Audit Report - 1990
SALINA AIRroRr AUI'HORITY
Salina, Kansas
FINANCIAL STATEMENTS
Years Ended Cece.1111::er 31, 1990 and 1989
SALINA AIRf()RI' AIJIHORITI
Salina, Kansas
mNI'ENTS
INDEPENDENT AUDI'IDR I S REruRr
INDEPENDENT AIJDI'IDR'S REruRr ON IN'I'ERNAL mNTROL STRUCIURE
RElA'IED MATTERS NorED rn A FTI1ANCIAL STATEMENT AUDIT
mNIXJC'IED ill AcmRDANCE WIlli C-OVERNMENT AUDITlliG STANDARŒ
INDEPENDENT AUDI'IDR' S REruRI' ON ŒMPLIANCE WITH LAWS AND
REGULATIONS PASED ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORl1ED ill AcmRDANCE wTIH C-OVEPNMENT AUDITlliG STANDARŒ
INDEPENDÐIT AUDrIDR 'S REFORI' ON SŒŒIUl.E OF FEDERAL
FINANCIAL ASSISTANCE
INDEPENDENT A UD I TOR'S RE ED Rr ON INI'ERNAL OJ NTRO LS ( A CCCUNTIN G
AND ÞJ::MINIS'IPATIVE) -PASED ON A STUDY AND EVAllJATION MADE
AS A PÞRI' OF AN AUDIT OF THE GENERAL FURFDSE FTI1ANCIAL
STATEMENTS AND THE ADDITIONAL TESTS REÇUIRED BY THE SillGIE
AODIT ACT
INDEPENDENT AUDI'IDR' S REFORI' ON ŒMPLIANCE WITH REÇUIRÐ1EN"TS
APPLICABLE 'ill NONMAJOR FEDERJ>.L FINANCIAL ASSISTANCE
PRCGRAH TRANSACTIONS
SŒEDJIE OF FINDING3
FTI1ANCIAL STATEMENTS
Ealance Sheets
state.'11€l1ts of Ope...~tions and Ol.anges in Retained Earnings
state.'11€l1ts of Cash Flaws
Notes to Financial Statements
SUPPlEMENTAL INFORMATION
Cetailed Statements of ~tions and d1anges in Retained EaTIi,inJs
Capital Ðq:€rdi tures
Bonds of Irrlebtedness
BuildinJ Revenue Bonds-Series 1984
BuildinJ Revenue Bonds-Series 1985
General Obligation Economic Ceveloprnent Bonds-Series 1990-A
C.:eneral Obligation Economic Ceveloprnent Bonds-Series 1990-B
Insurance in Force
Schedule of Federal Assistance
Comparison of Gross Cash Ealances with Cer:osi tory Security
1-2
3
4
5-11
12-13
14-15
16
17
18
19
20
21
22
23
HARRISON & ARNETT
CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
EUGENE 0, HARRISON, C.P.A.
THOMAS G. ARNETT, C.P.A.
ì19 cAST C?;'WFJFC . SAliNA, KAi',jS;'S 67401
PHONE: '913) 827.7244
FAX: 1913\ 827.0048
INDEPENDENT AUDrIDR' S REruRI'
To the Eoa...."'d of Directors
Salina AirpJrt Authority
Salina, Kansas
We have audited the accompanyinJ financial state.'11eJ1ts of the
Salina ALYpOrt Aut.'"lOri ty , Salina, Kansas, as of Deceml::€r 31, 1990 and
Cecem1::er 31, 1989 and for t.~e years then errled as listed in thE~ table
of contents. 'Ihe.....""€ financial state."T1e.'1ts are t.~e respcrsibilit'j' of
the Salina Airport Authority, Salina, Kansas, manage.'11eJ1t. OUr
responsibility is to e.'q)ress an opinion on these financial stat,e.'11€l1ts
l;ased on our audit.
We conducted our audit in accordance with generally accepted
auditinJ standards and the Kansas :Minimum Standard Audit Prcqram.
Those standards require that we plan and f:€rfo:rm the audit to obtain
reasonable assurance about whether the financial statements are free
of material misstate.'11eJ1t. An audit includes e.x.aminirB, on a test
basis, evidence suppcrtinJ the amounts and disclosures in the
financial state.-rnents. An audit also includes assessinJ the
accountinJ principles used arrl significant esti.-rnates made by
management, as well as evaluatinJ the overall financial state.'11ent
presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to al:xJve
present fairly, in all material respects, the financial r:osition of
the Salina Airpcrt Authority, Salina, Kansas, as of Deceml::€r 31, 1990
arrl Cecernœr 31, 1989, and the results of its operations and its cash
flaws for the years then errled in conformity with generally accepted
accountinJ principles.
(continued)
MEI,1BERS OF
DIVISiON 'OR C?, "RMS PRIVATE COMPANIES PRACTICE SECTION
~MERIC~N Nsr::';TE ,OF :;E'HI"iED PUBLC\CCCUN~ANrs
K-"'-JSA" s,':~:ETy OFOERTIFED PUBliC "CDOUêl-'\,',~s
OUr audit was made for the purpose of fo:rminJ an opinion on the
financial statements taken as a whole. 'The supplemental infomation
listed in the table of contents is presented for p~ of
additional analysis arrl is not a required part of the financial
statements of the Salina Airport Authority, Salina, Kansas. Such
information has been subjected to the auditinJ prccedures applied in
the examination of the financial statements and, in our opinion, is
fairly presented in all material respects in relation to the
financial statements taken as a whole.
~~
I~¡¿ ~.
'"
Salina, Kansas
February 8,1991
J¡~Qû~ CPA
Certified Publíc Accountant in charge
of ani actively engaged on this audit.
HARRISON & ARN ETT
CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
EUGENE 0, HARRISON, C,P.A,
THOMAS G, ARNETT, C,P,A.
7,9 EAST Ci=ìAWF'JRD . SALINA KANSAS 67401
PHONE: (913) 827.7244
FAX: (913) 827,0048
~mEPENDENT AUDrIDPS' REEDRr ON INTERNAL OJNTROL STRUCIURE RELATED
MATTERS NarED ill A FINANCIAL STATÐ1ENT AUDIT ŒNIXJC'IED
ill ACCDRDANCE WIlli GOVERNMENT AUDITlliG S'I'ANDl\RI:6
To the Board of Directors
Salina Airpcrt Authority
Salina, Kansas
We have audited the financial statements of Salina Airpcrt
Auth.ori -Cy, Salina, Kansas, as of arrl for the years errled Cece.'T"fÙ::er 31,
1990 and Cecem1::er 31, 1989, and have issued our report thereon dated
Fel;ruary 8, 1991.
í'le corrlucted our audit in accordance wi tr generally accephrl
audi tinJ standards, the Kansas Minimum Standard Audit Prcoram,
Government Audi tin:1 Starrlards, issued by the Comptroller General of
t.~e united states arrl the provisions of Office of Management and
Budget Circular A-128, "Audits of State and Local Governments.'"
Those standards and CNB Circular A-128 require that we plan and
perfonn the audit to obtain reasonable assurance about whether the
financial state.'11€l1ts are free of material misstatement.
In planninJ arrl f:€rf°:rmÍDJ our audit of the financial statE?Jnel1ts
of Salina Airpcrt Authority, Salina, Kansas, for the years errled
œ----.-e.'1ll:er 31, 1990 arrl Cecember 31, 1989, we considered its intE:m1éÙ
control sLructure in order to dete..."înÍne our audi tinJ procedures for
the purpose of expressinJ our opinion on the financial statements and
not to provide assurance on the inteIT1al control structure.
The management of Salina Airpcrt Authority, Salina, Kansas" is
responsible for establishinJ and maintaininJ an internal control
structure. In fulfillinJ this respcnsibil ity , estimates and
judgments by manage.'11€l1t are required to assess the e.xpected benefits
arrl related costs of internal control structure policies and
procedures. The obj ecti ves of an internal control structure are to
provide manage.'11€l1t with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized tL""€ or
dispcsition, arrl L'1at L."'CI1Sactions are e.xecuted in accordance \-lith
management's authorization and recorded proçerly to permit the
prer:;aration of finc?J1cial statements in accordance with generally
accepted accounting principles. Because of inherent limitations in
any internal control structure, errors or irregularities may
nevertheless occur arrl not be detected. Also, proj ection of any
evaluation of the structure to future periods is subject to thE~ risk
that procedures may œr-CIne inadequate because of changes in
conditions or that the effectiveness of the design and operation of
pclicies arrl procedures may deteriorate.
( continued)
ME\ABEHS OF
DIVISIO,~ FOR CPA FIRMS pglVATE COMP;NIES PRACTICE SECTION
AME'1IC;N !NSTITUT" ,)F':;EHTlFED PUBLIC ACCOUNTANTS
KANSAS SCC:E-! ':;F CE'1TIF,EO PUBLIC ACCOUNTANTS
(continued)
For the purpcse of this report, we have cl.assified the
significant internal control structure policie.5 and prccedures in the
following categories:
1.
2.
3.
4.
Receipts
Purchases / d i sbursemen ts
Cash and investment balances
Financial repcrtinJ
For all of the inten1al control structure categories listeèl
al:xJve, we obtained an urrlerstarrlinJ of the design of relevant
pclicies and procedures and whether they have been placed in
operation, and we assessed control risk.
our consideration of the internal control structure would not
necessarily disclose all matters in the inteTI1éÙ control struct,ure
that might be material weaJmesses urrler starrlards established by the
American Institute of Certified Public Accountants. A material
weaJmess is a repcrtable corrli tion in which the design or opera.tion
of one or more of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the
general purpcse financial statements beinJ audited may cccur ar,d not
be detected within a timely f:€riod by employees in the normal course
of f:€rforming their assigned functions. We noted no matters
invol vinJ the internal control structure arrl its oJ;€!ätion that we
consider to be material weaJmesses as defined a1:::ove.
However, we noted certain matters invol vinJ the internal centrol
structure and its oJ;€!ätion that we have repcrted to the management
of Salina Airpcrt Authority, Salina, Kansas, in a separate letter
dated February 8, 1991.
'Ibis repcrt is interrled for the information of the management and
Board of Directors. 'Ibis restriction is not intended to limit the
distribution of this repcrt, which is a matter of public record.
~~ ~~~,
Salina, Kansas
February 8, 1991
HARRISON & ARNETT
CHARTERED
CERTIFIED PUBLJC ACCOUNTANTS
EUGENE 0, HARRISON, C,P.A,
THOMAS G, ARNETT. C.P.A,
719 "'::/.ST CRAWFCRD . SALINA, KANSAS 67401
PHONE: 1913)827,7244
FAX: (913) 827,0048
INDEPENDENT AUDI'IDR' S REFORI' ON ŒMPLIANCE WITH LAWS AND
REGUlATIONS PASED ON AN AUDIT OF FlliANCIAL STATEMENT'5
PERFOPMED ill AcmRrnNCE WI'IH GOVrnNMENT AUDITING STANDi'>J~
To the Board of Directors
Salina Ai:q:ort Authority
Salir.a, Kansas
We have audited the financial statements
Authority, Salina, Kansas, as of arrl for the
1990 and Cece.1111::er 31, 1989 I and have issued
February 8, 1991.
of Salina Airpcrt
years errled Cece.-rnter 31,
our repcrt thereon dated
We corrlucted cur audit in accordance with generally accepted
auditinJ standards, the Fansas þ1'inimum Standard Audit Prcqram,
Government Audi tinq Standards, issued by the Comptroller C.:ener=:Ü of
the united states arrl the provisions of Office of Management and
Budget Circular A-128, "Audits of State and Local Goverrnnents."
'Those standards and CMB Circular A-128 require that we plan and
}:€rfo:rm the audit to obtain reasonable assurance about whether th,e
financial state.-rnents are free of material misstatement.
Compliance with law'S, regulations, contracts, and grants
applicable to Salina Ai:q:ort Authority, Salina, Kansas, is the
responsibility of Salina Airpcrt Authority, Salina, Kansas
management. As part of obtaining reasonable assurance about wi1ether
the financial state.'11€l1ts are free of material misstatement, we
f:€rformed tests of the Authority's compliance with certain provisions
of laws, regulations, contracts, and grants. However, our obj E~i ve
was not to provide an opinion on overall compliance with such
provisions.
( continued)
MEMBERS OF
DIVISION FOR CPA FIRMS ?RIVATE COMPANIES pqACTICE SECTION
AME,RICAN INSTITUTEJF CEqTIFIED PUBLIC "CCOUNTANTS
KANSAS SOCiETY '~F CERTIFIED PUBLIC ~CCOUNTANTS
The results of our tests irrlicate that, with respect to the items
tested, Salina Airport Authority, Salina, Kansas, complied, in all
material respects, with the provisions referred to in the precedinJ
paragraph. With respect to items not tested, nothing carne to our
attention that caused us to believe that the Salina Airport Authority
had not complied, in all material respects, with those provisions.
'This report is intended for the information of management arrl the
Board of Directors. This restriction is not interrled to limit the
distribution of this repcrt, which is a matter of public record"
~
~~
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Sal ina , Kansas
February 8, 1991
HARRISON & ARNETT
CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
EUGENE 0, HARRISON. C,P.A,
THOMAS G, ARNETT. C,P.A,
rg EAST Ci1AWF'JRD . SALi~JA, KANSAS 67401
PHONE: (913) 827,7244
FAX: (913) 827,0048
INDEPENDENT AUDrIDR I S REruRI' ON' SŒIEI:UlE OF
FEDERAL FINANCIAL ASSIfTANCE
To the Board of Directors
Salina AirpJrt Authority
Salina, Kansas
We have audited the financial state.'11€l1ts of Salina Airpcr:::
Authority, Salina, Kansas, for the year ended Cecernber 31, 1990 arrl
have issued our repcrt thereon dated February 8, 1991. The.....""€
financial statements are the responsibility of Salina Þ.irpcrt
Authority, Salina, Kansas manage."T1e.'1t. OUr respcnsibility is to
e.'q)ress an opinion on these fiJ;.ancial state.-rnents based on our audit.
We conducted our audit in accordance with generally accepi:ed
auditinJ standards, the Kansas ~.inimum Starrlard Audit Prcaram"
Goverrunent Auditinq Standards, issued by the Comptroller General of
the united states arrl the provisions of Office of Management and
Budget Circular A-128, "Audits of State and local Goverrunents.."
Those starrlards and CNB Circular A-128 require that we plan arrl
f:€rform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstate.-rnent. An audit
includes e.xamininJ, on a test basis, evidence suppcrtinJ the aIrounts
and disclosures in the financial statements. An audit also includes
assessinJ the accountinJ principles used arrl significant estirpates
made by management, as well as evaluating the overall financiëù
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
OUr audit was made for the purpcse of fo:rminJ an opinion on the
financial statements of Salina Airpcrt Authority, Salina, Kansas,
taken as a whole. The accompanyinJ schedule of federal financial
assistance is presented for purpcses of additional analysis arrl is
not a required part of the financial statements. The information in
that schedule has be<=>-11 subjected to the auditinJ procedures af:plied
in the audit of the financial statements and, in cur opinion, is
fairly presented in all material respects in relation to the
financial statements taken as a whole.
~~ .¿{2~ (!¡~"6<.
/
Sal ina , Kansas
February 8, 1991
\1EMBERS OF
DIVISION FOR CP~ FIRMS "RIVATE COMP,~NIES ?'1ACTICE SECTION
~\1ERICAN INSTITUTEJF CERTIFIED ?UBUC ACCOUNTANTS
~,~NSAS SOCIETY OF CERTIFIED PUBLIC ->CCOUNTANTS
HARRISON & ARNETT
CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
PHONE: 1913) 827,7244
FAX: 1913) 827,0048
EUGENE 0, HARRISON, C,P.A,
THOMAS G, ARNETT, C.P.A,
ìiCJ EASr CHAWr'ORD . SALINA, KANSAS 6ì4()1
INDEPENDENT AUDI'IDR'S REFORI' ON INTERNAL mNTROIS (ACCXXJNTING AND
AŒ1INISTRATIVE) -Bl\SED ON A SlUDY i\ND EVAIl.r.ATION MADE AS A PARI'
OF AN AUDIT OF THE GENERAL ruRl-'DSE FINANCIAL STATÐ1EN'IS AND
THE ADDITIONAL TES1S REQUIRED BY TIrE SillGIE AUDIT ACT
To the Board of Directors
Salina Airp::Jrt Authority
Salina, Kan-.CXlS
We have audited the financial statements of Salina Airpcrt
Authority, Salina, Kansas, for the year ended Cecember 31, 1990 arrl
helVe issued our report thereon dùted Februùry 8, 1991. As part of
our audit, we made a study and evaluation of the internal control
systems, including applicable internal administrative controls, tsed
in administering federal financial assistanc<~ prcgrarns to the extent
we considered necessary to evaluate the systems as required by
generally accepted auditing standards, the Kansas Minimum Stanclani
Audit PrcQram, Government Auditinq Standards, issued by the
Comptroller General of the united States, the Single Audit Act of
1984, and the provisions of Office of Hanògernent and Budget Circular
A-128 , "Audits of State and Local C.:ov-ennnents." For the purpcse of
this report, we have classified the significant internal accountir~
and administrative controls used in administering federal financial
assistance programs in tl1e following categories:
Accounting Controls
1. Receipts
2. FUrchasejdisbursements
3. Cash & ÍI1vesbTIent balances
4 . Financial repcrtinJ
Administrative Controls
1. General requirements
Political activity
D1vis-fucon Act
civil rights
Cash management
Federal financial repcrts
2.
specific requirernents
Eligibility
ReportinJ
3.
Claims for reiml;ursements
4.
AInounts claimed or used for matchinJ
( continued)
"F\1F3fRS OF
I'I'.YIWI I', '<1 'TA rlm,I~~ "r1IV,\II' C:O.\lf'ANIFS !"1,\l'Tll'!" ~I'C:¡I"N
.\.\Iff1ll'NJ !rj,';[lfIHl ()f- CEr1flFlfD PIJHlIC AC;:)IJNINHS
KMJSAS SOCiETY OF CERIIFIEIJ PUHlIC ACCOUNrANrs
'Ihe management of Salina Airport Authority, Salina, Kansas, is
respcnsible for establi~ ar:d maintaininJ interna.l control syste.rns
used in administering federal financial assistance prcgrams. In
fulfillinJ that responsibility, estÍ1rates arrl judgments by management
are required to assess the e>q:ected benefits and related costs of
control procedures. 'Ihe obj ecti ves of internal control systems used
in administerinJ fede...~l financial assistance prcgrams are to provide
manage.'11eJ1t with reasonable, but not absolute, assuranc.e that, with
resr:ect to federal financial assistance prcgrams, resource use is
consistent with laws, regulations, ar:d pclicies; resources are
safeguarded against waste, loss, arrl misuse; and reliable data are
obtained, maintained, and fairly disclosed in repcrts.
Because of ÍI1here.T1t lÜLitations in any system of internal
accountinJ and admir1Ístrati ve controls tL""€d in administerinJ feJ.eral
financial assistance prcgrams, errors or irregularities may
nevertÌ1eless occur arrl not be detected. Also, projection of any
evaluation of the syste.rns to future r;ericds is subj ect to t.~e risk
that prcced.ures may beccme inadequate be:r-2tL""€ of c.'langes in
corrli tions or that the degree of compliance with the procedures may
deteriorate.
OUr study included all of the applicable control categories
listed al:xJve. CUri.r¡g the year e.T1ded Cer'--ember 31, 1990, Salina
Airpcrt Authority, Salina, Kan....c:as had no major federal fÍTIancia1
assistance prcgrams and e.'q)errled 100 perce.T1t of its total federal
financial assistance under the Federal Aviation Þ.drninistration
Airpcrt Ceveloprnent Prcgram. with r~ to internal control
systems used in admi,11isterinJ t.'1is nomrajor fede...~l financial
assistance prcgram, our study arrl evaluation included considering the
types of errcrs and irregularities that could occur, determininq the
internal control prccedures tr...at should prevent or detect suc.~ E~rs
and irregularities, determining whether the necessary procedures are
prescribed and are 1:eing follCMTed satisfactorily, and evaluatÍI'ìSr any
weaknesses .
OUr study and evaluation was more li.-11i ted than would 1:e necessary
to e.'q)ress an opinion on the internal control syste.rns used in
administerinJ the federal financial assistance prcgrams of Salina
Airport Authority, Salina, Kan....c:as. AccordinJly, we do not e.xpress an
opinion on the internal control syste.rns used in administerinJ the
federal financial assistance programs of Salina Airport Authority,
Salina, Kansas.
Also, our audit, made in accordance with the standards mentioned
in the first paragraph, would not necessarilv disclose material
weaknesses in the internal centrol syste.rn.s, for which our study ar:d
evaluation was limited to a preliminary review of the systems, as
discussed in t.~e fifth paragraph of this re¡::ort.
( continued)
Hcwever, our study and evaluation and our audit disclosed no
corrlition that we J.:elieve to J.:e a material weakness in relation to a
federal financial assistance program of Salina Airport Authority,
Salina, Kansas.
This repcrt is interrled solely for the use of management arxl
Board of Directors and should not be used for any other purpcse.
This restric-tion is not interrled to limit the distribution of this
repcrt, which, up:m acceptance by Salina Airport Authority, Salina,
Kansas, is a matter of public record.
~
<i' ~ êL2:~
I '
Sal ina , Kansas
February 8, 1991
HARRISON & ARNETT
CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
EUGENE O. HARRISON. C,P.A.
THOMAS G. ARNETT. C.P.A.
719 c,AST CRAWFCRD . SALI~IA, KANSAS 67401
PHONE: (913) 827,7244
FAX: (913) 827.0048
INDEPENDENT AUDITOR'S REFDRI' ON ŒMPLIANCE WIlli
REÇUIREMENTS APPLICABLE 'ill NONMAJOR FEDERAL
FTI1ANCIAL ASSISTANCE PRCGRN1 TRANSACTIONS
To the Board of Directors
Salina Airpcrt Authority
Salina, Kansas
In connection with our audit of the 1990 financial stat~'1ts of
Salina Airport Authority, Salina, Kansas, arrl with our study arrl
evaluation of Salina Airport Authority, Salina, Kansas, internal
control systems used to administer federal financial assistance
prcgrams, as required by Office of Manage.'11€l1t and Budget Circular-
A-128 , "Audits of State arrl Local C.:overmnents," we selected cert3.in
transactions applicable to certain nonmajor federal financial
assistance programs for the year erxied Cece.1111::er 31, 1990.
As required by CMB circular A-128, we have performed auditIDj
prccedures to test compliance wit..Ìl the require.'11eJ1ts governinJ t.y];:;es
of services allowed or unallowed arrl eligibility that are applicable
to those transactions. OUr prccedures were substantially less in
scope than an audit, the obj ecti ve of which is the expression of an
opinion on Salina Airpcrt Authority, Salina, Kansas, compliance with
these require.'11€l1ts. AccordinJl y, we do not e.'q)ress such an opinion.
with respect to the items tested, the results of those procedures
disclosed no material instances of nonccmpliance with the
requirements listed in the precedinJ paragraph. With respect to
items not tested, nothinJ came to our attention that caused us to
believe that Salina Airport Authority, Salina, Kansas had not
complied, in all material respects, with those requirements. Also,
the results of our procedures did not disclose any immaterial
instances of non-compliance with these requirements, as de.....~ribed in
the accompanyinJ schedule of firrlirBs and questioned costs.
This repcrt is intended for the information of the manage.'11€l1i: arrl
Board of Directors. This restriction is not intended to limit the
distribution of this report, which is a matter of public record.
-¡ í . .¡ /7 --J (r? /~-( .
¡"J--J.--f/t--<-.L#'V'- ~c I
Salina, Kansas
February 8, 1991
MEMBERS OF
DIVISiCN FCR CP~ FIRMsoRIVATE COMPANIES PRACTICE SECT1C,"
AMERICAN INSTiTUTE OF CERTIFIEJ PUBL:C~CCOUNTANTS
KANSAS SCCIETY JFCERTIFiED PUBUC~CCOUNTANTS
SALINA AIRFORI' AUTHORITY
Sal ina , Kansas
SOIEIJJlE OF INDEPENDENI' AUDI'IDR' S FINDINGS
YearEnd ed I:ecember 3 1 , 19 9 0
NONE
BLANK PAGE
SALINA AIRFDRI' AUI'HORI'IY
PAIAN CE SHEETS
ASS EI'S
CURRENT AS S EI'S
cash on hand
cash in banks (Note 2)
Accounts receivable
Prepaid exr:enses
Notes recei vable-current pcrtion
'IOI'AL CURRENT ASSEI'S
RESTRIC'IED ASSEI'S
Net invesbnent in direct financinJ
leases (Note 3)
certificates of depcsit
Bond reserve (Note 2)
Replacement and depreciation (Note 2)
cash in bank
Economic development (Note 2)
'IOI'AL RESTRIC'IED ASSEI'S
FIXED ASSEI'S (Note 1)
Land
Buildings
Airfield and other
Equipment
improvements
Less-accumulated depreciation
'IOI'AL FIXED ASSEI'S
OI'HER AS S EI'S
Bond issue costs
LDng-te:rm notes receivable
'IOI'AL OTHER ASSEI'S
'IOI'AL ASSEI'S
( continued)
December 31,
1990 1989
$ 50 $ 50
293,663 1,561,240
29,798 11,821
13 ,859 9,402
53,400 56,600
$ 390,770 ,:S 1,639,113
$ 2,292,526 ,'" 755,765
,;>
100,000 91,424
100,000 90,000
150,111 47,959
$ 2,642,637 c~ 985,148
-';>
$ 1,148,648 ~;; 1,018,057
7,242,300 7,579,285
7,373,018 7,340,075
967,761 950,672
$16,731,727 ~;;16, 888,089
(5,076,026) (4,367,596)
$11,655,701 ~?12 ,520,493
$ 61,665 C' 5,062
-?
182,117 236,233
$ 243,782 C' 241,295
-?
$14,932,890 S15,386,049
=
'The notes to financial statements are an integral part of this statement.
Page 1
( continued)
LIABILITIES
QJRRENT LIABILITIES
Accounts payable
Payroll taxes payable
Borrl payable-current pcrtion
Ceferred rent income
Accrued bend interest
Other accrued interest
Accrued payroll arrl benefits
'IDTAL CURRENT LIABILITIES
IDNG-TERH LIABILITIES (Note 4)
Bonds payable
Temporary financinJ
Less-current pcrtion
'IDTAL IDNG-TERr1 LIÞ.BILITIES
'IDI'AL LIABILITIES
EÇUITY
CD N'IRI EUTI ON S
Federal Aviation Administration (Note 1)
RET AlliED EARNINGS
Restricted for revenue rooo reserves
Restricted for economic development
Restricted for investment in direct
financinJ leases
Unrestricted retained earnings
'IDTAL RETAINED EARNINGS
'IDTAL EÇUITY
'IDTAL LIABILITIES & EÇUI'IY
Cecember 31 ,
1990 1989
$ 50,033 c' 69,588
~)
1,365 1,443
203,000 130,000
14,164 1,485
88,864 8,808
17,849
38,205 37,025
$ 395,631 C:. 266,198
.:r
$ 3,433,000
$ 890,000
2,490,000
(130,000)
~ 3,250,000
(203,000)
$ 3,230,000
$ 3,625,631
~ 3,516,198
$ 4,734,570
~ 5,097,121
$
$
200,000
150,111
180,000
47,959
2,292,527 755,767
$ 3,930,051 ~5,789,O04
$ 6,572,689 ~ 6,772 ,730
$11, 307 , 259 ~~1, 869 , 851
$14,932,890 $15,386,049
The notes to financial statements are an integral part of this statement.
Page 2
SALINA AIRfORI' AUIHORI'IY
STATEMENTS OF OPERATIONS AND aw-TGES
IN RETAINED EARNINGS
January 1 to December 31.
1990 1989
OPERATING REVENUES
Rental revenues
Fixed base operator
land inJ fees
Other operatinJ revenues
TOTAL OPERATING REVENUES
OPERATING EXPENSES BEFORE DEPRECIATION
Office and administration
Maintenance
TOTAL OPERATING EXPENSES BEFORE
DEPRECIATION
OPERATING EARNINGS BEFORE DEPRECIATION
DEPRECIATION EXPENSE
OPERATING EARNINGS (LOSS)
OIHER ill CCME ( EXPENSE)
Interest income
Interest expense
Gain (Loss) on sale of property
TOTAL OTHER illCCME (EXPENSE)
NET INCCME (LOSS)
ADD DEPRECIATION ON ASSETS ACÇUIRED 'IHRCUGH
FEDERAL mNI'RIEUTIONS (Note 1)
INCREASE (DECREASE) ill RETAlliED EARNINGS
RETAINED EARNINGS, January 1
RETAINED EARNINGS, Cecember 31
$
736,242
127,765
7,599
9,220
<:
.,.'
803,058
106,432
5,913
11,822
$
880,826
~
927,225
$
430,225
338,936
$
483,907
336,117
.$
$
769,161
111,665
~
$
820,024
107,201
$
$
708,830
(597 ,165)
~
~
680,775
(573,574)
$
255,486
(261,830)
$
197,956
(104,586)
( 414)
$
$
(6,344)
(603,509)
~
$
92,956
(480 1618)
$
$
403,467
(200 , 042)
~
~
396,951
(83,667)
$ 6,772,731
$ 6,572,689
~ 6,856,398
$ 6,772,731
The notes to financial statements are an integral part of this statement.
Page 3
SALINA AIRf()RI' AUIHORITY
STATEMENTS OF CASH F'LCWS
(DIRECT METHOD)
CASH FLOWS FRCM OPERATlliG ACTIVITIES
Cash received from customers
Interest received
Interest paid
Cash paid to suppliers and employees
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
CASH FLOWS FRCM INVESTlliG ACTIVITIES
Purchase of prc~y, plant and equipment
Proceeds from federal grants
Reimbursements
Aàvance for tenant
Proceeds from sale of prc~y
NET CASH PROVIDED (USED) ill INVESTlliG
ACTIVITIES
CASH F'LCWS FRCM FINANCING ACTIVITIES
Proceeds from new rorrowinJ
Principal payments on debt
Contributions to rorrl reserves
Borrl issue costs
Principal received on financinJ leases
Payments received on long-term debt
NET CASH PROVIDED (USED)
BY FTI1ANCING ACTIVITIES
INŒEASE (DEŒEASE) ill CASH & CASH
EÇUIVAIENTS
CASH BAIANCE-..January 1
CÞ ..s H BALANCE - Cecernl:er 3 1
January 1 to D::èCernber 31,
1990 1989
$ 875,528 c~ 865,600
.;>
256,910 203,794
(196,692) (93,226)
(777,064) (885 , 481)
$ 158,682 (' 90,687
.:;,.)
$(1,767,779)
40,917
204,408
;; (3,042,206)
613 ,642
(1,900)
5,700
$ (1, 522,454)
~(2,424,764)
$ 3,413,150 $ 2,490,000
(3,360,150) (110,000)
(20,000) (60,000)
(57,934)
165,966 120,141
57,315 43,828
$ 198,347 ~ 2,483,969
$(1,165,425) $ 149,892
1,609,249 1, 460 , 781
$ 443,824 $ 1,610,673
The notes to financial statements are an integral part of this statement.
Page 4
NOTES 'ill FINANCIAL STATEMENTS
December 31, 1990 arrl1989
NarE 1:
SUMMARY OF SIGNIFICANT ACCCUNTING FDLICIES
This St.ll11I1\ill"Y of significant accountinJ policies of the Salina
Airpcrt Authority (the Authority), Salina, Kansas is presented to
assist in understarrlinJ the financial statements. These accounting
policies conform to generally accepted accounting principles.
Principles of Accountinq
The Salina Airport Authority is governed by a board of five
directors appointed by the City Commission of the city of Sallie,
Kansas. The City of Salina is audited by other auditors who issue
their sep:uate reports that do not include the financial activities
of the Authority. The Authority accounts for its self-supporting
activities and employs the accrual 1:::asis of accounting in all
material respects.
The followinJ directors served durinJ 1990.
Roger Morrison, Chairman
Charles B. Roth, Vice-chairman
Bob ott, Secretary, Te:rm commenced March 1, 1990
Kenneth C. Stephenson, Ass istant Secretary/Treasurer
Charles Walker, Treasurer
Thomas J. Kennedy, Te:rm errled February 28, 1990
The followinJ officials, appcinted by the Salina Airport
Authority Eoard of Directors, served durinJ 1990.
Timothy F. Rogers, Executive Director
Donald C. Kneubuhl, Director of Operations
Fixed Assets
Fixed assets are stated at cost. Cepreciation is computed usinJ
the straight-line methcd based on estimated useful lives as
follaws:
Equipment
BuildinJs
Airfield and Other
Improvements
5 - 10 years
15 - 30 years
6 - 20 years
(continued)
Page 5
(continued)
Grants from the Federal Aviation Administration
The Salina Airpcrt Authority has received grants from the
Federal Aviation Administration to make capital improvements
includinJ runway and taxiway improvements, land acquisition,
emergency facilities arrl equipment, snow removal equipment ard
airpcrt master plan studies. These grants are accounted for on
a reimbursement basis whereby costs are incurred prior to thE!
actual cash receipt of the grant. Receipts are credited to the
Federal Aviation contribution account. Cepreciation on the assets
acquired with these receipts is charged to the Federal Aviation
contribution account.
Vacation arrl sick leave
All permanent full-time employees with one year of employment
are eligible for vacation benefits in varyinJ annual amounts.
Employees are allowed to accumulate and carry forward unlimited
hours of vacation. The vacation benefit liability is accrued as
it is incurred. .
sick leave benefits accrue to all full-time e."TIployeo-s at the
rate of one working day per rronth with no I1'aXimum acetmllÙation.
Upcn termination of e."11ployment, employees are paid an amount equal
to one-third of the unused and accrued sick pay. An estimated,
liability for unused sick leave is accrued as it is incurred.
Cash Flow Information.
In 1988 the Authority adopted statement of Financial AccountinJ
Standard No. 95 which requires a statement of cash flews in the
place of a statement of changes financial r:osition.
'Ihe Authority considers all short term investments with an
original maturity of three rronths or less to be cash equivalents.
NOTE 2:
CASH AND INVESTMENTS
Kansas municipalities, such as the Authority, are authorized by
Kansas statutes to invest funds in:
(1) Temporary notes or no-fund warrants issued by the investinJ
governmental unit,
(2) Time depcsit, open accounts or certificates of deposit:,
(3) Time certificates of der:osi t,
( 4 ) Repurchase agreements, and
(5) United states Treasury bills or notes with maturities not
e.'{ceedinJ six rronths.
( continued)
Page 6
(continued)
Cep:Jsits or invesbnents with qualified fin.::L1Cial institutions are
to be secured by a oorn or by the pledge of certain ty¡::es of
securities specified by statute. Cash and invesbnents of the
Authority deposited with financial institutions were 100% ÍI1surf:rl or
collateralized by securities provided by such dep::sitory financ:ial
institution at December 31, 1990 and 1989.
co:mp:Jsi tion of cash in bank ba.lances:
Cecem1::er 3 1 .
1990 J989
Bank IV, Salina, Kansas
National Bank of America, Salina, Kansas
$
$
229,939
63.724
293,663
$1,508,727
52.513
$1,561,240
The Building Revenue Born agre<=>-IDeJ1ts for the Series 1984 arrl Series
1985 Building Revenue Bonds require a set-aside Born Reserve at
December 31, 1990 of $50,000 and $50,000 respectively.
Co:mp:Jsition of Born Reserve certificates of depcsit:
Cecernber 31.
1990 J989
Bank IV, Salina, Kansas
National Bank of America, Salina, Kansas
$
30,000
70.000
$ 20,000
71.424
$ 91,424
$
100,000
'!he board of directors of the Authority resolved on May 14, 1986 to
create a restricted account for economic development.
Co:mp:Jsition of economic development account:
First National Bank arrl Trust
Co., Salina, Kansas
Repurchase Agreements First National
Bank arrl Trust Co., Sal ina , Kansas
Cecernber 31,
1990 J989
$ 50,111 $ 27,959
100.000 20.000
$ 150,111 $ 47,959
( continued)
Page 7
(continued)
The Building Revenue fund agree.'11€l1ts for the Series 1984 and Series
1985 Building Revenue funds require a set-aside Replacement and
Depreciation Reserve at December 31, 1990 of $ 50,000 and $50,000
respectively.
composition of Replacement and Depreciation
Reserve certificates of der:osit:
Bank IV, Sal ina , Kansas
National Bank of America, Salina, Kansas
First National Bank arrl Trust, Salina, KS
Decembe r 31L
1990 1989
$ 10,000 $
70,000 70,000
20,000 :20,000
$ 100,000 $ 90,000
NOTE 3:
lEASES
Buildings Constructed by Tenants
The Authority has authorized the construction of five buildings on
the Authority-owned larrl by three tenants. The Authority has assisted
in the financinJ of these buildinJs thrcugh the issuance of BuildinJ
Revenue Bonds and General Obligation Economic Development Bonds for
these buildinJs. The Revenue bonds are payable solely from the
rentals of the leased buildinJs and other leased buildinJs designated
by the Authority. The tenants make payments directly to the
Authority and the Authority makes payment to a trustee. The financinJ
of these facilities by the Authority represents a direct financinJ
lease and accordinJly, the net investment in such leases is recorded
in the Authority's balance sheet as a restricted asset. The follcwinJ
lists the COITIFOnents of the net investment in direct financinJ leases
as of December 31, 1990 and 1989:
Total minimum lease payments to
be received
Less unearned income
Net invesbnent in direct
financinJ leases
December 31,
1990 1989
$3,371,476
1. 078,950
$1,061,083
305,317
$2,292,526
$
755,766
The future minimum lease rentals
financinJ leases are as follaws:
Year errlinJ Cece.1111::er 31
1991
1992
1993
1994
1995
Thereafter
to be received urrler direct
$, 448, 596
452,596
366,514
349,297
432,024
1. 322 , 449
$3,371. 476
( continued)
Page 8
( continued)
Rentals Under Operating leases
The authority leases facilities and larrl to various concessionaires
arrl others. These leases are for varying f:€ricx:ls of time from one to
v,.¡el ve years arrl require the payment of minimum annual rentals. The
following' is a schedule, by year, of future rental of noncancellable
operating' leases as of December 31, 1990:
Year errlinJ December 31
1991
1992
1993
1994
1995
Thereafter
$
535,314
312,886
157,656
107,215
98,281
337,085
$1,548,437
NaI'E 4
IDNG-'I'ERr1 DEBI'
Bonds
BuildinJ revenue borrls series 1984, originally
issued May 1, 1984, due in annual installments
increasing from $40,000 in 1990 to $50,000 in
1991 through 1993 arrl to $60,000 in 1994, plus
interest at 80% of the base lerrling rate of The
National Bank of America, Salina, Kansas.
$
210,000
BuildinJ revenue borrls series 1985, originally
issued Cecember 1, 1985, due in annual installments
increasing from $90,000 in 1990 and 1991 to
$110,000 for 1992 through 1993 arrl to $130,000 in
1995, plus interest at 80% of the base lerrlinJ rate
of The National Bank of America, Salina, Kansas.
550,000
General obligation Economic Cevelopment Bonds
series 1990A, originally issued July 1, 1990 due
in annual installments increasinJ from $45,000 in
1991 to $175,000 in 2010 plus interest rangißJ from
6.4% to 8.375%
1,900,000
General obligation Economics Cevelopment Borrls
Series 1990-B, originally issued October 1, 1990
due in annual installments increasinJ from $11,000
in 1991 to $70,000 in 2010 plus interest ranging
from 6.5% to 8.5%
773,000
Total Bonds
$3,433,000
( continued)
Page 9
(continued)
The annual bend principal for all bends ou~~ as of Ceo=m1:er
31, 1990, are as follows:
Payable in
Year Ended General
Cec€ml:er 3 1 ObliGation Revenue Total
1991 $ 63,000 $ 140,000 $ 203,000
1992 65.000 160,000 225.000
1993 70,000 160,000 230,000
1994 80,000 170,000 250,000
1995 85,000 130,000 215,000
'Thereafter 2,310,000 2,310,000
Total Principal $2,673,000 $ 760,000 $3,433,000
NOI'E 5
DEFlliED BENEFIT PENSICN PIAN
SUbstantially all employe<"-s of the Salina Ah-p:,rt Authority
participate in t.Ì1e Kansas FUblic Employe<"-s Retirement Syste."'1l
("System"), a multiple e.'T11ployer public employee retire.'11eJ1t SystE'!11.
'The payroll for e.'T11ploye<"-s covered by the Syste."'1l for the years erded
Cece.'1Ù:€r 31, 1990 arrl 1989 was $306,113 and $299,644. 'The total.
payroll wôS $318,752 and $306,719 respectively.
SUbstantially all e.'T11ploye<"-s of the Salina AirI;ort Authority are
eligible to' participate in the System after one year af employment.
Employees who retire at or after age 65 are entitled to' a retirement
1:enefit, payable monthly far life, equal to 1 ¡:erc€I1t of their final
average salary for each year of "prior" service and 1.25 to 1. 5
percent for each year of "participating" S€...'I'\Iice dep3I1dirB upJn the
number of years of service. Final average salary is the e.'T11ployee' s
average salary over the highest four years of credited service.
Eenefits fully vest on reachinJ 10 years of service. Vested e.'T11ployees
may retire at age 55 to 65 wit.Ì1 10 years of credited service and
receive reduced retirement benefits. 'The System also provides death
and disability benefits. Be.r¡efits are established by State statute.
covered employ-e<"-s are required by state statute to contriliute 4
F€-rcent of their salary to the plan. 'The employer is required by the
same statute to contriliute the re..'1EinirB amounts necessary to pay
1:enefits when due. '!he contribution requirement for the years eTrled
Cec€ml:er 31, 1990 and 1989 was $21,569 and $17,939, which consisted
of $7,604 and $5,992 from the employer arrl $13,965 and $11,947 f:rcm
employees respecti vel y; these contributions represented 7. 00% and
6.00% of covered payroll res:p=ctively. .
( continued)
Page 10
( continued)
'The "pension J::enefi t obligation" is a standardized disclosurE~
measure of the present value of pension benefits, adjusted for the
effect of projected salary increases ani step-rate 1:::enefits,
estimated to be payable in the future as a result of employee s€rVice
to date. 'The measure, which is the actuarial present value of
credited proj ected benefits, is interrled to help users assess the
System 's furrling status on a goÍ1"B concern basis, assess progress
made in accumulatÍ1"B sufficient assets to pay 1:::enefits when due, and
make comparisons among Public Errployee Retirement Systems arrl
e."11ployers. The System dces not rraJœ separate measurements of assets
and pension benefit obligation for individual employers. The t:ension
1:::enefit obligation at January 1, 1990 for the System as a whole,
determined through an actuarial valuation performed. as of that date,
was $3.38 billion. The System I s net assets available for benefits on
that date were $3.46 billion. Net assets available for 1:::enefits
exceeded the p:..11Sion benefit obligation by $74.5 million. The
contribution of the Salina Airport Authority for the f:€riod covered
by this repcrt represents. 01% of contributions required of all
participating entities, which totalled $110 million for the year
errled June 30, 1990. Other infornation related to the Syste.11l can be
found in the KPERS 1990 CAFR. This rePJrt is available from the
Salina AirpJrt Authority.
Page 11
BlANK PAGE
SALINA AIRroRI' AIJIHORITY
DETAIIED STATEMENTS OF OPERATIONS AND ~
ill REI'AINED EARNINGS
January 1 to Cecember 31,
1990 1989
0 PERATlliG REVENUES
BuildinJ rents $ 595,712 $ 704,643
Ramp rents 11,802 11,624
Land rents 26,402 25,390
Agri land rents 68,247 26,744
Harxjar rents 33,924 33,607
Tank farm rent 360 1,050
Fixed base operator 127,766 106,432
I.arxiinJ fees 7,599 5,913
comrnissions-car rentals 7,591 6,884
cornmiss i ODs -other 1,422 2,721
Other income 1 2,217
rorAL OPERATING REVENUES $ 880,826 (' 927,225
~~
OPERATING EXPENSES BEFORE DEPRECIATION
AIMINISTRATIVE EXPENSES
Office salaries $ 130,954 $ 118,203
Office supplies 6,206 5,801
Postage 3,740 2,942
Travel and meetinJs 13,611 8,775
Agri larrl exp=nse 8,222
Legal arrl accountinJ 33,976 36,197
Insurance 102,399 77,010
Engineering 9,958 44,322
Fica tax 23,389 22,736
Kansas unemployment tax 1,636 2,208
~loyees retireœnt 7,604 5,992
Telephone 6,882 5,360
Irrlustrial developnent 19,583 37,284
Airport promotion 34,881 54,731
Air sho;,¡ exp=nse 670 30,000
Property taxes 344 1,954
Other administrative expenses 26 ,170 30,392
rorAL AIMINISTRATIVE EXPENSES $ 430,225 ~ 483,907
( continued)
Page 12
( continued)
MAINI'ENAN CE EXPENSES
Maintenance salaries
Building maintenance
Airfield maintenance
Grounds maintenance
Equipment gas, oil & repa.irs
utilities
Fire department expense
Other maintenance expenses
IDI'AL MAlNI'ENANCE EXPENSES
'IOI'AL OPERATlliG EXPENSES BEFDRE
DEPRECIATION
OPERATING EARNlliGS BEFDRE DEPRECIATION
DEPRECIATION EXPENSE
OPERATING EARNmGS (I.Œ3S).
0rHER rnCCME (EXPENSE)
Interest income-cap i tal 1 eases
Interest income
Bond interest-exp=nse
Born issue costs
Amortization 1:orn costs
Interest on temporary notes
Gain (Loss) on sale of pro~
NEI' 0rHER rnŒME (EXPENSE)
NEI' rn ŒME ( I.Œ3S )
ADD DEPRECIATION ON ASSETS ACÇUIRED 'IHRCUGH
FEDERAL CDNTRIfUrIONS (Note 1)
illCREASE (DEŒEASE) ill RETAINED EARNmGS
REI'AINED EARNINGS, January 1
REI'AINED EARNINGS, Lecember 31
$
187,552
20,914
26,866
10,370
25,583
52,078
3,069
12.504
c:'
.,'
199,890
32,691
17,994
7,845
21,115
42,070
4,027
10.485
$
338.936
c::
:r.
336.117
$
$
769.161
111,665
~
$
820.024
107,201
$
$
708.830
(597.165)
~
~
680.775
(573,574)
$
177,281
78,205
(144,379)
( 650)
(1,331)
(115,470)
$
101,755
96,201
(89,428)
( 650)
(14,508)
( 414)
$
$
(6.344)
(603,509)
~
$
92.956
(480,618)
$
$
403 .467
(200,042)
~
$
396.951
(83,667)
6.772.731
$ 6,572,689
6.856.398
$ 6,772,731
'!he notes to financial statements are an integral part of this statement.
Page 13
SALll1A AIRroRI' AUIHORI'IY
CAPITAL EXPEND TIURES
J anuarv 1 to Cecember 31,
1990 1989
Ð;:PIFMENI'
MMA weather system $ 2,160 $
Runway & ramp sweef:€r 77,149
crack sealinJ equipment 13,536
CoImnunication equipment 2,922
Shop equipment 486
Restaurant equipment 299 431
Office equipment 13,230
1978 Olevrolet bus 1. 800
'IOI'.AL Ð;:PIFMENI' $ 17,489 ~ 94,524
BUIIDlliGS
Kansas Army National Guard Bldg.
Kansas Army National Guard Annory
Kansas Highway Patrol
Buil~ #959 roofing
Water Well Road overpass
KASA buil~ i1r1provernents
Soo Plastics buil~
Palmer Trucking
Port -A-Port i1r1p rov emen ts
International pilot TraininJ buil~
53,000 sq. ft. Mfg. Bldg.
Airpcrt Industrial Center
Building #673
Incubator building
MMA/FAA/KHP construction
Buil~ #959 roof
Terminal bldg. i1r1provement
Schilling road
Tank leak detector
I:bJrs S & K Auto
Salina. Snack
Beech Aircraft proj ect
$
74,065
14,968
46,060
621,738
792,337
11,880
10,169
36,613
1,943
15,695
330
12,401
14,947
2,090
1,400
44.104
'IOI'.AL BUIIDlliGS
$1. 700.740
( continued)
Page 14
$
44,562
58,969
14,849
11,500
300,000
47,374
767,108
4,692
15,417
179,820
146,794
84,179
35,701
391,767
140,396
~.243.128
alliER IMPROVEMEN'IS
AlP Future proj ects
AlP 09 Runway 12/30 pavinJ
AlP 10 Lighting project
AlP 11 EngineerinJ
AlP 12 Future proj ects
'IOI'AL OiliER IMPROVEMEN'IS
'IOI'AL CAPITAL EXPEND TIURES
( continued)
Page 15
January- 1 to CEcember 31,
1990 1989
$ 10,200 $
5,484
21,275 642,783
762 316
706
$ 32,943 ~ 648,583
$1,751,172 $2,986,235
SALINA AIRFDRr AUIHORITY
OONΠOF INDEBI'EINFSS
December 31, 1990
Original Pr inc i pal OutstandinJ
Issue Paid Ealance
Building Revenue Borrls
series 1984 $ 400,000 $ 190,000 $ 210,000
Building Revenue Borrls
series 1985 900,000 350,000 550,000
General Obligation Economic
Development Borrls
Series 1990-A 1,900,000 1,900,000
General Obligation Economic
Development Borrls
series 1990-B 773,000 773,000
$3,973,000 $ 540,000 $3,433,000
Page 16
SALINA AIRFDRI' AUTHORITY
EUIIDING REVENUE OONŒ-SERIES 1984
December 31, 1990
Ca.te of Issue:
Amount of Issue:
Interest Rate:
Maturity Ca.te:
Principal Paid:
outstarrlinJ Ealance:
May 1, 1984
$400,000
*
May 1, 1994
$190,000
$210,000
Schedule of Born Principal Pavments
D.1e in
Year
Born
Principal
1991
1992
1993
1994
$ 50,000
50,000
50,000
60,000
$210,000
*'!he interest rate for each si.'{ month payment
will be eighty percent (80%) o:f the National
Bank of America, Salina, Kansas base lending
rate in effect on the begi.nni.rg date of each
six Ironth f:€ricd.
Page 17
SALINA AIRFORI' AUIHORI'IY
BUILDlliG REVENUE roNŒ-SERIES 1985
December 31, 1990
r::ate of Issue
Amount of Issue
Interest Rate
Maturity r::ate
Principal Paid
outstarrlinJ Balance
January 17, 1986
$900 ,r 000
*
December 1 , 19 9 5
$350,,000
$550,,000
Schedule of Borrl Principal Payments
Dle in
Year
Bo rrl
Principal
1991
1992
1993
1994
1995
$ 90,000
110,000
110,000
110,000
130,000
$550,000
*'The interest rate for each six month payment
will be eighty percent (80%) of the National
Bank of America, Salina, Kansas base lenclirq'
rate in effect on the beginninJ date of each
six month f:€ricd. '!he rate of interest shall
not be less than a rate of eight percent (8%).
Page 18
SALrnA AIRFORr AUI'HORITY
GENERAL OBLIGATION EmNCMIC DEVEIDFMENT OONŒ
SERIFS 1990-A
December 31, 1990
rate of Issue:
Amount of Issue:
Interest Rate
Maturity rate:
Principal Paid:
au ts ~ Eal ance :
July 1, 1990
$1,900,000
*
$1,900,000
Schedule of Bond Principal Payments
CUe in
Year
Bo rrl
Principal
1991
1992
1993
1994
1995
'Iherea fter
$
45,000
45,000
50,000
55,000
60,000
1. 645.000
$1,900,000
*'Ihe interest rate varies from 8.375% to 6.4%
over the life of the borrl issue.
Page 19
SALINA AIRf()RI' AUIHORI'IY
GENERAL OBLIGATION E<X>NCMIC DEVElOfMENT OONŒi
SERIES 1990-B
December 31, 1990
Cate of Issue:
Amount of Issue:
Interest Rate:
Maturity Cate:
Principal Paid:
outstanding Balance:
October 1, 1990
$773,000
*
September 1, 2010
$773,000
Schedule of Born Principal Payments
CUe in
Year
Born
Principal
1991
1992
1993
1994
1995
'Thereafter
$ 18,000
20,000
20,000
25,000
25,000
665.000
$773,000
*'!he interest rate varies from 8.5% to 6.5%
over the life of the born issue.
Page 20
Workmen's c~tion
arrl Employer's Liability
Cornprehens i ve General
Liability
Rental BuildinJs-
Irnustrial
Airpcrt Te:rminal arrl
Rental BuildinJs
Vehicles and Equipment
Public Employees
Blanket Born
Public Officials arrl
Employees Liability
SALINA AIRFORr AUtHORITY
lliSURANCE IN FORCE
December 31, 1990
Type of Coveraqe
Bodily injury and
property damage
Fire arrl light.ninJ,
ext errl ed cov era g e ,
vandalism and malicious
mischief-loss of rents
Fire and light.ninJ,
ext errl ed cov era g e ,
varrlalism arrl malicious
mischief
Liability
Fh Y sica 1 damage -equipment
Medical payments
Bodily injury
Uninsured motorists
Honesty blanket
position born coverage
Errors & omissions
e."{cludinJ asbestos, excludinJ
pollution coverage on a
claims made basis,
5,000 deductible
Page 21
Amount of
CoveraGe
Co- Insurance
Percentaqe
$
100,000
500,000
1,512,415
4,110,000
500,000
584,747
2,000
25/50,000
500,000
90%
100,000
500,000
SŒEillIE OF FEDERAL ASSISTANCE
CATALCG OF FEDERAL I:U1ESTIC ASSISTANCE NUMBER 20.106
For the year errled December 31, 1990
Experx:li tures
Federal ID D1r inJ Amount
Prcx.Tram Title Number Year of Awards
DEPARIMENT OF TRANSPJRI'ATION
Federal Aviation Administration 3-20-0072-10
LightinJ proj ect $ 21,625 $ 40,917
Federal Aviation Administration 3-20-0072-11
Master plan up::1ate 812
Federal Aviation Administration 3-20-0072-12
Runway protection zone 706
Federal Aviation Administration 3-20-0072-13
Future proj ect 5,100
$ 28,243 $ 40,917
Page 22
SALINA AIRf()RI' AUI'HORI'IY
ŒMPARISON OF GRaSS CASH BA.lANCES WI'IH DER)STIDRY SEClJRIT"l
December 31, 1990
Eank IV
Salina, N.A.
Nationa.l Bank
of America
First National
Eank arrl
Trust
GROSS CASH PAIANCES
Cemand de r:os i t
Ca sh in checking $ 10,883 $ 63,724 DO,111
Time der:osi ts
Commercial S",.¡eep 219,105
Certificates of
dePJSit 40,000 140,000 __~,9, 000
'K1rAL TIME DER)S ITS 259,105 140,000 --.2J),000
REFURæASE AGREEMENTS 100,000
'IOTAlS 269,988 203 .724 170.111
IESS FDIC mVERAGE
Cemand deposits 10,883 63,724 50,111
Time depcsi ts 100,000 100.000 100.000
'IOTAL FDIC mVERAGE 110.883 163.724 150,111
BAIANCES SECURABLE
BY mLIATERAL 159,105 40,000 20,000
--
--
SECURITY REQJIRED
(100%) 159,105 40,000 20,000
SECURITY PROVIDED
BY DEFOS TIDRIES 1. 039.231 507.969 102,020
AM:XJNT UND ERS E ŒJRED
BY STA'IUIE $ $ $
--
--
Page 23