Commission raises airport fuel revolver to $8.5 million amid strong fuel sales
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Summary
Commission voted to increase the airport's fuel revolving fund cap from $6 million to $8.5 million after staff reported first-quarter revenue gains driven by fuel sales and noted recent PFAS expenditures exceed $10 million.
Mister Smith presented the airport's quarter-one financial snapshot and a request to increase the fuel revolver spending limit.
He said first-quarter revenue collected totaled $19,515,005, driven primarily by increases in fuel-sales revenue; staff reported the airport has spent more than $10 million to date on PFAS mitigation. To cover projected purchases through the fiscal year, Smith asked the commission to increase the fuel revolver cap from $6,000,000 to $8,500,000.
"I'm looking to seek the approval to increase that by 2 and a half million dollars to 8 and a half million dollar value," Smith said. The motion to increase the cap was moved and seconded; the commission approved the change by roll-call vote with aye responses recorded from commissioners and the chair.
What happens next: staff will take the approved increase to the finance committee for their approval and then to the select board. Smith said excess fund balances from higher-than-budgeted fuel revenue will be used to pay down debt and fund PFAS mitigation, capital priorities and an employee stabilization fund.
Funding context: Smith also said total projected fuel purchases for FY26 require raising the cap to ensure purchasing flexibility; with the proposed increase the airport expects to remain ahead of budgeted revenue targets for FY26.