HomeMy WebLinkAboutBRAA FC Minutes 06.19.2024M I N U T E S
Barkley Regional Airport Authority
FINANCE COMMITTEE
Budget Meeting - Wednesday, 06/19/24, 3:30pm In person
Finance Committee (FC) Chairman Durbin welcomed everyone and recognized that a quorum was present. Committee Members present were John Durbin, Chairman, Marshall Davis and Jason Crocket. Also present was Emily Roark, Chairman of board. Absent were Kevin Kaufield and Dan Knowles. Staff present was E/D Dennis Rouleau and Carol Creason, Accountant.
Third Draft of FYE 6/30/2025 Budget items reviewed
The third draft of the budget was presented on the screen for all to see. The spreadsheet used had eleven months actual monthly results with “forecasted” month of June 2024. There was also a full year summary spreadsheet in the same format as regular board P&L reporting. This one-pager will be what the finance committee will recommend for board approval on June 24th.
The Committee did a final run-through on potential revenue sources. It was noted that the lease for the FBO expires in January 2025, but this budget does not include any potential changes in rental income. This budget does not include any income from TSA LEO reimbursements although there is some potential this reimbursement could be reinstated in our second quarter of FYE 2025.
Most of the time was spent discussing expenses, particularly the potential air service development costs. Our contract with Contour does not expire until December 2025, but we would need to explore other potential options in our next fiscal year. As a result, we upped the potential cost somewhat from the prior version of the budget. Fairly firm insurance renewal estimates were received since our last meeting and the increases were closer to 21% versus the 15% estimated prior. Those higher costs are included in the newer version of the budget. We also discussed the plans related to staff with a fifth firefighter included, a COLA for all staff effective July, 2024 and some merit increases for select positions. Such changes, plus the impact of one new position filled in December 2023, will push wages expense up roughly 15% over actual for FYE 2024.
After other general discussions on airport operations, the finance committee voted to recommend a FYE 2025 budget with a net ordinary loss of about $727,000 compared the budgeted loss of $760,000 for FYE 2024 and a forecasted actual loss of $683,000 for FYE 2024. The recommended budgeted FYE 2025 net loss after interest income and contributions from the city and county is about $416,000 vs budgeted $449,000 for FYE 2024 and forecasted actual FYE 2024 of $368,000.
The one-page summary budget will be presented to the full board of directors at Monday’s meeting.
A capital budget will be presented to the full board for consideration at the July meeting.
Meeting adjourned at 4:48 pm.
Meeting adjoined at 4:51
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