Mr. Piccolo noted it was important to acknowledge these figures are somewhat skewed, as they are compared to the FY 2021 budget, which was based on the assumption revenues would be down considerably due to COVID-19.

Mr. Piccolo noted that with increased activity and growth come addition expenses. A review of major expense changes in the FY 2022 budget include:

Staffing increased by 26, for a total of 145 FTE. All but two are front line staff. The airport assumed nighttime janitorial services using six in-house personnel to ensure consistency and high quality. Mr. Piccolo noted there were major increases to health insurance, retirement contributions, property and liability insurance, and legal fees. Additional increases in the areas of information technology, janitorial supplies, and non-capital equipment due to replacement of police gear that has reached the end of its usefulness. This includes tasers and protective vests for our airport police officers. Capital equipment is up 100% to $277,209. Again, it's important to note zero dollars were budgeted in the COVID-impacted year of 2021. The current amount is below the 2019 budget amount of $319,816 for capital equipment.

Mr. Piccolo highlighted major revenue changes, which included an anticipated increase in signatory airline revenue of $2,725,910; and terminal building increase of $1,085,822, primarily due to increased concessions and advertising revenues. Due to tremendous increase in rental cars, parking, and ground transportation, terminal area revenues are projected to increase significantly to $10,074,516. After keeping parking rates down for a number of years, they will be adjusted by $1-2 per day. Over $4,000,000 in parking expansion has been completed, and another $45,000,000 in expansion is in the planning phase. Airfield revenues are projected to increase by $477,000 due to increases in airline fuel usage. With a $3,500,000 fuel farm expansion, the airport has a current capacity of nearly 300,000 gallons. When the expansion is complete fuel capacity will be nearly 400,000 gallons.

There are a total of 26 capital projects of various sizes and scope included in the budget, with an estimated cost of $73,587,541. Projects totaling $2,136,411 for information technology, operations, properties, and facilities are set for this year. There are two large engineering projects with an estimated cost of $71,451,000. They include the terminal expansion and quick turnaround rental car facility (QTA). These two projects are estimated at $50,000,000, with the final amounts likely to be higher. The QTA project will be funded 100% by RAC CFC funds. Continuing a conservative 'pay as you go' strategy, there are currently budget reserves of approximately $41,000,000. Management continues to work with FAA and FDOT leadership to see if additional funding can be secured to offset the cost of these major projects. Significant capital needs will benefit from approximately $15,000,000 in federal relief funds still to be received.