Jun. 26—The Lincoln Airport Authority on Thursday adopted what is likely the largest budget in the airport's history.
The approved budget for the 2023 fiscal year, which begins July 1, is $78.3 million, up from $63 million last year.
The large budget is mainly due to costs for the airport's terminal renovation and expansion project, with $45.6 million in bond proceeds for the project included in the coming year's budget.
Last year's budget had included $33.6 million in bond proceeds for the roughly $55 million project, which will add about 35,000 square feet to the existing 58,000-square-foot building, consolidate its two security checkpoints into one and add airline gates, but much of that spending was delayed and shifted into the new budget, officials said.
Including the $45.6 million for the terminal project, the airport plans to spend nearly $52.5 million overall on capital projects.
For the second year in a row, the airport will collect revenue from a property tax it levied last year to help pay for the terminal project. The projected revenue is about $3.4 million.
The airport also is projecting to bring in about $17 million in operating revenue in 2023, which is up significantly over the $15.6 million budgeted amount for 2022, although it's only slightly higher than the $16.8 million the airport projects it actually will bring in once the fiscal year has ended on June 30.
------
Reach the writer at 402-473-2647 or [email protected].
On Twitter @LincolnBizBuzz.
___
(c)2022 Lincoln Journal Star, Neb.
Visit Lincoln Journal Star, Neb. at www.journalstar.com
Distributed by Tribune Content Agency, LLC.
