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Oklahoma aeronautics agency reports strong revenues, heavy PREP spending and potential short-term cash gap
Summary
Finance staff told the Oklahoma Aerospace and Aeronautics Commission that statutory receipts jumped in December and PREP funds are disbursing quickly, but encumbrances on airport construction grants could leave the agency with a temporary negative available cash balance if every project draws this fiscal year.
The Oklahoma Aerospace and Aeronautics Commission heard on Jan. 22 that the agency recorded a large December revenue collection but is putting most of that money into projects, leaving a narrow unencumbered balance.
Chris, presenting the department's financial report, said the agency had an ending cash balance of about $23,800,000 as of Dec. 31, with encumbrances totaling $23,200,000, “which leaves us with an unencumbered cash balance of $608,000.” He told commissioners estimated statutory revenue remaining for fiscal 2025 is $11,400,000 and that outstanding reimbursements owed to the agency total “around 3 and a half million dollars.”
Why it matters: the agency is managing a surge of project spending tied to the Progressing Rural Economic Prosperity (PREP) program and airport construction grants. Chris said the…
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