· Rent revenue from the airport’s Fixed Base Operator (FBO), Hetrick Air Services, goes into the bond/interest fund to retire debt for these buildings: community hangar, maintenance hangar, terminal.
· Rent revenue from thirty (30) t-hangars goes into bond/interest fund to pay off debt for these buildings.
· Rent revenue from 1930 North 7th (GutWorks) goes into the capital improvement reserve fund to offset costs incurred in the remodeling of this building (account #202.0000-362-0000). $16,118.69 in revenue from GutWorks was collected in 2004. The renovation costs for the building totaled in excess of $400,000, of which $90,553 was recouped prior to 2004.
· Flowage fees go to the Airport Improvement Fund to provide revenue for capital improvements at the airport, matching funds for FAA grants, etc. (account #201-0000-341-2000).
· Ground and misc. rent revenue (Stuber, Don’s Diesel, Alligator Inc., Great Planes) goes to the Airport Improvement Fund to provide revenue for capital improvements at the airport, matching funds for FAA grants, etc. (account #201-000-362-0000).
· Agricultural lease revenue goes into the Airport Improvement Fund to provide revenue for capital improvement projects at the airport, matching funds for FAA grants, etc. (acct. #201.0000.366.1001 and 1002)
· The General Fund provides revenue via property taxes, sales tax, etc. for annual operating expenses at the airport. Some expenditures for the airport (snow removal, mowing, general building maintenance) are allocated to other departments within the General Fund, such as Public Works and Parks & Rec.
· As part of the Public Works Budget in the General Fund, the 2005 operating budget for airport maintenance is $102,064. As noted above, no revenue derived from airport operations/leases is directed to the general fund.
· The 2004 revenue totals for the Airport Improvement Fund was $30,632.48. ($13,867 flowage fees, $3,448.08 ground rent, $13,317.40 agricultural leases).