Terminal work tops spending plan at Eastern Iowa Airport

The next phases of a $47 million remodeling of the passenger terminal at The Eastern Iowa Airport will account for the largest capital expenditures in the facility's fiscal year 2016 budget.

The Cedar Rapids Airport Commission on Monday gave unanimous approval to the $38.8 million budget for the fiscal year that will begin on July 1.

Gross revenue will be $38.5 million, which is $839,419, or 2.14 percent, less than the current fiscal year. The revenue will consist of $17.5 million of operating revenue, $74,184 of interest from investments as well as federal grants of $3.8 million, state grants of $325,000 and operating transfers of $16.8 million.

Gross expenditures of $38.8 million include $13.4 million of capital expenses, $9.3 million of operating transfers, $8.2 million of operating expenses, $7.5 million of depreciation and $530,000 for capital outlays. The budget does not include any amount for debt service as the commission will make the final $24,563 principal and interest bond payment in June.

Donald Swanson, director of finance and administration, said the second year of the terminal building public lobby improvements are expected to cost $8.9 million. Federal airport improvement entitlements funds will cover $3.5 million and the airport will pay the remaining $5.5 million from passenger facility charges and cash reserves.

Improvements to the security checkpoint and B concourse will cost $1.25 million. State grants and passenger facility charge revenue will pay for the project.