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Village approves Chicago Executive Airport FY27 budget, cites revenue growth and major capital purchases
Summary
At its April 6 meeting the Wheeling board approved the Chicago Executive Airport FY27 budget, projecting nearly $9.8 million in revenues, about $6.6 million in operating expenses, and a net budgeted income of roughly $428,000 after reserve transfers; trustees approved the budget unanimously.
The Village of Wheeling Board on April 6 adopted the Chicago Executive Airport fiscal year 2027 budget, an airport representative told trustees during a presentation that preceded a unanimous roll-call approval.
Airport staff (Mr. Miller) described FY27 budgeted revenues just under $9.8 million, an increase of about $897,000 (roughly 10%) from the prior year, with operating expenses budgeted at about $6.6 million (a 12% increase). After reserve fund transfers, FY27 budgeted net income was described as a little over $428,000.
The presenter attributed revenue growth to the inclusion of sewer fees in the airport's revenue base, higher fuel flowage fees, long-term lease increases, a U.S. Customs fee increase and other fee changes. Expense drivers included implementation of new accounting and property-management software (Yardi), personnel costs linked to third-party vendors taking over hangars five and six, insurance and utilities, and hosting the airport's 100-year events and a general aviation conference.
The presentation identified key capital and equipment items in the plan: a high‑lead‑time snow broom (quoted at $770,000), a large plow with an onboard liquid‑deicer tank (quoted at $725,000), a replacement maintenance pickup, airport operations vehicle and forklift, and design funding for a proposed aviation community center ($2.25 million). The airport's required unrestricted net asset target of three months of budgeted operating expenses (about $1.6 million) and a covenant target of 180 days were also explained; staff said the projected operating fund balance on April 30, 2027 (a little over $5 million) would meet those requirements.
Mr. Miller also discussed the Airport Residential Insulation Program (ARIP), noting total ARIP expenses of about $4.1 million with offsetting reimbursements to the airport of roughly $3.8 million; the program has reached about 40 homes in the latest phase and has more than 600 total applications in the sound insulation program, the presentation said.
Trustees asked about the software cost (Mr. Miller said Yardi expenses will continue as modules are brought online) and about closeout figures for FY26 (staff offered to provide those numbers). Following discussion, Trustee Papantos moved to adopt the airport budget; the motion was seconded and passed on a unanimous roll call.
The budget approval was accompanied by discussion about lead times for major equipment purchases; staff noted purchases may be budgeted in FY27 but executed later if lead times push delivery into a subsequent year.
