
8,552.00
6,106.57
949.75
6,350.00
14,932.00
1,079.00
$ 46,385.88 $ 41,127.01
$ 55,000.00
841,359.41
50,000.00
3,050.00
16,085.00
9,200.00
40,052.34 69,035.00
44,420.78 7,850.05
4,063.24 5,649.75
50,000.00
6,032.16
10,020.00
$ 148,586.96
$ 14,367.93
638,768.69
50,717.44
$ 703,854.06
$ 893,568.03
SALINA AIRPORT AUTHORITY
~IRPORT REVOLVING ACCOUNT
CAPITAL EXPENDITURES
EQUIPMENT
Conference table and chairs
Radio equipment
Air compressor
Nova air1ess paint sprayer
1984 Chevrolet pickup
1984 Ford station wagon
1984 IHC tractor
Coffee shop equipment
Snow plow improvements
1983 Ford pickup
Yazoo model 60 mower
Snapper mowers and edger
GE radio system
Hesston model 666 tractor
Generator
TOTAL EQUIPMENT
BUILDINGS
Bldg. 310-addition
Federal Mogul bldg.
Bldg. 26l7-addition
Coffee shop entry
Bldg 595-entry and roof
Bldg. 650-new roof
Bldg. 512-addition
Equipment shed
Bldg. 207-maintenance shop addition
Bldg. 3l3-addition
Engineering costs-AFS bldg.
Bldg. 310-furnace
TOTAL BUILDINGS
$1,063,230.77
OTHER IMPROVEMENTS
Runway lighting
Runway overlay
Pave parking at Beech
Fencing
Sewer line extension
$
149,856.56
427,115.16
10,991.17
6,228.00
TOTAL OTHER IMPROVEMENTS
$
594,190.89
TOTAL CAPITAL EXPENDITURES
$1,703,807.54
The notes to financial statements are anintegra1 part of this statement.
12
SALINA AIRPORT AUTHORITY
BALANCE SHEET
BUILDING REVENUE ACCOUNT
ASSETS
CURRENT ASSETS
Cash in banks
Certificates Qf deposit
Notes receivable
Prepaid bond interest
Due from Airport Revolving
Account
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
Certificates of deposit
Provision for Bond Reserve
Provision for Replacement and
Depreciation
Reserve Fund for Non-Recurring
Maintenance and Capital Improvement
TOTAL RESTRICTED ASSETS
FIXED ASSETS
Buildings
Land
Less-accumulated depreciation
TOTAL FIXED ASSETS
OTHER ASSETS
Long-term notes receivable
TOTAL ASSETS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Bonds payable
Deferred rent income
Accrued bond interest
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
Bonds payable
EQUITY
TOTAL LIABILITIES AND EQUITY
1984
$ 138,883.48
1,070,000.00
9,853.72
3,978.75
907,685.63
$2,130,401.58
$
18,000.00
December 31
1983
$
158,464.55
580,000.00
9,684.82
9,412.50
465,434.27
5,000.00
40,000.00
$
63,000.00
$1,222,996.14
$
21,000.00
$3,496,834.38
478,000.00
$3,974,834.38
1.100,322.78
$2,874,511.60
$
65,998.02
12,000.00
40,000.00
$
73,000.00
$5,133,911.20
$
55,000.00
5,916.03
10,571.88
$3,496,834.38
478,000.00
$3,974,834.38
982,067.04
$2,992,767.34
$
75,851.74
$
71,487.91
$4,364,615.22
$
85,000.00
515,000.00
4,547,423.29
$5,133,911.20
6,347.92
$
91,347.92
250,000.00
4,023,267.30
$4,364,615.22
The notes to financial statements are an integral part of this statement.
13
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY
TOTAL OPERATING REVENUES
January 1 to December 31
1984 1983
$ 411,350.97 $ 407,194.23
30,016.29 29,054.41
6,987.50 4,245.00
57,251.85 54,318.43
45,000.00 45,210.00
$ 550,606.61 $ 540,022.07
$ 2,401. 00 $ 142,000.00
10,472.21 11 , 344 . 08
112,680.51 94,763.93
$ 125,553.72 $ 248,108.01
$ 676,160.33 $ 788,130.08
REVENUES
OPERATING REVENUES
Building rents
Agricutural land rents
Other land rents
Hangar rents
Other rents
OTHER REVENUES
Sale of property
Interest on sale of property
Interest on investments
TOTAL OTHER REVENUES
TOTAL REVENUES
EXPENSES
OPERATING EXPENSES
Agricutural land expenses
Building maintenance
Engineering
Bond interest expense
Expense relating to bond
Depreciation
issues
$ 5,020.89 $ 5,678.24
84.00 537.80
1,225.00 5,623.07
21,892.97 22,309.91
5,525.74 515.90
118,255.74 117,464.20
$ 152,004.34 $ 152,129.12
$ 524,155.99 $ 636,000.96
4,023,267.30 3,387,266.34
$4,547,423.29 $4,023,267.30
TOTAL EXPENSES
EXCESS OF REVENUES OVER EXPENSES
EQUITY-January 1
EQUITY-December 31
The notes to financial statements are an integral part of this statement.
14
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
STATEMENT OF CHANGES IN FINANCIAL POSITION
January 1 to December 31
1984 1983
FUNDS WERE PROVIDED BY:
Excess of revenues over expenses
Depreciation
Decrease in restricted assets
Decrease in long-term receivable
Increase in long-term liabilities
TOTAL FUNDS PROVIDED
$ 524,155.99 $ 636,000.96
118,255.74 117,464.20
10,000.00
9,853.72 9,533.05
400,000.00
$1,062,265.45 $ 762,998.21
$ $ 47,491.68
135 ,000.00 165,000.00
927,265.45 550,506.53
$1,062,265.45 $ 762,998.21
FUNDS WERE APPLIED TO:
Capital expenditures
Reduction in long-term liabilities
Increase in working capital
TOTAL FUNDS APPLIED
CHANGES IN WORKING CAPITAL
Current Assets-Increase (Decrease)
Cash in banks $( 19,581. 07) $ 58,917.13
Certificates of deposit 490,000.00 310,000.00
Notes receivable 168.90 1,740.04
Prepaid bond interest ( 5,433.75) 559.42)
Due from Airport Revolving Account 442,251.35 172,434.27
Current Liabilities-Decrease (Increase)
Bonds payable 30,000.00 5,000.00
Deferred rent income ( 5,916.03)
Accrued bond interest ( 4,223.96) 2,974.51
TOTAL INCREASE (DECREASE) IN WORKING CAPITAL $ 927,265.45 $ 550,506.53
The notes to financial statements are an integral part of this statement.
15
BUILDINGS
Port-A-Port hangars
Bldg. #1021-addition
TOTAL CAPITAL EXPENDITURES
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
CAPITAL EXPENDITURES
$
January 1 to December 31
1984 1983
$
17,647.44
29,844.24
$
47,491.68
$
The notes to financial statements are an integral part of this statement.
16
General Obligation Bonds
Building Revenue Bonds
Series 1973
Building Revenue Bonds
Series 1973-2
Building Revenue Bonds
Series 1984
SALINA AIRPORT AUTHORITY
BONDS OF INDEBTEDNESS
December 31, 1984
Original
Issue
$
790,000.00
350,000.00
350,000.00
400,000.00
$1,890,000.00
Principal
Paid
$
655,000.00
350,000.00
315,000.00
$1,320,000.00
Outstanding
Balance
$
135,000.00
35,000.00
400,000.00
$
570,000.00
17
THE SALINA AIRPORT AUTHORITY
~ENERAL OBLIGATION BONDS
December 31, 1984
Date of Issue:
Amount of Issue:
Interest Rate:
Maturity Date:
Principal Paid:
Outstanding Balance:
February 1, 1967
$790,000.00
4.25, 3.375, 3.4%
February 1, 1988
$655,000.00
$135 ,000.00
Schedule of Payments
Due in
Year
Bond
Principal
Bond
Interest
1985
1986
1987
1988
$ 45,000.00*
45,000.00
45,000.00
45,000.00
$ 5,355.00
3,825.00
2,295.00
765.00
$180,000.00
$12,240.00
* Paid December 28, 1984
18
SALINA AIRPORT AUTHORITY
BUILDING REVENUE BONDS-SERIES 1973
December 31, 1984
Date of Issue:
Amount of Issue:
Interest Rate:
Maturity Date:
Principal Paid:
Outstanding Balance:
Schedule of Payments
Due in
Year
Bond
Principal
1985
$35,000.00*
* Paid December 17, 1984
January 1, 1973
$350,000.00
5.25%
February 1, 1985
$350,000.00
Bond
Interest
$918.75
19
SALINA AIRPORT AUTHORITY
BUILDING REVENUE BONDS-SERIES 1973-2
December 31, 1984
Date of Issue:
Amount of Issue:
Interest Rate:
Maturity Date:
Principal Paid:
Outstanding Balance:
December 31, 1973
$350,000.00
6, 6.5%
December 1, 1985
$315,000.00
$35,000.00
Schedule of Payments
Due in
Year
Bond
Principal
Bond
Interest
$35,000.00
$2,275.00
1985
20
SALINA AIRPORT AUTHORITY
BUILDING REVENUE BONDS-SERIES 1984
December 31, 1984
Date of Issue:
Amount of Issue:
Interest Rate:
Maturity Date:
Principal Paid:
Outstanding Balance:
Schedule of Payments
Due in
Year
Bond
Principal
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
$
20,000.00
30,000.00
30,000.00
30,000.00
40,000.00
40,000.00
50,000.00
50,000.00
50,000.00
60,000.00
$400,000.00
May 1, 1984
$400,000.00
*
May 1, 1994
$400,000.00
Bond
Interest
$22,000.00
*
*
*
*
*
*
*
*
*
*
$
*
* Interest rate to be calculated on each interest
payment date for the ensuing six months period.
21
SALINA AIRPORT AUTHORITY
RECONCILEMENT OF FISCAL AGENCY ACCOUNT
December 31, 1984
BALANCE WITH FISCAL AGENCY-January 1, 1984
REMITTANCES
Matured bonds
Interest coupons
Bond commission and postage
TOTAL REMITTANCES AND BEGINNING BALANCE
RETURNS
Cancelled bonds
Interest coupons
Commission and postage retained
BALANCE WITH FISCAL AGENCY-Decmeber 31, 1984
$45,000.00
6,120.00
11. 25
$45,000.00
6,120.00
11.25
$
51,131. 25
$51,131. 25
51,131.25
$
22
SALINA AIRPORT AUTHORITY
SCHEDULE OF INVESTMENTS
December 31, 1984
Balance Purchases Redemptions Balance
1-1-84 Year 1984 Year 1984 12-31-84
AIRPORT REVOLVING ACCOUNT
Certificates of depos it $ $1,280,000.00 $1,230,000.00 $ 50,000.00
BUILDING REVENUE ACCOUNT
Certificates of deposit 653,000.00 4,314,000.00 3,834,000.00 1,133,000.00
TOTAL GENERAL OPERATING FUND $653,000.00 $5,594,000.00 $5,064,000.00 $1,183,000.00
23
Workmen's Compensation and
Employer's Liability
Comprehensive General
Liability
Owners', Landlords', and
Tenants' Liability
Rental Buildings-
Industrial
Airport Terminal and
Rental Buildings
Vehicles and Equipment
Public Employees
Blanket Bond
SALINA AIRPORT AUTHORITY
INSURANCE IN FORCE
December 31, 1984
Type of Coverage
Bodily injury and
property damage
Bodily injury and
property damage
Fire and lightning,
extended coverage,
vandalism and malicious
mischief-rental value
insurance
Fire and lightning,
extended coverage,
vandalism and malicious
mischief
Liability
Physical damage
Medical payments
Uninsured motorists
Honesty blanket
position bond coverage
Amount of
Coverage
$
100,000.00
500,000.00
500,000.00
566,570.00
3,099,000.00
500,000.00
491,489.00
2,000.00
25/50,000.00
100,000.00
Co-Insurance
Percentage
90%
24