Piedmont Triad International Airport (PTIA) is very much like a municipality and, just like cities and counties across the country at this time of year, the airport has adopted a new 2019-2020 budget.
At a Tuesday, June 25 meeting of the Piedmont Triad Airport Authority, the board, which runs the airport, adopted the new $39.5-million budget that will fund and control airport operations for the next 12 months.
The budget totals 11 percent more than the 2018-2019 fiscal budget, which is $35.5-million.
The airport’s operating expenses in the 2019-2020 budget increased to $19.6 million compared with $17.7 million in 2018-2019. PTIA’s payments toward debt in the new budget, at $6.3 million, stayed the same as in the current budget.
In the new budget, which takes effect on Monday, July 1, airport revenues are projected to increase 11 percent over the budget adopted in June of last year.
PTIA’s revenues from consumer services are expected to rise 8 percent due to an increase in passengers, while parking revenue is expected to increase 7 percent – also due to that increase in passengers. The airport has been reporting consistent surges in passenger traffic – as well as in flights – recently, and all of that means more revenue coming in to the airport each year. For instance, PTIA is expecting revenue from landing fees to increase by 17 percent in the coming 12 months compared to the previous 12 months.