The Chattanooga Airport is on track to exceed its 2019 all-time enplanement record. Airport President and CEO April Cameron projected a 555,000 total by the end of the year.
Numbers rolling in from new Delta Air Lines and United Airlines service this fall will make end-of-year growth more dramatic, Ms. Cameron told the board.
New York City is “the most sought-after destination” in the community for business and leisure travelers, Ms. Cameron said.
“We’re keeping an eye on this service because we really want it to be successful,” she said.
Delta’s LaGuardia service, which began Oct. 8, reports an 89 percent load factor while the average across all service is 87 percent. Ms. Cameron said most airports are happy with 80 percent load factors, but Chattanooga’s goal is 90 percent.
Air service development – service to new destinations – remains the airport’s primary goal, she said. Airport representatives are actively attending “speed dating” networking events to pitch Chattanooga and woo airlines.
Audit
Accounting firm JHM reported that the airport is in a “very good” financial position overall. The airport’s liabilities are down $2 million this year due to payments on bonds and notes, while equity has increased $16 million. The airport’s net income this year was $16 million, lower than last year’s $22 million which reflected a surge in grants for capital projects including the terminal expansion.
Insurance
Insurance premiums have increased 5.34 percent to $600,774 this year. While rates decreased eight percent, the airport’s exposure (enplanements and assets) increased significantly enough to overcome the decrease.