[Code of Federal Regulations]

[Title 14, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 14CFR158.67]



[Page 185]

 

                     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.