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Council approves airport reserve transfer and use of lot-sale proceeds for operations
Summary
The council approved a $25,000 transfer from an airport solar lease to the hangar reserve and resolved that proceeds from sales of Airport Business Park lots 1A–5 be used for airport operations, maintenance and capital improvements to satisfy FAA audit documentation.
Old Town — On Feb. 3 the City Council approved several airport-related financial motions requested to satisfy FAA grant-assurance documentation and to set the use of proceeds from recent lot sales.
The council voted to transfer $25,000 from the airport solar lease agreement into the airport hangar reserve fund. City staff explained the transfer records an internal movement of grant-related funds to the hanger reserve to meet FAA audit requirements.
Council also approved a resolve that revenue from sales of Lots 1A, 2, 3, 4 and 5 in the Airport Business Park be used for airport operations, maintenance and capital improvements. Staff said the FAA has requested documentation covering all five lots as part of an ongoing audit; members asked for and were offered sale-amount details to be provided after the meeting.
Councilors noted the city has previously directed sale proceeds for similar airport improvements and that the action formalizes that use for FAA reporting. No specific sale amounts were provided on the record at the meeting; staff said those figures are public information and will be supplied on request.
