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      Inasmuch as I go to Fort Myers, Florida, several times a year, I looked at the financials for the Lee County Port Authority.  The authority manages two airports:  Southwest Florida International (SFI) and Page Field General Aviation (PFGA).   <o:p></o:p> For 2010, which are the latest financials I could find, although the 2011 numbers should be available soon, SFI had a net operating income of $6,417,000 before adjustments.  After adjustments, etc., it had a change in net assets of $(8,635,000), due largely to substantial depreciation charges resulting from a significant on-going construction program.  PFGA lost $1,589,000 before adjustments.  After adjustments, which included capital contributions and transfers, it had a change in net assets of $5,330,000.  It too has a major on-going construction program. <o:p></o:p> The best indicator of how an entity is doing financially is found in the statements of cash flows.  These statements, as the name implies, back out non-cash items and present a better picture of how the entity is performing.  SFI generated a positive cash flow of $474,000 and PFGA saw its cash position increase by $4,392,000.  Part of the PFGA improvement is attributable, it appears, to state and federal grants.  <o:p></o:p> As one might imagine, airport financing is a complex subject.  I have not delved into every aspect of the financials, but they showed improvement in 2010 compared to 2009 and, with the economy on the rebound, probably will show better results in 2011. <o:p></o:p> If the airport defaulted on its bonds, the taxpayers would not be the fall guys.  The haircut would go to the bondholders.  The airport facilities are funded by revenue bonds.  Having said that, if the airport defaulted, the federal, state, local or all three taxpayers may be asked to help resurrect it. <o:p></o:p> I have neither the time nor the inclination to look at the financials for all the airports that are mentioned.  Clearly, some airports are financially stressed because of cutbacks in operations, due in many instances to decreased air operations because of the sour economy, as well as overly ambitious expansion plans blessed politicians who considered only the best case scenario. <o:p></o:p>
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