Federal Aviation Administration, DOT

Section 158.67

(3) The PFC level for each project;
and
(4) Each project-s current schedule.
(b) The report shall be provided on or
before the last day of the calendar
month following the calendar quarter
or other period agreed by the public
agency and collecting carrier.
(c) For medium and large hub airports, the public agency must provide
to the FAA, by July 1 of each year, an
estimate of PFC revenue to be collected for each airport in the following
fiscal year.
[Doc. No. 26385, 56 FR 24278, May 29, 1991, as
amended by Amdt. 158-2, 65 FR 34542, May 30,
2000; Amdt. 158-4, 72 FR 28851, May 23, 2007]

Section 158.65 Reporting requirements: Collecting air carriers.
(a) Each air carrier collecting PFCs
for a public agency must provide quarterly reports to the public agency unless otherwise agreed by the collecting
air carrier and public agency, providing
an accounting of funds collected and
funds remitted.
(1) Unless otherwise agreed by the
collecting air carrier and public agency, reports must state:
(i) The collecting air carrier and airport involved,
(ii) The total PFC revenue collected,
(iii) The total PFC revenue refunded
to passengers,
(iv) The collected revenue withheld
for reimbursement of expenses under
Section 158.53, and
(v) The dates and amounts of each remittance for the quarter.
(2) The report must be filed by the
last day of the month following the
calendar quarter or other period agreed
by the collecting carrier and public
agency for which funds were collected.
(b) A covered air carrier must provide
the FAA with:
(1) A copy of its quarterly report by
the established schedule under paragraph (a) of this section; and
(2) A monthly PFC account statement delivered not later than the fifth
day of the following month. This
monthly statement must include:
(i) The balance in the account on the
first day of the month,
(ii) The total funds deposited during
the month,

(iii) The total funds disbursed during
the month, and
(iv) The closing balance in the account.
[Doc. No. FAA-2006-23730, 72 FR 28851, May
23, 2007]

Section 158.67 Recordkeeping and auditing:
Public agency.
(a) Each public agency shall keep any
unliquidated PFC revenue remitted to
it by collecting carriers on deposit in
an interest bearing account or in other
interest bearing instruments used by
the public agency-s airport capital
fund. Interest earned on such PFC revenue shall be used, in addition to the
principal, to pay the allowable costs of
PFC-funded projects. PFC revenue may
only be commingled with other public
agency airport capital funds in deposits
or interest bearing instruments.
(b) Each public agency shall establish
and maintain for each approved application a separate accounting record.
The accounting record shall identify
the PFC revenue received from the collecting carriers, interest earned on
such revenue, the amounts used on
each project, and the amount reserved
for currently approved projects.
(c) At least annually during the period the PFC is collected, held or used,
each public agency shall provide for an
audit of its PFC account. The audit
shall be performed by an accredited
independent public accountant and
may be of limited scope. The accountant shall express an opinion of the fairness and reasonableness of the public
agency-s procedures for receiving, holding, and using PFC revenue. The accountant shall also express an opinion
on whether the quarterly report required under Section 158.63 fairly represents
the net transactions within the PFC
account. The audit may be - 
(1) Performed specifically for the
PFC account; or
(2) Conducted as part of an audit
under Office of Management and Budget Circular A-133 (the Single Audit Act
of 1984, Pub. L. 98-502, and the Single
Audit Act Amendments of 1996, Pub. L.
104-156) provided the auditor specifically addresses the PFC.
(3) Upon request, a copy of the audit
shall be provided to each collecting
carrier that remitted PFC revenue to

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