FY2024 Proposed Budget

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, 2022 was $325,446, a 23.5% increase from the fiscal year 2021 year-end fund balance. This increase is primarily due an increase in federal grant revenue. In fiscal year 2023, fund balance is estimated to increase by 1.40% to $329,987. This increase is primarily due to an increase in hangar rent. In fiscal year 2024, the fund balance is project to increase by 16.2% to $383,477. 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

FY2020 FY2025 Assigned $152,071 $199,821 $236,299 $238,649 $291,649 $226,649 Unreserved $83,469 $63,719 $89,148 $91,339 $91,829 $83,153 $- FY2021 FY2022 FY2023 FY2024

(1) FY23 - FY25 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 $191,649 at the end of fiscal year 2024. The Airport also maintains a $100,000 reserve for emergencies. This amount is static and does not fluctuate. Revenues: For fiscal year 2024, 87.2% of Airport Fund revenue is provided through rentals of airport property. The Airport’s second largest source of revenue is fuel sales commission which is 12.8% of the total revenues.

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