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Full text of "Chicago O'Hare International Airport : financial statements for the six months ended June 30 ..."

Digitized by the Internet Archive 

in 2012 with funding from 

CARLI: Consortium of Academic and Research Libraries in Illinois 



http://www.archive.org/details/chjcagoohareinte1970chic 



, <-!*-=Ktt.. •'.!-' N&S Form CO. 584 10M 




RICHARD J. DALEY 

MAYOR 

OTTO H. LOSER 

CITY COMPTROLLER 

PAUL J. KOLE 
THOMAS F. MURPHY 

DEPUTY COMPTROLLERS 



CITY OF CHICAGO 

OFFICE OF THE CITY COMPTROLLER 

ROOM 501. CITY HALL. CHICAGO. ILLINOIS 60602 

TELEPHONE, 744-4000 



■CHICAGO- 'HARE INTERNATIONAL AIRPORT 

FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED JUNE 30, 1970 



Prepared by the Accounting Division 
Office of the City Comptroller 
City of Chicago, Illinois 
September 28, 1970 



CONTENTS 

Pages 

Exhibit A - Balance Sheet - June 30, 1970 2 

Exhibit B - Summary of Changes in Fund Balances - All Funds Other 

than Revenue Fund, for the six months ended June 30, 1970 3 

Exhibit C - Summary of Changes in Account Balances - Revenue Fund 

for the six months ended June 30, 1970 4 

Exhibit D - Comparative Statement of Revenues and Expenses for the 

six months ended June 30, 1970 and 1969 5-6 

Exhibit E - Reconciliation of "Balance of Net Income", Exhibit D, 
to "Net Revenues" as Defined in Bond Ordinance for the 
six months ended June 30, 1970 and 1969 7 

Exhibit F - Details of Application of Proce-ds of Revenue Bonds 

for the si;c months ende J Tune 30, 1970 8 

- - - - Notes to Financial Statements 9-11 



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EXHIBIT D 
Page 1 of 2 



CHICAGO- 'HARE INTERNATIONAL AIRPORT 
COMPARATIVE STATEMENT OF REVENUES AND EXPENSES 
FOR THE SIX MONTHS ENDED JUNE 30, 1970 AND 1969 

Per i od 



1970 



1969 



Increase 

or 

(Decrease ) 



REVENUES 



Flight fees, exclusive of ramp rentals $ 6,158,838.55 $ 4,932,428.13 $1,226,410.42 
Rentals, utility sales, concessions and income 

from investments 11,843,276.05 11,545,521.28 297,754.77 



Total 

EXPENSES , excluding fixed charges: 
Salaries and wages- 
Department of Aviation - Administrative 
Department of Aviation - Operating 
Corporation Counsel's office 
Comptroller's office 
Fire department 
Police department 
Indirect administrative and general 



Fire department supplies and maintenance 

Financial publications 

Gasoline 

Heat, light, power and water 

Insurance - general 

Insurance - workmen's compensation and 

disability- 
Materials and supplies 
Professional services 
Provision for doubtful accounts 
Provision for pensions 
Bank service charges 
Repairs and maintenance 
Telephone and telegraph 
Tools 
Travel 
Vehicles 

Machinery and equipment 
Miscellaneous 
Indirect administrative and general expenses: 

Department of Aviation 

Other 



Total operating expenses, excluding fixed charges $8, 522 



NET OPERATING INCOME BEFORE FIXED CHARGES 
AND APPLICATION OF REVENUES 



$18,002,114.60 $16,477,949.41 $1,524,165.19 



$ 


180,456.36 


$ 178,240.45 


$ 


2,215.91 


2 


,756,566.54 


2,401,066.33 




355,500.21 




29,196.57 


30,758.52 


( 


1,561.95) 




15,363.60 


14,173.20 




1,190.40 




630,537.39 


447,857.80 




182,679.59 




514,791.18 


434,911.38 




79,879.80 




206,467.45 


174,044.30 


$ 


32,423.15 


$ 4 


,333,379.09 


$ 3,681,051.98 


652,327.11 




21,072.79 


10,000.00 




11,072.79 




- 


285.00 


( 


285.00) 




7,420.60 


5,917.12 




1,503.48 




603,052.05 


558,097.95 




44,954.10 




166,452.90 


110,456.77 




55,996.13 




33,586.69 


37,888.10 


( 


4,301.41) 




318,585.02 


292,286.77 




26,298.25 




675,948.15 


302,274.09 




373,674.06 




84,866.38 


43,257.35 




41,609.03 




328,595.87 


287,974.79 




40,621.08 




21,161.29 


21,125.66 




35.63 


1 


,461,201.89 


1,161,434.75 




299,767.14 




9,548.87 


8,969.35 




579.52 




2,474.16 


1,738.45 




735.71 




1,950.61 


2,412.06 


( 


461.45) 




135,556.99 


171,707.41 


( 


36,150.42) 




34,935.11 


21,425.50 




13,509.61 




55,710.40 


35,137.28 




20,573.12 




20,620.36 


15,906.81 




4,713.55 




206,467.45 


174,044.30 


$1 


32,423.15 


$ 8 


,522,586.67 


$6,943,391.49 


,579,195.18 


$9 


,479,527.93 


$9,534,557.92 


55,029.99) 



(Continued to next page) 



( ) Indicates negative amount 



-5- 



EXHIBIT D 
Page 2 of 2 



CHICAGO- 'HARE INTERNATIONAL AIRPORT 
COMPARATIVE STATEMENT OF REVENUES AND EXPENSES 
FOR THE SIX MONTHS ENDED JUNE 30, 1970 AND 1969 



Increase 
Period or 



1970 1969 ( Decrease ) 

NET OPERATING INCOME BEFORE FIXED CHARGES 

AND APPLICATION OF REVENUES (brought forward) $9,479,527.93 $9,534,557.92 ($ 55,029.99 ) 

PROVISION FOR FIXED CHARGES : 

Interest on Revenue Bonds $4,110,271.32 $3,640,045.50 $ 470,225.82 

Depreciation - all properties (Schedule A-2) 3,661,440.51 3,600,594.35 60,846.16 

Amortization of deferred engineering cost 24,534.02 24,534.02 

$7,796,245.85 $7,265,173.87 $ 531,071.98 

INCOME IN EXCESS OF EXPENSES $1,683,282.08 $2,269,384.05 ($ 586,101.97) 

OPERATING REVENUES USED FOR 

Capital Improvements (Note D) 1,071,652.04 348,937.56 722,714.48 

BALANCE (Exhibit E) $ 611,630^14 $1 ,920,446^49, ( $1 ,308,816^45. ) 



See notes to financial statements. 
( ) Indicates negative amount. 



-6- 



EXHIBIT E 



CHICAGO- 'HARE INTERNATIONAL AIRPORT 
RECONCILIATION OF "BALANCE OF NET INCOME" EXHIBIT D TO "NET REVENUES" 

AS DEFINED IN BOND ORDINANCE 
FOR THE SIX MONTHS ENDED JUNE 30, 1970 AND 1969 



1970 



1969 



Balance of income in excess of expense (Exhibit D) $ 611,630.04 $ 1,920,446.49 

Add (deduct adjustments to reflect ordinance basis 
of accounting): 

In respect of items included above in 

determination of income in excess of expense: 
Depreciation of fixed assets and amortization 

of deferred engineering costs 
Interest on revenue bonds 
Interest earned on investments of Reserve 

Maintenance and Emergency Reserve Accounts ( 413,488.70) ( 



3,685,974.53 
4,110,271.32 



3,625,128.37 
3,640,045.50 

406,689.56) 



In respect of items not included above in deter- 
mination of income in excess of expense: 

Carryover from revenue of preceding year as 
reduction of flight fee requirements 

"Net Revenues" as defined in bond ordinance 



2,564,648.21 
$10,5^9.03^.40 



Allocation of net revenues (In order of priority) : 
Interest Account 
Debt Service Reserve Account 
Sinking Fund Account - Minimum sinking fund 

payment 
Reserve Maintenance Account 
Emergency Reserve Account 
To reduce flight fee requirements - future periods 1,463,257.70 
Remainder (allocated to Sinking Fund Account), 1,431 ,313 .18 



$ 4,110,271.32 
1,114,481.00 

1,349,000.00 
560,000.00 
530,712.20 



3,968,858.66 
$19,747,789.46 



$ 3,640,045.50 
184,750.00 

1,286,000.00 

430,000.00 

513,817.98 

5,317,960.48 

1,375,215.50 



Total 

Total allocation to Sinking Fund Account: 
Minimum payment 

Additional allocation of remaining net revenues 
per Authorizing Ordinance 



$10,^9,03^.40 $17,747,789.46 



$ 1,349,000.00 

1,431,313.18 

$ 2,780,313.18 



$ 1,286,000.00 

1,375,215.50 

$ 2.661.7.1^0 



See notes to financial statements. 
( ) Indicates deduction. 





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-8- 



chicago-o'hare international airport 
notes to financial statements 

JUNE 30, 1970 



Note A - General 



The issuance of Chicago- O'Hare International Airport Revenue Bonds was authorized 
by an ordinance adopted December 29, 1958, and supplemental ordinances adopted sub- 
sequently. The purpose of the issues was to provide funds for the extension and 
improvement of the Airport and its facilities. 

At June 30, 1970, the total principal amount of Revenue Bonds authorized 
amounted to $230,000,000, of which $224,000,000 had been offered for sale and sold. 
Of the amount sold, $25,677,000 had been called or purchased and retired as of 
June 30, 1970 ($1,587,000 during the six months ended June 30, 1970), leaving 
$198,323,000 outstanding as of June 30, 1970. The unexpended proceeds from Revenue 
Bond issues amounted to $50,484,396 at June 30, 1970. 

Operating revenues from flight fees, rentals, concessions, and other sources 
(accounted for collectively through the Revenue Fund) are restricted by the Bond 
Ordinance as to use for the purposes enumerated in Note B4. For each specified 
purpose, a separate account is provided within the Revenue Fund. 

The financial statements include amounts in respect of Airport facilities paid 
for the City, State and Federal Governments, and private parties (totaling 
approximately $74,385,000 at cost-carried in the accounts net of accumulated pro- 
visions for depreciation at approximately $60,545,000 at June 30, 1970) as well as 
those acquired with proceeds of the Revenue Bonds. 

Note B - Accounting Policies: 

1. United States Government securities: 

The aggregate market value of the securities at June 30, 1970, is approximately 
$129,575 in excess of cost. Accrued interest is included only on those securities 
having stated interest rates. Discounts and premiums are recognized at time of 
maturity or disposition. 

2. Property and Equipment: 

All land acquisitions have been made with money provided by the City, and 
State and Federal Governments. Earthwork and landscaping paid for with Revenue Bond 
proceeds has been charged to the land account. Interest is capitalized from the 
commencement of work through the year of completion on land improvements provided 
through the use of City money. 

Capitalized expenditures from Revenue Bond proceeds include the cost of: 
construction; engineering fees; legal expenses; financing and other incidental 
expenses; discount, less premium, on Revenue Bonds issued; and interest on Revenue 
Bonds, Series of 1959 and Series A of 1961, through December 31, 1961, and interest 
on Revenue Bonds, Series of 1967, through December 31, 1967. 

All replacements of vehicles, furnishings, signs, and other equipment are 
expensed during the year of acquisition in accordance with the terms of the Ordinance. 



-9- 



Grants from the State and Federal Governments are recognized only as received. 
As of June 30, 1970, a maximum of $4,100,000 was available from such grants. 

Depreciation is provided in respect of facilities other than land on a straight- 
line basis using annual rates calculated to amortize the cost of the individual assets 
over their estimated useful lives commencing in the year following the year of ac- 
quisition or completion of construction. 

Under the terms of the Ordinance, only depreciation and amortization applicable to 
facilities acquired with City money are taken into account in establishing flight fee 
revenue requirements. 

3. Interest on City's Investment in Airport Property: 

The Ordinance provides that "Airport expense", for the purpose of computing flight 
fees collectible from the airlines, shall take into account interest on money of the 
City invested in property and equipment and deferred engineering costs. (See Note B4f) 

4. Allocation of Operating Revenues: 

The Ordinance requires the allocation of revenues for specified purposes in the 
following order of priority: 

a. Ordinary costs of operation and maintenance, but not in excess of the amount 
budgeted by the City for such purposes. 

b. Amounts equal to interest on bonds outstanding: During the six months ended 
June 30, 1970, interest of $4,110,271 was paid. 

c. The debt service reserve must be maintained at an amount equal to two year's 
interest requirements. The debt service reserve for Revenue Bonds issued prior 
to the Series of 1967 issue was fully funded at December 31, 1965, through 
allocations made in prior years. In respect of the bonds for which the debt 
service reserve was fully funded, bonds in the principal amount of $1,378,000 
were purchased and retired during the six months ended June 30, 1970, 
accordingly, the interest requirement applicable to the bonds retired during 

the six months ended June 30, 1970 ($130,570) was transferred to the sinking fund 
In respect of the Revenue Bonds, Series of 1967, $38,125 was allocated to the 
debt service reserve during the six months ended June 30, 1970, and in respect 
of the Revenue Bond, Series of 1968, $146,625 was allocated to the debt service 
reserve during the six months ended June 30, 1970. In respect of the Revenue 
Bonds, Series of March, 1970, commencing in 1970, $1,859,462 is to be allocated 
to the debt services reserve annually until an amount equal to two years' 
interest requirements is accumulated ($929,731 for the six months ended June 30, 
1970). 

d. For the sinking fund, a minimum payment ranging from $2,697,000 for 1970 to 
$13,945,000 in 1998. Additional amounts are allocable to the sinking fund as 
explained in Note B4c ($130,5 70 for the six months ended June 30, 1970) and 
Note B4h ($1,431,313 for the six months ended June 30, 1970). The total amount 
added to the sinking fund from all sources during the six months ended June 30, 
1970 totalled $2,910,883. 

e. For reserve maintenance, $1,120,000 annually until $4,666,666 is accumulated. 
Major repairs, renewals, and replacements may be paid for with these funds. 
During the six months ended June 30, 1970, expenditures for these purposes 
totaling $182,400 were made from the account. For the six months ended June 30, 
1970, $560,000 was allocated to the reserve maintenance account. 

-10- 



f. For the emergency reserve, amounts (total for the six months ended June 30, 1970 - 
$530,712) equal to the semi-annual provisions for (a) depreciation and amortization on 
assets acquired with City money (for the six months ended June 30, 1970 - $169,072) 
and (b) interest on City money invested in Airport assets (for the six months ended 
June 30, 1970 - $361,640). These funds may be used to abate landing fees in the event 
the airport is closed. 

g. To the extent that revenues for the year as defined in the Ordinance, including 
deferred income from the preceding year, exceed "Airport expense" as defined, the 
excess shall be considered deferred income and as revenues of the next succeeding year. 
In accordance with this provision, revenues of $1,463,258 for the six months ended 
June 30, 1970, have been so deferred in the Revenue Fund, to be carried over to reduce 
flight fee requirements for 1971. 

h. Any remaining revenues after making the aforementioned allocations, are to be allocated 
to the sinking fund. For the six months ended June 30, 1970, $1,431,313 of the remaining 
revenues were so allocated. 

Note C - Revenue Bond Retirement: 

Money in the sinking fund account is to be applied as rapidly as practicable to the 
retirement of bonds, by call, purchase in the open market, or by tender. 

Bonds may be redeemed, by call, from funds provided by Airport revenues, at prices 
ranging downward from 105%of principal amount to par value, plus accrued interest, to 
December 31, 1989; and, thereafter, at par value, plus accrued interest. Bonds also may be 
redeemed by purchase in the open market or by tender at prices not in excess of call prices. 

From January 1, 1974 to December 31, 1989, with respect to Revenue Bonds issued prior 
to the Series of 1968, and from January 1, 1978 to December 31, 1989, with respect to the 
Series of 1968, and from January 1, 1982 to December 31, 1989, with respect to the series 
of March, 1970, and the total bonds outstanding of any issue may also be redeemed from re- 
sources other than Airport revenues at prices approximately 17 of principal amount in 
excess of the aforementioned call prices; and, thereafter, at par value, plus accrued 
interest . 

During the six months ended June 30, 1970, bonds in the principal amount of $1,587,000 
were purchased at a cost of $1,194,170 and retired, with funds provided by the sinking fund. 

Note D - Use of Operating Revenues: 

The Bond Ordinance does not permit the use of operating revenues for capital im- 
provements or other expenditures not directly related to the operation of the Airport; 
however, the Airline Representative has agreed to this practice which has the effect of 
increasing flight fee requirements. 

Note E - Contingent Liabilities: 

Work to be performed under uncompleted contracts in force for Airport facilities to be 
financed by Revenue Bond money aggregated approximately $44,688,000 at June 30, 1970. 

Certain contractors who were engaged in Airport construction under the Revenue Bond 
program have presented claims or filed suit for approximately $950,000 in excess of contract 
amounts. The City of Chicago refused payment of these claims. No amounts have been 
recorded in the financial statements for any additional payments which may arise from these 
claims or suits. 



11- 



3 5556 038 785812 






3/15/2010 
WT 192570 1 36 00 



GAYLORD