The City of Hayward operates the airport as an "enterprise fund" -- the airport is self-supporting, neither contributing to nor receiving funds from the city's general treasury.
The primary sources of revenue for the airport are rents for aircraft storage hangars, buildings, and land. Leaseholders on airport property operate non-aviation-related as well as aviation-related facilities. Additional revenue comes from fees on the sale of aviation fuels and tie-down fees. The airport also receives revenue from property taxes imposed on aircraft based at the airport.
The airport's debt service is related to construction of T-hangars, for which "certificates of participation" were issued in 1986.
| Actual 1998-1999 | 1999-2000 | |||
|---|---|---|---|---|
| Revenues | ||||
| Building rent | $45,039 | $46,500 | ||
| Hangar rent | 723,233 | 732,613 | ||
| Land rent (1) | 614,119 | 651,000 | ||
| Tie-down rent | 25,119 | 25,119 | ||
| Permits | 2,863 | 2,855 | ||
| Transit A/C parking | 1,439 | 1,000 | ||
| Commissions (2) | 287,542 | 291,855 | ||
| Other income | 5,385 | 1,500 | ||
| Property tax (A/C) | 96,271 | 98,196 | ||
| Interest income (3) | 132,931 | 148,000 | ||
| TOTAL REVENUES | $1,933,941 | $1,998,639 | ||
| Expenses | ||||
| Employee services | 640,554 | 675,889 | ||
| Maint./utilities | 111,771 | 128,258 | ||
| Supplies/services | 206,877 | 283,728 | ||
| Interdepartmental charges | 65,414 | 69,807 | ||
| Capital acquisitions | 37,159 | 11,000 | ||
| State loan (principal) | 10,327 | 10,326 | ||
| State loan (interest) | 10,964 | 10,177 | ||
| TOTAL EXPENSES | $1,083,066 | $1,189,185 | ||
| Transfer to Other Funds | ||||
| Administrative overhead | 149,501 | 149,501 | ||
| Liability insurance | 33,514 | 33,514 | ||
| Future expected debt service | 0 | 210,000 | ||
| Hangar debt (COP) (4) | 233,220 | 627,135 | ||
| TOTAL TRANSFER FUNDS | $416,235 | $627,135 | ||
| TOTAL EXPENSES AND TRANSFERS | $1,499,301 | $1,816,320 | ||
| NET OPERATING INCOME | $434,640 | $182,319 | ||
| WORKING CAPITAL | $3,208,547 | $2,962,866 | ||
| CIP transfer to 632 (5) | $428,000 | $500,000 | ||
| ENDING WORKING CAPITAL BALANCE | $2,780,547 | $2,462,866 | ||
| 1. If the proposed Home Depot becomes operational, anticipated land rent from this facility would be about $438,000. 2. Commissions include fuel flowage, Festival Theater percentage of rent, and golf course percentage of rent. 3. Interest income estimated at 4.5 percent of ending balance of the operating fund. 4. COP = certificate of participation (similar to lease revenue bonds). Final payment in April 2003. 5. Operating funds transferred to CIP (capital improvement fund) for anticipated projects under the airport master plan. | ||||