HomeMy WebLinkAbout01-19-2023BRAA FC MinutesM I N U T E S
Barkley Regional Airport Authority
FINANCE COMMITTEE
Quarterly Meeting - Thursday, 01/19/23, 3:30pm
In person and
Via Zoom Meeting
Finance Committee (FC) Chairman Durbin welcomed everyone and recognized that a quorum was
present. Committee Members present were Board Chairman Jay Matheny (via Zoom), Marshall Davis (via
Zoom), John Durbin, Chairman, Jonas Neihoff and Ashley Johnson were present in person. Staff
present was Carol Creason, Accountant.
Review of December 2022 Financial documents
Durbin, with Creason’s assistance, reviewed the check register, bank recons and bank statements for
December answering questions on individual items.
Review of December 2022 and six month ending December 2022 Financial statements
Durbin and Creason went over the month of December and the half year YTD December financials noting
the positive and negative variances to both budget and the prior fiscal year-to-date ending. Some noted
variances were parking lot income which was down in December in part because of the higher mix of
personal travel vs business. Personal travel flyers many times are dropped off to avoid the parking. We
also receive lower landing fees with Contour because of fewer potential passengers (60 a day max vs.
110 per day with SkyWest). Dues/subscriptions were $2,000 vs. very little budgeted for the month.
Some could be the timing of payments, but Carol will investigate. Professional fees continue to run
higher because of having to out-source the police force vs. having an on-staff police force.
YTD income is under budget by $16,181 (4.3%) for the first six months as parking lot income is under by
$15,066. Ground transportation income and TSA LEO reimbursement shortfalls YTD are offset with
higher than budgeted fuel flowage and tenant service income.
YTD expenses were over budget by $10,912 (1.7%). Professional fees were over by $51,278 primarily
the out-sourced police force. Salaries and related expenses were under by $27,235 for the same reason.
Out-sourcing is more expensive than on-staff. Supplies and utilities were under budget by nearly $17,000
combined with the mild Fall weather.
Contour Airlines appears on the A/R list for the first time as we are still arranging for payment means with
them.
The balance sheet includes the capitalization of the new terminal which has pushed total assets to nearly
$50 million compared to about $28 million this time last year.
Bond discussion
A general discussion on the need for documentation of the $5.3 million in airport projects funded by a
special bond issue provided by the State of Kentucky. CMT is handling this documentation,
The next Board meeting is January 23rd, and the next full quarterly FC meeting is set for April 20th at
3:30.
Meeting adjourned at 4:10PM