Sarasota Manatee Airport Authority Fiscal Year 2027 Proposed Budget
I am pleased to present the Fiscal Year 2027 Proposed Budget for the Sarasota Manatee Airport Authority. This year's budget continues to demonstrate our strong commitment to safe and efficient airport operations, delivering exceptional passenger experience, maintaining sound financial stewardship, and making strategic investments in our facilities and workforce. In FY 2027 the airport will continue to propel forward as we begin to implement key initiatives from our recently drafted strategic plan. This framework will help to guide our decision-making, resource allocation, and long-term investment of our team and facilities. Allowing us to meet increasing demand, maintain financial stability, and deliver sustained value to the region. SRQ continues to experience stable passenger growth despite ongoing economic pressures affecting the industry. Passenger volumes for the nine months of the fiscal year 2026 are 6.9% higher than the same period in the prior year, reflecting the strong passenger recovery and demand in our market. For FY 2027, we project total passenger traffic of 4.72 million. The FY 2027 Capital Budget includes 24 projects totaling $77.0 million. The largest of these is the design of our Multi-Modal Facility. The Authority will fund $8.5 million of the total Capital Project costs through Airline Rates and Authority Funds, while the remaining costs will be covered through grants, Passenger Facility Charges (PFCs), Customer Facility Charges (CFCs) and/or future bond funds. In addition, $2.5 million has been allocated to replace aging vehicles and equipment. Operating Revenues are projected to reach $63.3 million, an increase of $6.3 million over the FY 2026 Budget. This growth is primarily driven by stronger concession performance, reflecting a full year of activity following the recent redevelopment and expansion of our concessions program. In addition, interest income is expected to contribute significantly to revenue gains as we continue to strategically manage cash balances and optimize investment opportunities.