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Commission reports PREP fund progress and monthly finances; agency cash balance remains positive but obligations loom
Summary
Commission staff reported progress on the $100 million PREP (Progressing Rural Economic Prosperity) fund and presented a monthly financial summary showing cash, encumbrances and projected year-end positions.
At the March 12 meeting the commission heard an update on the state’s $100 million Progressing Rural Economic Prosperity (PREP) fund and the agency’s monthly financial report.
Director Grayson told commissioners that work on PREP-funded projects is underway: steel is rising at the AAR hangar, taxiway construction at Ardmore is nearing completion, and Woodward projects (terminal, hangar and utilities) are under construction. He reported that, as of January, $19 million had been spent and an additional $58 million was encumbered or obligated from the $100 million allocation.
Chris (finance) presented the commission’s February financial summary. The department had an ending cash balance of $31.3 million and encumbrances totaling $26.9 million, leaving an unencumbered cash balance of about $4.4 million. Estimated remaining statutory revenue for FY2025 was $7 million and outstanding reimbursements totaled $2.8 million. If all remaining planned expenditures and grants were executed this fiscal year, the office would show an available cash position of approximately -$3.4 million, but Chris said that scenario was unlikely.
Why it matters: the PREP fund supports large airport and aviation-related capital projects across the state; the financial summary shows available cash and near-term obligations that will guide grant and contract execution timing.
Ending: staff will continue to track PREP fund commitments and monthly cash positions as projects proceed and will report updates at future commission meetings.
