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Airport Profile

Bond TypeGARB
S&PA-
FitchBBB+

Key Financial Data (FY 2024)

CPE$13.58
Signatory Landing Fee$4.3800
Enplanements645,930
Total Operating Revenue$31.4M
Total Operating Expense$39.4M
Operating Income$-8.0M
Total Debt$63.6M
Rate Covenant1.25x
Unrestricted Cash$55.2M
Landed Weight (1000 lbs)812,019

Enplaned Passengers (T-100)

525K-14.4%

Cost per Enplanement (CPE)

$13.58+0.1%

Revenue

$31.4M+5.5%

Expense

$39.4M+6.1%

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-part test: (1) Airport Consultant certificate that projected Net Income Available for Debt Service for each full Year following issuance through two Years following completion of Improvements will aggregate not less than 125% of largest amount required for Bond Service Charges and 110% for all Bond Service Charges, General Obligation Debt Service Charges and Subordinated Obligations Debt Service Charges; OR (2) Director of Finance certificate that Net Income Available for Debt Service during each of the two Years immediately preceding authorization, adjusted to reflect current rates/fees/agreements, aggregated in each year not less than 125% of largest amount required for Bond Service Charges and 110% for all debt service charges.

Rate Covenant

Covenant Ratio1.25x

Net Income Available for Debt Service in each Year at least equal to 125% of the amount required to be paid for Bond Service Charges during the then current Year and 110% of the amount required to be paid for Bond Service Charges, General Obligation Debt Service Charges and Subordinated Obligations Debt Service Charges during the then current Year (less the amount of interest for the then current Year for Bonds, General Obligations or Subordinated Obligations that has been capitalized) plus the amount, if any, required to satisfy the Bond Reserve Requirement and to reimburse the provider of a surety bond.

Flow of Funds

Revenues deposited to Revenue Fund. Priority waterfall: (1) Operating Expenses, (2) Bond Fund (Interest Payment Account and Principal Payment Account), (3) Bond Reserve Fund to maintain required reserve, (4) General Obligation Debt Service Fund, (5) Improvement Fund with required reserve of not less than $50,000, (6) Airport Reserve Fund with required reserve of not less than one-sixth Operating Expenses for prior year, (7) Subordinate Obligations Debt Service Fund. PFC Revenues excluded from Airport Revenues unless transferred or deposited into Revenue Fund or Bond Fund.

1.Operating Expenses — Payment of operating expenses. Revenue Fund maintains operating reserve of not more than one-half prior year's operating expenses.
2.Bond Fund — Deposits to Interest Payment Account and Principal Payment Account for debt service on Bonds.
3.Bond Reserve Fund — Maintain required reserve equal to lesser of (i) maximum Bond Service Charges in current or any succeeding Year, or (ii) 125% of average annual Bond Service Charges.
4.General Obligation Debt Service Fund — Transfer for payment of General Obligation Indebtedness debt service, subject to no deficiency in Bond Fund or Bond Reserve Fund.
5.Improvement Fund — Capital improvements. Required reserve of not less than $50,000.
6.Airport Reserve Fund — Operating reserve. Required reserve of not less than one-sixth Operating Expenses for prior year.
7.Subordinate Obligations Debt Service Fund — Debt service on Subordinated Obligations (if any).

Source Documents

Official Statements

DAY-2015AB-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