Select Board approves raising airport fuel revolving fund cap to $8.5M
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Summary
The Select Board approved an increase in the Nantucket Memorial Airport’s aviation fuel revolving fund cap from $6 million to $8.5 million to accommodate higher purchasing needs and maintain capital and PFAS remediation reserves.
The Select Board voted unanimously on Dec. 17 to increase the airport’s fuel revolving fund spending cap from $6 million to $8.5 million. Warren Smith, Airport Manager, explained the change is intended to allow the airport to purchase fuel without tapping operating budgets when market volatility or constrained storage create short‑term purchasing pressure.
Smith said that aviation fuel sales were roughly 1.3 million gallons annually pre‑COVID and rose to about 2.1 million gallons post‑COVID; larger business jets account for more fuel per operation than smaller planes. He said revenues from fuel sales historically have funded PFAS mitigation work (more than $10M spent to date) and will support runway rehabilitation and other capital needs. Under the requested cap increase, the airport would retain excess revenues to pay down debt, fund future capital and contribute to employee stabilization and housing needs.
The board approved the request by roll‑call. Staff will continue to report airport fuel purchases and reserve use as part of annual budget monitoring.