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Agency reports surge in aircraft excise tax revenue; warns potential negative available cash if all projects disburse
Summary
Finance staff said December collections included an unusually large aircraft excise tax payment that boosted revenues; staff also reported encumbrances that, if all projects were paid, would result in a projected negative available cash balance of about $11 million.
Agency finance staff told commissioners the department had an ending cash balance of about $23.8 million as of Dec. 31 but $23.2 million of that is encumbered, leaving roughly $608,000 unencumbered. Staff said estimated statutory revenue remaining for FY25 is about $11.4 million and outstanding reimbursements owed to the agency total about $3.5 million.
Staff highlighted an unusually large aircraft excise tax collection…
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