Saturday, August 26, 2006

Airport Master Plan and other financial Questions



http://www.vernonairport.com/masterplan/index.html
The Airport Master Plan is currently under review with completion expected in 2007.

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Don Quixote Note: The original Master Airport Plan has been taken down from the Airport Website. It was announced at their annual meeting in early summer they would be proceeding with a new Master Plan with a comprehensive study on the economics and long term business feasibility of extending the runway. Completion of plan appears to be in 2007.


In 2004 and 2005 the City of Vernon Taxpayers transferred $500,000 ($250,000 each year) for a runway extension reserve. As at Dec.31/2005 the Airport Corp had $414,933 in the bank. They appear to have used some of these reserve funds to finance their 2004 deficit of $34,643 and their 2005 deficit of $63,855. (The operational subsidies for 2005 was $105,864 and $76,000 in 2004}

The City is scheduled to transfer another $250,000 to the Airport Reserve account sometime(?) in 2006 and a further $300,000 in 2007.

I am still awaiting an answer of whether it would not be more prudent to keep this money on the City's books in an Airport Reserve. The City has demonstrated their ability to earn more interest on excess funds than the Airport has. Also the money would be readily available to return to the taxpayers if the Airport Expansion did not proceed.

As this was just one of the many questions * that I asked at the City's Annual Report input session on June 27 I am expecting a reply shortly. I have had a brief conversation with the City Treasurer last week that indicated he was completing a response to be given to the Council for all my questions. I was expecting to see the responses at this weeks Council meeting but it does not appear on the Agenda. Perhaps it is their intention to discuss it at the Finance Committee on Thursday and forward it on to Council for the following Council meeting.

*http://vernonblog.blogspot.com/2006/07/don-quixote-at-annual-report-public_25.html
http://vernonblog.blogspot.com/2006/07/don-quixote-at-annual-report-public.html
http://vernonblog.blogspot.com/2006/07/will-dva-chamber-of-commerce-or-city.html


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