05/06-24
To:
PURCHASE / SERVICE ORDER
FOR
MONROE COUNTY
URS
Purchase Service Order No. 05/06-24
Resolution
Re: PSA Agreement, Dated: 1-1-02
Project Name:
Kev West 1nt'l- Airport Revenue Bond Report (Phase II)
Description of Services: (See Attached Scope of Service)
Multiple of Direct Salaries
Lump Sum X
Reimbursable Expense
300
Fee this Service Order
$ 69,500.00
Days to Complete
Payment for Services shall be in their entirety as per PSO.
Prepared by:
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Milford . Reisert
Date:
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Date:
Accepted by:
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Approved by:
Mayor Charles
May 16. 2006
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Apr 24 06 04:02p
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PHASE II SCOPE OF SERVICES
REPORT OF THE AIRPORT CONSULTANT
2006 Airport Revenue Bonds
Newton & Associates, Inc. - Sub-consultant
lASK 1. Updatc Assessment of Air Service Arell Economic Profile.
Review and update the demographic and economic characteristics of the Airport's Air Service
Area. Update the analysis of data relevant to said air service demand. The update ofthis
analysis is necessary for the development ofthe pro forma projection of demand for air service at
the Airport necessary to the test of financial feasibility. The need tor this update results from
significant changes in the project schedule.
TASK 2. Update Assessment of Historical Air Service Demand and Forecast of Enplaned
Passengers.
Update the analysis of historical passenger traffic and airline operational data at the Airport.
Consider changes in updated review of historical aviation activity and how changes may affect
torecast of passenger traffic for the purposes of the Report. The update of this analysis is
nccessary for the development of the pro forma projection of cash nows at the Airport necessary
to the test of financial feasibility. The need for this update is the result of significant changes in
the project schedule.
TASK 3. Reconciliation of Airport Financial Reports and County's Certified Annual
Financial Reports (CAFR).
Significant additional work was required to prepare the historical airport revenue and expense
trend analysis and reconciliation of airport operating financial reports and the County's Certified
Annual Financial Reports (CAFR). Additional work in this regard was due to the reporting
differences of the Airport and the County. The original scope relied upon the assumption that
County CAFR revenue and expense accounts would minor those of the Airport (with which wc
have become familiar over the past years performing airline rates and charges updates.). The
original scope also assmned that the County would provide thc annual revenue and expense data
in a form suitable to conduct our analysis. This was no! the case and therefore input, sorting and
analysis of the five years of COW1ty general ledger, monthly transactions was required in order 10
perfonn the required analysis. Upon completion ofthe input and sorting, reconciliation of tho
differences between the general ledger compilation and the County's CAFR was required for
each year of the Study Period.
Apr 24 06 04:03p
p.4
TASK 4. Update Financial Analysis - Add FY 2005.
As a result of significant changes in the Project schedule, the Study Period was revised to Include
FY 2005 (unaudited) financial information. It required input, sorting and analysis of the FY
2005 County general ledger, monthly transactions in order to update the required financial
analysis.
TASK 5. Revise Plan of Finance.
The recent increase ($2MM ~/-) in project cost will require additional work to update the
tinanciaJ schedule and Report write ups, due diligence dealing with recent uncertainties in
federal and state grant funding and general project coordination and communication among
financing, design teams and Airport/County Management which have been outside of the
o,'iginal scope provided. [n addition, recent material changes to the plan of finance proposed by
thc financing team will require a redevelopment of thc project tinancing plan, funding and debt
service associated schedules. Assist in bond rating agency presentation preparations and
presentation by providing input on presentation content and fielding questions related to the
Report of the Airport Consultant.
TASK 6. Update Forecast Airport Revenues, Expenses, Cash Flows and Coverage.
Update the detailed pro-flmna forecast of Airport cash f10ws after the date of beneficial
occupancy (DBO) ohhe 2006 Project taking into account dcbt service resulting from the Serics
2006 Bonds. Update tbe pro-forma schedule of future applications of Revenue and calculate
I'orecasted debt service coverage pursuant to the rate covenant in the proposed Bond Resolution.
These updates are required as the result of significant changes in tbe project schedule and
material changes to the plan of finance.
TASK 7. Update and Expand Sensitivity Analysis.
BecaLtSe of tbe sensitivity of future grants-in-aid on the plan of tlnance, moditlcations to cash
flows and debt service coverage assuming a reduction of certain grants-ill-aid during the forecast
period will be considered and reported 011.
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