Small Hub

, · ALB

← All Airports

Airport Profile

Bond TypeGARB
S&PA
Moody'sA3

Key Financial Data (FY 2024)

CPE$8.90
Signatory Landing Fee$3.7000
Enplanements1,507,130
Total Operating Revenue$57.1M
Total Operating Expense$65.1M
Operating Income$-8.0M
Total Debt$48.0M
Rate Covenant1.25x
Unrestricted Cash$36.3M
Landed Weight (1000 lbs)1,817,575,832

Enplaned Passengers (T-100)

1.3M-11.6%

Cost per Enplanement (CPE)

$8.90+93.9%

Revenue

$57.1M+21.4%

Expense

$65.1M+14.2%

Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Two conditions precedent: (1) No Event of Default exists; and (2) Either (i) latest audited Net Revenues ≥ 125% of Maximum Annual Debt Service on all Bonds Outstanding plus new series, OR (ii) Airport Consultant certifies estimated Net Revenues in each of three full Fiscal Years following project completion or bond issuance ≥ the greater of 125% of Debt Service on all Bonds including new series OR 100% of all claims/charges/obligations payable from Net Revenues. Completion bonds up to 15% of initial series may be issued without compliance. Refunding bonds need not comply if aggregate Debt Service on refunding bonds ≤ aggregate Debt Service on refunded bonds.

Rate Covenant

Covenant Ratio1.25x

Net Revenues must at all times be at least equal to 125% of Debt Service on all Bonds Outstanding. Net Revenues = Revenues minus Operation and Maintenance Expenses. Debt Service excludes amounts credited to Construction Interest Account, amounts credited to Interest or Principal Accounts including PFCs irrevocably deposited or to be deposited in segregated subaccounts, and other available amounts irrevocably deposited for payment of interest or principal.

Flow of Funds

Revenues deposited into Revenue Fund. Applied in priority: (1) Operation and Maintenance Expense Account - monthly deposits for O&M expenses including County-Authority Lease rent; Operation and Maintenance Reserve Account - 1/24th monthly until fully funded at two months O&M expenses. (2) Bond Fund - monthly deposits for principal, interest, and premium on Bonds. (3) Bond Reserve Fund - monthly deposits if needed for each Series. (4) Subordinate Debt Service Fund - monthly deposits for subordinate debt (none currently outstanding). (5) Subordinate Debt Reserve Fund - monthly deposits for subordinate debt reserves (none currently). (6) Renewal and Replacement Fund - monthly deposits until $500,000 funded. (7) Albany County Airport Development Fund - remaining balance; used first to make up deficiencies in any Fund/Account, then for any corporate purpose.

1.Operation and Maintenance Fund — Operation and Maintenance Expense Account - monthly deposits to pay reasonable and necessary expenses of administering, operating, maintaining, and repairing Airport including County-Authority Lease rent. Operation and Maintenance Reserve Account - 1/24th monthly deposits until Operating Reserve equals two months O&M expenses, then maintain. Deficiencies transferred from Development Fund.
2.Bond Fund — Monthly deposits for payment of principal, interest, and premium on Bonds. Includes Interest Account, Serial Bond Principal Account, and Term Bond Principal Account. Segregated Passenger Facility Charge subaccount for PFC revenues designated for eligible debt service.
3.Bond Reserve Fund — Monthly deposits of amounts required to maintain Bond Reserve Fund Requirement for each Series of Bonds. Separate account for each Series. Funds may only be used to pay principal and interest on Bonds of that Series when insufficient funds in Bond Fund.
4.Subordinate Debt Service Fund — Monthly deposits to pay principal, premium, and interest on subordinate bonds/notes/obligations. No subordinate debt currently outstanding; no account currently exists.
5.Subordinate Debt Reserve Fund — Monthly deposits for reserve fund for subordinate debt. No subordinate debt currently outstanding; no account currently exists.
6.Renewal and Replacement Fund — Monthly deposits until $500,000 on deposit. Deficiencies made up from transfers from Development Fund.
7.Albany County Airport Development Fund — All remaining Revenue Fund balance deposited here. Applied first to make up deficiencies in any Fund or Account established under Resolution, thereafter to any corporate purpose of the Authority.

Source Documents

Official Statements

ALB-2020AB-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