AIRPORT FINANCIAL REPORTS.

SEC. 111. AIRPORT FINANCIAL REPORTS. (a) In General.— Section 47107(a) is amended— (1) by inserting before the semicolon at the end of paragraph (15) “and make such reports available to the public”; (2) by striking “and” at the end of paragraph (17); (3) by striking the period at the end of paragraph (18) and inserting “; and”; and (4) by adding at the end the following: “(19) the airport; owner or operator will submit to the Secretary and make available to the public an annual report listing in detail— 108 STAT. 1574 “(A) all amounts paid by the airport to any other unit of government and the purposes for which each such payment was made; and “(B) all services and property provided to other units of government and the amount of compensation received for provision of each such service and property.”. (b) Format for Reporting.— Within 180 days after the date of the enactment of this Act, the Secretary shall prescribe a uniform simplified format for reporting that is applicable to airports. Such format shall be designed to enable the public to understand readily how funds are collected and spent at airports, and to provide sufficient information relating to total revenues, operating expenditures, capital expenditures, debt service payments, contributions to restricted funds, accounts, or reserves required by financing agreements or covenants or airport lease or use agreements or covenants. Such format shall require each commercial service airport to report the amount of any revenue surplus, the amount of concession-generated revenue, and other information as required by the Secretary. (c) Annual Summaries.— Section 47107 is amended by adding at the end the following: “(k) Annual Summaries of Financial Reports.— The Secretary shall provide to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Public Works and Transportation of the House of Representatives an annual summary of the reports submitted to the Secretary under subsection (a)(19) of this section and under section 111(b) of the Federal Aviation Administration Authorization Act of 1994.”.