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Airport midyear finances show surplus amid higher passenger counts; staff flags capital work and insurance recoveries
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Summary
The airport reported a midyear $2 million operating surplus, revenue up 6.3% year-to-date and a sizeable capital program that will draw on reserves; staff noted an expected insurance reimbursement for flood damage and flagged planned long-term south parking bidding this summer.
The Santa Barbara Airport reported a midyear operating surplus and rising revenues at its March 18 commission meeting while outlining a substantial capital program for fiscal 2026.
"We have a net operating surplus of $2,000,000 so far midyear," Jonathan Abad, business manager for the airport, told commissioners during the midyear financial review. Abad said overall revenue was up about 6.3% year-to-date and that airline-related receipts (terminal and commercial aviation) make up roughly two-thirds of airport revenue.
Abad outlined a capital plan that he said drives a large increase in projected capital transfers for the year, including a long-term south parking project slated to go out to bid this summer. He also described an item budgeted as insurance recoveries tied to flood damage; staff said the reimbursement has been budgeted but not yet realized, and that expense work is still in process.
On expenses, Abad said operating costs were nearly flat year-to-date but called out higher staffing and firefighting (aircraft rescue) allocations. Commissioners asked about a year-to-date shortfall in "other income" (budgeted larger than realized); Abad and Hastert explained the budget includes anticipated insurance recovery receipts and said staff will follow up with more detail.
Parking revenue was noted as the only material revenue source down year-to-date; staff said ground-transportation counts that include ride-hailing partly offset that trend and that the airport is monitoring whether new routes will reverse parking declines.
The commission received the midyear review for information and directed staff to return with any material updates.
