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Business Observer Thursday, Jan. 10, 2019 2 months ago

Airport closes year with $10 million in cash reserves

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Punta Gorda Airport served nearly 1.6 million passengers in 2018, has banked $10 million in reserves.

PUNTA GORDA — Marking a 22% annual increase in passenger count, the Charlotte County Airport Authority reported nearly 1.58 million travelers passed through the airport’s gates in 2018. In 2017, PGD served nearly 1.3 million passengers, according to a statement, figures that continue a trend of annual increases arrivals and departures at the airport. 

The airport also celebrated its 75th anniversary in 2018.

“This has been an outstanding year for the Punta Gorda Airport,” says CCAA board chair Pam Seay in the statement. “Not only have we welcomed more travelers to Charlotte County, we’ve continued strong revenue streams, increased our cash reserves and made great progress on important airport projects.”

The CCAA closed fiscal year 2018 with more than $10 million in cash reserves with revenues of $14.5 million and expenses of $10.3 million, the release adds. The airport increased the number of commercial aircraft spaces from seven to 10 by completing a ramp construction project; decreased passenger wait times by opening an additional TSA screening lane; and completed its master plan update submitted to the Federal Aviation Administration for approval.

Allegiant, the only commercial carrier serving the airport, invested $478,000 in fuel farm infrastructure.

“We look forward to projects that will further improve the commercial passenger experience, from expanding parking to making the terminal curbside safer and the roadways more efficient,” adds PGD CEO James Parish in the statement. 

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