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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