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Town treasurer flags airport fund shortfall; staff propose a mid‑year transfer and policy review
Summary
Town Treasurer Philip reviewed 2024 year‑end fund balances, warned of a negative airport fund balance driven by lower fuel sales and timing of reimbursements, and proposed transferring roughly $320,000 from general‑fund unrestricted balance to restore airport reserves pending policy decisions.
Town Treasurer Philip briefed the Board of Trustees on April 22 on the town’s 2024 financial results and on a persistent shortfall in the airport enterprise fund.
Philip said the town closed 2024 with a modest net reduction in the general fund balance, noting higher interest income that offset flat sales tax receipts. The airport fund showed a net decrease of about $222,000 in 2024; Philip attributed the airport shortfall to a combination of lower jet‑fuel sales after national fuel‑price volatility, a decline in testing and training flights, timing of grant reimbursements and an unfavorable fuel‑supply arrangement that had been in place.
Philip and staff said they examined trends and margin impacts at the airport,…
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