Master Proposed Book FY2023

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, 2021 was $263,541, a 11.89% increase from the fiscal year 2020 year-end fund balance. This increase is primarily due a decrease in transfers out to the Capital Project Fund. In fiscal year 2022, fund balance is estimated to increase by 7.51% to $283,320. This increase is primarily due to an increase in the capital reserves. In fiscal year 2023, the fund balance is project to increase by 23.95% to $351,170. This increase is a result of a decrease in transfers out to the Capital Projects Fund.

(1) FY22 - FY24 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 $186,258 at the end of fiscal year 2023. The Airport also maintains a $100,000 reserve for emergencies. This amount is static and does not fluctuate. Revenues: For fiscal year 2023, 89% 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 11% of the total revenues.

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