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THE VIRGIN ISLANDS PORT AUTHORITY FISCAL YEAR 2020 OPERATING AND CAPITAL BUDGET SUMMARY STATEMENT Operating and Capital Budget –Summary Statement Fiscal Year 2020 2 | P a g e Table of Contents I. Introduction ..............................................................................................................................3 The Authority ...............................................................................................................................3 FY2020 Budget in Overview..........................................................................................................3 The Numbers at a Glance..............................................................................................................4 II. Forecast of U.S.V.I. Air and Cruise Passengers .........................................................................5 III. Strategic Goals and Initiatives ...................................................................................................6 IV. Budget Summaries.....................................................................................................................6 Operating Budget Summary .........................................................................................................7 Capital Budget Summary............................................................................................................ 10 Cash Flow Budget Summary....................................................................................................... 12 APPENDICES -SCHEDULES 1-8 Operating and Capital Budget –Summary Statement Fiscal Year 2020 3 | P a g e I. Introduction Presented herewith is the budget for the Virgin Islands Port Authority (“VIPA” or “Authority”) for the fiscal year ending September 30, 2020 (the “FY2020 Budget”). The FY2020 Budget has been prepared in accordance with the budgetary policy established by the VIPA Governing Board in the statement of Financial Policies for the Virgin Islands Port Authority. The Authority The Authority was established by Virgin Islands law (Act No. 2375) as a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands. Its statutory purpose is to own, manage and operate the air and marine ports and facilities and to control the harbors of the U.S. Virgin Islands and to make economic and other benefits available “in the widest economic manner” to promote the general welfare and to increase commerce and prosperity. The Authority is expected to be financially self-sufficient and does not receive funding from the General Fund of the Government of the Virgin Islands. Accordingly, it is statutorily authorized to charge and collect fees, dues and charges for the use of its facilities. Through its Aviation Division, the Authority owns and operates two airports: The Cyril E. King Airport (CEKA) on St. Thomas and the Henry E. Rohlsen Airport (HERA) on St. Croix. Through its Marine Division, the Authority owns and operates marine cargo and passenger facilities on St. Thomas, St. Croix, and St. John. FY2020 Budget in Overview In the aggregate, the FY2020 Budget anticipates operating expenses, excluding depreciation, of $56.7M, debt service cost of $4.6M, property transfers of -$382K and capital expenditures of $114M for a total outlay of $175.3M. These outlays are funded by $62.7M from current revenues (operating fees and charges), $121K from renewal and replacement reserves, $6.6M from passenger facility charges, $300K from car FY2020 Bdgt. FY2019 Bdgt. FY2018 Est FY2017 Act FY2016 Act. FY2015 Act. Operating Expense[1] $56,714 $48,194 $47,765 $43,558 $54,342 $43,760 Debt Service 4,555 4,553 4,584 5,479 4,553 3,861 Transfers -382 0 0 0 0 0 Renewal and Replacement 324 0 0 0 0 0 Capital Expenditure 114,073 55,586 53,894 24,127 14,749 17,743 Total $175,284 $108,333 $106,243 $73,164 $73,644 $65,364 Depreciation Expense $19,144 $19,144 $17,587 $17,510 $17,587 $17,179 Table 1: FY2020 Budget Aggregate Outlays (In $1,000's) Operating and Capital Budget –Summary Statement Fiscal Year 2020 4 | P a g e rental facility charges, $83.3M from capital grants, $8.8M from cash on hand, $5.3M from insurance funds, $500K from government grants (PFA) and $7.6M from debt funded marine proceeds- a total of $175.3M. [See Table 2] The Numbers at a Glance • Fiscal Year 2020 revenues of $62.7M are $14.1M higher (↑29%) when compared to the $48.7M budgeted for FY2019; however, when compared to the estimated FY2019 revenue collections of $62.9M (See Schedule 4), FY2020 revenues of $62.7M are $156K higher (-.25 %) as a result of: ▪ Aviation – When compared to estimated FY2019 revenues of $31.4M (See Schedule 5), aviation revenues for FY2020 of $32.4M are $939K higher (↑3 %). In contrast, aviation revenues for FY2020 ($32.4M) when measured against the FY2019 budget ($18.3M), reflects an increase of 77%. As depicted below, passenger activity in FY2020 is directly correlated to an increase in revenues implemented in FY2019 from the newly adjusted aviation rates and tariffs: ▪ CEKA is expected to end FY2020 with approximately 612,000 enplaned passengers – (↑62%) percent from the 376,000 of FY2018; ▪ HERA is expected to end FY2019 with approximately 228,000 enplaned passengers – (↑15%) percent from the 197,000 in FY2018; and, ▪ In Total VIPA should have approximately 840,000 enplanements for FY 2020 – (↑47%) percent from the approximately 573,000 in FY2018. FY2020 Bdgt[1] FY2019 Bdgt FY2018 Bdgt Operating Revenues $62,749 $48,655 $42,358 Renewal & Replacement Reserve 121 121 121 Passenger Facility Charges 6,637 1,103 1,200 Car Rental Facility Charges 300 274 449 Capital Grants 83,275 25,021 23,900 Cash Reserves & Other 8,801 21,442 26,000 Insurance Funds 5,310 - - Government Grants 500 500 500 Debt Funded Marine Projects 7,591 11,217 12,157 $175,284 $108,333 $106,685 [1] FY 2020 Cash Flow Budget Table 2: FY2020 Budget Aggregate Resources (In $1,000's) [2] Operating and Capital Budget –Summary Statement Fiscal Year 2020 5 | P a g e ▪ Marine – When compared to FY2019 estimated revenue collections of $31.4M (See Schedule 6), marine revenues anticipated for FY2020 of $30.4M are -$1M lower (-3%). • Fiscal Year 2020 core operating expenses of $56.7M reflects a (↑27%) increase when compared to the FY2019 year-end estimate of $44.6M. When measured against last year’s budget, core operating expenses also realized a $8.5M (↑17%) increase (Table 1). Using the FY2019 year-end estimates, the assumptions underlying core operating expenses are as follows: ▪ Payroll cost are expected to increase by $8.5M (↑35%), largely as a result of projected salary increases for administration and support positions. ▪ Maintenance costs are expected to increase by $690K (↑32%) mainly to address various issues pertaining to CEKA and HERA. ▪ Materials and supplies are anticipated to increase by $535K (↑48%) ▪ Professional services are expected to increase by $1.5M (↑33%). ▪ Insurance costs are expected to remain constant. ▪ Utilities are anticipated to be increased by $279K (↑4%), due to continued restoration of VIPA properties and buildings. ▪ Travel and related expenses are expected to increase by $153K (↑26%). ▪ Other expenses are expected to increase by $550K (↑3643%). II. Forecast of U.S.V.I. Air and Cruise Passengers The number of Port Authority air and cruise passengers is usually relatively stable. That is, from one year to the next air and cruise schedules rarely change significantly. As noted above, the decreased air traffic is a result of the prior September 2017 hurricanes and many of U.S.V.I major hotels closing pending repairs. Air passenger traffic for FY2020 is expected to slowly increase as hurricane recovery continues and hotels reopen. Cruise passenger traffic has steadily increased back to pre-hurricane levels. The last five years of total arriving U.S.V.I. air and cruise passengers, as well as an estimate for 2019 and forecast for 2020 is shown below. 2020P 2019P 2018A 2017A 2016A 2015A 2014A Cruise 1,394 1,771 1,149 1,552 1,905 1,960 2,033 Air 840 700 573 956 972 950 910 Table 3: Passengers (In 1,000's) Operating and Capital Budget –Summary Statement Fiscal Year 2020 6 | P a g e This forecast assumes air and cruise ship schedules continue in a similar manner as they are with increased calls to St Thomas and St Croix ports. Based on data from the first six months of the Port Authority’s 2019 fiscal year, the number of total cruise passengers to the U.S.V.I. is expected to decrease from the previous year, while air passengers are up slightly. III. Strategic Goals and Initiatives The FY2020 budget embodies several strategic goals and initiatives. These include: • Maintaining Marine Debt Service coverage at 1.25 times. • Continuation of the Aviation and Marine Capital Programs through the generation of new revenues. • Rebuild and harden Port Authority Assets • Promote resilience and recovery efforts throughout the Port Authority • Attract, Develop and Retain a High Performing and Diverse Workforce, with expertise in Aviation Specifically FAA Part 139 • Successful Implementation of the Capital Improvements Program • Identify and adopt technology to better manage and streamline operations IV. Budget Summaries (In $1,000's) FY 20 Bdgt (2) FY 19 Bdgt (2) FY 18 Est (2) FY 17 Act FY 16 Act FY 15 Act FY 14 Act Aviation Revenues $32,372 $18,259 $16,173 $24,652 $24,673 $23,693 $22,456 Marine Revenues 30,377 30,396 26,251 29,693 30,123 29,393 28,925 Total Operating Revenues $62,749 $48,655 $48,655 $54,345 $54,796 $53,086 $51,381 Operating Expense 56,713 48,194 40,113 56,756 54,342 43,760 45,868 Depreciation Expense 0 19,144 0 21,049 17,587 17,179 19,239 Operating Income (Loss) 6,036 -18,683 8,542 -23,460 -17,133 -7,853 -13,726 Non-Operating Revenue(Expense), net 139 -372 35,125 -27,350 2,294 1,684 2,918 Insurance Funds 5,310 0 0 0 0 0 0 Capital Contributions 83,275 25,021 7,657 9,944 5,001 6,554 12,103 Government Grants 500 500 - - - - - Change in Net Assets $95,260 $6,466 $51,324 -$40,866 -$9,838 $385 $1,295 EBID1 $6,036 $461 $8,542 -$2,411 $454 $9,326 $5,513 1 Earnings Before Interest & Depreciation. [1] Source: VIPA Audited Financial Statement Fiscal Years 2014-2016 [2] Excludes pension expense Table 4: FY2020 Operating Revenue & Expense Summary[1] Operating and Capital Budget –Summary Statement Fiscal Year 2020 7 | P a g e Operating Budget Summary In summary, as presented in Table 4 above, the FY2020 operating budget is based on $62.7M in combined Aviation and Marine operating revenues and $56.7M (see Schedule 1) in operating expenses (excluding depreciation expense), resulting in operating income of $6M. Non-operating revenues of $2M (primarily passenger and customer facilities charges) are offset by $1.9M in interest expense (on long term debt), for a net contribution of $139K. An additional $83.3M in capital grant contributions and $500K in government grants (PFA) results in net assets of $95.3M. Excluding depreciation expense, operating revenues exceed operating expense by $6M. Table 5 shows that the Aviation Division is expected to contribute $32.4M in operating revenues (or 52%) of the total operating revenues ($62.7M) and incur $30.7M (or 54%) of total operating expenses ($56.7M); resulting in a excess of revenues over expenses of $1.6M on an cash basis (excluding depreciation). The Marine Division is expected to generate operating revenues of $30.4M (48%) of the total operating revenues and incur operating expenses of $26M (46%) of total operating expenses of $56.7M; thereby producing an excess of revenues over expenses of $4.4M – on a cash basis. (excluding depreciation). This positive net operating cash along with $5.2M in cash on hand - insurance business recovery will cover $4.6M in long term debt (bond debt) service (P&I) at 2.09 times, which exceeds the bond indenture requirement of 1.25 times by .84. Administration and General (A&G) expenses are budgeted at $19.8M on a cash basis excluding depreciation. Of this, $10.5M (53%) is allocated to the Aviation Division and $9.3M (47%) is allocated to the Marine Division. The A&G allocated amounts comprise 34% of the Aviation Division operating expense budget and 36% of the Marine Division’s operating expense budget – excluding depreciation. Table 5: Revenue & Expense Contribution (In $1,000's) Aviation Marine Admin & Gen FY20 Total Operating Revenues $32,372 $30,377 $0 62,749 Operating Expense 20,219 16,722 19,772 56,713 Admin & Gen Exp. Allocated 10,479 9,293 (19,772) 0 Admin & Gen Deprec. Allocated 0 0 - 0 Depreciation Expense 0 0 0 0 Operating Expenses 30,698 26,015 0 56,713 Operating Income (Loss) $1,674 $4,362 $0 $6,036 EBID $1,674 $4,362 $0 $6,036 Operating and Capital Budget –Summary Statement Fiscal Year 2020 8 | P a g e The FY2020 operating revenue budget for the Aviation Division reflects the increase in rates and tariffs amended January 1, 2019. For the Marine Division, FY2020 projected revenues of $30.4M are -$19K lower (-.1%) than FY2019. The following underlying assumptions were utilized in deriving marine revenue estimates: • Marine revenues are expected to remain constant with FY2019 estimates due to decreases in passenger activity from cruise ships but increases in cargo activity. • Increases in cargo revenue such as pilotage, docking and wharfage fees territory wide. As summarized in Table 8, the FY2020 payroll expense budget totals $33M. It consists of $22.7M in payments to employees, $4.4M in payroll taxes and mandatory employer contributions, and $5M in employee health insurance costs. FICA is assessed at 7.65% for payments to employees Table 6: Aviation Revenue Summary (In $1,000’s) FY 20 Bdgt FY 19 Bdgt FY 18 Est FY 17 Act FY 16 Act FY 15 Act FY 14 Act Aircraft Fees $6,318 $2,810 $2,710 $4,234 $3,576 $3,501 $3,332 Rental Income 3,519 6,212 6,192 6,649 6,826 6,436 6,086 Commissions & Fees 22,535 9,237 7,271 13,768 14,271 13,756 13,038 Operating Revenues $32,372 $18,259 $16,173 $24,651 $24,673 $23,693 $22,456 Passenger Facility Charges 1,536 1,103 1,103 2,840 3,388 3,206 3,242 Customer Facility Charges 300 274 274 485 462 487 449 Federal Grants 30,808 11,688 2,528 9,817 5,001 6,554 12,103 Total Revenues $65,016 $31,324 $20,078 $37,793 $33,524 $33,940 $38,250 Rental Income $5,514 $5,731 $5,630 $5,827 $6,342 $6,122 $5,829 Commission & Concession Fees 730 120 169 370 1,073 1,067 640 Marine Fees & Dues 24,133 24,545 20,452 23,496 23,977 22,730 22,456 Total $30,377 $30,396 $26,251 $29,693 $31,392 $29,919 $28,925 FY 14 Act Table 7: Marine Revenue Summary ($1,000's) FY 16 Act* FY 15 Act* FY 17 Act FY 20 Bdgt FY 19 Est FY 18 Est Table 8: Payroll Cost Summary ($1,000's) FY 20 Bdgt FY 19 Bdgt FY 18 Est FY 17 Act FY 16 Act FY 15 Act Salaries & Wages $19,297 $16,787 $14,010 $14,178 $14,491 $13,224 Overtime & Other Pay 3,431 1,673 1,985 2,087 1,585 1,351 Payments to Employees $22,728 $18,460 $15,995 $16,265 $16,076 $14,575 FICA, Retirement & Wkrs Comp 4,448 4,349 3,988 4,203 4,300 4,491 Health, Dental & Life Insurance 4,990 4,564 3,833 5,684 3,843 3,648 Lump Sum 810 0 0 0 0 0 Total Expenses $32,976 $27,373 $23,816 $26,152 $24,219 $22,714 Operating and Capital Budget –Summary Statement Fiscal Year 2020 9 | P a g e (up to $127K); employer contributions to GERS is assessed at the rate of 20.5% (up to $65K); and workers’ compensation insurance is assessed at $240 per employee per year. The $33M budgeted for FY2020 is $5.6M (20%) more than budgeted in FY2019, and $3.3M (26%) more than the actuals audited through September 30, 2017. The reason for this increase is largely due to negotiated salary increases for administration and support positions. In FY2020, there are 371 full-time equivalents (FTE) positions, as follows: FY2020 FTE POSITION SUMMARY Division Count Payroll Costs Aviation 99 $ 3,982,330 Marine 86 $ 4,940,899 Support 188 $ 8,933,277 Total 371 $ 17,856,506 The chart above shows the number of positions and associated payroll costs among the aviation, marine and support divisions. Of the 371 total positions, there are forty-three (43) vacancies at $3,204,720; four (13) in the Aviation Division at $811,352, three (3) in the Marine Division at $330,711 and seventeen (27) in the support divisions at $2,062,657. As presented in Table 9A, operating expenses, excluding payroll and depreciation expense, is budgeted at $23.8M in FY2020; 19% ($3.7M) higher when compared to the estimated expenses of $20M for FY2019. Table 9A: Summary of Operating Expenses, Excl. Personnel & Depreciation (In $1,000's) FY 20 Bdgt FY 19 Est FY 18 Est FY 17 Act FY 16 Act FY 15 Act FY 14 Act Aviation $11,984 $10,889 $8,053 $8,025 $7,694 $9,804 $11,387 Marine 7,522 6,413 6,010 6,150 7,036 6,953 7,394 Admin & General 4,267 2,739 2,985 3,231 3,392 4,289 4,572 Combined $23,773 $20,041 $17,048 $17,406 $18,122 $21,046 $23,353 Operating and Capital Budget –Summary Statement Fiscal Year 2020 10 | P a g e Table 9B provides a comparative breakdown of operating expenses by major expense categories. For FY2020, core expenditures will change across the following expenditure categories (See Schedule 4): • Maintenance costs are expected to increase by $690K (↑32%). • Materials, Supplies Other Services are expected to increase by $2M (↑36%). • Insurance cost are expected to remain constant • Utilities cost is anticipated to increase by $279K (↑4%). • Other Operating Expenses is expected to increase by $703K (23%). Table 10 summarizes the debt service which includes Marine Bond debt service principal and insurance combined of $2.7M and interest of $1.9M for a total debt service of $4.6M. Capital Budget Summary The FY2020 capital budget is outlined in the FY2020 Capital Budget Project Listing (See Schedule 8). As delineated in Table 11, the capital budget totals $114.1M of which $42.4M is for Aviation Division capital, $71.1M for Marine Division capital and $618K for Administration and General. Table 9B: Summary of Operating Expenses by Major Line Items (In $1,000's) FY 20 Bdgt FY 19 Est FY 18 Est FY 17 Act FY 16 Act FY 15 Act FY 14 Act Repairs & Maintenance $2,821 $2,131 $1,980 $2,729 $3,360 $3,774 $3,199 Materials, Supplies & Other Services 7,688 5,663 6,067 5,972 6,555 7,323 7,264 Insurance 4,355 4,355 3,409 2,567 3,068 3,826 3,880 Utilities 7,561 7,282 5,082 5,557 7,591 8,778 7,194 Other Operating Expenses 1,313 610 701 2,443 1,216 586 1,873 Total $23,738 $20,041 $17,239 $19,268 $21,790 $24,287 $23,410 Principal Interest Total Marine Revenue Bonds, Series A,B &C $2,695 $1,860 $4,555 Total Debt Service $2,695 $1,860 $4,555 Table 10: FY 2020 Debt Service Summary (In $1,000's) * Amount $29M, Interest 4.0%, Term 20 years Operating and Capital Budget –Summary Statement Fiscal Year 2020 11 | P a g e The Vehicles budget of $1.2M are mainly consisted of replacement vehicles due to damages from the hurricanes. Office Improvements & Equipment for FY2020 included much needed tools and equipment for operations. The bulk of the capital budget, totaling $112.5M is for major upgrades and expansion to aviation facilities ($42.2M). marine facilities ($70.2M) and support facilities ($120K). Table 12 summarizes the sources of funding for the capital expenditure budget. In total, the Authority’s FY2020 capital program is funded by $17.3M from internal sources, $83.3M from capital grants, $7.6M from bond proceeds, $121K renewal and replacement reserves, insurance funds $5.3M and $500 from government grants (PFA). The internal sources are comprised of $10.6M from operating revenues and $6.6M in PFC revenues. The Aviation Division capital budget is financed by $5M from operating revenues; approximately $6.6M from PFC revenues; $30.8M from capital grants. The Marine Division’s capital budget is funded by $5.1M from operating revenues; $52.5M from capital grants, $7.6M from bond proceeds, $121K from renewal and replacement reserves, insurance funds $5.3M and $500K from government grants (PFA). Aviation Marine A&G Total Vehicles -Utilities & Light Trucks $74 $740 $350 $1,164 Office Improvements, Furniture & Equipment 151 $81 $148 $380 Facilities Upgrade & Expansion $42,168 $70,241 $120 $112,529 $42,393 $71,062 $618 $114,073 Table 11: Capital Budget Summary(In $1,000's) Funding Source Aviation Marine A&G Total Net Operating Revenues** $4,948 $5,073 $618 $10,639 PFC Revenues** 6,637 0 0 $6,637 CFC Revenues** 0 0 0 $0 Total Internal Sources $11,585 $5,073 $618 $17,276 Capital Grants 30,808 52,467 0 $83,275 Debt Funded Marine Capital Projects 0 7,591 0 $7,591 Renewal & Replacement** 0 121 0 $121 Insurance Funds 0 5310 0 $5,310 Government Grants 0 500 0 $500 Total Funding Sources $42,393 $71,062 $618 $114,073 Table 12: Capital Budget Summary by Funding Source ($1,000's) ** Includes Cash on Hand (from prior years' revenues) Operating and Capital Budget –Summary Statement Fiscal Year 2020 12 | P a g e Cash Flow Budget Summary Table 13 summarizes the sources and uses of cash thereby indicating how the operating expense, debt service, capital budgets and cash reserves are going to be financed (paid for) in FY2020. For VIPA, the major budgeted sources of cash are: $6M from net operating revenues (after funding the $56.7M in operating expenses); $8.8M from Cash on Hand (unrestricted); $6.6M from passenger facilities charges (PFC); $300K from Customer Facility Charges (CFC); $121K from Renewal and Replacement Funds and $500K from an internal cash transfer for a total of $22.4M FY20 $ Bgt. Change Operating Cash Received $32,372 $30,377 $62,749 $48,654 $14,095 Cash Used in Operating Activities -30,699 -26,014 -56,713 -48,193 -8,520 Net Cash from Operating Activities $1,673 $4,363 $6,036 $461 $5,575 Cash on Hand –Insurance Business Recovery 3,627 5174 8801 13,395 -4594 Internal Cash Transfer –Unrestricted 0 500 500 0 500 Passenger Facility Charges 6,637 0 6,637 9,044 -2,407 Customer Facility Charges 300 0 300 381 -81 Renewal & Replacement Fund 0 121 121 121 0 Internal Sources of Cash $12,237 $10,158 $22,395 $23,402 -$1,007 Capital Grant Contribution 30,808 52,467 83,275 25,021 58,254 Government Grants 0 500 500 500 0 Insurance Funds 0 5,310 5,310 0 0 Loan Proceeds 0 7,591 7,591 11,217 -3,626 Internal & External Sources of Cash $43,045 $76,026 $119,071 $60,140 $53,621 Long Term Debt P&I -Existing & New 324 4,673 4,997 4,553 444 Capital Acquisition - Admin and Gen. Allocation 328 291 619 289 330 Capital Acquisition -Revenue Funded 4,948 5,073 10,021 9,014 1,007 Capital Acquisition -PFC Funded 6,637 0 6,637 9,044 -2,407 Capital Acquisition -CFC Funded 0 0 0 381 -381 Capital Acquisition -Grant Funded 30,808 52,467 83,275 25,021 58,254 Capital Acquisition -Debt Funded 0 7,591 7,591 11,217 -3,626 Capital Acquisition -Renewal & Replacement 0 121 121 121 0 Capital Acquisition -Insurance Funds 0 5,310 5,310 0 5,310 Capital Acquisition -Government Grant 0 500 500 500 0 Transfers -Renewal & Replacement Fund 0 0 0 0 0 Total Uses of Cash $43,045 $76,026 $119,071 $60,140 $58,931 FY19 Bgt. FY 20 Summary Cash Flow Statement (In $1,000's) Sources: Aviation Marine Operating and Capital Budget –Summary Statement Fiscal Year 2020 13 | P a g e from internal sources. External sources of cash consist of $83.3M from capital grant contributions, $500K from government grants, $5.3M from insurance funds and $7.6M from loan proceeds, for a grand total of $119.1M (internal and external sources of cash). This cash flow will finance: $5M in principal and interest on long term debt; $619K in admin and general capital projects; $10M in revenue funded capital projects; $6.6M in PFC projects; $83.3M in federally funded projects; and $7.6M in debt financed marine projects. An additional contribution of $121K is transferred to fund the renewal and replacement fund and $500K in government grants. END OF SUMMARY STATEMENT Virgin Islands Port Authority Flux Analysis -- Expenses, Transfers and Debt Service For the Fiscal Years Ended September 30, 2019 & 2020 Budget Budget % $ FY 2020 FY 2019 Change Change Operating Expense $56,714 $48,194 17.68% $8,520 Debt Service 4,555 4,553 0.04% $2 Transfers -382 0 0.00% -$382 Renewal and Replacement 324 0 0.00% $324 Capital Expenditures 114,073 55,586 105.22% $58,487 Total $175,284 $108,333 62% $66,951 Depreciation Expense $0 $0 0.00% $0 Budget Budget % $ FY 2020 FY 2019 Change Change Operating Revenues 62,749 $ 48,655 $ 29% 14,094 $ Renewal & Replacement Reserve 121 121 0% - Passenger Facility Charges 6,637 1,103 502% 5,534 Car Rental Facility Charges 300 274 9% 26 Capital Grants 83,275 25,021 233% 58,254 Cash Reserves & Other 8,801 21,442 -59% 12,641 - Insurance Funds 5,310 - 0% 5,310 Government Grants 500 500 0% - Debt Funded Marine Projects 7,591 11,217 -32% 3,626 - Total 175,284 $ 108,333 $ 61.80% 66,951 $ Depreciation $0 $0 0.00% - $ For the Fiscal Years Ended September 30, 2019 & 2020 Flux Analysis -- Revenues, Grants, Reserves and Loans Virgin Islands Port Authority Virgin Islands Port Authority Flux Analysis of Revenues, Expenses and Changes in Net Assets Excl. Depreciation For the Fiscal Years Ended September 30, 2019 & 2020 FY 20 Bu. vs. Budget Budget Est. FY19 Est. FY 2020 FY 2019 % Change $ Change FY 2019 % Change $ Change Operating Revenues and Expenses Aviation 32,372,085 $ 18,259,408 $ 77.3% 14,112,677 $ 31,432,927 $ 3.0% 939,158 $ Marine 30,377,168 30,395,533 -0.1% (18,365) $ 31,472,560 -3.5% (1,095,392) $ Total Operating Revenues 62,749,253 $ 48,654,941 $ 29.0% 14,094,312 $ 62,905,487 $ -0.2% (156,234) $ Budget Budget Operating Expenses FY 2020 FY 2019 % Change Payroll Expenses 32,975,804 $ 27,372,327 $ 20.5% 5,603,477 $ 24,516,764 $ 34.5% 8,459,040 $ Maintenance Expenses 2,820,750 2,551,000 10.6% 269,750 $ 2,130,516 32.4% 690,234 $ Materials & Supplies 1,642,300 1,322,300 24.2% 320,000 $ 1,107,228 48.3% 535,072 $ Utilities 7,561,272 6,156,449 22.8% 1,404,823 $ 7,282,272 3.8% 279,000 $ Professional & Other Services 6,045,500 4,959,000 21.9% 1,086,500 $ 4,555,656 32.7% 1,489,844 $ Travel & Other Expenses 747,680 594,500 25.8% 153,180 $ 594,500 25.8% 153,180 $ Insurance 4,354,945 4,027,507 8.1% 327,438 $ 4,354,945 0.0% - $ Other Expenses 565,500 1,210,500 -53.3% (645,000) $ 15,108 3643.1% 550,392 $ Total Operating Expenses 56,713,751 $ 48,193,583 $ 17.68% 8,520,168 $ 44,556,989 $ 27.3% 12,156,762 $ Operating Profit (Loss) 6,035,502 $ 461,358 $ 1208.2% 5,574,144 $ 18,348,498 $ -67.1% (12,312,996) $ Non-operating Revenues (Expenses) Passenger Facilities Charges (PFC) 1,536,000 $ 1,103,375 $ 39.2% 432,625 $ 1,500,000 $ 2.4% 36,000 $ Customer Facilities Charges (CFC) 300,000 274,134 9.4% 25,866 $ 274,134 9.4% 25,866 $ Other Income 163,296 238,880 -31.6% (75,584) $ 178,748 -8.6% (15,452) $ Interest Expense (1,860,000) (1,988,250) -6.5% 128,250 $ (1,988,250) -6.5% 128,250 $ Non-operating Revenues (Expenses), net 139,296 (371,861) -137.5% 511,157 (35,368) -493.8% 174,664 Capital Grant Contributions 83,275,017 25,021,253 232.8% 58,253,764 25,021,253 232.8% 58,253,764 Insurance Funds 5,310,000 0 0.0% 0 0 0.0% 0 Government Grants 500,000 500,000 0.0% - 500,000 $ 0.0% - $ Change in Net Assets 95,259,815 $ 25,610,750 $ 272.0% 69,649,065 $ 43,834,383 $ 117.3% 46,115,432 $ Budget Budget % $ FY 2019 FY 2019 Change Change Salary + Increases (Filled) 14,933,923 $ 14,449,886 $ 3% 484,037 $ Fringe Benefits (Filled) 8,319,638 7,819,178 6% 500,460 Temporary Employees - - - - Vacancies 3,204,720 2,602,506 23% 602,214 New Positions 837,023 - - 837,023 Severance Pay 1,332,000 250,000 - 1,082,000 Lump Sum 2,250,000 828,056 172% 1,421,944 Overtime 2,098,500 1,422,700 - 675,800 Total 32,975,804 $ 27,372,326 $ 20.47% 5,603,478 $ For the Fiscal Years Ended September 30, 2019 & 2020 Budgeted Flux Analysis -- Salary & Fringe Benefit Costs Virgin Islands Port Authority Virgin Islands Port Authority FY20 Budget Lin Aviation Marine Admin & Gen FY 2020 Operating Revenues and Expenses Aviation Marine Support Combined 1 Aviation 32,372,085 $ 32,372,085 $ 2 Marine 30,377,168 $ 30,377,168 3 Total Operating Revenues 32,372,085 $ 30,377,168 $ - $ 62,749,253 $ Operating Expenses 4 Payroll Expenses 8,271,655 9,199,454 15,504,695 32,975,804 $ 5 Maintenance Expenses 1,725,000 536,000 559,750 2,820,750 6 Materials & Supplies 673,800 400,000 568,500 1,642,300 7 Utilities 5,196,174 1,784,359 580,739 7,561,272 8 Professional & Other Services 1,953,000 2,437,000 1,655,500 6,045,500 9 Travel & Other Expenses 210,400 85,000 452,280 747,680 10 Insurance 2,011,928 2,084,374 258,643 4,354,945 11 Depreciation Expense 0 0 0 - 12 Depreciation Expense Allocated 0 0 - - 13 Other Expenses 178,000 195,500 192,000 565,500 14 Admin & Gen Allocation 10,479,217 9,292,890 (19,772,107) - 15 Total Operating Expenses 30,699,174 $ 26,014,577 $ - $ 56,713,751 $ 16 Operating Profit (Loss) 1,672,911 $ 4,362,591 $ - $ 6,035,502 $ Non-operating Revenues (Expenses) 17 Passenger Facilities Charges (PFC) 1,536,000 $ 1,536,000 $ 18 Customer Facilities Charges (CFC) 300,000 300,000 19 Other Income 163,296 163,296 20 Interest Expense - (1,860,000) (1,860,000) 21 Non-operating Revenues (Expenses), ne 1,999,296 $ 1,860,000 -$ 139,296 $ 22 Capital Grant Contributions 30,808,017 52,467,000 83,275,017 23 Insurance Funds 5,310,000 5,310,000 $ 24 Government Grants 0 500,000 500,000 25 Change in Net Assets 34,480,224 $ 55,469,591 $ 95,259,815 $ Schedule 1-A Virgin Islands Port Authority FY2020 Budget Schedule 1-B Aviation 32,372,085 $ Marine 30,377,168 Total Operating Revenues 62,749,253 $ Operating Expenses Payroll Expenses 32,975,804 $ Maintenance Expenses 2,820,750 $ Materials & Supplies 1,642,300 $ Utilities 7,561,272 $ Professional & Other Services 6,045,500 $ Travel & Other Expenses 747,680 $ Insurance 4,354,945 $ Depreciation Expense - $ Depreciation Expense Allocated - $ Other Expenses 565,500 $ Admin & Gen Allocation - $ Total Operating Expenses 56,713,751 $ Operating Profit (Loss) 6,035,502 $ Non-operating Revenues (Expenses) Passenger Facilities Charges (PFC) 1,536,000 $ Customer Facilities Charges (CFC) 300,000 $ Other Income 163,296 $ Interest Expense (1,860,000) $ Non-operating Revenues (Expenses), net 139,296 $ Capital Grant Contributions 83,275,017 $ Insurance Funds 5,310,000 $ Government Grants 500,000 $ Change in Net Assets 95,259,815 $ For the Fiscal Year Ended September 30, 2020 Virgin Islands Port Authority Statement of Revenues, Expenses and Change in Net Assets Virgin Islands Port Authority FY2020 Budget Schedule 2 Cash Flow Aviation Marine Admin & Gen Combined Internal Cash Sources: Operating Revenues 32,372,085 $ 30,377,168 $ - $ 62,749,253 $ Operating Expenses Excl. Depreciation (30,699,174) (26,014,577) - (56,713,751) Net Cash From Operating Revenue 1,672,911 $ 4,362,591 $ - $ 6,035,502 $ Long Term Debt P & I - (4,555,000) - (4,555,000) WAPA Land Transfer 500,000 500,000 Racetrack Property Transfer (118,300) (118,300) Renewal & Replacement Reserve (323,721) - - (323,721) Revenue Available for Capital Expenditure 1,349,190 $ 189,291 $ - $ 1,538,481 $ Cash on Hand-Insurance Recovery 3,626,637 5,173,867 8,800,504 Cash on Hand-Renewal and Replacement - 120,937 - 120,937 Internal Cash Transfer - - - - PFCs - New 1,536,000 - - 1,536,000 CFCs - New 300,000 - 300,000 PFCs - Restricted Cash on Hand 5,100,547 - - 5,100,547 CFCs - Restricted Cash on Hand - - - - Available for Internally Funded Capital Budget 11,912,374 $ 5,484,095 $ - $ 17,396,469 $ Revenue Funded Capital Expenditure (4,948,327) (5,072,733) (10,021,060) PFC Funded Capital Expenditure (6,636,547) - - (6,636,547) CFC Funded Capital Expenditure - - - - Renewal and Replacement Capital Expenditure - (120,937) - (120,937) Admin & Gen Capital Budget Allocated (327,500) (290,425) - (617,925) Internal Cash Over (Short) - $ - $ - $ - $ External Cash Flow Capital Grant Contributions - New - 52,467,000 - 52,467,000 Capital Grant Contributions - FAA Approved 30,808,017 - - 30,808,017 Debt Funded Marine Projects - 7,591,079 - 7,591,079 Insurance Funds - 5,310,000 5,310,000 Government Grants - 500,000 - 500,000 External Cash Sources 30,808,017 $ 65,868,079 $ - $ 96,676,096 $ Grant Funded Capital Projects -New - (52,467,000) - (52,467,000) Grant Funded Capital Projects -FAA Approved (30,808,017) - - (30,808,017) Debt Funded Marine Capital Projects - (7,591,079) - (7,591,079) Insurance Funds (5,310,000) (5,310,000) Government Grants - (500,000) - (500,000) External Cash Over (Short) - $ - $ - $ - $ Virgin Islands Port Authority Statement of Cash Sources and Uses For the Fiscal Year Ended September 30, 2020 Virgin Islands Port Authority FY 2020 Budget Schedule 3 Lin C/C Employee Pmts[A] Lump Sum Severance Overtime Other Fringe Benefits[A] Personnel Costs (w/ Union Incr.) Maintenance Mat'l & Supplies Utilities Prof & Other Svce Travel & Other Insurance Other Total Operating 1 2962-1 Accounting STT 459,715 0 0 30,000 261,880 751,595 28,000 22,000 4,000 2,000 34,600 1,114 0 843,309 2 2962-2 Accounting STX 37,833 0 0 0 26,994 64,827 0 0 0 0 0 0 0 64,827 3 2961-1 Admin & Finance STT 328,638 150,000 250,000 0 141,687 870,325 20,000 9,000 14,226 538,000 30,980 6,278 80,000 1,568,809 4 2961-2 Admin & Finance STX 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5 5167-1 ARFF STT 821,912 700,000 0 130,000 536,188 2,188,100 113,000 83,000 79,510 196,000 90,000 50,718 0 2,800,328 6 5167-2 ARFF STX 699,136 0 0 130,000 411,820 1,240,956 113,000 162,000 38,165 196,000 90,000 19,178 0 1,859,299 7 5161-1 Aviation STT 1,343,050 275,000 631,000 50,000 638,269 2,937,319 784,000 256,000 3,858,821 950,000 16,000 1,287,639 175,000 10,264,779 8 5161-2 Aviation STX 793,520 0 0 20,000 510,390 1,323,910 640,000 115,000 1,217,610 579,000 7,000 616,616 3,000 4,502,136 9 5461-1 Bournefield 0 0 0 0 0 0 10,000 0 0 17,000 0 37,633 0 64,633 10 6167-1 Crown Bay 387,033 0 0 4,000 260,876 651,909 155,000 82,000 1,022,412 325,000 15,000 223,240 500 2,475,061 11 3961-1 Engineering STT 621,076 0 0 15,000 277,823 913,899 8,000 10,000 4,500 20,000 15,000 6,985 0 978,384 12 3961-2 Engineering STX 242,309 0 0 0 128,469 370,778 10,000 10,000 14,729 7,000 10,000 2,935 0 425,442 13 1961-1 Executive STT 593,180 0 0 500 223,129 816,809 47,000 45,000 385,639 465,000 66,000 40,831 7,000 1,873,279 14 1961-2 Executive STX 295,427 0 0 0 112,045 407,472 20,000 15,000 33,959 22,000 22,000 6,632 0 527,063 15 1969-1 Gov Board 81,916 0 0 0 29,408 111,324 0 7,000 1,017 45,000 70,000 8,915 0 243,256 16 1963-1 Human Resources STT 219,899 0 70,000 0 96,842 386,741 6,150 20,000 3,295 22,000 15,000 3,696 0 456,882 17 1963-2 Human Resources STX 40,376 0 0 0 21,140 61,516 0 0 0 0 0 0 0 61,516 18 2964-1 IT 191,374 0 0 0 97,398 288,772 190,000 27,000 8,748 215,000 36,000 1,468 80,000 846,988 19 1962-1 Legal 303,205 0 0 0 95,976 399,181 3,000 12,000 5,888 38,000 22,000 3,343 0 483,412 20 3964-1 Maintenance STT 1,357,954 0 0 64,400 860,133 2,282,487 60,000 60,000 32,281 15,000 14,500 37,816 0 2,502,084 21 3964-2 Maintenance STX 848,562 0 0 25,000 551,463 1,425,025 60,000 60,000 19,895 54,000 20,000 24,401 0 1,663,321 22 6161-1 Marine STT 3,263,913 125,000 381,000 1,000,000 1,390,828 6,160,741 231,000 260,000 566,150 1,312,000 47,000 1,225,440 175,000 9,977,331 23 6161-2 Marine STX 1,289,953 0 0 500,000 596,851 2,386,804 150,000 58,000 195,797 800,000 23,000 635,694 20,000 4,269,295 24 5168-1 Parking Lot STT 170,839 0 0 12,900 116,061 299,800 30,000 45,000 2,069 10,000 4,400 92 0 391,361 25 5168-2 Parking Lot STX 153,873 0 0 10,000 117,697 281,570 35,000 12,800 0 5,000 3,000 51 0 337,421 26 1966-1 Police STT 1,229,910 1,000,000 0 55,000 744,354 3,029,264 35,600 100,000 7,778 40,000 38,000 53,570 0 3,304,212 27 1966-2 Police STX 767,056 0 0 45,000 421,089 1,233,145 31,000 77,000 5,149 25,000 17,000 38,377 0 1,426,671 28 4961-1 Property Management STT 201,769 0 0 0 86,719 288,488 4,000 4,500 3,686 12,000 10,000 2,935 0 325,609 29 4961-2 Property Management STX 116,780 0 0 0 65,033 181,813 1,000 2,000 2,620 5,500 7,000 1,468 0 201,401 30 1964-1 Public Relations 120,950 0 0 0 65,798 186,748 4,000 8,000 3,230 80,000 8,500 2,582 25,000 318,060 31 2963-1 Purchasing STT 151,507 0 0 500 94,356 246,363 8,000 7,000 5,000 4,000 500 4,841 0 275,704 32 2963-2 Purchasing STX 157,286 0 0 0 102,933 260,219 12,000 7,000 24,084 3,000 0 10,457 0 316,760 33 1967-1 Safety & Security STT 366,374 0 0 1,200 236,577 604,151 8,000 48,000 1,016 8,000 3,200 0 0 672,367 34 1967-2 Safety & Security STX 200,181 0 0 5,000 118,572 323,753 4,000 18,000 0 35,000 12,000 0 0 392,753 35 0 36 Total Operating Expenses 17,856,506 2,250,000 1,332,000 2,098,500 9,438,798 32,975,804 2,820,750 1,642,300 7,561,274 6,045,500 747,680 4,354,945 565,500 56,713,753 37 Aviation 3,982,330 975,000 631,000 352,900 2,330,425 8,271,655 1,725,000 673,800 5,196,175 1,953,000 210,400 2,011,927 178,000 20,219,957 38 Marine 4,940,899 125,000 381,000 1,504,000 2,248,555 9,199,454 536,000 400,000 1,784,359 2,437,000 85,000 2,084,374 195,500 16,721,687 39 Admin & Gen 8,933,277 1,150,000 320,000 241,600 4,859,818 15,504,695 559,750 568,500 580,740 1,655,500 452,280 258,644 192,000 19,772,109 40 Total Operating Expenses 17,856,506 2,250,000 1,332,000 2,098,500 9,438,798 32,975,804 2,820,750 1,642,300 7,561,274 6,045,500 747,680 4,354,945 565,500 56,713,753 Virgin Islands Port Authority FY2020 Budget Schedule 4 VIPA FY2020 Budget 5-Year Revenue & Expense Summary Aviation FY2020 Bdgt FY2019 Est FY2018 Est FY2017 Act FY2016 Act FY2015 Act FY2014 Act User Fees & Charges 6,317,667 5,602,335 2,709,749 4,233,950 3,576,170 3,500,972 3,332,008 Rental Charges 3,519,161 5,463,914 6,192,167 6,646,428 6,826,103 6,435,778 6,086,039 Commission & Fees 22,535,257 20,366,678 7,271,334 13,771,458 14,271,186 13,755,841 13,038,239 Operating Revenues 32,372,085 31,432,927 16,173,250 24,651,836 24,673,458 23,692,591 22,456,286 Payroll, Taxes & Benefits 8,271,655 5,384,465 5,541,275 6,021,514 5,512,936 5,446,076 5,893,589 Maintenance 1,725,000 1,463,604 1,128,251 1,770,316 1,524,810 1,844,492 2,232,455 Materials & Supplies 673,800 448,812 364,252 405,633 415,232 563,790 504,624 Utilities 5,196,174 5,307,612 3,694,782 3,334,359 3,122,796 5,255,122 5,828,918 Professional & Other Services 1,953,000 1,473,600 1,202,921 1,190,456 1,376,584 893,831 1,877,190 Travel & Other 210,400 183,000 124,230 117,795 132,156 144,874 124,297 Insurance 2,011,928 2,011,928 1,538,767 1,129,758 1,190,656 1,337,227 1,710,996 Depreciation 0 0 0 12,820,629 10,707,836 10,429,686 11,073,731 Other Expense 178,000 0 0 77,033 107,770 3,411 -582,136 Operating Expenses 20,219,957 16,273,021 13,594,478 26,867,493 24,090,776 25,918,509 28,663,664 VIPA FY2020 Budget 5-Year Revenue & Expense Summary Marine FY2020 Bdgt FY2019 Est FY2018 Est FY2017 Act FY2016 Act FY2015 Act FY2014 Act Rental Charges 5,514,171 5,195,733 5,629,876 5,827,700 6,342,223 6,121,769 5,829,163 Commmission & Fees 729,555 129,555 169,487 381,105 1,073,072 1,067,496 639,577 Marine Fees 24,133,442 26,147,272 20,451,928 24,505,014 23,976,522 22,729,548 22,455,938 Operating Revenues 30,377,168 31,472,560 26,251,291 30,713,819 31,391,817 29,918,813 28,924,678 Payroll, Taxes & Benefits 9,199,454 7,665,608 7,195,817 7,602,561 7,100,653 6,051,934 5,974,375 Maintenance 536,000 426,456 465,527 477,848 574,611 716,433 684,253 Materials & Supplies 400,000 361,068 315,328 365,050 341,542 615,609 363,849 Utilities 1,784,359 1,588,020 1,080,864 1,644,325 1,603,363 1,839,780 2,348,369 Professional & Other Services 2,437,000 1,874,664 2,484,478 2,086,246 2,180,896 2,266,987 2,182,068 Travel & Other 85,000 63,000 31,289 25,887 43,012 93,218 91,416 Insurance 2,084,374 2,084,374 1,632,797 1,213,004 1,256,282 1,356,005 1,838,169 Depreciation 0 0 0 7,534,373 6,236,868 6,077,951 7,690,145 Other Expense 195,500 15,108 192,269 337,146 2,481,510 505,789 438,946 Operating Expenses 16,721,687 14,078,298 13,398,369 21,286,440 21,818,736 19,523,706 21,611,590 Virgin Islands Port Authority FY2020 Budget Schedule 4 VIPA FY2020 Budget 5-Year Revenue & Expense Summary Support Services FY2020 Bdgt FY2019 Est FY2018 Est FY2017 Est FY2016 Act FY2015 Act FY2014 Act User Fees & Charges 0 0 Rental Charges 0 0 Other Revenues 0 0 Operating Revenues 0 0 Payroll, Taxes & Benefits 15,504,695 11,466,691 11,078,118 12,528,114 11,605,087 11,216,524 10,647,117 Maintenance 559,750 240,456 386,505 480,332 511,056 798,910 857,496 Materials & Supplies 568,500 297,348 291,089 320,290 298,029 575,045 577,782 Utilities 580,739 386,640 306,186 688,100 448,004 496,487 600,949 Professional & Other Services 1,655,500 1,207,392 1,409,524 1,186,874 1,490,473 1,639,742 1,817,502 Travel & Other 452,280 348,500 353,769 330,735 289,120 303,548 393,074 Insurance 258,643 258,643 237,541 224,289 232,113 374,610 276,562 Depreciation 0 0 0 693,920 642,790 671,087 475,322 Other Expense 192,000 0 97 0 203,725 165,161 120,357 Operating Expenses 19,772,107 14,205,670 14,062,829 16,452,654 15,720,397 16,241,114 15,766,161 4,267,412 2,738,979 2,984,711 VIPA FY2020 Budget 5-Year Revenue & Expense Summary All Divisions FY2020 Bdgt FY2019 Est FY2018 Est FY2017 Est FY2016 Act FY2015 Act FY2014 Act Aviation 32,372,085 31,432,927 16,173,250 24,651,836 24,673,458 23,692,591 22,456,286 Marine 30,377,168 31,472,560 26,251,291 30,713,819 31,391,817 29,918,813 28,924,678 Operating Revenues 62,749,253 62,905,487 42,424,541 55,365,655 56,065,275 53,611,404 51,380,964 Payroll, Taxes & Benefits 32,975,804 24,516,764 23,815,210 26,152,189 24,218,676 22,714,534 22,515,081 Maintenance 2,820,750 2,130,516 1,980,283 2,728,496 2,610,477 3,359,835 3,774,204 Materials & Supplies 1,642,300 1,107,228 970,669 1,090,973 1,054,802 1,754,444 1,446,255 Utilities 7,561,272 7,282,272 5,081,832 5,666,784 5,174,163 7,591,389 8,778,236 Professional & Other Services 6,045,500 4,555,656 5,096,923 4,463,576 5,047,952 4,800,560 5,876,760 Travel & Other 747,680 594,500 509,288 474,417 464,288 541,640 608,787 Insurance 4,354,945 4,354,945 3,409,105 2,567,051 2,679,050 3,067,842 3,825,727 Depreciation 0 0 0 21,048,922 17,587,494 17,178,724 19,239,198 Other Expense 565,500 15,108 192,366 414,179 2,793,006 674,361 -22,833 Operating Expenses 56,713,751 44,556,989 41,055,676 64,606,587 61,629,908 61,683,329 66,041,415 Virgin Islands Port Authority FY2020 Budget - Aviation Revenue Detail Schedule 5 2020 Budget 2019 Proj. 2018 Est. 2017 Actuals 2016 Actuals 2015 Actuals 2014 Actuals ST. THOMAS Landing Fees 5,031,523 $ 4,449,747 $ 1,958,352 $ 3,394,950 $ 2,837,677 $ 2,817,171 $ 2,714,301 $ Rental Income Terminal Building/Cargo 1,927,980 3,902,432 4,501,090 4,628,771 4,509,360 $ 4,376,111 4,407,592 Airfield 14,400 14,400 13,200 13,200 1,823 $ 3,223 0 Bournefield 144,300 144,300 147,680 144,875 162,125 189,400 205,766 Non-Aeronautical 269,702 269,702 321,556 455,460 466,786 498,087 218,444 Terminal Use & Commissions Terminal Building/Cargo 15,235,217 14,917,484 4,578,332 10,755,579 11,138,107 $ 10,492,927 9,862,030 Airfield - - - - 171,865 232,730 Non-Aeronautical 1,942 1,942 1,942 9,329 82,940 163,228 279,094 Operating Revenues 22,625,064 23,700,007 11,522,152 19,402,164 19,198,818 18,712,011 17,919,958 Management Fees 104,265 111,600 170,134 199,990 97,283 153,615 202,103 Terminal Building - 7,259 24,446 60,161 15,550 31,879 22,926 Bournefield 3,403 3,403 3,895 11,132 12,291 19,502 22,820 Airfield 628 628 1,608 3,370 2,813 432 7,898 Other Revenues 108,296 122,890 200,083 274,653 127,937 205,428 255,746 Passenger Facility Charges 1,536,000 1,500,000 1,103,375 2,836,205 2,882,826 2,794,482 2,727,748 Customer Facility Charges 300,000 274,134 274,134 485,464 462,223 487,215 449,114 FAA Grants 1/ 23,949,522 1,808,442 1,808,442 1,693,148 1,062,283 3,608,846 8,218,595 TOTAL - STT 48,518,882 $ 27,405,473 $ 14,908,186 $ 24,691,634 $ 23,734,087 $ 25,807,983 $ 29,571,161 $ ST. CROIX Landing Fees 1,286,144 1,152,588 751,397 $839,000 738,493 $ 683,801 $ 617,707 $ Rental Income Terminal Building/Cargo 989,720 958,199 1,031,151 $1,230,298 1,505,214 $ 1,177,118 1,077,964 Airfield 1,823 3,645 3,645 3,645 1,823 $ 13,367 0 Non-Aeronautical 171,236 171,236 173,845 170,179 178,972 178,472 176,273 Terminal Use & Commissions Terminal Building/Cargo 7,291,258 5,440,412 2,691,060 2,992,317 3,050,139 $ 2,805,188 2,643,216 Airfield 6,840 6,840 - 14,233 - $ 122,633 21,169 Non-Aeronautical - - - 0 0 0 0 Operating Revenues 9,747,021 7,732,920 4,651,098 5,249,672 5,474,641 4,980,579 4,536,328 Management Fees - - (2,803) 370 273 -549 0 Terminal Building 55,000 55,858 37,372 43,759 12,220 39,556 100,396 Other Revenues 55,000 55,858 34,569 44,129 12,493 39,007 100,396 Passenger Facility Charges - 600,000 - 4,104 505,009 411,625 513,948 Customer Facility Charges - - - - 0 0 0 FAA Grants 1/ 6,858,495 - 719,963 8,123,714 3,939,215 2,945,629 3,883,967 TOTAL - STX 16,660,516 $ 8,388,778 $ 5,405,630 $ 13,421,619 $ 9,931,358 $ 8,376,840 $ 9,034,639 $ Total Operating Revenues 32,372,085 $ 31,432,927 $ 16,173,250 $ 24,651,836 $ 24,673,459 $ 23,692,590 $ 22,456,286 $ Other Revenues 163,296 $ 178,748 $ 234,652 $ 318,782 $ 140,430 $ 244,435 $ 356,142 $ Total Grants & Other Charges 32,644,017 $ 4,182,576 $ 3,905,914 $ 13,142,635 $ 8,851,556 $ 10,247,797 $ 15,793,372 $ COMBINED TOTAL 65,179,398 $ 35,794,251 $ 20,313,816 $ 38,113,253 $ 33,665,445 $ 34,184,822 $ 38,605,800 $ 1/ FAA Grant projection includes only Entitlements, not Discretionary VI Port Authority Aviation Division Revenue Summary FY 2020 Budget FY 2020. FY 2019 Prj. FY 2018 Est FY 2017 Act FY 2016 Act FY 2015 Act FY 2014 Act Aircraft Fees 6,317,667 $ 5,602,335 $ 2,709,749 $ 4,233,950 $ 3,576,170 $ 3,500,972 $ 3,332,008 $ Rental Income 3,519,161 5,463,914 6,192,167 6,646,428 6,826,103 6,435,778 6,086,039 Commissions & Fees 22,535,257 20,366,678 7,271,334 13,771,458 14,271,186 13,755,841 13,038,239 Operating Revenues 32,372,085 31,432,927 16,173,250 24,651,836 24,673,459 23,692,591 22,456,286 $ Other Revenue 163,296 178,748 234,652 318,782 140,430 244,435 356,142 Passenger Facility Charge 1,536,000 2,100,000 1,103,375 2,840,309 3,387,835 3,206,107 3,241,696 Customer Facility Charges 300,000 274,134 274,134 485,464 462,223 487,215 449,114 FAA Grants -Entitlements 30,808,017 1,808,442 2,528,405 9,816,862 5,001,498 6,554,475 12,102,562 FAA Grants -Discretionary 0 0 0 0 0 0 0 65,179,398 35,794,251 20,313,816 38,113,253 33,665,445 34,184,823 $ 38,605,800 $ VI Port Authority FY2020 Budget - Marine Revenue Detail Schedule 6 2020 Budget 2019 Proj 2018 Est 2017 Act 2016 Act 2015 Act 2014 Act St.Thomas/St. John Rental Income Crown Bay & Sandfill 1,662,564 1,662,564 1,614,429 1,535,493 1,647,989 1,589,791 1,541,378 Crown Bay Dock 2,103,288 2,048,314 2,567,471 2,536,086 2,884,051 2,995,031 2,518,689 Red Hook Terminal 169,272 169,272 159,702 161,244 166,458 138,685 146,972 Other 991,738 991,738 882,690 1,078,070 1,092,821 826,884 1,095,328 Total Rental Income STT/STJ 4,926,862 4,871,888 5,224,292 5,310,893 5,791,319 5,550,391 5,302,366 Commission & Concession Fees Red Hook Terminal 613,700 13,700 20,865 184,695 887,661 454,077 451,036 Other 110,289 110,289 123,704 180,762 168,624 609,490 188,309 Total Commission & Concesssion Fees STTSTJ 723,989 123,989 144,569 365,457 1,056,285 1,063,567 639,345 Marine Fees & Dues Pilotage 626,312 446,510 396,861 361,149 405,661 395,082 391,843 Ship Dues Tonnage 936,080 914,176 825,142 793,135 833,318 740,396 729,515 Car Ferry Fees 487,101 415,380 417,474 498,863 554,512 587,933 594,051 Ferry Passenger Fees 9,202,809 11,171,154 7,343,411 8,966,076 10,138,906 10,079,379 10,684,317 Ship Dues & Fees 321,408 321,408 199,970 555,284 560,498 564,726 1,242,845 Docking Fees 1,664,477 1,637,288 1,367,858 1,817,835 1,270,799 1,234,559 1,188,817 Passenger Wharfage 5,495,284 5,866,422 5,129,812 6,708,145 5,630,306 5,047,991 4,177,405 Marine Terminal Tax 1,394,365 1,695,265 1,112,638 1,497,410 1,769,210 1,800,529 1,389,643 Crown Bay Terminal User Fee 0 0 0 0 0 0 0 Other 300,069 400,493 686,653 849,921 668,179 306,564 363,325 Total Marine Fees & Dues STT/STJ 20,427,905 22,868,096 17,479,819 22,047,818 21,831,389 20,757,159 20,761,761 Bond Financing 33,800,000 0 - - - PFA - - - - - - TOTAL STT/STJ 26,078,756 27,863,973 22,848,680 27,724,168 28,678,993 27,371,117 26,703,472 St. Croix Rental Income STX KrauseLagoon Container Port 496,750 233,286 316,258 446,369 469,696 480,138 443,155 Other 90,559 90,559 89,326 70,438 81,208 91,240 83,641 Total Rental Income STX 587,309 323,845 405,584 516,807 550,904 571,378 526,796 Total Commission & Concession Fees STX 5,566 5,566 24,918 15,648 16,787 3,929 232 Marine Fees & Dues Pilotage 451,000 268,134 268,150 292,442 286,476 240,579 227,736 Ship DuesTonnage 608,822 608,822 471,964 455,103 487,226 433,997 387,623 Car Ferry Fees 0 0 900 20 144 0 0 Ferry Passenger Fees 242,484 242,484 138,040 128,645 0 0 0 Ship Dues & Fees 1,459,229 1,245,508 986,648 945,363 963,530 845,708 846,977 Docking Fees 394,504 364,730 527,012 277,217 198,103 179,639 176,306 Passenger Wharfage 252,381 252,381 143,675 133,895 0 0 1,581 Crane Rental Fees 157,823 157,823 52,352 53,948 52,352 52,352 52,352 Other 139,294 139,294 383,368 170,563 157,302 220,113 1,601 Total Marine Fees & Dues STX 3,705,537 3,279,176 2,972,109 2,457,196 2,145,133 1,972,389 1,694,177 Bond Financing 18,667,000 - - PFA 500,000 - - - TOTAL ST.CROIX 4,298,412 3,608,587 3,402,611 2,989,651 2,712,824 2,547,696 2,221,205 Total Operating Revenues 30,377,168 31,472,560 26,251,291 30,713,819 31,391,817 29,918,813 28,924,677 Total Grants & other revenues 52,967,000 $ - $ - $ - $ - $ - $ - $ COMBINED TOTAL 83,344,168 31,472,560 26,251,291 30,713,819 31,391,817 29,918,813 28,924,677 Marine Revenue Summary ($1,000's) FY 20 Bdgt FY 19 Est FY 18 Est FY 17 Act FY 16 Act FY 15 Act FY 14 Act Rental Income 5,514,171 5,195,733 5,629,876 5,827,700 6,342,223 6,121,769 5,829,162 Commission & Concession Fees 729,555 129,555 169,487 381,105 1,073,072 1,067,496 639,577 Marine Fees & Dues 24,133,442 26,147,272 20,451,928 24,505,014 23,976,522 22,729,548 22,455,938 Revenue Increase 0 0 0 0 0 0 0 Total 30,377,168 31,472,560 26,251,291 30,713,819 31,391,817 29,918,813 28,924,677 FY2016 Projected Marine 4,125,877 758,741 16% Virgin Islands Port Authority FY2020 Budget - Payroll Cost Summary Schedule 8 Lin FY 2020 Bdgt FY 2019 Proj FY 2018 Est FY 2017 Act FY 2016 Act FY 2015 Act FY 2014 Act 1 Aviation 2 Salaries and Wages 4,577,330 3,144,954 3,257,907 3,331,390 3,335,469 3,247,321 2,904,616 3 Retroactive & Severance 631,000 64,466 40,348 83,649 27,391 40,809 617,214 4 Overtime 352,900 309,345 276,591 277,546 199,946 225,807 332,716 5 Payments to Employees 5,561,230 3,518,765 3,574,846 3,692,585 3,562,806 3,513,937 3,854,546 6 FICA Taxes 273,890 268,384 273,777 281,720 271,009 267,022 292,785 7 Retirement Fund 720,763 583,152 687,035 626,663 658,335 694,197 551,734 8 Medical/Dental/Life Insurance 1,312,011 987,732 984,865 1,400,798 990,164 935,606 1,150,581 9 Workmen's Compensation 23,761 26,432 20,752 19,748 30,622 35,314 43,944 Lump Sum 380,000 10 Total Aviation Payroll Expenses 8,271,655 5,384,465 5,541,275 6,021,514 5,512,936 5,446,076 5,893,590 12 Marine 13 Salaries and Wages 5,035,899 4,044,819 4,135,095 4,237,936 4,156,938 3,605,504 3,550,435 14 Retroactive & Severance 381,000 95,770 69,072 81,099 30,293 33,807 212,321 15 Overtime 1,504,000 1,560,536 1,113,118 959,381 999,414 649,099 548,711 16 Payments to Employees 6,920,899 5,701,125 5,317,285 5,278,416 5,186,645 4,288,410 4,311,467 17 FICA Taxes 320,589 367,829 331,871 338,850 326,234 286,548 262,939 18 Retirement Fund 744,150 679,396 631,458 658,248 677,367 684,483 500,700 19 Medical/Dental/Life Insurance 1,163,416 892,055 895,416 1,308,633 883,365 766,165 866,087 20 Workmen's Compensation 20,400 25,203 19,787 18,414 27,042 26,328 33,182 Lump Sum 30,000 21 Total Marine Payroll Expenses 9,199,454 7,665,608 7,195,817 7,602,561 7,100,653 6,051,934 5,974,375 23 Support Services 24 Salaries and Wages 9,683,277 6,793,306 6,617,130 6,608,736 6,998,738 6,371,218 5,456,568 25 Retroactive & Severance 320,000 372,200 230,959 379,525 131,647 69,789 1,063,144 26 Overtime 241,600 247,743 254,581 306,061 196,335 331,854 262,828 27 Payments to Employees 10,244,877 7,413,249 7,102,670 7,294,322 7,326,720 6,772,861 6,782,540 28 FICA Taxes 672,828 604,857 607,149 671,168 650,112 659,073 643,359 29 Retirement Fund 1,627,160 1,466,164 1,370,371 1,546,679 1,600,507 1,718,790 1,240,661 30 Medical/Dental/Life Insurance 2,514,949 1,924,640 1,952,566 2,974,682 1,969,134 1,946,219 1,907,467 31 Workmen's Compensation 44,881 57,781 45,362 41,263 58,613 119,582 73,090 Lump Sum 400,000 32 Total Support Payroll Expenses 15,504,695 11,466,691 11,078,118 12,528,114 11,605,086 11,216,525 10,647,117 34 36 Total VIPA Payroll Expenses 37 Salaries and Wages 19,296,506 13,983,079 14,010,132 14,178,062 14,491,145 13,224,043 11,911,619 38 Retroactive & Severance 1,332,000 532,436 340,379 544,273 189,331 144,405 1,892,679 39 Overtime 2,098,500 2,117,624 1,644,290 1,542,988 1,395,695 1,206,760 1,144,255 40 Payments to Employees 22,727,006 16,633,139 15,994,801 16,265,323 16,076,171 14,575,208 14,948,553 41 FICA Taxes 1,267,307 1,241,070 1,212,797 1,291,738 1,247,355 1,212,643 1,199,083 42 Retirement Fund 3,092,073 2,728,712 2,688,864 2,831,590 2,936,209 3,097,470 2,293,095 43 Medical/Dental/Life Insurance 4,990,376 3,804,427 3,832,847 5,684,113 3,842,663 3,647,990 3,924,135 44 Workmen's Compensation 89,042 109,416 85,901 79,425 116,277 181,224 150,216 Lump Sum 810,000 0 0 0 0 0 0 45 Total Expenses 32,975,804 24,516,764 23,815,210 26,152,189 24,218,675 22,714,535 22,515,082 Payroll Cost Summary ($1,000's) FY 2020 Bdgt FY 2019 Proj FY 2018 Est FY 2017 Act FY 2016 Act FY 2015 Act FY 2014 Act Salaries & Wages 19,297 13,983 14,010 14,178 14,491 13,224 11,912 Overtime & Other Pay 3,431 2,650 1,985 2,087 1,585 1,351 3,037 Payments to Employees 22,728 16,633 15,995 16,265 16,076 14,575 14,949 FICA, Retirement & Wkrs Comp 4,448 4,079 3,988 4,203 4,300 4,491 3,642 Medical/Dental/Life Insurance 4,990 3,804 3,833 5,684 3,843 3,648 3,924 Lumpsum 810 0 0 0 0 0 0 Total Expenses 32,976 24,516 23,816 26,152 24,219 22,714 22,515 FY 2020 Budget New Positions and Personnel Increases EMP. ID Position Control No. JOB TITLE Insuranc e CURRENT SALARY Increase FY 2020 BUDGET SOCIAL SECURIT Y MEDICA RE Ret 5021(20. 5) Med Ins 5030 Den Ins 5030 (50%) Wkr Comp 5032 Life Ins 5030 TOTAL BENEFITS FY 2020 TOTAL Aviation 1 X-XXXX-XX-XX Operations Technician (STT) F 45,000 0.00% 45,000 2,790 653 9,225 15,405 296 240 478 29,087 74,087 2 X-XXXX-XX-XX Operations Technician (STX) F 45,000 0.00% 45,000 2,790 653 9,225 15,405 296 240 478 29,087 74,087 12 90,000 0.0% 90,000 5,580 1,306 18,450 30,810 592 480 956 58,174 148,174 Marine 1 X-XXXX-XX-XX Parking Lot Attendant F 33,769 0.00% 33,769 2,094 490 6,923 15,405 296 240 359 25,807 59,576 2 X-XXXX-XX-XX General Maintenance Worker-STJ F 28,416 0.00% 28,416 1,762 412 5,825 15,405 296 240 302 24,242 52,658 3 X-XXXX-XX-XX Harbor Pilot STX F 35,000 0.00% 35,000 2,170 508 7,175 15,405 296 240 372 26,166 61,166 4 X-XXXX-XX-XX General Maintenance Worker-Redhoo F 28,416 0.00% 28,416 1,762 412 5,825 0 0 0 302 8,301 36,717 12 125,602 0.0% 125,601 7,788 1,822 25,748 46,215 888 720 1,335 84,516 210,117 Admin and Support 1 X-XXXX-XX-XX Summer Employment F 75,000 0.00% 75,000 4,650 1,088 0 0 0 240 0 5,978 80,978 2 X-XXXX-XX-XX General Maintenance Worker F 28,416 0.00% 28,416 1,762 412 5,825 15,405 296 240 302 24,242 52,658 3 X-XXXX-XX-XX Police Lieutenant F 47,487 0.00% 47,487 2,944 689 9,735 15,405 296 240 504 29,813 77,300 4 X-XXXX-XX-XX Law Enforcement Officer F 29,453 0.00% 29,453 1,826 427 6,038 15,405 296 240 313 24,545 53,998 5 X-XXXX-XX-XX Law Enforcement Officer F 29,453 0.00% 29,453 1,826 427 6,038 15,405 296 240 313 24,545 53,998 6 X-XXXX-XX-XX Police Corporal F 39,000 0.00% 39,000 2,418 566 7,995 15,405 296 240 414 27,334 66,334 7 X-XXXX-XX-XX Disaster Recovery Specialist F 60,000 0.00% 60,000 3,720 870 12,300 15,405 296 240 637 33,468 93,468 16 308,809 0.0% 308,809 19,146 4,479 47,931 92,430 1,776 1,680 2,483 169,925 478,734