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Full text of "Financial statements for the year ended ..."

i OF CHICAGO 
lard J. Daley, Mayor 



>ARTMENT OF FINANCE 
m 501, City Hall 
:ago, Illinois 60602 



k Burrus 

g City Comptroller 
744 7100 



**^ 



, 



f 







, CHICAGO- O' HARE INTERNATIONAL AIRPORT 

FINANCIAL STATEMENTS 
FOR THE YEAR ENDED DECEMBER 31, 1973 



Prepared by the Accounting Division 
Office of the City Comptroller 
City of Chicago, Illinois 
May 20, 1974 



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V OF CHICAGO 
hard J.Daley, Mayor 



>ARTMENT OF FINANCE 
jn 501, City Hall 
cago, Illinois 60602 



k Burrus 

g City Comptroller 
744-7100 



May 20, 1974 

Honorable Richard J. Daley 
Mayor 

Dear Mayor Daley: 

Attached are the following financial statements covering the Chicago- 
CD 'Hare International Airport for the year ended December 31, 1973: 



Exhibit A -Balance Sheet - December 31, 1973 

Exhibit B -Summary of Changes in Fund Balances - All Funds Other 
than Revenue Fund, for the year ended December 31, 
1973 

Exhibit C -Summary of Changes in Account Balances - Revenue 
Fund for the year ended December 31, 1973 

Exhibit D -Comparative Statement of Revenues and Expenses 
for the years ended December 31, 1973 and 1972 

Exhibit E -Reconciliation to "Net Revenues" as Defined in 
Bond Ordinance for the years ended December 31, 
1973 and 1972 

Exhibit F -Details of Application of Proceeds of Revenue Bonds 
for the year ended December 31, 1973 

-Notes to Financial Statements 

Schedule A-l-Land - December 31, 1973 

Schedule A-2-Other Facilities - December 31, 1973 

Schedule A- 3 -Investments in U.S. Treasury Securities - December 31, 
1973 

Schedule A-4-Accounts Receivable - December 31, 1973 

Schedule B-1-Coraparative Statement of Revenues for the years 
ended December 31, 1973 and 1972 



Pages 



9-10 

11 

12 
13-16 

17 
18-22 

23 
24-26 

27 



( 



Paget, 



Schedule B-2 
Schedule B-3 
Schedule B-4 
Schedule B-5 
Schedule B-6 



Schedule B-7 



- Comparative Summary of Landing Weights and Flight Fees, for the 
years ended December 31, 1973 and 1972 

- Computation of Interest on City's Investments for the year 
ended December 31, 1973 

- Computation of Certain Administrative and General Expenses, for 
the year ended December 31, 1973 

- Comparative Schedule of Major Repairs and Maintenance Expenditures 
for the years ended December 31, 1973 and 1972 

- Details of Operating Revenues Used for Capital Improvements and 
expenditures not directly related to the operations of the Airport 
made from operating revenues for the years ended December 31, 19/J 
and 1972 

-Computation of Deferred Income to Reduce Flight Fee requirements for 
1974 



28 



29 



30 



31 



32 



33 



Result of Operations 

Under the terms of the airport agreement with the airline parties net income for the 
calendar year as defined in the Revenue Bond Ordinance must be deferred and applied to 
reduce flight fees charged to the airlines during the next succeeding year Any loss 
on operations must be charged to the airlines after the close of the calendar year and 
paid by them promptly. 

The amount of the deferred income at December 31, 1973 to be carried forward to reduce 
flight fees of the succeeding year resulted from the following: 



Revenues were more than amounts estimated by the 

airport consultants 
Expenses were less than estimated 
Deferred flight fees carried forward from 1972: 

Total fees 

Deduct Deferred charge applied to decrease flight 

fees for the year 1973 
Balance, representing deferred flight fees carried 
forward to reduce flight fees in 1973 



$8,043,893 
2.885,893 



$ 590,995 
5,023,541 



5.158,000 
00,779,536 



in arriving at the amount available for reduction of flight fees in 1974 provision must 
be made for expenditures budgeted in 1973 and prior for which contracts or purchase 
orders were issued prior to December 31, 1973, $5,737,321, but delivery of equipment 
and materials was not received to that date. Invoices covering these items will be 
expensed in the year 1974 when delivery of the equipment and materials is received. 
When major expenditures are budgeted in a particular year, but are not delivered by the 
V ear end, the items are not again included in the budget for the following year; 
hence the estimated amounts are carried in the balance sheet at December 31 as a de- 
ferred charge to future operations, offset by a reserve of like amount for expenditures 
budgeted but not incurred at the year end. 

The amount available as a deferred credit against operations in determining flight fees 
for the last six months of 1974 is determined as follows: 



-2- 



„, 1Q7 , $10,772,536 

Total deferred credit, December Jl, iy/J 

Less: $5 737 331 

Deferred charges carried forward * > > . 

) Deferred credit applied to flight fees for the first 870 505 9 607 836 

half of 1974 J,a/u,:>u:> — ^ ou/ '° 3 ° 

Difference applicable to decrease in 

flight fees for the last six months i ^64 , 700 

of 1974 
A summary of operations for the year ended December 31, 1973, compared with operations for 
the similar period ended December 31, 1972, is set forth below: Increa se 

or 
1973 , 1972 (Decrease ) 

$53,814,292 $52,834,751 $ 979,541 

OpI-tlng expenses, excluding fixed charges 28,319,673 24,354,988 ^964,685 

Net operating income before fixed charges s ?8 .479.763 f .S2-985.144) 

and application of revenues 2£2j22L*2±2 £±-j > ^— *- 

Fixed charges: 9,872,650 $ 9,900,312 ($ 27,662) 

Interest on bonds ? v >°'y/ nn y ' qc nn o 



Premium on bonds retired 



86,000 86,000 



Depreciation and amortization of 

Lferred engineering costs TlH!Hlo $1 ' 1 '" § HJI 
Total fixed charges $18,163,216 ?17, /Uj,^/ £_^«L> 

Operating income in excess of expense ? 7,331,403 ?10,774,416 ($3,443,01? ,) 

9 
Other Income: 

Income earned on investments of the 

Emergency Reserve Account $ l,lUU,zuy * i,u^/,^u y 

income of the Reserve Maintenance Account: 17 4,923 

income on investments jT^j j jg Oz£H 

Other Expense: 

Operating income expended for: 980,980) 

Capital improvements ? 2,0.34, /«5 S> J > U ^' /DJ ^ » ' 

Expenses for major repairs and maintenance 

charged to the Reserve Maintenance Accou nt ^513,090 ■ ^36,099 -Sg^ 

Other Expense: Net j 1,109,980 j 1,991,155 (? 881,175) 

income in excess of expense $ 6,221,423 $ 8,783,261 ($2,561,838) 

Add (deduct) adjustments to reflect Revenue Bond 

Ordinance Basis of Accounting: . 

interest on bonds $ 9,872,650 $ ,900,313 ( 27,663) 

Depreciation and amortization 8,204,566 7,805,035 399,531 
Interest earned on investment of Reserve 

Maintenance and Emergency Reserve Accounts(l,437,894) ( 1,260,709) ( 177,185) 

I Expenses of the Reserve Maintenance Account 513,090 236,099 z/t>,y;i 
Application of deferred income from 

preceding year as a reduction of flight 4.607.239 

fee requirements « 1 04J 1 «b>J — j^jo, djh — h-j > 

/'Net Revenues" as defined in Bond Ordinance <ni ,417^728 $78,900^53 $7,517,075 

-3- 



( 






Allocation of Net Revenues: 
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 
Remainder of debt service requirements as 

defined by Bond Ordinance (allocated to 

Sinking Fund) 



1973 



$ 9,872,650 
2,104,520 

3,878,000 
575,404 
905,495 

10,772,536 



3,309,123 
<m .417. 728 



1972 



$ 9,900,312 
2,545,770 

2,957,000 

1,120,000 

937,882 

8,043,893 



3,395,796 
$28.900.653 



Increase 

or 
(Decrease) 



($ 
( 



27,662) 
441,250) 

921,000 
544,596) 
32,387) 

2,728,643 



( 86,673) 
$2.517.075 



Statistics 

The following statistics on airplane flights, passengers, freight, express and mail reflect 
the airport operations for the last two years: 



) 



Years Ended December 31, 
1973 1972 



Passengers : 

Arrivals - Domestic 

International 

Departures-Domestic 

International 

Enplaned 

Number of Jet Aircrafts : 
Arrivals - Domestic 

International 

Departures-Domestic 

International 

Number of Other Aircraft, excl uding helicopter 
Arrivals - Domestic 

International 

Departures-Domestic 

International 

^Freight (pounds 
Unloaded 
Loaded 



16,776,318 
1,007,028 

15,360,484 
1,022,552 

16,383,036 



270,752 
13,049 

270,752 
13,049 



60,577 
926 

60,130 
867 



756,697,670 
612,259,726 



15,854,794 
860,642 

15,881,285 
858,260 

15,507,206 



272,250 
11,660 

272,250 
11,660 



48,954 
797 

47,234 
548 



561,254,393 
671,096,801 



-4- 



' 



I 



I 



t 



Statistics (Continued) 



Years Ended December 31, 
1973 1972 



Express (pounds) 
Unloaded 
Loaded 

Mail (pounds) 
Unloaded 
Loaded 



Sincerely 



44,079,687 
35,338,457 



169,224,623 
152,586,733 



32,402,117 
39,301,777 



162,302,743 
177,074,330 




Clark Burrus 

Acting City Comptroller 



> 



CC: 



Thomas E. Keane, Chairman of Committee on Finance 

Casimir C. Laskowski, Chairman of Committee on Aviation 

William E. Downes, Jr., Commissioner of Aviation (2 copies) 

Marshall Sulloway, Acting Commissioner of Public Works 

John C. Marcin, City Clerk 

Charles F. Murphy 

Landrum and Brown 

Robert B. Sampson (30 copies) 

Ernst & Ernst 

Glore, Forgan & Company (5 copies) 



) 



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CHICAGO-O'HARE INTERNATIONAL AIRPORT 
COMPARATIVE STATEMENT OF REVENUES AND EXPENSES 
FOR THE YEARS ENDED DECEMBER 31, 1973 AND 1972 



EXHIBIT D 
Page 1 of 2 



Period 



1973 



1972 



Increase 

or 
(Decrease) 



REVENUES : (SCHEDULE B-l) 

Flight fees, exclusive of ramp rentals 
Rentals, utility sales, concessions and 
income from investments 



Total 

EXPENSES , excluding fixed charges: 
Salaries and wages - 

Department of Aviation - Administrative 

(Sch. B-4) 
Department of Aviation - Operating 
Corporation Counsel's office 
Comptroller's office 
Fire department 
Police department 
Indirect administrative and general 

(Sch. B-4) 



Fire department supplies and maintenance 

Gasoline 

Heat, light, power and water 

Insurance - general 

Insurance « workmen's compensation and 

disability 
Laundry, Uniform rental and other 

cleaning services 
Materials and supplies 
Professional services 
Provision for doubtful accounts 
Provision for pensions 
Bank service charges 

Repairs and maintenance (Schedule B-5) 
Telephone and telegraph 
Travel 
Vehicles 

Machinery and equipment 
Miscellaneous 
Indirect administrative and general expenses 

Department of Aviation (Schedule B-4) 

Other (Schedule B-4) 

Total operating expenses, excluding 
( fixed charges 
NET OPERATING INCOME BEFORE FIXED CHARGES 

AND APPLICATION OF REVENUES 



$24,802,574.06 $28,041,414.57 ($3,238,840.51) 

29,011,718.37 24,793,337.06 4,218,381.31 
$53,814,292.43 $52,834,751.63 $ 979,540.80 



453,354.84 

8,180,752.13 

97,457.55 

54,875.45 

1,993,941.59 

2,766,321.77 

677,336.17 



435,649.37 

7,406,019.17 

73,188.00 

44,469.50 

1,823,846.00 

1,491,064.96 

563,711.85 



> 17,705.47 

774,732.96 

24,269.55 

10,405.95 

170,095.59 

1,275,256.81 



113,624.32 



$14,224,039.50 $11,837,948.85 $2,386,090.65 



3,073.88 

25,499.14 

2,035,021.51 

452.649.46 

63,843.14 

74,294.96 

964,715.91 

2,360,191.09 

84,651.86 

1,195,895.55 

55,028.74 

5,501,680.45 

33,818.02 

5,399.87 

79,041.50 

333,258.21 

85,211.66 

65,022.22 
677,336.17 



2,920.22 

18,834.66 

1,686,115.24 

483,891.73 

62,674.58 

69,525.81 

890,396.84 

2,357,488.26 

69,684.52 

836,794.04 

40,356.82 

4,964,444.58 

28,950.30 

3,915.91 

198,854.92 

122,820.98 

70,773.20 

44,884.75 
563.711.85 



153.66 
6,664.48 
348,906.27 
( 31,242.27) 

1,168.56 

4,769.15 

74,319.07 

2,702.83 

14,967.34 

359,101.51 

14,671.92 

537,235.87 

4,867.72 

1,483.96 

( 119,813.42) 

210,437.23 

14,438.46 

20,137.47 
113,624.32 



$28,319,672.84 $24,354,988.06 $3,964,684.78 

$25,494,619.59 $28,479,763.57 ( $2,985,143.98) 

(Continued to next page) 



-9- 






i 



EXHIBIT D 
Page 2 of 2 



CHICAGO -0' HARE INTERNATIONAL AIRPORT 
CO MPARATIVE STATEMENT OF REVENUES AND EXPENSES 
FOR THE YEARS ENDED DECEMBER 31, 1973 AND 1972 



Period 



1973 



1972 



Increase 

or 

(Decrease) 



NET OPERATING INCOME BEFORE FIXED CHARGES 

AND APPLICATION OF REVENUES (brought forward) 

PROVISION FOR FIXED CHARGES : 
Interest on revenue bonds 
Premium on bonds retired 

Depreciation - all properties (Schedule A-2) 
Amortization of deferred engineering charges 



OPERATING INCOME IN EXCESS OF EXPENSE 

OTHER INCOME : 

Income earned on investments of the 
/ Emergency Reserve Account 
Income of the Reserve Maintenance Account: 
Income on investments 



OTHER EXPENSE : 

Operating income expended for: (Note D) 

Capital improvements 
Expenses for major repairs and maintenance 

charged to the Reserve Maintenance account 



$25,494,619.59 $28,479,763.57 ( $2,985,143.98 ) 



OTHER EXPENSE: NET 



INCOME IN EXCESS OF EXPENSE (EXHIBIT E) 



$ 9,872,649.91 

86,000.00 

8,155,497.60 

49,068.08 

$18,163,215.59 

$ 7,331,404.00 



$ 1,100,208.79 
337,685.70 



$ 9,900,312.48 

7,755,966.73 
49,068.08 

$17,705,347.29 

$10,774,416.28 



$ 1,097,946.30 
162,763.02 



($ 27,662.57) 
86,000.00 
399,530.87 



$ 457,868.30 
( $3,443,012.28 ) 

$ 2,262.49 
174,922.68 



$ 1,437,894.49 $ 1,260,709.32 $ 177,185.17 



$ 2,034,784.90 

513,090.34 

$ 2,547,875.24 

$ 1,109,980.75 



$ 3,015,764.43 

236,099.46 

$ 3,251,863.89 

$ 1,991,154.57 



$ 6.221.423.25 $ 8.783.261.71 



($ 980,979.53) 



276,990.88 



( $ 703,988.65) 
( $ 881,173.82) 
($2.561.838.46) 



See notes to financial statements. 



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( 



CRTCAGO-0 ' HARE INTERNATIONAL AIRPORT 

NOTES TO FINANCIAL STATEMENTS 

DECEMBER 31, 1973 



Note A - General: 

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

Data with respect to Revenue Bonds as of December 31, 1973 is as follows: 

Amount authorized $238,000,000 

Amount sold 232,000,000 
Amount called or purchased and 

retired ($9,464,000 in 1973) 55,634,000 

Amount outstanding 176,366,000 

The unexpended proceeds from Revenue Bond issues amounted to $9,652,198 at Decem- 
ber 31, 1973. 

Operating revenues from flight fees, rentals, concessions, and other sources (ac- 
counted for collectively through the Revenue Fund) are restricted by the Bond Ordi- 
nance as to their use for the purposes enumerated in Note B5. 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 
by the City, State and Federal Governments, and private parties (totaling approx- 
imately $87,896,000 at cost, less allowances for depreciation of approximately 
$19,831,000 at December 31, 1973), 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 December 31, 1973 was approximate- 
ly $403,739 in excess of cost; such excess represents the increase ($602,886) in 
market value from date of purchase to December 31, 1973 of United States Treasury 
bills less cost in excess of market ($199,147) of United States Treasury notes. 
Accrued interest is included only on those securities having stated interest rates; 
discounts and premiums are recognized at time of maturity or disposition. 

2. Accounts Receivable: 

The Bond Ordinance requires that provision be made for potential uncollectible ac- 
counts receivable, which are defined as all accounts receivable not collected with- 
in 30 days after due date. Accordingly, as of December 31, 1973, an allowance was 
established for such accounts totaling $617,860 of which approximately $341,000 was 
subsequently collected through April 19, 1974. 



-13- 



< 



< 



Note B - Accounting Policies (Continued) 

3. Property and Equipment: 

The costs of earthwork and landscaping have been charged to the land account. 
Interest is capitalized from the commencement of work through the year of comple- 
tion on land improvements provided through the use of City money. 

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

Grants from State and Federal Governments are recognized only as received. As of 
December 31, 1973, a maximum of $10,700,000 may be realized in future periods 
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 acquisition 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. 

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

The Ordinance provides that "airport expenses," for the purpost 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 B5f). 

5. 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 1973, 
interest of $9,872,650 was paid. 

c. The debt service reserve must be maintained at an amount equal 
to two years' interest requirements. 

During the year, allocations of $293,250 and $1,494,462 were made 
to the debt service reserve applicable to the Revenue Bond Series 
of 1968 and 1970, respectively. The debt service reserve require- 
ment for these bonds was fully funded as of December 31, 1973. In 
respect to these bonds for which the debt service reserve require- 
ment was fully funded, bonds in the principal amount of $9,464,000 
were purchased and retired during 1973; accordingly, the applicable 
interest requirement for 1973 ($942,933) was transferred to the 
sinking fund. 



-14- 



< 



5. Allocation of Operating Revenues: 

c. (Continued) 

In addition, allocation of $316,808 was made to the debt service 
reserve applicable to the Revenue Bond Series of 1972. This 
amount ($316,808) is to be allocated to the debt service reserve 
annually until an amount equal to two years' interest require- 
ments for the aforementioned Series of Revenue Bonds is accumula- 
ted. 

d. For the sinking fund, a minimum payment ranging from $3,878,000 
for 1973 to $14,545,000 in 1998 is required. Additional amounts 
are allocable to the sinking fund as explained in Note B5c 
($942,933 for 1973) and Note B5h ($3,309,123 for 1973). During 
1973 an amount equal to $1,039,204 was added to the sinking fund 
representing unexpended bond proceeds from bonds issued in 1967 
and prior years in excess of construction requirements. The total 
amount added to the sinking fund from all sources during 1973 was 
$9,169,260. 

e. The reserve maintenance account was fully funded as of December 31, 
1973, at $4,833,333. Major repairs, renewals, and replacements 
may be paid for with these funds. During 1973, expenditures for 
these purposes totaling $513,090 were made from the account, 

f. For emergency reserve, amounts (total for 1973 - $905,495) equal 
to the annual provisions for depreciation and amortization on 
assets acquired with City money (for 1973 - $217,503) and interest 
on City money invested in Airport assets (for 1973 - $687,992). 
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 Ordi- 
nance, including deferred income from the preceding year, exceed 
"Airport expense" as defined, the excess shall be deferred in- 
come and considered as revenues of the next succeeding year. In 
accordance with this provision, revenues of $10,772,536 for the 
year ended December 31, 1973 have been so deferred in the Reve- 
nue Fund, to be carried over to reduce flight fee requirements for 
1974. 

h. Any remaining revenues after making the aforementioned allocations 
are to be allocated to the sinking fund ($3,309,123 for 1973). 

Note C - Revenue Bond Retirement: 

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

Bonds may be redeemed by call, from funds provided by Airport revenues, at prices 
ranging downward from 1057 o of principal amount to par value, plus accrued interest, 
to December 31, 1991, and, thereafter, at par value plus accrued interest. Bonds 
also may be redeemed by purchase in the open market or tender at prices not in ex- 
cess of call prices. 



■15- 



( 



Note C - Revenue Bond Retirement (Continued 

From various dates commencing January 1, 1974 (varying with the terms of the in- 
dividual bond issues) to December 31, 1994, the total bonds outstanding of any 
issue may also be redeemed from resources other than Airport revenues at various 
amounts (maximum 2% of principal amount) In excess of the aforementioned call 
prices, and thereafter, at par value, plus accrued interest. 

Through December 31, 1973, bonds in the principal amount of $55,634,000 
($9,464,000 in 1973) have been purchased at a cost (exclusive of bond premium) of 
$51,175,283 ($8,950,561 in 1973), and retired, with funds provided by the sink- 
inv fund. Premiums in the amount of $474,995 ($86,000 in 1973) have been paid on 
bonds purchased and retired; such premiums were charged to Airport operations in 
the year of payment. Discounts on bonds retired are retained in the sinking fund 
and used to retire additional bonds. 

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 Air- 
port; however, the Airline Representative has agreed to substantially all such 
capital improvement expenditures, which have the effect of increasing flight fee 
requirements. 

Note E - Commitments: 

Work to be performed under uncompleted contracts in force for Airport facilities 
to be financed by Revenue Bond money aggregated approximately $2,500,000 at 
December 31, 1973. 



-16- 



( 



SCHEDULE A-l 



) 



CHICAGO -0' HARE INTERNATIONAL AIRPORT 
LAND 
DECEMBER 31, 1973 



Acquired with City funds: 
Purchase price 
Legal and appraisal service 
Railroad relocation 
Earthwork 
Landscaping 
Engineering cost 
Interest during construction 
Miscellaneous 



Acquired with Federal and State funds 
Purchase price 
Railroad relocation 
Earthwork 
Landscaping 
Engineering cost 



> 



cquired with Revenue Bond funds: 
Purchase price 

Appraisal and miscellaneous service 
Earthwork 
Engineering cost 
Landscaping 



Acquired with Public Utility, 

Concessionaire and Airline Parties' funds: 
Engineering cost 
Earthwork 
Landscaping 



Total 

Combined: 

Purchase price 

Legal and appraisal service 

Railroad relocation 

Earthwork 

Landscaping 

Engineering cost 

Interest during construction 
) Miscellaneous 

Total 



Balance 
Jan. 1, 1973 



$ 9,898,557.29 

1,099,498.92 

1,267,684.78 

253,452.45 

8,218.27 

726,557.96 

381,394.35 

158,651.97 

$13,794,015.99 



$ 7,954,700.25 

2,224,457.28 

3,865,963.05 

37,779.36 

56,803.83 



Additions 

$ 32,934.02 

( 143,148.30) 



( $110,214.28) 

$ 
143,148.30 



Balance 
Dec. 31, 1973 



$ 9,931,491.31 

1,099,498.92 

1,267,684.78 

110,304.15 

8,218.27 

726,557.96 

381,394.35 

158,651.97 

$13,683,801.71 



$ 7,954,700.25 

2,224,457.28 

4,009,111.35 

37,779.36 

56,803.83 



$14,139,703.77 $143,148.30 $1 4,282,852.07 



$ 169,606.00 

8,394,600.61 

1,913,146.87 
$10,477,353.48 



$275,565.00 

14,693.20 

1,175.48 

40,984.10 

66.59 

$332,484.37 



$ 



80,564.35 

46,083.92 

2,610.78 



$ 129,259.05 
$38.540.332.29 



1 



$365.418.39 



$ 445,171.00 

14,693.20 

8,395,776.09 

40,984.10 

1,913,213.46 

$10,809,837.85 



$ 80,564.35 

46,083.92 

2,610.78 

$ 129,259.05 

$38,905,75Q f _68 



$18,022,863.54 


$308,499.02 


$18,331,362.56 


1,099,498.92 


14,693.20 


1,114,192.12 


3,492,142.06 




3,492,142.06 


12,560,100.03 


1,175.48 


12,561,275.51 


1,961,755.28 


66.59 


1,961,821.87 


863,926.14 


40,984.10 


904,910.24 


381,394.35 




381,394.35 


158,651.97 




158,651.97 



$38.540.332.29 $365.418.39 $38.905.750.68 

(Exhibit A) 



( ) Indicates negative amount. 
See notes to financial statements 



•17- 



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< 



SCHEDULE A-4- 
Page 1 of 3 



CHICAGO-O'HARE INTERNATIONAL AIRPORT 
ACCOUNTS RECEIVABLE OUTSTANDING 
DECEMBER 31, 1973 



1973 Revenues not billed as of December 31, 1973 
Revenues billed: 
December 1973 
November 

January through October 
Prior 

Total 
Less - Allowance for doubtful accounts 

Accounts Receivable, less allowance 



The allowance for doubtful accounts (Supra) consists 
of the following: 

Billed during 1973: 

Airborne Freight 

Air Iowa, Inc. 

Air Jamaica Airlines 

Airlift International, Inc. 
) Airport Sales Corporation 

Air Michigan, Inc. 

Airport Parking Co. of America 

Allegheny Airlines, Inc. 

Atlantis Airways 

Cardinal Bus Lines 

Chicago Helicopter Airways, Inc. 

Continental Air Transport 

Federal Aviation Administration 

Great Lakes Commuter, Inc. 

Hammond Yellow Cab Company 

The Hertz Corporation 

Irish International Airlines 

Jacksonville Bus Co. 

Kammes Bus Service 

Lake Geneva Airways 

LaSalle National Bank and Trust Company 

Long's Bus Co. 

Metro News Service, Inc. 

Midstate Air Commuter 

Moraine Airways 

National Car Rental System, Inc. 

North Star Lines 

Northwest Orient Airlines, Inc. 

O'Hare Heel Bar and Valet Service, Inc. 
) 0' Hare-Wisconsin Limousine Service, Inc. 

Olympic Airways, S. A. 

Overseas National Airways, Inc. 

Peoria Charter Coach 



$4,690,105.53 



$2,563,172.24 
343,613.21 
110,766.18 
163,480.26 



3,181,031.89 

$7,871,137.42 

617,859.65 

$7,253,277.77 
(Exhibit A) 
(Exhibit C) 



18.79 
529.74 
3,716.88* 
13,869. 58* 
12,553.42* 
741.46 
1.72 
34,310.79* 

2,400.00 
25,345.00 
13,144.40* 
17,916.66* 
719.01* 
8,557.08 
15,410.00 
698.40* 
2,226.71* 
5.00* 
10.00 
8,750.00 
4,865.00* 
15.00 
450.00 
2,950.00* 
9,756.14 
268. 67 : 
5.00 ; 
235,226.01= 
454.17* 
2,050.00 
2,325.87* 
9,377.36* 
15.00 



-24- 



t 



SCHEDULE A-4 
Page 2 of 3 

CHICAGO-O'HARE INTERNATIONAL AIRPORT 
ACCOUNTS RECEIVABLE OUTSTANDING 
DECEMBER 31, 1973 

Billed during 1973: (Continued) 

Pomair, N. V. $ 600.00 

Purdue Airlines 392.83 

Scenic Stage Line 15.00 

Schaumburg Bus Co. 60.00 

Skystream 6,771.54" 

Stephens, Inc. 758.60 

Tri State Motor Coach 8,630.00 

Universal Airlines 738.60 

United Airlines 7,724.96 

Valley Transit Corp. 5.00 

Billed during 1972: 

Airlift International, Inc. .20 

Atlantic Airways 23,600.00 

Crawford Bus Service 5.00 

Deerfield-Highland Park Transit 5.00 

Inex Adris 2,200.00 

Keith T. Jones 307.20 

Oakbrook Limousine Service 5.00 

Overseas National Airways 787.54 

Skystream 13,133.76 

Tri State Motor Coach 43,450.00 

Universal Airlines 10,290.63 

Billed prior to 1972: 

Allegheny Airlines $ 6,512.17 

Alaska Airlines 200.00 

American Flyers Airline 3,792.08 

Aurora Educational Tours 5.00 

Barrington Limited Limousine 1,220.00 

Edward C. Bogdanski 149.25 

Brighton Construction Co. 1,879.40 

Century Bus Service 5.00 

Continental Trailways 35.00 

Crawford Bus Service 65.00 

Deerfield-Highland Park Transit 5.00 

Joseph M. Fitzpatrick 895.00 

The Flying Tiger Line 321.71 

Glenview Bus Co. 25.00 

Albert Hailer 60.00 

Arthur J. Hicks 325.00 

Iberian Airways 400.00 

Indiana Motor Bus 5.00 

Kammes Bus Service 5.00 

Louis Kavoff 1,300.00 

Kickert Bus Co. 5.00 

Daniel G. Maramba 2,000.00 

Marriott Corp. 67.57 

Modern Air Transport 908.10 

Motel Porter 50.00 

Steve J. Novotny 1.39 

Oakbrook Limousine Service 4,880.00 

-25- 



< 



I 



SCHEDULE A-4 
Page 3 of 3 



CHICAGO-0 ' HARE INTERNATIONAL AIRPORT 
ACCOUNTS RECEIVABLE OUTSTANDING 



DECEMBER 31, 1973 

Billed prior to 1972: (Continued) 

Isabel P. Rivera $ 895.00 

Diana L. Scherrer 279.00 

Travelaire 100.00 

Wallace H. Troyer 517.00 

Tri State Motor Coach 37,375.00 

Universal Airlines 4,213.26 

Veterans Airport Transport 5.00 

Waukegan-North Chicago Transit 170.00 

Wisconsin Livery 1,025.00 

Total $617.859.65 



Under the terms of the Ordinance all amounts over 30 "days past due are considered 
delinquent and a 100% reserve must be provided. 

* Full payment received between January 1, 1974 and April 19, 1974. 

** Partial payment of $43,881.89 received by April 19, 1974. 



-26- 



< 



CHICAGO-O'HARE INTERNATIONAL AIRPORT 
COMPARATIVE STATEMENT OF REVENUES 
FOR THE YEARS ENDED DECEMBER 31, 1973 AND 1972 



SCHEDULE B-l 



1973 



1972 



FLIGHT FEES : 

Airlines (Schedule B-2) 

Less ramp rentals (see (1) below) 

Excess of flight fees over ramp 
rentals 

Helicopters 



RENTALS: 

Ramps (see (1) above) 

Hangars 

Terminal buildings 

International building 

Tank farm 

Air cargo buildings 

Other buildings 

Aircraft tie-down fees 

Fixed base operator 

Maintenance area 

Land 

Parking lot C 



UTILITY SALES 

REIMBURSEMENT FOR SECURITY EXPENSE 

CONCESSIONS : 
Auto parking 
Auto rentals 
Restaurant 
Hotel 

Bus service 
News and gift stands 
Insurance 
Drug stores 
Display advertising 
Fixed base operator 
In-flight meals 
Telephone and telegraph 
Parcel lockers 
Coin operated toilet doors 
Candy shops 

Heel bar and valet shops 
Observation deck 
Barber shops 
Miscellaneous 



INCOME FROM AIRPORT OPERATIONS 



INCOME ON INVESTMENTS 



Total revenues (Exhibit D) 



$30,392,714.06 
5,590,140.00 



$24,802,574.06 



1,559.70 



$13,023,603.17 
$ 403,221.94 
$ 1,140,821.17 



$51,977,381.64 

1,836,910.79 

65yi4.292.43 
-27- 



$33,631,554.57 
5,590,140.00 



$28,041,414.57 



1^618.90 



$24,804,133.76 $28,043,033.47 



$12,845,481.28 
$ 149,079.75 



L 



$12,605,601.60 $10,376,868.18 



$51,414,462.68 

1,420,288.95 

$52,834.751.63 



Increase 
(Decrease) 

($3,238,840.51) 



($3,238,840.51) 



( 

( $3,238,899.71) 



59.20) 



$ 5,590,140.00 


$ 5 


,590,140.00 


$ 


2,930,424.00 


2 


,930,424.00 


- 


2,066,948.43 


2 


,058,275.60 


8,672.83 


671,902.00 




692,672.00 


( 20,770.00) 


736,332.00 




659,895.00 


76,437.00 


471,667.42 




471,150.54 


516.88 


93,804.48 




106,438.98 


( 12,634.50) 


26,670.76 




19,799.45 


6,871.31 


6,365.76 




6,365.76 


- 


21,037.92 




20,994.15 


43.77 


302,610.32 




289,325.80 


13,284.52 


105,700.08 




- 


105,700.08 



$ 178,121.89 
$ 254,142.19 
$1,140,821.17 



$ 5,656,685.33 


$ 4,713,891.34 


$ 


942,793.99 


1,776,043.15 


1,528,933.42 




247,109.73 


1,371,394.40 


1,234,959.86 




136,434.54 


877,974.96 


- 




877,974.96 


658,554.79 


586,752.68 




71,802.11 


504,203.92 


467,795.16 




36,408.76 


324,244.43 


328,099.94 


( 


3,855.51) 


305,307.37 


283,921.57 




21,385.80 


275,920.96 


275,400.14 




520.82 


202,797.49 


117,955.52 




84,841.97 


252,197.45 


330,554.26 


( 


78,356.81) 


187,799.44 


177,388.12 




10,411.32 


105,758.03 


112,051.68 


( 


6,293.65) 


19,393.42 


127,710.78 


( 


108,317.36) 


37,177.52 


33,894.04 




3,283.48 


11,961.55 


11,068.35 




893.20 


27,508.59 


35,197.10 


( 


7,688.51) 


8,190.00 


8,190.00 




- 


2,488.80 


3,104.22 


( 


615.42) 



$2,228,733.42 

$ 562,918.96 

416,621.84 

| 979 r 540. 80 



( 



CHICAGO -0' HARE INTERNATIONAL AIRPORT 








COMPARATIVE SUMMARY OF LANDING WEIGHTS AND FLIGHT FEES 






FOR THE YEARS ENDED DECEMBER 31, 1973 AND 


1972 


j Approved Maximum 








Landing 


Weights 








(Stated in 1,000 pounds units) 


Flight Fees 


(Note) 


1973 


1972 


1973 




1972 


airline Parties: 


252,659.900 


$ 175,462.96 


$ 


179,916.81 


dr-Canada Air Lines 291,482.700 


jnerican Airlines, Inc. 9,791,354.000 


9,170,690.000 


5,894,344.82 




6,532,994.66 


Jraniff International Airways 994,400.000 


938,485.000 


598,602.70 




668,615.15 


Continental Air Lines, Inc. 1,684,200.600 


1,687,708.300 


1,013,981.22 




1,201,749.21 


Jelta Air Lines, Inc. 3,938,605,900 


3,940,082.200 


2,371,076.81 




2,807,416.16 


lastern Air Lines, Inc. 1,761,385.700 


1,742,278.900 


1,060,399.08 




1,241,700.87 


lie Flying Tiger Line, I n c. 886,600.000 


735,075.000 


533,655.68 




523,640.71 


Jlegheny Airlines, Inc. 451,880.600 


464,009.500 


272,033.38 




330,552.46 


forth Central Airlines, Inc. 1,404,395.900 


1,335,245.700 


845,404.45 




951,230.87 


forthwest Orient Airlines, Inc. 5,026,523.000 


3,346,559.000 


3,025,759.46 




2,390,653.97 


izark Airlines, Inc. 851,023.200 


1,056,417.600 


512,111.37 




752,603.69 


'an American World Airways, Inc. 267,257.500 


215,284.500 


160,895.45 




153,271.16 


'rans World Airlines, Inc. 6,275,256.100 


6,561,242.900 


3,778,436.28 




4,673,113.25 


fnited Air Lines, Inc. 14,668,333.000 


13,811,924.100 


8,823,538.35 




9,840,302.17 


'otal - Airline Parties 48,292,698.200 


45,257,662.600 


$29,065,702.01 


$32,247,761.14 


ther Airlines: 


74,300.400 


$ 43,705.34 


$ 




ii. Jamaica 72,600.200 


52,942.08 


irlift International 114,220.000 


84,497.500 


68,751.25 




60,182.37 


litalia Airlines 62,998.000 


97,104.000 


37,920.81 




69,078.61 


ritish Overseas Airways Corp. 205,217.000 


183,674.000 


123,544.40 




130,712.06 


ompagnie Nationale Air France 189,979.650 


229,314.950 


114,348.57 




163,184.29 


ompania Mexicana de Aviacion, S. A. 63,937.500 


60,500.000 


38,490.25 




43,091.40 


1 L„ M. Royal Dutch Airline 192,392.000 


196,053.000 


115,819.32 




139,523.01 


rish International Airlines 40,755.000 


43,400.000 


24,527.86 




30,884.38 


ufthansa German Airlines 248,859.000 


180,362.000 


149,793.25 




128,473.52 


lympic Airway 40,635.000 


31,605.000 


24,459.06 




22,509.22 


candinavian Airlines System 130,663.000 


112,502.000 


78.654.25 




80,115.71 


wissair Airlines 120,257.300 


87,234.400 


72,361.73 




62,144.34 


ther 




434,635.96 
$ 1,327,012.05 


L 


400,952.44 


otal - Other Airlines 1,482,513.650 


1,380,547.250 


1,383,793.43 


otal 49.775.211.850 


46.638.209.850 


$30,392,714.06 


$33,631,554.57 






(Schedule B-l) 


(Schedule B-l) 


light fees per 1,000 pounds of gross landed wights were set by the airport consultants 


as 


ollows: 










Six Months Ended Rate 








6/30/72 


$ .717 








12/31/72 


.708 








) 6/30/73 


.603 








12/31/73 


.601 








3TE: Flight fees are stated at gross amounts before 


ramp rental credits. Under the terms 


of the airport use agreement, ramp rentals rep 


resent minimum flight fees payable 




-28- 











( 



CHICAGO-O'HARE INTERNATIONAL AIRPORT 

COMPUTATION OF INTEREST ON CITY'S INVESTMENT 

FOR THE YEAR ENDED DECEMBER 31, 1973 

City Investment in Land (Schedule A-l) 

At January 1, 1973 $13,794,015.99 

At December 31, 1973 13,683,801.71 

$27.477.817.70 

Average investment in land ($27,477,717.70) divided by 2 $13,738,908.85 

Investment in Depreciable Assets at January 1, 1973: 

January 1, 1973 Balance 
Allowances 
for 
City Cost Depreciation Net 

Airport facilities $5,501,204.84 $3,777,146.81 $1,724,058.03 

Equipment 233,617.28 233,617.28 
Deferred Engineering 

Cost - - 391,461.73 2,115,519.76 

TOTAL INVESTMENT FOR INTEREST COMPUTATION $15,854,428.61 

Less amount equal to airport bonds outstanding during the 
year applicable to Chi cago-0' Hare International Airport: 

1957 Series (A) 2,829,600.00 

Investment of general City funds (remainder) $13,024,828.61 
Computed weighted average effective rate payable by the 

City on its general obligation bonds outstanding on 

January 2, 1973 4.60% 

Interest on investment of general City funds $ 599,142.12 

Interest on investment of Airport bonds applicable to 

Chicago-O'Hare International Airport - 1957 Series (Note A) 88,849.44 

Total Interest Charge $ 687.991.56 

Note A - Computation of airport bonds applicable to Chicago- 
O'Hare International Airport and interest thereon: 

Principal amount of airport bonds outstanding during 1973 $ 4,000,000. 00* 
Percent applicable to Chicago-O'Hare International Airport 70. 74% 

Amount applicable to Chicago-O'Hare International Airport $ 2,829,600.00 
Effective interest rate on bonds 3.14% 

Interest on investment £ 88.849.44 

* Represents balances outstanding at beginning 
of year. 



-29- 



CHICAGO-O'HARE INTERNATIONAL AIRPORT 

COMPUTATION OF CERTAIN ADMINISTRATIVE AND GENERAL EXPENSES 

FOR THE YEAR ENDED DECEMBER 31, 1973 



") 



Computation of percentage for allocation of certain Department 
of Aviation administrative and general salaries and expenses: 
Department of Aviation Corporate Purposes Fund direct charges 
for the year ended December 31, 1973 excluding expenditures 
for airport facilities: 



Charged to 

Chicago-O'Hare International Airport 
Chicago Midway Airport 
Merrill C. Meigs Field 



Computation of Department of Aviation administrative salaries: 
Department of Aviation administrative salaries 
Percent applicable to Chicago-O'Hare International Airport 

Amount applicable to Chicago-O'Hare International Airport 



Amount 


Percent 
of Total 


$22,242,597.44 

1,817,239.94 

325,696.12 


91.21% 
7.45 
1.34 


$24,385,533.50 


100.00% 


$ 497,045.10 
91.21% 




$ 453.354.84 




(Exhibit D) 





Computation of indirect administrative and general salaries 
and wages: 

Total salaries and wages chargeable to Chicago-O'Hare 
International Airport as shown in the comparative 
statement of revenue and expenses, exclusive of indirect 
salaries and wages ($677,336.17) 
Allocation of salaries and wages of other City departments 
performing services related to airport activities (general 
accounting, payroll, tabulating, purchasing departments, etc. 

Amount applicable to Chicago-O'Hare International Airport 



$13,546,723.40 



5% 



$ 677.336.17 
(Exhibit D) 



Computation of indirect administrative and general expenses: 
Department of Aviation: 

Department of Aviation administrative expenses (excluding 

salaries) 
Percent applicable to Chicago-O'Hare International Airport 

Amount applicable to Chicago-O'Hare International Airport 



Other: 

Allocation of administrative and general expenses (other than 
salaries) of other City Departments performing services 
related to airport activities (general accounting, payroll, 
tabulating, purchasing departments, etc.) - 100% X $677,336.17 
(indirect administrative and general salaries and wages) 

Amount applicable to Chicago-O'Hare International Airport 



$ 71,288.48 
91.21% 

$ 65.022.22 
(Exhibit D) 



$ 677,336.17 
(Exhibit D) 



-30- 



c 



CHICAGO-O'HARE INTERNATIONAL AIRPORT 

COMPARATIVE SCHEDULE OF MAJOR REPAIRS AND MAINTENANCE EXPENDITURES 

FOR THE YEARS ENDED DECEMBER 31, 1973 AND 1972 



Year Ended December 31 



1973 



1972 



Increase 
(Decrease) 



EXPENDITURES FROM OPERATING REVENUES: 



Air filters 

Baggage area expansion and office relocation 

Building alteration and repairs 

Electric door maintenance 

Electrical work 

Elevator maintenance 

Equipment rental (snow removal, garbage 

disposal, shuttle bus service and 

miscellaneous) 
Equipment and vehicle repairs 
Fence repairs 
Fire doors 
Glass replacement 
Lake-O'Hare water quality control 
Mudjacking of pavement 
Painting 
Piping work 

Refrigeration machine maintenance 
Rehabilitation of service road 
rehabilitation of steam system 
Retaining wall repairs, observation deck 

rehabilitation and steam cleaning 
Road runway and taxiway repairs 
Roof repairs 
Roof cable maintenance 
Runway 14L-*32R rehabilitation 
Tunnel work 
Sundry 
Winterize cooling tower 

Total 



$ 91,082.14 


$ 83,348.23 


$ 7,733.91 


1,224.20 


1,822.53 


( 598.33) 


76,014.62 


475,204.46 


( 399,189.84) 


147,484.36 


146,828.69 


655.67 


84,199.95 


81,392.60 


2,807.35 


23,684.67 


118,252.40 


( 94,567.73) 


1,909,715.87 


1,783,649.84 


126,066.03 


408,088.49 


409,064.88 


( 976.39) 


143,880.00 


10,919.78 


132,960.22 


131,436.24 




131,436.24 


15,382.38 


20,948.06 


( 5,565.68) 


87,959.35 


103,211.28 


( 15,251.93) 


57,665.83 


214,385.76 


( 156,719.93) 


340,979.32 


174,415.58 


166,563.74 


21,320.53 


73,692.28 


( 52,371.75) 


89,271.56 


31,200.00 


58,071.56 


11,036.76 


101,312.28 


( 90,275.52) 


221,869.91 




221,869.91 




2,706.73 


( 2,706.73) 


1,383,877.07 


585,483.41 


798,393.66 




105,745.50 


( 105,745.50) 


16,527.25 




16,527.25 




61,197.88 


( 61,197.88) 


8,072.65 


128,485.22 


( 120,412.57) 


157,054.55 


251,177.19 


( 94,122.64) 


73,852.75 




73,852.75 


$5,501,680.45 


$4,964,444.58 


$537,235.87 


(Exhibit D) 


(Exhibit D) 





EXPENDITURES FROM RESERVE MAINTENANCE ACCOUNT: 



Apron pavement reconstruction 
Light, pole replacement 
Parking lot lighting replacement 
Reroofing of terminal building 
Runway overlay and repairs 



$ 239,357.72 

218,340.03 

55,392.59 



86,903.19 
57,474.41 
91,721.86 



Total 



$ 513.090.34 $ 236.099.46 



$239,357.72 
( 86,903.19) 
160,865.62 
( 91,721.86) 
55,392.59 

$276.990.88 



-31- 



SCHEDULE B-6 



CHICAGO-CHARE INTERNATIONAL AIRPORT 

DETAILS OF OPERATING REVENUES USED FOR CAPITAL IMPROVEMENTS AND 

EXPENDITURES NOT DIRECTLY RELATED TO THE OPERATIONS OF 

THE AIRPORT MADE FROM OPERATING REVENUES 

FOR THE YEARS ENDED DECEMBER 31, 1973 AND 1972 



Capital Expenditures 



Year Ended December 31, 



1973 



1972 



Aircraft static grounding system 

Emergency standby power system 

Pedestrian tunnel and access road 

Fire stations 

Utilities for fire stations 

Service road 

Old Mannheim Road lighting 

Fencing south of Irving Park Road 

Vehicle cargo tunnel connections 

Sprinkler system 

Taxi ways 

Heating and refrigeration building: 

Enlargement of capacity in existing facility 
Additional expansion related to revenue 
bond issue of July, 1972 



832.21) 
49,682.37 
16,693.89 



4,633.70) 



212,032.83 
216,632.00 



. 86.94 

1,545,122.78 
$2,034,784.90 



5 684.35 

39,251.53 

2,075,987.70 

326,362.22 

10,391.76 

22,063.69 

108,421.96 

57,686.59 

16,487.74 



11,617.07 

389,040.00 
$3,057,994.61 



Adjustment to write off preliminary engineering 
expenses capitalized in prior years 

Total capital improvements 



$2.034.784.90 



( 42,230.18) 
$3.015.764.43 



Note - Negative amount results from adjustments to final contract liability. 



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t 



SCHEDULE B-7 



CHICAGO-0 ' HARE INTERNATIONAL AIRPORT 
COMPUTATION OF DEFERRED INCOME TO REDUCE FLIGHT FEE REQUIREMENTS FOR 1974 

YEAR ENDED DECEMBER 31, 1973 



"Net Revenues" as defined in bond ordinance - 
per Reconciliation to "Net Revenues" as defined 
in Bond Ordinance - Revenue Fund, shown elsewhere 
in this report 

Deduct: 

Depreciation on assets acquired with 

City money 
Amortization of deferred engineering costs 

paid for with City money 
Interest on City's investment 
Annual deposit required to be made to Reserve 

Maintenance Account 

Debt service requirement - Note 

DEFERRED INCOME TO REDUCE FLIGHT 
FEE REQUIREMENTS FOR 1973 

Note - Details of debt service requirement: 

Computation of debt service requirements: 
Principal and interest requirements 
as defined by the Bond Ordinance for 
revenue bonds issued through Revenue 
Bonds, Series of 1970 



$ 168,435.28 

49,068.08 
687,991.56 

575,403.50 

$ 1,480,898.42 

19,164,293.00 



$31,417,727.68 



20,645,191.42 
$10.772.536.26 



$14,693,988.00 

125% 

$18,367,485.00 



Add debt service requirement for Revenue Bonds, 
Series of 1972: 

Interest paid during year 
Annual deposit required to be made to Debt 
Service Reserve Account 

DEBT SERVICE REQUIREMENT 

Allocation of debt service requirement: 
Interest account 
Debt service reserve account 
Sinking fund account: 
Minimum payment 

Remainder - after above allocations 
to interest account, debt service 
reserve account, and sinking fund 
account - minimum payment 

Total 



$ 480,000.00 
316,808.00 



$ 3,878,000.00 



3,309,123.09 



796,808.00 
$19,164,293.00 



$ 9,872,649.91 
2,104,520.00 



7,187,123.09 
$19.164.293.00 



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3 5556 038 783429 



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2/1/2010 
WT 189084 1 33 00 




GAYLORD