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[quote user="schlimm"] From the airport financials (link in your linked article) for 2011, it looks like the airport expenses + depreciation exceed revenue.  What that actually means, i will leave to the accountants. [/quote] Here is a short explanation of the two issues (one of which has been removed by the moderator) regarding Denver International Airport.   The airport's 2011 operating revenues were $602.7 million. Operating income before depreciation and amortization was $209.9 million. Operating income after depreciation and amortization was $30.8 million. Non operating revenues and expenses, as well as capital grants, when netted against operating income, resulted in a loss and reduction in net assets of $9.9 million, thereby leaving a net assets balance of $545.1 million.  Over time the increase or decrease in net assets provides an indication of DIA's financial performance. The substantial net assets balance indicates that DIA has covered its expenses since it began operations. The financial information for DIA, which opened in 1995, is available in the airport's annual audited financial reports.  The 2000 through 2011 reports are on-line.  The initial capitalized cost of DIA to the Denver Airport System was $4.2 billion. The $4.8 billion figure includes costs to others, e.g. FAA, rental car operators, etc. In addition, the city and state undoubtedly incurred some costs, e.g. access roads, water and sewer lines, etc. At the end of 2011 the capitalized cost of the airport was $5.0 billion, less accumulated depreciation of $2.3 billion, for a net balance of $2.7 billion, before adjustments for CWIP, land rights, air rights, etc. Due to on-going construction, the capitalized cost of the airport changes annually. Approximately 95% of the capitalized cost of DIA was funded with municipal bonds. Institutional investors purchased most of them. Grants and other resources covered the remainders of the construction costs. The Denver taxpayers did not fund the airport. The airport's finances are very complex.  A comprehensive understanding of them would require a thorough read of the 2011 annual report, which is 80 pages, as well as prior years financials, which would involve hundreds of pages. DIA has covered its operating expenses since opening for business. However, it has had some years when total expenses exceeded total revenues, thereby resulting in a loss and a decrease in net assets. The airport appears to have some financial stresses, primarily associated with an on-going construction program, but the rating agencies have scored the airports bonds A+, A1, and A+, which indicates they are sound investment grade.  DIA has nothing to do with this topic.  However, missimpressions regarding the financing of the airport, which popped-up in two postings, should be addressed.
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