Airport Financial Statements for 2006 produce surprise LOSS .

Don Quixote Historical update:
The accumulated deficit on Airport's books of $98,498 to 2005 year end and any loss or profit for 2006 affect the 2007 budget. When Amortization is backed out in the amount of $ 163,530 {$68314 (2004) and $95216 (2005)} the deficit of $98,498 becomes a surplus of $65,032 at 2005 year end. Combined with the 2006 profit at the same rate we would have about $100,000 towards 2007 surplus.
The Airport Capital Reserve of $113,333 at 2006 year end? (may be slightly lower as they stuck in some smaller items after original reconciliation?) Original reconciliation can be found at Airport Capital Reserve Reconciliation
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Above is what I had written before a copy of the 2006 year end financial statements for the Airport Corporation became available. The 2006 LOSS after amortization is backed out in 2006 is $(40,143). The net loss before amortization was $(170,644) and amortization totaled $130,501.
This makes the final net surplus for the Airport Corporation to be only $24,889. (65,032-40,143 = $24,889).

This is the money$24,889, that should have been transferred back into an Airport Holding Account on the City of Vernon's books for use in 2007. The Airport Capital Reserve of $113,333 less some small undeclared late adjustments also should be sitting in an Airport Reserve account for 2007 use.
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Brief Analysis of Airport loss in 2006:
Year over year revenue increases by $58,000 ($11,000 increase in fuel sales and $45,000 in hangar and tie down leases and $1,400 in Air Pagent revenue.
Year over year expenses increased by $140,000. (Air Pagent expenses up by $1,800, Land Lease up by $26,000, Professional fees up by $27,000, and repairs & maintenance up by $70,000, Insurance up by $4,500.)
Amortization increased from $95,216 in 2005 to $130,501 in 2006, an increase of $35,000.
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Summary of Airport Subsidy from 2004-Dec 31,2006
The total money transferred to the Airport Corp by the City of Vernon Taxpayers for Capital Expenditures from 2004 to Dec. 31, 2006 was $855,251.67 ( $857,451.67 -2,200 adj in 2006 to make correct audited transfer of $247,800 not $250,000 in original reconciliation.).
Total reconciled Capital expenditures of 629,296.82 have reduced the capital reserve down to about $ 111,133.10 (113,333,10 - 2200). (Interest revenue of $11,692 for 2005 and 2006 included.)

Yearly operating subsidy for 2004 was $76,000, 2005 was $105,000 and 2006 was $105,049 making a grand total of $286,049.

The taxpayers have contributed $1,141,300.67 (855,251.67 + 286,049) and will expect to see a return of $136,022.10 (111,133.10 + 24,889).

Our total cost for the Airport is $1,005,278.57 for Jan 1 2004 to Dec. 31, 2006.