Unison has advised a more than dozen airports in all aspects of PFC program planning and implementation, including the PFC application process and PFC-backed financings.
In addition, Unison has participated in six PFC-related financings. The first was a double-barreled PFC financing at Chicago O'Hare International Airport in which Unison was a subconsultant in the engagement. The second was the first ever PFC stand-alone financing in the nation, for Little Rock National Airport. Unison has also prepared financial feasibility reports for PFC-backed financings at San Antonio International Airport, Louis Armstrong New Orleans International Airport, Kansas City International Airport, and Lambert-St. Louis International Airport.
In providing PFC application preparation services, Unison has assisted its clients throughout the application process, including the following:
1. Identification of planned capital project costs
2. Development of schedules summarizing the capital improvement program
3. Identification and projection of capital project funding sources
4. Assessment of project PFC funding eligibility
5. Development of annual cash flow projections
6. Preparation of financial plans for PFC projects
7. Preparation of PFC airline consultation booklets
8. Presentation of PFC plans to airlines via airline consultation meeting
9. Preparation of PFC applications and PFC amendment applications
10. PFC Implementation assistance
On a number of assignments, Unison has performed an analysis of an airport's PFC collections and developed strategies for the use of future PFC collections. In conducting these analyses, Unison has evaluated the airport's funding plan for its capital improvement programs. Unison identified and analyzed all potential funding sources, including AIP grants, PFCs, airport revenue bonds, and airport funds. Unison's analyses have included the evaluation of two main options for the application of future PFCs: (1) pay-as-you-go and (2) PFC-backed bonds. Unison prepared PFC applications and participated in airline meetings to explain the airport's PFC program and the effect of the PFC funding on the airport's overall financing plans and airline costs.
Once a PFC has been approved by the FAA, Unison has assisted its clients in implementing the accounting and reporting requirements. This has included the following: (1) assisting an airport in monitoring the airlines' reporting procedures and ensuring that PFCs are remitted to the airport properly and in a timely manner; (2) monitoring bank statements that report the airlines' PFC deposits and interest income thereon; (3) establishing a spreadsheet or database to accumulate the airline and bank information required to prepare quarterly reports of collections and to analyze the airlines' payment compliance; (4) implementing modifications to the airport's accounting system to enable the airport to track PFC expenditures by approved project; (5) preparing quarterly reports of PFC collections, interest earnings, and expenditures; and (6) implementing a system whereby all pertinent PFC records are retained to facilitate the required annual audit.
