Revenue is up and expenses are down for the first four months at Charleston International Airport.
Because of passenger and airline growth, revenue is 5.1 percent ahead of projections for the July through October period, according to Judi Olmstead, finance director of Charleston County Aviation Authority, which operates the airport.
“We are in really good shape as far as revenue and expenses go,” Authority CEO Paul Campbell said.
Revenue is higher than projected from landing fees, rental cars, parking and concessions.
The number of passengers arriving and departing also rose to about 1.25 million, about 150,000 more than during the July through October period a year earlier. The airport projected 3.16 million passengers from July of last year through June this year. If the trend continues in the final eight months of the fiscal year, passenger count will surpass projections by several hundred thousand.
Total revenue through October stood at just over $17 million. The total budget for the July through June fiscal year is $44.7 million.
Parking revenue rose to $3.7 million during the period, up $200,000 over the same timeframe the previous year. Concessions revenue climbed an equal amount over the previous year to $4 million. Off-airport rental car revenue jumped $600,000 to $2.5 million.
The Aviation Authority’s Finance Committee agreed also to recommend spending $2 million for improvements to three airline operation centers below the terminal and for replacement of aging walls between airlines and the airplane parking apron.
By shifting offices for American Airlines and United Airlines under the terminal’s newly extended left wing and reconfiguring offices for Delta Airlines on the airport’s right wing, Campbell believes the Aviation Authority will extend the need to build a third wing by about five years because it will free up space for future airline growth.
“We have to advance some of the spending to handle the increased passenger growth,” Campbell said. “We are already at where we expected to be in 2020.”
Olmstead said the airport has the available funds for the improvements because of savings from other items in the budget.
Original article can be found here: http://www.postandcourier.com