Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Financial Report topic
No spam. Unsubscribe anytime.
Agency reports FY25 revenue rise and planned FY26 budget built on one‑time funds
Summary
The Department reported an FY25 increase in statutory revenue and a FY26 budget that relies on carryover and one‑time funds; the department noted higher transaction volumes and project spending compared with the prior year.
At the July 9 meeting staff reported fiscal year 2025 financial results and the FY26 budget submission.
Highlights from staff presentation: as of June 30 the department had an ending cash balance of about $31.6 million and encumbrances totaling roughly $24.0 million, leaving an unencumbered cash balance of about $7.6 million. Outstanding reimbursements to the agency were reported at approximately $4.5 million. When staff excluded one‑time PREP and ARPA funds, recurring FY25 expenditures were reported at about $24.6 million compared with $11.8 million the prior year. Including one‑time PREP and ARPA funds, total FY25 expenditures reached approximately $62.0 million compared with $18.0 million the prior year, reflecting increased project activity.
Revenue: total statutory revenue collected for FY25 was reported at about $15.9 million versus $9.2 million the prior year; excise tax collections were up about 30 percent year over year. Staff said June receipts reflected late postings from the Tax Commission.
FY26 budget: staff submitted an FY26 budget (submitted July 3) projecting revenue of $79.1 million and expenses of $115.7 million. The agency said the difference will be covered by existing cash balances including PREP funds and one‑time project receipts (the presentation cited starting cash of roughly $160 million that includes PREP funds, engine test cell appropriations and other one‑time project funds). The FY26 budget allocates roughly 38 percent for the traditional airport construction program and about 34 percent for PREP projects; other line items include engine test cell program funding, UAS/AAM, aviation education and administrative expenses.
Staff noted a roughly 30 percent increase in transaction volume (invoices processed) and higher credit card and purchase order activity versus the prior year, reflecting the larger set of projects and funds flowing through the agency. Staff said the FY26 budget was expected to be approved by Management and Services in the coming weeks and that one‑time funds will be used to balance the year.
