2011 revenue up, expenses down at Fort Smith airport

by The City Wire staff ([email protected]) 83 views 

The Fort Smith Regional Airport Commission accepted bids for drainage improvements in the West Corporate Area of the airport Tuesday night (Jan. 24), and one winner emerged. Securing its first contract with Fort Smith Regional, Steve Beam Construction bested six other participants with a winning bid of $107,292.85 for the project.

Testing will cost an additional $2,000 and engineering and observation will run $27,800, bringing the total for the project to $137,092.85. The Engineer’s Opinion of the drainage improvements was $137,425, so the project will come in slightly under budget.

Fort Smith Airport Executive Director John Parker said the airport will pursue a grant from the Arkansas Department of Aeronautics for the project. The grant pays 90/10, so upon its acceptance, the commission’s part will total $13,709.29. Then, construction may begin. The grant application is expected to come under review in February, Parker said.

Financially, the 2011 operating revenues finished with $2,630,488 against a budgeted amount of $2,600,200. While the number was up against expectations, it was down from the previous year’s amount of $2,917,040. The difference came mostly from the sale of land for $204,000 and a $75,000 reimbursement from a prior year’s expenditure on the 2010 budget.

On the operating expenses side, the total was only 92% of expectations. The 2011 budget called for $2,574,230 in operating expenses and the actual number was $2,367,921.

BKD has begun its annual audit of Fort Smith Regional’s financials.

In other news, Parker followed up on completion of the West Corporate Taxiway project, stating that final payment by the airport will remit this week, after which closeout documents will be sent so the airport can receive 80% reimbursement from the Department of Aeronautics for its costs. The airport has already received much of the $500,000 grant reimbursement.

The next regularly scheduled meeting of the Fort Smith Regional Airport Commission will take place Feb. 28 at 5:30 p.m.