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City proposes $700,000 interest-fund budget, includes $500,000 airport revenue guarantee
Summary
Controller Beck presented an ordinance to establish Fund 8501 with a $700,000 budget: $500,000 to back a revenue guarantee for the Gary Chicago airport (the airport board committed $1 million) and $200,000 for incidentals; estimated interest revenue of $1.8 million was described as preliminary.
City Controller Beck presented ordinance CPO 202614 on April 14 to establish a budget for Fund 8501, the city’s interest-income account, proposing a $700,000 appropriation split between airport assistance and incidental charges.
Beck said $500,000 of the proposed budget would be allocated to the Gary Chicago airport as a city contribution toward a revenue guarantee to help attract commercial passenger service. Beck…
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