At the height of the pandemic, Piedmont Triad International Airport (PTIA) had more people working at the terminal than flying in and out of it.

At that time, it may have seemed like the place was destined for financial ruin.  However, now that the pandemic is in the aviation industry’s rear-view mirror, things are looking up quite swimmingly, and fiscal year 2023-2024 is turning out to be a pretty darn good year financially for the airport.

The airport’s fiscal year runs from July 1 through June 30, and recently released financial numbers that run through October of 2023 show that, so far, the year is going well. In fiscal year 2023-2024, PTIA had operating revenues of $12.2 million – which is more than 20 percent higher than at the same point in the previous fiscal year.

This number, like others in the recent financial report, also came in better than airport officials predicted when the Piedmont Triad Airport Authority passed a budget in the summer.

The airport’s operating expenses, which came in at  $7.4 million, were also up – but only 6 percent year over year, and that number too was better than the Airport Authority board planned for in the current budget.

Operating Income – the financial metric that tells a great deal about the financial health of a business or airport – was $4.8 million.  That’s up a whopping 54 percent over the previous year, and that number too was much better than what was anticipated in the budget for this point in the fiscal year.

Net Income at PTIA – before depreciation and grants are factored in – was $7.9 million through October of 2023.  That’s up 97 percent year over year, and is also very favorable when compared to the board’s budget predictions.

The airport uses the same accounting firm that Guilford County government has used this entire century – Cherry Bekaert, LLP.  Since PTIA has now used that firm for six years straight, airport officials are working on a Request for Proposals for auditing firms.

 It’s considered good financial practice to change auditing firms periodically; however, unlike PTIA, Guilford County government never even seems to entertain the idea.