Each fiscal year management prepares an Annual Budget of projected expenditures. This budget includes the Airport’s projected operating expense, excluding depreciation, plus the amount of incremental coverage, which will cause rolling coverage to equal at least 1.25 times the amount of Accrued Aggregate Debt Service. The annual Budget is reviewed with the Airlines and approved by the Owner Cities.
Based on the Annual Budget a Rates and Charges Forecast is prepared to establish the rates, fees and charges for the upcoming fiscal year. This forecast includes airlines and tenant charges, non-airline revenues and non-operating revenues. Under the Airline Use Agreement a year end true up will be prepared for the Airfield and Terminal Cost Centers and rates adjusted in the subsequent year. The DFW Cost Center will retain any excess revenues subject to the provisions of the Use Agreement.
The Airport is required to have an annual year-end audit performed by an independent certified public accountant.
The Airport is required under its continuing disclosure agreement to file with the EMMA certain financial information. The Airport has retained the service of Digital Assurance Certification (DAC) to assist with these filings. Continuing disclosure and any material event filings are available on the DAC website http://www.dacbond.com
In Fiscal Year 2010, the Airport prepared its first 10 year Financial Plan, which will be updated annually. This plan serves as a management tool and includes projections of revenues, expenses, capital needs and debt service requirements for a rolling 10 year period.