FY2022

AIRPORT FUND

The Airport Fund accounts for the operations of the municipal airport. The Airport Fund is managed as a business-like operation; however, it does receive certain financial assistance from the City’s General Fund. The Airport Fund’s fund balance on June 30, 2020 was $235,540, a 3.82% decrease from the fiscal year 2019 year-end fund balance. This decrease is primarily due an increase in transfers out to the Capital Project Fund and Capital Outlay expenditures. This was partially offset by grant funding received from the CARES Act. In fiscal year 2021, fund balance is estimated to decrease by 2.07% to $230,662. This decrease is primarily due to a slight decrease in revenues which the CARES Act funding received in fiscal year 2020 was intended to offset. In fiscal year 2022, the fund balance is project to increase by 29.63% to $299,005. This increase is a result of a decrease in transfers out to the Capital Projects Fund.

Fund Balance (1)

$450,000

$400,000

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Assigned 100,000 $100,000 $152,071 $168,656 $236,156 336,156 Unreserved $116,769 $144,898 $83,469 $62,006 $62,849 $55,374 $0

(1) FY21 - FY23 figures are estimates

The City’s General Fund contributes $100,000 annually towards capital projects at the Airport. These funds can be used to leverage State and Federal grants. In fiscal year 2020, a Capital Reserve fund was created to account for these funds separately from the Airport’s operations and to build the reserve for future capital improvements. The balance of this reserve is projected to be $136,156 at the end of fiscal year 2022. The Airport also maintains a $100,000 reserve for emergencies. This amount is static and does not fluctuate. Revenues: For fiscal year 2022, 90% of Airport Fund revenue is provided through rentals of airport property. In fiscal year 2020, the Airport added a flight simulator that could be rented. The Airport’s second largest source of revenue is fuel sales commission which is 9% of the total revenues.

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