Outrun Change

We need to learn quickly to keep up with the massive change around us so we don't get run over. We need to outrun change.

Income statement for LAX airport

Image courtesy of DollarPhotoClub.com

Image courtesy of DollarPhotoClub.com

The Los Angeles city controller is working to put all financial activity for city agencies on-line, down to the invoice level.

Most recent agency’s financial statements to go online is LAX, the airport.

3/24 – Wall Street Journal – Follow the money at LAX

Here is the income statement for LAWA, the airport authority. All amounts in millions of dollars:

  • Revenue:
  • 227.5 – landing fees
  • 137.9 – passenger facility charges from tickets
  • 365.4 – subtotal from airlines and passengers
  • 354.1 – concession revenue
  •   29.3 – customer facility charge ($10 rental car fee)
  • 383.4 – subtotal
  • 365.3 – building rentals
  •   90.5 – land rentals
  • 455.8 – rent subtotal
  •   20.3 – interest income
  •   20.3 – other
  •   31.0 – federal grants
  •   71.6 – other subtotal
  •            
  • 1,276.8 – total income

Expenses:

  •  374.0 – salary and benefits
  • 174.7 – contractual service
  •   46.1 – material and supplies
  •   38.4 – utilities
  •   21.7 – other
  • 654.9 – subtotal, operating expenses, if you let me use that phrase
  • 178.0 – depreciation and amortization
  • 166.9 – interest expense
  • 344.9 – depreciation and interest
  •           
  • 999.8 – total expenses
  •           
  • 277.0 – difference between revenue and expenses

By my calculation that is a 21.7% margin. Pretty cool. Nice contribution to the LA City budget.

I think those numbers include the Ontario airport, ONT. From the controller’s report, here is the breakout of income by airport

  • 1,045.8 – LAX
  •      56.9 – ONT – Ontario
  •      16.8 – VNY – Van Nuys
  •        3.1 – PMD – Palmdale
  • 1,122.6 – total of above

Read into that breakout by airport what you wish. Since ONT has now been sold to the city of Ontario, it doesn’t matter.

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