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San Diego County Regional Airport Authority Capital Development Financing Plan Board Presentation July 9, 2009

San Diego County Regional Airport Authority Capital Development Financing Plan Board Presentation July 9, 2009. Presented By: Vernon D. Evans, CPA Vice President of Finance/Treasurer. Overview. Assumptions Use and Source of Funds Scenarios I II III Summary. Assumptions.

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San Diego County Regional Airport Authority Capital Development Financing Plan Board Presentation July 9, 2009

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  1. San Diego County Regional Airport AuthorityCapital Development Financing PlanBoard PresentationJuly 9, 2009 Presented By: Vernon D. Evans, CPA Vice President of Finance/Treasurer

  2. Overview Assumptions Use and Source of Funds Scenarios I II III Summary

  3. Assumptions Enplanement projections for 2010 are based on the 2010 budgeted enplanements. For 2011 and 2012, enplanements are based on projections provided by airport consultants, reduced slightly for management conservatism. For 2013 and beyond, enplanements are based on consultant projections. The percentage increases/decreases in enplanements were also applied to landed weight projections: Rate varies from: Reductions in fiscal year: 2010 – (~1%) from 2009 projected Increases in fiscal years: 2011 – 3.0% 2012 – 4.0% 2013 – 3.3% 2014 – 1.6% Operating & maintenance expense growth 3% $85 million reduction in CIP program

  4. Assumptions Concession revenue growth: 2010 0.0% 2013 4.9% 2011 6.3% 2014 19.8% 2012 6.7% 2015 6.8% Changing management model Adding 56,000 square feet in T2 West Interest earnings rate 1.4% to 2.5% through 2014 Stimulus legislation exempts private activity bonds from AMT through 12/31/10 – AMT penalty is approximately 100 to 125 basis points 90% of the Passenger Facility Charges, ($4.50), have been allocated to the Terminal Development Program Project Escalation of 5% Approved Airline Operating Agreement

  5. Use of FundsCash Requirements

  6. Source of FundsScenario I

  7. Cumulative Source of Funds

  8. Scenario Assumptions Scenario I 6.00% Interest Rate Scenario II 5.50% Interest Rate Scenario III 6.75% Interest Rate

  9. Financial Results – Scenario I6.00% Bond Interest Rate $11.37 1.50

  10. Financial Results – Scenario II5.50% Bond Interest Rate $11.08 1.59

  11. Financial Results – Scenario III6.75% Bond Interest Rate $11.86 1.38

  12. Summary of ScenariosFinancial Results - 2013

  13. Airport Cost per EPAXProjected 2013 $11.37

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