Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. Customs Overtime expense for the year ending June 30th, 2009 was $570K. For the 2009/10 budget year, this amount is slightly reduced at $524K as it is driven largely by the schedule. Other Expenses is mostly accounted for by insurance, legal and professional fees and other similar expenses. Other Expenses for the year ending June 30th, 2009 was $2,688K (a significant decrease over the prior year). The budget for 2009/10 of $1,844K calls for a similar decrease as all areas of technical fees are reviewed and eliminated where possible.
Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. It has now been set at a fixed rate per flight. Actual Customs Overtime expense for the year ending June 30th, 2013 is $372K. For the 2013/14 budget year, this amount is essentially unchanged at $373K. Other Expenses is mostly accounted for by insurance, legal and professional fees and other similar expenses. Actual Other Expenses for the year ending June 30th, 2013 are $2,541K. The budget for 2013/14 expects these costs to decrease to $2,395K. Projected Interest Expense for the year ending June 30th, 2013 is $1,447K. The 2013/14 budget allows for an expense in the area of $1,209K. Interest rates are assumed to remain stable during the budget year 2013/14 for the repayment of the loans. CAYMAN ISLANDS AIRPORTS AUTHORITY
Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. It has now been set at a fixed rate per flight. For the 2014/15 budget year, this amount is $373K. Note 25 – Other Other Expenses is mostly accounted for by insurance, legal and professional fees and other similar expenses. The budget for 2014/15 expects these costs to amount to $2.4 mil. The 2014/15 budget allows for an expense in the area of $1,3 mil. Interest rates are assumed to remain stable during the budget year 2014/15 for the repayment of the loans.
Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. Customs Overtime expense for the year ending June 30th, 2007 is expected to be $333K, a decrease from the results for 05/06 of $37K (10%) Other expenses include aircraft insurance costs, professional fees, delayed service costs, bad debt expense, and other similar expenses. Other expenses for the year ending June 30th, 2007 is expected to be $1,885K, a decrease over the results for 05/06 of $9K (0%). Three-quarters of this account is produced by aircraft insurance. A presentation has been prepared to demonstrate to potential underwriters why the aircraft insurance premium should be reduced. The savings on the aircraft insurance are expected to be reinvested in increased training costs and other consulting services associated with implementing the efficiency audit suggestions. Interest Expense for the year ending June 30th, 2007 is expected to be $1,919K, an increase over the results for 05/06 of $323K (20%) The increase in interest expense is due to additional borrowing required to fund operating losses and the acquisition of the new administration building combined with s moderate increase in interest rates.
1. Purpose
2. Nature and Scope of Activities
3. Strategic Goals and Objectives
4. Ownership Performance Targets
5. Summarised Forecast Financial Statements
6. Other Financial Information
7. Agreement Appendix: Forecast Financial Statements
Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. Customs Overtime expense for the year ending June 30th, 2006 is expected to be $318K, an increase from the results for 04/05 of $6K (2%) Other expenses include aircraft insurance costs, professional fees, delayed service costs, bad debt expense, and other similar expenses. Other expenses for the year ending June 30th, 2006 is expected to be $1,779K, a decrease over the results for 04/05 of $94K (5%) Interest Expense for the year ending June 30th, 2006 is expected to be $1,462K, an increase over the results for 04/05 of $543K (59%) The increase in interest expense is due to additional borrowing required to fund operating losses combined with higher interest rates.
Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. It has now been set at a fixed rate per flight. Forecasted Customs Overtime expense for the year ending June 30th, 2015 is $307K. For the 2015/16 budget year, this amount is essentially unchanged at $300K. Other Expenses is mostly accounted for by insurance, legal and professional fees and other similar expenses. Forecasted Other Expenses for the year ending June 30th, 2015 are $2,812K. The budget for 2015/16 expects these costs to increase to $3,126K. Forecasted Interest Expense for the year ending June 30th, 2015 is $1,086K. The 2015/16 budget allows for a small reduction to $945K as the Company continues to pay down its outstanding debt balance and improved financial performance allows for less use of an overdraft facility. Interest rates are assumed to remain stable during the budget year 2015/16 for the repayment of the loans. PREPARED IN ACCORDANCE WITH SECTION 24 OF THE PUBLIC AND MANAGEMENT AND FINANCE LAW (2013 REVISION)
Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. It has now been set at a fixed rate per flight. Projected Customs Overtime expense for the year ending June 30th, 2012 is $353K. For the 2012/13 budget year, this amount is essentially unchanged at $363K. Other Expenses is mostly accounted for by insurance, legal and professional fees and other similar expenses. Projected Other Expenses for the year ending June 30th, 2012 are $1,827K. The budget for 2012/13 expects these costs to decrease to $2,121K. Projected Interest Expense for the year ending June 30th, 2012 is $1,321K. The 2012/13 budget allows for an expense in the area of $1,179K. Interest rates were raised by 1% in December 2011 but are assumed to remain stable during the budget year 2012/13 for the repayment of the loans.
1. Purpose
2. Nature and Scope of Activities
3. Strategic Goals and Objectives
4. Ownership Performance Targets
5. Summarised Forecast Financial Statements
6. Other Financial Information
7. Agreement Appendix: Forecast Financial Statements
Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. Customs Overtime expense for the year ending June 30th, 2005 is expected to be $284K, Other expenses include aircraft insurance costs, professional fees, delayed service costs, bad debt expense, and other similar expenses. Other expenses for the year ending June 30th, 2005 is expected to be $2,492K, an increase over the projection for 03/04 of $433K (21%). The increase is the result of increased insurance (due to additional aircraft and additional passengers). Interest Expense for the year ending June 30th, 2005 is expected to be $1,361K, an increase over the projection for 03/04 of $701K (106%). The increase in interest expense is due to additional borrowing required to fund operating losses combined with a moderate escalation of interest rates.
Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. Customs Overtime expense for the year ending June 30th, 2008 is expected to be $333K, which is in last with the targeted results for 2006/07. Other Expenses is mostly accounted for by legal and professional fees and other similar expenses. Other Expenses for the year ending June 30th, 2008 is expected to be $4,169K, an increase over the results for 2006/07 of $2,283K. The cost associated with the turnaround project is primary reason for the significant increase in this cost and is budget to be $1.7M for the year. Interest Expense for the year ending June 30th, 2008 is expected to be $2,002K, an increase over the results for 2006/07 of $83K, The increase in interest expense is due to additional borrowing required to the purchase of two Twin Otter aircraft.
Customs Overtime. Customs Overtime represents the charges levied by the Customs service in Grand Cayman, Cayman Brac, and Kingston for flights that operate outside of normal office hours. Customs Overtime expense for the year ending June 30, 2009 is expected to be $420K. Other Expenses are mostly accounted for by legal and professional fees and other similar expenses. Other Expenses for the year ending June 30, 2009 is expected to be $1,285K, a significant decrease over the results for 2007/8. The completion of the Lufthansa contract and other contracts associated with the turnaround exercise that are expected to be finished before the budget year drive much of the decrease. Interest Expense for the year ending June 30, 2009 is expected to be $2,268K, an increase over the results for 2007/8 of $50K, The increase in interest expense is due to additional borrowing required, but is expected to be repaid through the sale of the 737-200s.
