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Airport trust reports clean FY24 audit, large cash reserves and forecasts lower FY25 revenue
Summary
At its April 24 meeting, the Oklahoma City Airport Trust received a fiscal year 2024 financial report showing an unmodified (clean) audit opinion, large cash reserves and a projected revenue shortfall for fiscal 2025; trustees discussed the trust's conservative cash policy, recent ERP conversion and a topping-out milestone for Hangar 4.
Oklahoma City — At its April 24 meeting, the Oklahoma City Airport Trust received its fiscal year 2024 financial report and was told auditors issued an unmodified (clean) opinion for the trust's financial statements.
The trust's finance presenter said the trust’s net position rose from $650.1 million to $673 million for FY2024, capital assets increased about $9.3 million, and auditors Allen Gibbs and Kulick issued a clean opinion. The presenter also outlined the finance team's responsibilities, the office's recent conversion to a new enterprise resource planning (ERP) system on April 2, 2024, and said the annual financial report was published with the state and the Federal Aviation Administration on March 28, 2025.
The report showed a very large cash balance. Trust staff reported 1,193 days of cash on hand for FY24 and said the trust targets keeping at least 1,000 days in reserve. One trustee noted that industry guidance typically advises about 600 days; staff explained the trust carries more cash in part because its bond indenture does not include a bond reserve fund and rating agencies expect a larger cash cushion as a result.
Director’s staff also highlighted near-term project activity: the trust held a topping-out ceremony for Hangar 4, being built for AAR; steel erection is complete and the project is scheduled for completion around the end of 2025.
Trust staff warned trustees that revenue for the coming fiscal year is forecast to be lower. Staff told trustees that airline partners expect a passenger slowdown and that the trust's revenue projection for FY2025 is about $7.8 million below the current fiscal year — roughly a 5% decrease. Staff said the draft FY2025 budget was provided to trustees and that final budget approval will be considered next month.
Chairman comments at the meeting praised staff work on the ERP conversion and daily financial operations. “I’m proud to say that our organization is doing extremely well, thanks to you guys,” the chairman said, recognizing staff effort under the conversion timeline.
Trustees received the report and the draft budget; no formal budget adoption occurred at this meeting. The trust will return next month for additional budget discussion and for any required approvals.
