Select Board raises airport fuel revolving fund cap to $8.5 million

The Town of Nantucket Select Board on May 14 approved raising the fiscal‑year cap on the Nantucket Memorial Airport fuel revolving fund from $6,000,000 to $8,500,000 to cover projected fuel purchases and operational needs.

Brian Turbot, finance director, told the board that the airport had authorized $6 million at annual town meeting for fiscal 2025 but that projected fuel costs for the remainder of the fiscal year were about $7.9 million. He asked the board to raise the revolving fund cap under the statutory authority for revolving funds so the airport could continue purchases without interruption. "We're requesting an increase from 6 to 8.5 million," Turbot said.

Turbot referenced Chapter 44, Section 53E½ of the Massachusetts General Laws as the statutory authority for increasing a revolving fund cap during a fiscal year with the approval of the finance committee and the Select Board; he said the Finance Committee unanimously endorsed the request the prior evening.

The Select Board voted to approve the increase. The board did not commit additional appropriations from general funds; the action raises the authorized cap on the airport’s existing revolving fund to accommodate higher anticipated fuel expenditures.

Why it matters: Airports often purchase fuel ahead of use and accumulate revolving fund requirements. Raising the cap avoids interruption of purchases and keeps fuel operations funded within the statutory revolving fund mechanism.

Next steps: Airport staff will continue fuel purchasing within the new cap and report to finance staff; no immediate new town appropriation was made at this meeting.