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Airport Profile

Bond TypeGARB

Key Financial Data (FY 2025)

CPE$9.33
Signatory Landing Fee$3.4400
Enplanements1,278,219
Total Operating Revenue$35.1M
Total Operating Expense$23.8M
Operating Income$11.3M
Total Debt$78.6M
Rate Covenant1.25x
Unrestricted Cash$28.2M
Landed Weight (1000 lbs)1,529,509

Enplaned Passengers (T-100)

1.1M-7.3%

Cost per Enplanement (CPE)

$9.33+8.0%

Revenue

$35.1M+16.0%

Expense

$23.8M-13.5%

Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Historical test: Net Revenues for any 12 consecutive months in most recent 18 months ≥ 125% of maximum annual debt service on all outstanding bonds after issuance; OR Projected test: Airport Consultant certifies Rate Requirements will be met for each fiscal year from issuance through later of 5th year or 3rd year after project completion. Refunding bonds exempt if debt service not increased and maturity not extended.

Rate Covenant

Covenant Ratio1.25x

Net Revenues (Revenues accrued under GAAP minus M&O Expenses under GAAP) must equal or exceed 125% of Required Debt Service Fund Deposits (deposits to Principal and Interest Accounts, excluding capitalized interest, Project Fund earnings, and non-Revenue fund transfers)

Flow of Funds

Revenue Fund → (1) Operating Fund for M&O Expenses; (2) Debt Service Fund (pro rata to subaccounts for interest, principal, and redemption); (3) Debt Service Reserve Fund (1/12 annual requirement); (4) Subordinated Debt Service Fund (if any); (5) Subordinated Debt Service Reserve Fund (if any); (6) M&O Reserve Fund (3 months M&O); (7) Renewal & Replacement Reserve Fund (1/12 annual requirement); (8) Rebate Fund; (9) General Fund (residual)

1.Operating Fund — Transfer amounts necessary to pay M&O Expenses for the month, not to exceed budgeted amount
2.Debt Service Fund — Monthly deposits to increase Interest Account, Principal Account, and Redemption Account to required levels for next payment, including accrued amounts through last day of next month
3.Debt Service Reserve Fund — 1/12 of amount necessary to reach Series Debt Service Reserve Fund Requirement as of first day of current fiscal year
4.Subordinated Debt Service Fund — Amounts required per subordinated bond documents (if any subordinated bonds exist)
5.Subordinated Debt Service Reserve Fund — Amounts required per subordinated bond documents (if any subordinated bonds exist)
6.M&O Reserve Fund — Amount necessary to equal M&O Expenses for three consecutive months following next month per Operating Budget
7.Renewal and Replacement Reserve Fund — 1/12 of difference between amount on deposit on first day of current fiscal year and Renewal and Replacement Reserve Fund Requirement for current fiscal year
8.Rebate Fund — Amount necessary to equal Rebate Fund Requirement per applicable Supplemental Certificate
9.General Fund — Remaining amount or any portion thereof at City's election

Source Documents

Official Statements

PWM-2010-OS.pdf
PWM-2023-OS.pdf

Source: FAA CATS Form 5100-127, DOT T-100 Market Data, Airport Official Statements · Hub classification: FAA CY 2024 Enplanement Data · Prepared by DWU Consulting