[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6462787,"mediaKeyId","5795650-12355d5103a06ddf0ae39c958bc42bf0","parentId",5795650,"title","Treasury update: airport reports about 542 days cash on hand; July passenger activity exceeds budget","audioSeconds",487,"startMs",2609000,"endMs",3096000,"viewUrl","/Search/View?dp=1&key=5795650-12355d5103a06ddf0ae39c958bc42bf0&start=2609&end=3096","thumbnailUrl","https://assets.pipeline.soar.com/5795650-12355d5103a06ddf0ae39c958bc42bf0/thumbnail_2609000.jpg","articleUrl","/articles/6462787/Indianapolis-City/Marion-County/Indiana/Treasury-update-airport-reports-about-542-days-cash-on-hand-July-passenger-activity-exceeds-budget","mediaUrl","https://secure.pipeline.soar.com/6462787-77f04509198de744c34bed1559831d11/orig.mp4?Expires=1770940788&Signature=XxkC7BWGx2VkcF2IprXSx0hNxrrmISjP6w02WSE2HIzEIX8EqBPHwfnTn2o9r0MYnYhAShWfcj-jtAmdgrB7kpMywHeufE9mVsAJweRwf47bw5pwytH~sZUnYqEW1ZhrOZNHCKBnMBNUxq4WgcLoZsdXJTLXu3pwAHXToZeojMtqp3Y3cUScdBAxKle7sgS9P5has42~tGu8yuT3bbQaPMlFuvYrmj-NK~J4W8hF-KKTHe4STxPyyaFEq2UYOn77GFGwaD4u3YWDfYUmu~~sujnV6jY2sXki8MjRiaE5s6osI7BXv3N0xnmPOiXs7l46HkyoWYL5NPEp4bxlRx7qmg__&Key-Pair-Id=KUT5TJCACFTXG","author","City Council of Indianapolis, IN","date","2025-09-19T00:00:00Z","article","Keith Rexing (treasury manager) told the committee there had been no material change in liquidity since the June presentation and that the authority held roughly 542 days of cash on hand, a figure staff said excludes recent bond proceeds tied to hotel or other debt issuances. Keith said the authority’s policy target range for days cash on hand has been discussed and staff are considering framing it as a target rather than a minimum; the policy target range discussed earlier is 400 to 500 days.

Keith presented an investment dashboard and said staff anticipate excess investment income of about $3.5 million, mostly related to larger‑than‑expected construction account balances and changed draw schedules on bond proceeds. He said approximately $500,000 of that excess could be applied to the airline incentive program.

Lisa Hawkins (finance) reviewed July operating and non‑operating revenue trends. Through July, passenger counts were about 2.3% above budget and landed weights were above budget; cargo landed weights trended below budget year‑to‑date but were near budget in July. Parking and retail revenues were higher than budget and the Indianapolis Maintenance Center (IMC) drove incremental revenue tied to a new lease effective March 1. Total expenses were running under budget by about $4 million year to date. Staff reported an estimated 2025 outperformance of $44 million as of July and noted plans to apply some of that outperformance toward one‑time capital or performance projects.

Committee members asked about the appropriate treatment of non‑operating items in debt service coverage ratios and about bank tier‑1 capital ratios; staff confirmed compliance with investment policy and reported banks’ tier‑1 ratios remained comfortably above notification thresholds.

No committee action was required; staff asked the committee to note the liquidity and financial results and to expect further updates.","mediaType","Video","parentTitle","City Council of Indianapolis, IN - Indianapolis Airport Authority - Finance & Audit Committee","oneSentenceSummary","Treasury staff reported roughly 542 days cash on hand, investment income above budget and potential excess income to support airline incentives; July passenger results ran above budget while cargo weights trended below budget earlier in the year but improved in July.","taxTitle","Indianapolis City, Marion County, Indiana","taxId",3627,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6462791,"Internal audit reports minor expense control issues; committee reviews policies with no immediate changes",609,1780000,2389000,"/Search/View?dp=1&key=5795650-12355d5103a06ddf0ae39c958bc42bf0&start=1780&end=2389","https://assets.pipeline.soar.com/5795650-12355d5103a06ddf0ae39c958bc42bf0/thumbnail_1780000.jpg","/articles/6462791/Indianapolis-City/Marion-County/Indiana/Internal-audit-reports-minor-expense-control-issues-committee-reviews-policies-with-no-immediate-changes","https://secure.pipeline.soar.com/6462791-5bb7ce258a5586e733b66ee380c01425/orig.mp4?Expires=1770940788&Signature=Y8W5EiXK6e7rD63mjfhfXBSoV4IiCCD4pKrAnG6feqEtHM9p-jxEYHOmdgqKiJIEOHH8SRBWQB9lf5gIcHXiagjn3GYnbbYcEWF8gwa5FSN7ztzTUpLgODLbHhodwL10oKwlqg5fIoo4AMJmeIuVnhYBH78ARaJEq4nrkngAq77ewNtYlTv07g9aO2wUBF~gfo12WGhSbLUbTJn6QcmWHVY4GjJ3OidXCkGCyKzIV5tWbsZVhXQgp2AuFrd4gzgUtE0HoFhrNvb-K1Jo90LLsFtSDHbCZa6IDbbpiRbgxqKur9yyLPWIfds-OBtD5WfMTlSxm5EYGpdE9o0mJyPW8g__&Key-Pair-Id=KUT5TJCACFTXG","Maria (internal audit) briefed the committee on recently completed and planned audits including Concur (travel and expense) and procurement‑card reviews. She said Concur and P‑card transactions receive multiple pre‑audit reviews by finance staff before internal audit sampling. Internal audit reported finding one incorrect expense categorization and one transaction where a tip appeared above 20% because the receipt included an embedded gratuity. That disallowed item was reimbursed by the traveler after notification, Maria said.

On P‑card audits, Maria said the team found some missing receipts and occasional sales tax charges when exemption forms were not on file, but did not find evidence of misuse. She said the authority runs monthly or quarterly P‑card holder meetings that include procurement staff and finance reviewers to address recurring issues and training.

The committee reviewed a set of policies for which the Finance and Audit Committee has oversight. Staff said four policies — the investment policy, company credit card policy, variable rate securities and derivatives policy, and the financial policy — were being held for further work and would return in November or later if needed. Staff noted these are older or technically complex policies and they prefer to refine them rather than rush updates. The committee noted the business expense reimbursement policy had been approved earlier in the year and did not require immediate revisiting.

Maria said staff will present the 2026 audit schedule and any completed audit reports at the next meeting.","Internal audit staff reported isolated Concur and procurement‑card findings and briefed the committee on policy reviews; several policies were held for further work while others were noted as reviewed with no changes.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6462796,"Committee approves transatlantic incentive supplement, proposes $3 million annual cap",1455,314000,1769000,"/Search/View?dp=1&key=5795650-12355d5103a06ddf0ae39c958bc42bf0&start=314&end=1769","https://assets.pipeline.soar.com/5795650-12355d5103a06ddf0ae39c958bc42bf0/thumbnail_314000.jpg","/articles/6462796/Indianapolis-City/Marion-County/Indiana/Committee-approves-transatlantic-incentive-supplement-proposes-3-million-annual-cap","https://secure.pipeline.soar.com/6462796-bd5f9e348d4acbe1de64dd72c361a3d3/orig.mp4?Expires=1770940788&Signature=KQXXZARb07z25Oooo17UoQ8MmT9quJfN~Wb57hIJpZFz6WyYC1bfnebWLziW0R17WyQTf4EOS3bU6fxYnpd6PoK1MBqhWo3s332~IZvmbNt9xxzq9Mn164ydsv2TrfMgTONob3QJW7NI9UafUt0j6iMacXU2TWOwkOyxKgiZRbEeGvmI3YMKn3cIcBDgi0VY5sL4HOkzi3t7jZD4v0puE1XWlX69leHDL9M~yG-JC32T-Gva2YGDnc44oizl-R-epUSm23wTdwFNTjv8fKYNE55jZpiH1mmSt6WTi9Tjqn5IIMpHb8MCXzX6H9xM3LwyVrJ5cU9WiB2g3V7vfbKP1Q__&Key-Pair-Id=KUT5TJCACFTXG","The Indianapolis Airport Authority Finance and Audit Committee voted to advance a proposed transatlantic air‑service incentive supplement that staff will take to the full board for consideration in October.

Staff presented data showing strong early performance of the Aer Lingus Dublin flight and described a proposed supplement that would provide up to $3 million per year to attract new year‑round transatlantic routes, with no single airline eligible for more than $2 million per year. Staff said the proposed program would be capped at $3 million per year for two years and that a third year of support could be extended for specific routes that meet the authority’s criteria and FAA guidelines.

Staff described how incentive payouts are expected to be delivered primarily through fee waivers — landing fees, ticket counter and gate rentals — plus some marketing dollars. For 2025, staff estimated expected payouts of about $1,330,000, largely attributable to the existing Aer Lingus Dublin service. The presentation listed five prioritized European markets identified by staff research: Paris, London, Frankfurt, Amsterdam and Madrid.

Presenters said Aer Lingus has increased Dublin service from four flights weekly to a planned five flights next summer because of strong local demand; staff said the airport sees averages of about 90 passengers per Aer Lingus flight going directly to Dublin, up from roughly 25 before the nonstop began. Staff also cited a calculator-based estimate of more than $60 million in annual economic impact attributed to a year‑round transatlantic flight — a figure staff said multiple methods and airline estimates supported.

Staff told the committee they are also working with the Indy Chamber on a privately funded air service incentive fund and that they have received early commitments from private companies, the city and the state to participate in a community-wide funding effort. Staff said funding for the proposed supplement would be available through the authority’s funding plan and that excess investment income could help cover incremental costs.

Committee members asked about the degree to which the Dublin market performance was driven by a local corporate commitment and whether that pattern is replicable; staff responded that route targeting focuses on markets where business and leisure connectivity already exist and that airlines will not deploy aircraft without demonstrable passenger and economic links.

A motion to advance the transatlantic supplement was moved and seconded; the committee chair called the motion adopted on a voice vote.","The committee approved advancing a proposed transatlantic air‑service incentive supplement that would cap incentives at $3 million per year, limit any single airline to $2 million per year, and make targeted third‑year funding conditional on specific routes meeting criteria.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6462801,"Finance and Audit Committee approves recommended auditor for 2025 audit",275,38000,313000,"/Search/View?dp=1&key=5795650-12355d5103a06ddf0ae39c958bc42bf0&start=38&end=313","https://assets.pipeline.soar.com/5795650-12355d5103a06ddf0ae39c958bc42bf0/thumbnail_38000.jpg","/articles/6462801/Indianapolis-City/Marion-County/Indiana/Finance-and-Audit-Committee-approves-recommended-auditor-for-2025-audit","https://secure.pipeline.soar.com/6462801-b84c85fd2114a21869edebb35f411913/orig.mp4?Expires=1770940788&Signature=C3h98SOr7Ybku7IGE7CaLJgtwV-fAj73zGrSC4~BlPEQkZLjt-Vo4CJOVmKj45gNE4unmWSdAyFC~jITjzk4hX3svbOckzTLjk8Y11zAlr-Dcva8uqXxFD~fv-eHNlvlvpgkLt8YlmnDaNtI5Xncc9WtSt9sg7t2uu-urXlV2l3nLqX4k~957v~LYUs5aNkXi2f2d5pourPtyAtwU4yurZ2XKIV5x-zVWm6rxETX4NrDfStlw8IjvDmz7pjf2uBcvyGCkPJasmFPfR0kKC01xATs24QaDNjVfSNqrszMtJR2iY76Zdib-0Wxaz-BVCCjLOr0JpRBUrfN2PxDA7NAcQ__&Key-Pair-Id=KUT5TJCACFTXG","The Indianapolis Airport Authority Finance and Audit Committee on a voice vote accepted staff’s recommendation to continue with the independent auditor selected through last year’s competitive process for the 2025 audit.

Committee members moved and seconded the recommendation and the motion carried after one member said he would not vote. Robert (staff member), who presented the recommendation, told the committee the auditor had provided a three-year rate guarantee and that one year remained on that guarantee. He said the firm staffs the audit locally and that the selection reflected competitive bidding and consideration of local staffing and national practice experience.

Robert told the committee the price in the memo reflected the agreed three‑year rate guarantee. He also said the authority brings the auditor engagement back to the full board annually so the Finance and Audit Committee and the full board can assess the auditor’s performance and the firm’s approach each year.

The committee discussed the firm’s longevity on airport audits and the value of a firm that combines local knowledge with experience on larger airports. Robert said the firm had provided audit services to the authority for many years through multiple firm name changes and that the airport’s audit team is 100% local for this engagement.

The motion was moved by Tameka (board member) and seconded by Dwayne (board member). Brian (board member) stated he would not vote. With no further named dissent, the committee chair called the motion adopted.

The committee did not take additional committee-level action on audit pricing or contract terms beyond recommending the auditor selection and confirming the three-year rate guarantee term would be honored for the remaining year.","The committee voted to accept the staff recommendation to continue with the auditor chosen through last year’s competitive process, with one board member abstaining.","actionData","errors"]

Article not found

Treasury update: airport reports about 542 days cash on hand; July passenger activity exceeds budget

Internal audit reports minor expense control issues; committee reviews policies with no immediate changes

Committee approves transatlantic incentive supplement, proposes $3 million annual cap

Finance and Audit Committee approves recommended auditor for 2025 audit