Bradford Regional Airport’s outstanding debt was reduced by 57
percent between 2006-07, according to a financial analysis.
The highlights of the report were discussed during a meeting of
the Bradford Regional Airport Authority on Wednesday.
According to Airport Manager Tom Frungillo, the airport has
realized $373,000 in additional revenue since 2003 – with more than
$247,000 coming through oil and gas well development and another
$126,000 from timber and stone sales. The airport has also gained
$160,000 in revenue through the sale of 23 acres of land to the
Pennsylvania National Guard for a proposed armory.
The figures signify a facility that has begun to regain its
financial footing since the terrorist attacks of Sept. 11, 2001,
helped cripple the airline industry. Airport leaders have also
looked for ways to diversify – including looking to bring a
multi-tenant center to airport grounds.
“The financial picture has been improving at the airport over
the past few years,” Frungillo said, adding the additional revenue
has allowed the airport to place funding back into the airport’s
operations and reduce long-standing debt.
A Finance Committee has also been established at the airport to
help oversee the facility’s finances; the panel has already brought
about the implementation of the QuickBooks and revised the
accounting system through computerization.
“When I came on a few years ago, it was hard to pinpoint where
we were (financially),” authority Vice Chairman Dan Freeburg said.
“This is good information for the public to let them know we are
improving.” Freeburg also serves as an Elk County commissioner.
Looking at the figures closer, officials said the outstanding
debt was reduced by 57 percent over the last year, from $435,000 in
January of 2006 to $186,000 in January of this year.
Meanwhile, there has been a 21 percent decrease in county
subsidy from a total of $251,700 in the 2000 budget to $197,877 in
the 2001 spending plan. The county subsidy has remained constant
with no increase for the past seven years.
The authority is comprised of members from McKean, Elk and
Cameron counties. Individuals from Potter and Warren counties have
also sat on the board over the years.
Also, more than $9 million in capital improvement projects have
been completed at the airport since 2000, with the Federal Aviation
Administration pitching in $8.61 million and the state, $419,000.
Of that $9 million, the local share was only $268,000.
The airport provides an annual economic benefit to the region of
$8 million, according to an economic impact study commissioned by
the Pennsylvania Department of Transportation’s Bureau of Aviation
figures for 2000, the last year they were available.
“Although we made a lot of additional revenue, we put a lot of
money back into the airport and reduced our debt,” Frungillo
said.
The authority has released a balanced budget for the past
several years. This year’s budget stands at $522,580.
In other news, Frungillo announced the construction of the
armory could begin in either August or September.
Meanwhile, the timber slated to be cleared for the site has
already been marked and will be taken down this spring, according
to Frungillo. Bids will likely be accepted for the project until
June.
The center is listed as one of 11 readiness centers statewide
that are scheduled to be built this year, according to the
Pennsylvania Department of General Services Web site.
The current cost of the project is $6.7 million; the armory will
take up a total of 32,497-square-feet. Officials are still awaiting
the release of federal funds, which are already in the pipeline and
will be triggered soon.
The armory will be located near the access road into the
airport.
Also, Frungillo updated the authority on the status of changing
hub cities from Pittsburgh to Washington.
Officials said a code share agreement has been reached by Colgan
Air Inc., with United Airlines. Colgan services the airport under
the US Airways Express banner.
Now all officials are apparently waiting on is a “slot
agreement” at the terminal of Dulles International Airport in
Washington. Colgan has been looking to gain available gate space
for the flights to arrive at in Washington.
“We should know more in June about on the slots,” Frungillo
said. “Everything is still moving forward.”
In other news, Frungillo said authority solicitor Dan Wertz has
stepped down from the post to concentrate more fully on his duties
as the county’s Children and Youth Services attorney. Attorney Erik
Ross will be handling any cases that come up until a permanent
replacement is found by the authority.
Meanwhile, the authority is still looking for a replacement for
former member Richard Casey, who left to take a job in North
Carolina. Authority Chairman Clifford Lane said a name will likely
be submitted for the authority’s approval in May.
