Committee reviews strong liquidity, reserves and year-to-date revenue gains

Staff reviewed operating results and liquidity metrics, telling the committee that total funds available for operations are about $148,000,000 and restricted funds for debt service total roughly $113,000,000. Staff pointed to days cash on hand metrics showing roughly 383–389 days and emphasized that the authority's reserves allowed it to continue operations through the pandemic.

The presentation summarized year-to-date variances: staff noted a favorable revenue variance (examples cited included a $5.3M year-to-date favorable figure and an expected $3.9M favorable full-year projection) and said operating expenses were running about $1.9M higher year to date. Staff also said a $1.3M reserve for Spirit receivables has been fully reserved after bankruptcy exposure.

Committee members discussed pandemic-era troughs—staff recalled passenger activity dropping to about 4% of expected levels in April 2020 and a single-month passenger revenue decline of roughly 96%—and praised finance staff for managing through those stresses. Staff also reported debt-service coverage of 1.73, above the requirement of 1.25.