Airport Still In Good Financial Position Despite COVID Disruptions, Board Told; Airport Buys Hangar

Monday, October 19, 2020 - by Joseph Dycus

The Chattanooga Airport Board discussed financial statements and purchases during their Monday board meeting, and was told the Airport is still in a good financial position. The meeting was hosted on Zoom.

“We have been working for the last few months on the financial statement audit of the airport authority, and we have completed the audit,” Robert Belcher said. “It is still in draft form, however that’s just due to a few housekeeping things we need to wrap up.”

He told the airport board he did not see any numerical changes coming to the final version. He said the final version should be done within the next few days. Mr. Belcher then went into an overview.

“There were no changes in accounting policies or procedures, so everything has been done consistently. There’s no internal control comments to mention at this time,” Mr. Belcher said.

He said even though COVID has affected the airport in a major way, “the balance sheet of the airport authority is still strong. They are in good financial position.”

President Terry Hart also asked the board to approve the purchase of a hangar on the airfield. He said the airport had known about a company’s desire to sell that property on the airfield for a year, and so the airport entered a letter of intent to purchase.

“I followed up few weeks ago in the interest of going forward in purchasing that hangar and leasing it back to the Executive Flight for one-year period,” President Hart told the board. “He agreed and put everything out and got board approval.”

He said the transaction has been approved by some members of the board, and now formally asked the board for official approval to complete the purchase and leasing of the hangar. The board voted unanimously in approval.

The board also approved the renewal of a lease with the FAA. Terry Hart said the lease was terminated on Oct. 1, and the airport and FAA have reached an agreement to now renew the lease. This lease will continue through 2025, and the airport will receive rent in the amount of $1,366.96 per month. This was also approved.




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