FY25 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, 2023 was $295,565, a 9.2% decrease from the fiscal year 2022 year-end fund balance. This decrease is primarily due a decrease in federal grant revenue. In fiscal year 2024, fund balance is estimated to decrease by 2.4% to $288,555. In fiscal year 2025, the fund balance is project to decrease by $246,050 to $42,505. For both years, this variance is a result of changes in transfers out to the Capital Projects Fund.

FY24 - FY26 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 $0 at the end of fiscal year 2025. The Airport also maintains a $100,000 reserve for emergencies. If the Airport is awarded a grant to renovate the terminal building, this may be used for the match and would be projected to be $0 at the end of fiscal year 2025.

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