Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Financial Assistance has been prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues when they are earned and expenditures when they are incurred. There were no subrecipients for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to charge the de minimis rate of 10% for determining indirect cost amounts, as permitted in Section 200.414 of the Uniform Guidance.
Schedule of Expenditures of Federal Awards and State Financial Assistance:
Federal Award Expenditures $ 160,184,882
State Financial Assistance 25,097,544
Federal Awards and State Financial Assistance $ 185,282,426
Statements of Revenues, Expenses and Changes in Net Position:
Federal and State Grants – Nonoperating Revenues $ 20,028,623
Capital Contributions 177,696,174
Contributions from Other Miscellaneous Sources (94,215)
ARPA Concession Rent Relief (Note 5) 2,680,533
State of Florida - Aid to Others (Object Code 740100) (13,495,664)
Insurance Credit (1,533,025)
Federal Awards and State Financial Assistance $ 185,282,426
Title: FDOT INDEBTEDNESS
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Financial Assistance has been prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues when they are earned and expenditures when they are incurred. There were no subrecipients for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to charge the de minimis rate of 10% for determining indirect cost amounts, as permitted in Section 200.414 of the Uniform Guidance.
The FDOT Indebtedness is described in a Joint Participation Agreement (JPA), as amended between the Authority and the Florida Department of Transportation (FDOT) for the Transportation Regional Incentive Program (TRIP), under which the FDOT, combined with other FDOT grants will provide total funding of approximately $211.0 million to fund the Intermodal Terminal Facility (ITF). The Authority is required to reimburse FDOT $52.7 million of the funds under the JPA, and the balance was a grant. The proceeds of the Loan were used to pay for portions of the ITF that are related to the construction of the passenger rail terminal being developed as part of the ITF adjacent to the Automated People Mover system. Under the JPA the Authority is obligated to repay the FDOT Loan over a period of 18 years with no interest due commencing January 30, 2020 through 2039. As of September 30, 2024 and 2023, respectively, the Authority had an outstanding balance of $0 and $0. The FDOT indebtedness was paid in full on May 12, 2023.
Title: CONTINGENCY
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Financial Assistance has been prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues when they are earned and expenditures when they are incurred. There were no subrecipients for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to charge the de minimis rate of 10% for determining indirect cost amounts, as permitted in Section 200.414 of the Uniform Guidance.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor agency as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the Authority. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Title: AMERICAN RESCUE ACT (ARPA)
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Financial Assistance has been prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues when they are earned and expenditures when they are incurred. There were no subrecipients for the fiscal year ended September 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to charge the de minimis rate of 10% for determining indirect cost amounts, as permitted in Section 200.414 of the Uniform Guidance.
The American Rescue Plan Act (ARPA) was signed into law on March 11, 2021, which includes $8 billion in emergency relief to U.S. airports. The Authority received $21 million ARPA funds during fiscal year 2024. The Authority passed through $2.7 million to eligible concessions and $18.3 million reimbursed the Authority for rent relief provided to eligible concessions.