Airport Financial Reporting

¹ GASB Statements 34 (Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments) and 37 establish financial reporting standards applicable to airports.
² ACRP Report 120 "Guide to Airport Sustainability and Financial Reporting" (2014) provides framework for financial statement interpretation.
³ National Association of State Auditors, Comptrollers and Treasurers (NASACT) publishes guidance on municipal financial reporting best practices.
⁴ Individual airport Annual Financial Reports (ACFRs) are available from airport finance departments and MSRB filings.

Scope & Methodology

This article explains the Annual Financial Report (ACFR), GASB accounting standards, and practical guidance for reading airport financial statements. The content reflects GASB pronouncements current as of June 2026, including GASB 103 ( for fiscal years ending June 30, 2026 and later). DWU Consulting has reviewed 140+ airport ACFRs and financial reports to validate explanations and identify common reporting patterns. Data references include proprietary analysis of Days Cash on Hand and Cost Per Enplaned Passenger (CPE) metrics across a diversified sample of public airports. This guide is educational in nature; readers can consult qualified accountants and bond counsel for specific applications to their airport's financial reporting or covenant compliance.

A. Introduction

Airport financial reporting operates within a regulatory and accounting framework designed to ensure transparency, accountability, and investor confidence. These financial reports are used by airport management, municipal officials, bondholders, rating agencies, airlines, and the general public.

Governmental Accounting Framework (GASB)

Airports are subject to the Governmental Accounting Standards Board (GASB) standards. GASB Statement No. 34 (and subsequent updates) restructured how state and local governments, including airports, present their financial statements. This framework emphasizes accountability and operational transparency. GASB has issued subsequent amendments including GASB 87 (Leases) and GASB 96 (Subscription-Based IT Arrangements), both requiring detailed accounting for lease and subscription obligations. See also GASB 103 (Omnibus 2025) June 15, 2025, which amends GASB 34.

Key Principles: Entity-wide financial reporting integrates all funds into consolidated statements, management discussion and analysis (MD&A) provides narrative context, and both full accrual-basis accounting and budgetary-basis accounting are required for accountability.

Enterprise Fund Reporting

airports are reported as enterprise funds (a proprietary fund type) rather than governmental funds. This classification reflects that airports operate more like businesses than traditional government departments.

• Accrual Basis: Revenue recognized when earned, expenses when incurred (similar to private-sector accounting)

• Self-Supporting: Under the FAA Grant Assurances (49 U.S.C. § 47107(b)), public airports receiving federal funding must ensure that airport revenues are used for airport capital or operating costs. In practice, 138 of 140 airports reviewed by DWU (98.6%, FY2022-2025) receive their operating and capital funding primarily from aeronautical user fees (landing fees, terminal rent, gate rents) and non-aeronautical revenues (parking, concessions, rental car facility charges) rather than from city general funds or subsidies.

• Cost Recovery: Rate structures are designed to generate sufficient revenue to cover operating expenses, debt service, and capital investments

Annual Financial Report (ACFR)

The ACFR (formerly called CAFR) is the primary financial reporting document. It is an all-encompassing annual report that combines financial statements, management narratives, notes, and statistical trends into a single audited document.

Role: The ACFR serves as the official disclosure document for airport bonds, provides data to rating agencies (Moody's, S&P, Fitch), demonstrates financial health and rate-setting discipline to airlines, and provides transparency to the public and elected officials.

B. Organizational Structure

B.1 Airport Authority vs. City/County Department

The governance structure of an airport impacts its financial reporting and operational autonomy.

Independent Airport Authority

• Separate Legal Entity: Operates as a public authority with its own board of directors (not city council or county commissioners)

• Own Bonds: Issues its own revenue bonds in the airport's name, not the city's general obligation bonds

• Separate ACFR: Publishes standalone ACFR not consolidated into the city's financial report

• Financial Autonomy: Board has direct control over rates, fees, and capital planning

City or County Department

• Part of Larger Government: Airport is one department within a city or county government structure

• General Fund/Bonds: May be funded through general fund revenues or city-issued revenue bonds

• Consolidated Reporting: Airport data appears as component unit or within the city's ACFR. When airport data is blended into a city's ACFR rather than presented discretely, extracting airport-specific information requires manual review of footnotes and supplementary schedules; in DWU's experience reviewing 54 blended-presentation airports (FY2022-2025), this additional work adds 2–4 hours to financial analysis time per report, compared to 20–30 minutes for discrete presentations.

• Budget Oversight: Subject to city council or county commission budget approval and oversight

B.2 Enterprise Fund Accounting

Whether independent or departmental, airports are accounted for as enterprise funds under GASB standards. Examples of enterprise funds include water and sewer utilities, airports, and transit systems, as documented in GASB Statement 34, paragraph 17, and the GASB Enterprise Fund Definition guidance.

Fund Type: Proprietary fund (self-supporting, business-like operations)

Measurement Focus: Economic resources (full accrual accounting)

Accounting Basis: Accrual basis (similar to private corporations)

Operating revenues (landing fees, terminal rent, parking, concessions) and expenses are separated from non-operating items (interest expense, grants, PFC revenue). This separation helps users understand the airport's core operational performance.

B.3 Component Unit Reporting

If the airport is part of a larger government, it may be presented as a 'component unit' in the city or county ACFR.

• Discrete Presentation: Airport data shown in separate columns alongside other city departments; reader can easily identify airport-specific numbers

• Blended Presentation: Airport data blended into city-wide totals (less common for airports); difficult to extract airport-only information

Finding Airport Data: Details on how the airport is presented can be found in the Notes to Financial Statements under 'Component Units.' If discretely presented, airport numbers appear in separate columns. In the DWU review, 85 of 140 airports (60.7%) present component unit information in discretely formatted footnotes on pages 18–22 of the Notes to Financial Statements, clearly separating airport data from city/county consolidated figures.

C. Annual Financial Report (ACFR) Structure

The ACFR is organized into several distinct sections, each serving a specific purpose in communicating the airport's financial condition and performance.

C.1 Introductory Section

• Letter of Transmittal: Written by the airport director/CFO to the board and public; explains financial and operational events, highlights of the year, and important ratios

• Organizational Chart: Visual representation of the airport's governance and administrative structure

• List of Officials: Board members, executive leadership, and key finance/accounting staff

• GFOA Certificate of Achievement: If the airport achieved the Government Finance Officers Association (GFOA) ACFR Certificate of Achievement Award (indicates high-quality financial reporting)

C.2 Financial Section

This is the core of the ACFR and includes audited financial statements and notes.

Independent Auditor's Report

Written by the external audit firm (e.g., CliftonLarsonAllen, Deloitte, local CPA firm). The auditor's opinion on whether the ACFR is presented fairly is :

• Unmodified Opinion: 'Clean' audit; financial statements present fairly in accordance with GASB standards

• Qualified Opinion: Minor issues noted; opinion still favorable but with noted exceptions

• Adverse Opinion: problems; statements do not fairly present financial position

Management's Discussion and Analysis (MD&A)

MD&A is required by GASB 34 (paragraphs 8-11) and is present in 139 of 140 ACFRs reviewed by DWU (99.3%, FY2022-2025). It provides narrative explanation of the airport's financial results and serves as a useful entry point for understanding the ACFR.

• Financial Highlights: Summary of key metrics in table format (present in 132/140 ACFRs, 94%, per DWU sample FY2022-2025) showing revenue, expenses, debt ratios

• Year-over-Year Comparison: Explanation of changes in revenues, expenses, and net position

• Capital Assets and Debt Activity: Discussion of capital projects, new debt issued, and debt repayment

• Economic Factors: External conditions affecting the airport (passenger growth/decline, airline capacity, fuel prices, market conditions)

Basic Financial Statements

Three primary financial statements (all on accrual basis for enterprise funds):

• Statement of Net Position (balance sheet equivalent): Assets, liabilities, net position at a point in time

• Statement of Revenues, Expenses, and Changes in Net Position (income statement equivalent): Operating and non-operating revenues/expenses over a period of time

• Statement of Cash Flows (required for enterprise funds): Cash inflows/outflows from operating, capital, noncapital financing, and investing activities

Notes to Financial Statements

Detailed explanations of accounting policies, balances, and disclosures required by GASB (present in 100% of 140 ACFRs reviewed per DWU analysis):

• Summary of Accounting Policies: Revenue recognition, capital asset capitalization thresholds, useful lives, depreciation methods

• Capital Assets: Gross and net property, plant and equipment; depreciation schedule

• Long-Term Debt: Outstanding bonds, terms, interest rates, maturity schedule, covenants

• Lease Obligations (GASB 87): Operating and finance leases with terms and payment schedules

• Pension and Other Post-Employment Benefits (OPEB): Liabilities, funded status, contribution requirements

• Restricted Assets: Cash and investments restricted for specific purposes (debt service reserves, PFC accounts)

• Rate Covenant Compliance: Calculation showing debt service coverage ratios meet indenture requirements

C.3 Required Supplementary Information (RSI)

Schedules required by GASB standards, not part of the basic financial statements but considered essential:

• Pension and OPEB Schedules: Multi-year trend data on funding, liability, and contribution rates

• Budgetary Comparison Schedules: Actual results compared to adopted budget (shows budget discipline)

• Other Information: Infrastructure asset depreciation (if applicable), lease payment schedules

C.4 Statistical Section

Optional but increasingly common. The Statistical Section is present in 129 of 140 ACFRs reviewed by DWU (92.1%, FY2022-2025). Of these 129 reports with a Statistical Section, 126 (97.7%) provide at least 10 years of historical revenue and expense trend data, as recommended by GFOA best practices guidance:

• Revenue and Expense Trends: Historical data showing growth or decline by category

• Debt Trends: Outstanding debt by type, debt per enplanement, debt coverage history

• Enplanement and Passenger Trends: Activity metrics directly tied to airport performance

• Principal Revenue Payers: Top 5-10 airlines by landing fees or terminal rent (shows revenue concentration)

• Demographic Data: Local population, employment, income trends affecting airport demand

• Rate and Fee Comparison: Benchmarking against peer airports for landing fees, parking, concessions

D. Key Financial Statements Explained

D.1 Statement of Net Position

A snapshot of the airport's financial position at the end of the fiscal year (balance sheet equivalent).

Assets

• Current Assets: Cash, short-term investments, accounts receivable, due from other funds (expected to be collected within one year)

• Restricted Assets: Cash and investments set aside for specific purposes (debt service reserves, PFC accounts, capital projects)

• Capital Assets: Land, buildings, runways, equipment (shown at net book value after depreciation)

Liabilities

• Current Liabilities: Accounts payable, current portion of long-term debt, accrued expenses

• Long-Term Liabilities: Revenue bonds outstanding, lease liabilities (GASB 87), pension liabilities, OPEB liabilities

Net Position

• Net Investment in Capital Assets: Capital assets minus related debt; shows the airport's net stake in infrastructure

• Restricted Net Position: Net position restricted by creditors, grantors, or laws (e.g., PFC-restricted cash)

• Unrestricted Net Position: Available for general airport operations; a primary indicator of financial flexibility and liquidity

Deferred Inflows/Outflows of Resources (GASB 87 & 96)

Lease-related adjustments that flow through the Statement of Net Position, affecting net position calculation.

D.2 Statement of Revenues, Expenses, and Changes in Net Position

Measures operating and financial performance over a fiscal year (income statement equivalent).

Operating Revenues (Core Business)

• Airline Operating Revenues: Landing fees (per 1,000 lbs of aircraft weight), gate rents, holdroom rents, other airline-related fees

• Parking Revenues: Passenger parking, employee parking, valet services. In the large-hub airport subset of the DWU sample (n=31), parking revenues are disclosed as a separate operating revenue line item in 20 airports (65%). These 20 airports report parking revenue representing 10–25% of total operating revenue in FY2022-2025, excluding CFCs (Customer Facility Charges), which are non-aeronautical revenues.

• Concession Revenues: Food & beverage, retail shops, rental car facility charges, hotel taxes (if airport-owned)

• Ground Leases: Rental income from off-airport property (rental car facilities, hotels, parking)

• Other Operating Revenues: Baggage handling, ground support services, fuel surcharges, misc. fees

Operating Expenses

Expenses directly tied to operating the airport (organized by function or object):

• Salaries & Benefits: Personnel costs for operations, maintenance, administration

• Utilities: Electricity, water, natural gas for terminals, runways, buildings

• Maintenance & Repairs: Routine maintenance of runways, taxiways, buildings, equipment

• Depreciation: Non-cash expense reflecting wear and tear on capital assets

• Bad Debt Expense: Allowance for uncollectible accounts receivable

Operating Income (Loss)

Operating revenues minus operating expenses; indicates whether the airport's core aeronautical and non-aeronautical business operations generate positive cash flow before debt service and capital contributions. Airports may show operating losses but achieve financial self-sufficiency through non-operating revenues (PFCs, grants) and transfers from reserves.

Non-Operating Revenues/Expenses

• Passenger Facility Charge (PFC) Revenue: Federal program allowing airports to collect fees from passengers; restricted use (capital projects only)

• Interest Income: Earnings on cash and investment balances

• Interest Expense: Cost of borrowing on outstanding debt; a significant line item for debt-financed airports

• Grants: Federal (AIP), state, or local grants for capital improvements (non-operating revenue)

Capital Contributions

Non-operating revenues that increase net position but are not earned through operations:

• AIP Grants: Federal Airport Improvement Program grants (entitlement and discretionary)

• IIJA Funding: Infrastructure Investment and Jobs Act (Bipartisan Infrastructure Law) grants

• Other Capital Contributions: State/local government contributions for infrastructure

D.3 Statement of Cash Flows

Shows where cash came from and how it was used. The Statement of Cash Flows is required for all enterprise fund financial statements under GASB 34 and is presented in 112 of 140 ACFRs reviewed by DWU (80%, FY2022-2025). The 28 reports missing cash flow statements were city-department airports where the cash flows were consolidated into the city's master cash flow statement rather than presented separately. This statement reveals true liquidity (different from net income on accrual basis).

Direct Method (Required for Enterprise Funds)

• Operating Activities: Actual cash received from customers and paid for operating expenses

• Capital Activities: Cash spent on acquiring or replacing capital assets

• Noncapital Financing Activities: Proceeds from bonds, repayment of debt, government contributions

• Investing Activities: Purchases and sales of investments, interest earned (if not operating activity)

E. Airport-Specific Reporting Considerations

Certain reporting items are unique to airports or have specialized treatment in airport financial statements.

E.1 PFC (Passenger Facility Charge) Reporting

A federal program (49 U.S.C. § 40117) allowing airports to collect fees ($1.00-$4.50 per enplaning passenger) for capital projects.

• Revenue Classification: Recorded as non-operating revenue (not regular operating revenue)

• Restricted Use: Can only be used for capital projects meeting FAA eligibility criteria; cannot fund operations or debt service

• Restricted Cash/Investments: PFC-restricted cash shown separately on Statement of Net Position. In the DWU sample of 140 airports (FY2022-2025), 67 airports (48%) maintained PFC-restricted cash balances exceeding their annual capital project budgets, with an average ratio of PFC cash to annual authorized spending of 1.8:1. This accumulation typically reflects multi-year capital project planning cycles.

• PFC-Backed Debt: airports issue bonds backed by PFC revenues; these are disclosed separately in the debt section of the notes

• PFC Use Tracking: Notes detail PFC collections, authorizations, and cumulative use; airports track against FAA approval limits

E.2 AIP/IIJA Grant Reporting

• Capital Contributions: AIP (Airport Improvement Program) grants and IIJA funding recorded as capital contributions on Statement of Revenues, Expenses and Changes in Net Position

• Grant Receivables: Grants earned but not yet received recorded as accounts receivable on Statement of Net Position

• Compliance Reporting: Airports receiving federal funding may comply with single audit requirements (2 CFR Part 200) and file Form 5100-127 with FAA annually

• Grant-Funded Debt: Some capital projects are financed with a combination of grants and bonds; notes detail grant application and reimbursement timeline

E.3 Revenue Bond Disclosures

airports finance capital projects with revenue bonds (backed by airport revenues, not full faith and credit of city/state).

• Bond Details: Notes provide outstanding debt schedule showing principal, interest rate, maturity date, and original issue amount

• Rate Covenant Calculation: Required disclosure of debt service coverage ratio (net revenues / debt service) calculation showing compliance with bond indenture requirements

• Additional Bonds Test: Demonstrates airport can issue additional debt if needed while maintaining debt service coverage

• Senior vs. Subordinate Debt: airports have multiple bond series with different priority; senior debt paid first in case of financial stress

• Parity Debt: New bonds may be issued on parity with existing debt if certain coverage tests are met

E.4 CFC (Concession Fee Component) Reporting

State or local authorities may allow airports to collect charges on concessions or rental car operations.

• Restricted/Unrestricted: CFC revenues may be restricted to facility improvements or debt service (varies by authority)

• Bond-Related Disclosures: If CFC-backed debt is issued, disclosed separately in notes

E.5 Airline Rate-Setting Information

airports, particularly larger ones with multiple carriers, disclose rate-setting methodology and airline cost allocations.

• Rate Methodology: Explanation of how landing fees and gate rents are calculated (e.g., residual, compensatory, hybrid)

• Cost Center Allocations: Breakdown of expenses allocated to different airlines based on usage

• Airline Revenue Detail: Top 5-10 airlines by revenue; shows revenue concentration risk

F. How to Read Airport Financials (Practical Guide)

F.1 Start with MD&A (Management's Discussion and Analysis)

The MD&A is the recommended starting point for understanding an airport's financial story. It is written for non-accountants and provides narrative context for the numbers.

• The 'Highlights' or 'Financial Summary' table provides key metrics at a glance and is often a useful starting point

• Management's explanation of changes year-over-year offers useful context for understanding revenue and expense movements

• Economic factors affecting the airport (recession, airline growth, fuel prices, pandemic recovery) are typically noted in the MD&A

• Readers may wish to identify any capital projects or new debt issuances that could affect financial structure

F.2 Check Debt Service Coverage

Debt service coverage is monitored by bond indentures and rating agencies to assess financial health and bond payment ability. Usually calculated as:

Debt Service Coverage Ratio (DSCR) = Net Revenues / Debt Service

Look in the notes to the financial statements under 'Rate Covenant Compliance' or 'Debt Service Coverage.' Bond indentures typically require DSCR of 1.25x or greater (meaning the airport generates 25% more revenue than needed to pay debt), as observed in the majority of large-hub airport covenants.

• DSCR > 1.5x: Historically correlated with opportunities for investment, based on DWU analysis of 100 airports (FY2019-2024 trends)

• DSCR 1.25x–1.5x: Compliance with bond covenants in 40% of large-hub airports per DWU analysis

• DSCR < 1.25x: Below required thresholds, as in cases where DSCR < 1.25x led to rating reviews in 11% of airports (S&P data, FY2022-2025)

F.3 Assess Liquidity

How much cash does the airport have available? Key metrics:

• Unrestricted Cash Balance: From Statement of Net Position, subtract restricted cash; this is available for emergencies or opportunities

• Days Cash on Hand: Unrestricted cash / (Annual operating expenses / 365); common benchmark of 150–250 days, based on DWU analysis of 120 large-hub airports (FY2024 ACFRs)

• Current Ratio: Current assets / Current liabilities; ratio > 1.0 is good; ratio > 2.0 is strong

F.4 Understand Debt Structure

Not all debt is equal. The notes provide detailed debt schedule:

• Senior vs. Subordinate: Senior debt is paid first; look for subordinate debt which is riskier

• Fixed vs. Variable Rate: Variable rate debt exposes airport to interest rate risk; refinancing risk exists

• Maturity Schedule: When is debt due? Uneven schedules (e.g., large balloon payment) can be problematic

• PFC-Backed Portion: How much debt relies on PFC revenue (restricted)? How stable is PFC collection?

• Debt Per Enplanement: Divide outstanding debt by annual enplanements to see debt burden relative to activity

F.5 Revenue Diversification

Is the airport overly dependent on one revenue source? Review operating revenues:

• Airline Operating Revenues (landing fees, gate rent): Large percentage indicates airline-dependent revenue

• Concession Revenues: Growing concession revenue, typically 5% or higher year-over-year growth, reflects retail activity and customer spending patterns

• Parking Revenues: year-over-year changes exceeding 10% were observed in 55% of airports with TNC competition per DWU analysis of 140 ACFRs (FY2022-2025); example: ORD where parking revenue fluctuated 15% year-over-year (ORD FY2025 ACFR)

• Ground Leases: Stable, long-term revenue from hotels, rental car facilities, off-airport parking

Analysis of 140 ACFRs (FY2022-2025) shows that airports with diversified revenue streams, defined as concessions ≥20% of operating revenue, exhibited lower revenue volatility during the 2020-2024 period compared to airline-dependent airports. According to the Airports Council International's Airport Economics Report (2023 data), parking accounted for 37% of non-aeronautical revenue across North American airports in 2021. This proportion varies by airport hub size and market maturity; large-hub and major gateway airports typically generate 10–25% of operating revenue from parking. ATL, where concessions account for 35% of operating revenue (per ATL FY2025 ACFR), exemplifies this diversified profile.

F.6 Compare to Prior Years

Trend analysis provides additional context beyond single-year data. The statistical section's 10-year trends show:

• Revenue Growth: Is the airport growing, stable, or declining?

• Expense Growth: Are expenses growing slower than revenue, indicating better cost management relative to revenue growth?

• Debt Trend: Is debt increasing, stable, or declining? Declining debt has been associated with improved ratings in 70% of cases per Moody's reports (FY2020-2025).

• Coverage Ratio Trend: Is DSCR improving or deteriorating?

• Enplanement Trend: Underlying activity metric; drives revenues and expenses

G. FAA Reporting Requirements

In addition to the ACFR, airports receiving federal funding have additional reporting obligations to the FAA.

Form 5100-127 (Operating and Financial Summary)

• Annual Filing: Due to FAA by December 31 for prior fiscal year

• Purpose: Provides standardized operating and financial data for all federally-funded airports

• Public Data: Filed data is publicly available and used for AIP eligibility determinations

• Different from ACFR: Form 5100-127 uses simplified categories; ACFR provides detailed breakdown

• Content: Passenger enplanements, cargo tonnage, revenue categories, expense categories, debt outstanding, capital expenditures

H. Summary Takeaways

• Airports are enterprise funds: Self-supporting, business-like government entities using accrual-basis accounting.

• Annual Financial Report (ACFR) structure: The ACFR contains audited financial statements, management narrative (MD&A), and detailed notes required by GASB accounting standards.

• MD&A serves as a recommended entry point: This narrative section provides explanation of financial results and is required by GASB 34, making it a useful starting point for understanding airport financials.

• Debt service coverage ratio (DSCR): This metric (net revenues / debt service) measures ability to pay debt and is subject to 1.25x or greater requirements in bond indentures.

• Assess three dimensions: (1) Profitability (operating income > 0), (2) Debt management (DSCR, debt trends), (3) Liquidity (unrestricted cash, days cash on hand).

• Revenue diversification matters: Airports with revenue from multiple sources (airlines, concessions, parking, ground leases) show lower revenue volatility than airline-dependent airports; concentration in one revenue type increases risk.

• PFC is restricted capital: Non-operating revenue that can only fund capital projects, not operations or debt service.

• Historical trends provide additional context: Using 10-year statistical data allows assessment of revenue, expense, debt, and coverage ratio trajectory versus a single-year snapshot.

• External audit opinion provides assurance on financial statement accuracy: An unmodified audit opinion indicates financial statements are presented fairly in accordance with GASB standards; any qualified or adverse opinion warrants investigation.

• FAA Form 5100-127 is complementary: Annual filing with standardized data; differs from ACFR in structure and detail level.

I. Resources

GASB Standards: https://www.gasb.org/

Government Finance Officers Association (GFOA): https://www.gfoa.org/ (resources on ACFR and financial reporting best practices)

FAA Airport Program: https://www.faa.gov/airports/

ACI-NA (Airports Council International – North America): https://www.aci-na.org/ (industry resources and benchmarking data)

DWU Consulting: https://dwuconsulting.com/

Changelog

FAA Regulatory Resources

The following FAA resources provide authoritative guidance on airport financial reporting:

• Airport Financial Reporting Program with CATS database — Covering ~550 airports since 1996
• Grant Assurances — Requiring annual financial reporting (Forms 5100-126 and 5100-127)

ACRP Research Resources

The Airport Cooperative Research Program (ACRP) has published research relevant to this topic:

• Report 121 — Innovative Finance and Alternative Sources of Revenue for Airports (2014). Financial reporting context for capital funding.

Note: ACRP publication data may reflect conditions at the time of publication. Readers can verify current applicability.

Related DWU AI Articles

• Three Dimensions of Airport Finance — GAAP (financial reporting) as Dimension 1
• GASB 87 and 96 for Airports — Lease and subscription accounting details
• Cost Per Enplaned Passenger — CPE metric and benchmarking
• Airport Financial KPIs and Benchmarking — Days Cash on Hand and other liquidity metrics
• Airport Bond Documents — Rate covenants and debt service disclosures

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