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Airport staff report January finances; board discusses grant shortfall
Summary
Staff reported January revenue slightly above budget and expenses slightly below; passenger traffic was up about 2.4%. Members raised concern that state funding was cut from an anticipated $60M to $45M and urged legislative follow-up for the missing $15M.
Airport staff presented the authority’s January financial recap and forecast, noting revenue categories (parking, aeronautical and other) and a pending audit expected next month. Tana told the board January revenue was slightly above budget while expenses were slightly below, and passenger traffic in January increased about 2.4% year over year.
Tana said the authority has been conservative when forecasting conditional grant awards, budgeting 50% of conditional amounts; the confirmed $45 million award was therefore incorporated into the forecast after reconciling earlier assumptions. The board discussed an unresolved $15 million reduction from the original $60 million request and several members urged continued engagement with the state legislative delegation to restore funding in the next biennium.
Finance discussion also included parking KPIs and the status of a Bank of North Dakota loan drawn for terminal and parking construction; staff reported approximately $39.4 million of a $40.0 million loan outstanding. Staff said they will continue monthly reimbursements requests to FAA and state grant administrators.
The board voted to receive and file the financial report.
