[Code of Federal Regulations]
[Title 14, Volume 3]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 14CFR158.67]

[Page 195]
 
                     TITLE 14--AERONAUTICS AND SPACE
 
CHAPTER I--FEDERAL AVIATION ADMINISTRATION, DEPARTMENT OF TRANSPORTATION 
                               (CONTINUED)
 
PART 158--PASSENGER FACILITY CHARGES (PFC'S)--Table of Contents
 
             Subpart D--Reporting, Recordkeeping and Audits
 
Sec. 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 Sec. 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 the Single Agency Audit Act 
of 1983 (31 U.S.C. 7501-7) provided that the PFC is specifically 
addressed by the auditor.
    (3) Upon request, a copy of the audit shall be provided to each 
collecting carrier that remitted PFC revenue to the public agency in the 
period covered by the audit and to the Administrator.