Mar 1, 2010 9:19 PM by Courtney Meznarich
San Luis Obispo County Regional Airport officials say if there isn't an upswing in revenue, the airport will not have enough money to cover operating costs next year.
In a report given to the Board of Supervisors, officials say they may need to pull $500,000 from a loan that was intended for future parking and terminal development.
They expect to be short next year because less people are flying during the current economic climate, and in part due to the T-Hangar project. People are not renting the hangars, and currently revenues are around $250,000 less than expected.
Airport officials hope a $500,000 grant they just received from the Small Community Air Service Development Program will help bring new airline services to the area. The grant is to be used for start-up costs, marketing and revenue guarantees for an airline to initiate new service to a new destination. Airline officials believe new airline services will substantially improve the state of the airport. The grant money can't be used for general operating expenses.
The Board of Supervisors will discuss the airport's financial troubles at its meeting Tuesday.
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