Audit Report - 1967
SALINA AIRPORT AUTHORITY
Salina, Kansas
AUDIT REPORT
Year 1967
A. H. LECKBAND & CO.
Certified Public Accountant
Salina, Kansas
EXHIBIT A
EXHIBIT B
EXHIBIT C
EXHIBIT D
EXHIBIT E
EXHIBIT F
SALINA AIRPORT AUTHORITY
Table of Contents
Audi tor IS Report
Page
1
Comments
2
Statement of Receipts, Disbursements, and
Composition of Ending Cash Balance
Airport Revolving Fund
Bond and Interest Fund
No-Fund Warrants Fund
3-4
5
6
Statement of Bonds of Indebtedness
7
Statement of No-Fund Warrants
8
Insurance in Force
9
June 12, 1968
To the Directors
Salina Airport Authority
Salina, Kansas 67401
Gentlemen:
We have examined the financial and related general records of the Salina
Airport Authority for the year ended December 31, 1967.
Our examination was performed
Minimum Standard Audit Program
Board, September 28, 1963, and
sary in the circumstances.
in accordance with the provisions of the
approved by the State Municipal Accounting
included such tests as we considered neces-
In our opinion, the accompanying schedules reflect the cash position of
the Salina Airport Authority at December 31, 1967, and the results of its
cash transactions for the year then ended.
')
d/1r -,rf&.
CERTIFIED ,PUBLIC ACCOUNTANT
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dl ;&< . '¿:;;~! /~
A. H. Leckblnd, Licensed
Municipal Public Accountant, #57
in charge of and actively engaged
on this audit.
1
COMt-1ENTS
1.
The Salina Airport Authority is governed by a board of five directors
appointed by the City Commission of the City of Salina, Kansas. The
following directors served during the period of our examination:
M. J. Kennedy, Chairman
C. J. Wertz, Vice-Chairman
W. W. Yost, Secretary-Treasurer - Resigned from
Edward H. Bell - Appointed Secretary-Treasurer,
Allen R. Dodge
Dale Lyon - Appointed to Board, May 16, 1967
Board, April 18, 1967
April 18, 1967
2.
All cash receipts and disbursements appear to have been properly made
and accounted for.
3.
The Salina Airport Authority believes it is not subject to the cash
basis law of K.S.A. lO-ll16 or the jura.t requirements of K.S.A. 10-802
as stated in the Audit Report for the year 1966.
4.
We recommend that a determination of the values of the plant and property
assets be recorded on the books and that a realistic depreciation charge
be computed and recorded annually.
5.
General obligation bonds of the Salina Airport Authority were issued in
1967 as authorized by K.S.A. 27-315 to 27-326 inclusive. The bonds were
issued for the purpose of acquiring surplus United States properties
which were a part of the former Schilling Air Force Base, and to purchase
aircraft rangars which were formerly leased from private individuals.
No remittances to the State Fiscal Agency were required in 1967. A
Bond and Interest Fund was established during the year for setting aside
the net income from all properties acquired by the bond proceeds; said
fund to be used for paJ~ent of bond principal and interest.
2
SALINA AIRPORT AUTHORITY
Airport Revolving Fund EXHBIT A
Statement of Receipts, Disbursements, and Composition of Ending Cash Balance
January 1 to December 31, 1967
Cash Balance - January 1, 1967
Receipts
Building rents
Agricultural land rents
Fixed base operator
Landing fees
Commiss ions
Sale of no-fund warrants
Ad valorem tax
Interest on investments
Reimbursement of expenditures
Misc~llaneous income
Total Receipts
Receipts and Beginning Balance
Disbursements
Office and Administrative Expenses:
Office salaries
Office supplies
Postage
Car expense
Travel expense
Legal and auditing
Insurance
Property tax
Interest
Engineering
Office equipment rental
Social security tax
Employees retirement
Telephone
Other office and administrative
Maintenance Expenses:
Building maintenance
Runways, taxiways and ramps
Equipment gas, oil and repairs
Utilities
Grounds maintenance
J~nitor supplies
Y,'lin tf'nance salaries
'C",]"" ~C:;1Oval
. 'c' lighting
Other maintenance expense
$ 17,504.04
395.21
82.40
200.00
482.31
650.00
10,571.47
8,557.73
l,839.43
ll5.34
169.44
1 , 50 6 . 22
375.81
1,064.86
expense 1,589.68
$
6,427.26
6,178.00
5,470.23
II ,429.34
971 .96
526.87
27,958.07
112 .50
3,656.90
866.46
474.88
Control Tower Maintenance and Operation
$ll7 ,654 .35
4,860.00
l8,708.E;0
10,963.25
1,031.27
43,040.01
90,066.26
2,688.03
l4J9
3,794.00
$ 45,103.94
64,072.!j7
71,151.43
$
3,456.98
292,820.46
$296,277 .44
3
SALINA AIRPORT AUTHORITY
Airport Revolving Fund EXHIBIT A
Statement of Receipts, Disbursements, and Composition of Ending Cash Balance
January 1 to December 31, 1967
Capital Expenditures:
Adding machine
Hangar lease
Trouble lamp
Radio equipment
IHC utility tractor
Riding mower with snow
Office furniture
$
337.50
554.40
7.54
400.30
1,515.00
1,365.00
285.25
blower
4,464.99
Total Disbursements
Cash and Investments - December 31, 1967
Available Cash and Investments - December 31, 1967
First National Bank and Trust Company - Checking
Planters State Bank - Checking account
U. S. Treasury Bills
Purchased - Year 1967
Sold - Year 1967
account
$395,851.02
272,311.97
Total
Deduct - Anlounts withheld from payroll
Due to Bond and Interest Fund
$ 1,150.32
15,730.50
Total Cash and Investments - December 31, 1967
184,792.83
$111,484.61
$
87.37
4,739.0l
123,539.05
$128,365.43
16,880.82
$111.484.61
4
SALINA AIRPORT AUTHORITY
Bond and Interest Fund EXHIBIT B
Statement of Receipts, Disbursements, and Composition of Ending Cash Balance
January 1 to December 31, 1967
Cash and Investments - January 1, 1967
Receipts
Building rents
Agricultural land rents
Hangar rents
Other rents
Sale of property
Sale of general obligation bonds
Accrued interest on general obligation
Interest on investments
$
5,442.50
10,006.00
12,000.00
2,390..50
73,000.00
790,000.00
2,816.25
2,160.99
bonds
Total Receipts
Receipts and Beginning Balance
Disbursements
Bond issuance and sale expense
Land and buildings
Hangar contract payments
Hangar contract interest
$ 4,930.54
728,000.00
48,763.25
809.10
Total Disbursements
Cash and Investments - December 31, 1967
Available Cash and Investments - December 31, 1967
National Bank of America - Checking account
U. S. Treasury Bills
Purchased - Year 1967
Sold - Year 1967
Due from Airport Revolving Fund
$981,896.96
902,839.01
Total Cash and Investments - December 31, 1967
$
897,816.24
$897,816.24
782,502.89
$115,313.35
$ 20,524.90
79,057.95
15,730.50
$ll5.313 .35
5
SALINA AIRPORT AUTHORITY
No-Fund Warrants Fund EXHIBIT C
Statement of Receipts, Disbursements, and Composition of Ending Cash Balance
January 1 to December 31, 1967
Cash Balance - January 1, 1967
Receipts
Ad valorem tax
Sale of no-fund warrants
$ 88,040.01
1,959.99
Total Receipts
Receipts and Beginning Balance
Disbursements
Redemption of no-fund warrants
Cash Balance - December 31, 1967
$
90,000.00
$ 90,000.00
90,000.00
$
6
SALINA AIRPORT AUTHORITY
Bonds of Indebtedness
December 3l, 1967
General Obligation Bonds dated February 1, 1967,
issued for the purpose of acquiring surplus
property from the United States.
Total Bonds Outstanding - December 31, 1967
Maturity
Date
2-1-69
2-1-70
2-1-71
2-1-72
2-1-73
2-1-74
2-1-75
2-1-76
2-1-77
2-1-78
2-1-79
2-1-80
2-1-81
2-1-82
2-1-83
2 -1-84
2-1-85
2-1-86
2-1-87
2-1-88
Inte::est
Date
--
4.25
4.25
4.25
4.25
4.25
3.375
3.375
3.375
3.375
3.375
3.375
3.375
3.375
3.375
3.375
3.4
3.4
3.4
3.4
3.4
¡~X: II -', l'[
_._"
Total
$ 30,000.00
30,000.00
35,000.00
35,000.00
35,000.00
35,000.00
35,000.00
35,000.00
40,000.00
40,000.00
40,000.00
40,000.00
45,000.00
45,000.00
45,000.00
45,000.00
45,000.00
45,000.00
45,000.00
45,000.00
$790,000.00
7
SALINA AIRPORT AUTHORITY
No-Fund Warrants EXHIBIT E
December 31, 1967
Interest Date Date Outstanding Year 1967 Outstanding
Sold To Series No. Rate Issued Redeemed 1-1-67 Issued Redeemed 12-31-67
-
Planters State Bank A 1 3 .75/0 8-19-66 1-26-67 $10,000.00 $ -- $10,000.00 $
Planters State Bank A 2 3.75% 8-19-66 1-26-67 10,000.00 -- 10,000.00
Planters State Bank A 3 3.75% 9-13-66 1-26-67 10,000.00 -- 10,000.00
Planters State Bank A 4 3.75% 9-13-66 1-26-67 10,000.00 -- 10,000.00
Planters State Bank A 5 3.75% 10-14-66 1-26-67 5,000.00 -- 5,000.00
Planters State Bank B 1 3.75% 1-26-67 1-26-67 -- 10,000.00 10,000.00
Planters State Bank B 2 3.75% 2-20-67 7 -20 -67 -- 10,000.00 10,000.00
Planters State Bank B 3 3.75% 7-20-67 7 -20 -67 -- 10,000.00 10,000.00
Planters State Bank B 4 3.75% 7-20-67 7-20-67 -- 10,000.00 10,000.00
Planters State Bank B 5 3.75% 2-20-67 5-18-67 -- 5,000.00 ~OO.OO
$45,000.00 $45.000.00 $90n,QQO.OQ $
Authority for No-Fund Warrants granted by Orders No. 899 and 900, November 10, 1965, of the Board of Té1
Appeals of the State of Kansas.
co
Workman's Compensation
Comprehensive General
Liability
Aircraft Hangar
Aircraft Hangar
Aircraft Hangar
Rental Buildings -
Industrial
Rental Buildings -
Dwellings
Airport Terminal and
Rental Buildings
SALINA AIRPORT AUTHORITY
Insurance in Force
December 31, 1967
Type of Coverage
Fire and Lightning, Ex-
tended Coverage, Vandalism
and Malicious Mischief
Fire and Lightning, Ex-
tended Coverage, Vandalism
and Malicious Mischief
Fire and Lightning, Ex-
tended Coverage, Vandalism
and Malicious Mischief
Fire and Lightning, Ex-
tended Coverage, Rental
Value Insurance
Fire and Lightning, Ex-
tended Coverage
$
Amount of
Coverage
25,000.00
1,000,000.00
40,000.00
40,000.00
20,000.00
145,865.00
37,000.00
Fire, Lightning, Windstorm
and Hail, Explosion, Riot,
Aircraft and Vehicles,
Smoke 1,500,000.00
Bodily Injury 1/1,000,000.00
Property Damage 1,000,000.00
EXHIETT'
-----.-
Co-Insurance
Percentage
80
90
80
9