By Liset Márquez, Inland Valley Daily Bulletin
Posted: 04/02/17 – 1:21 PM PDT |
ONTARIO >> Now under local control for six months, the Ontario International Airport is bringing in almost 10 percent more revenues than it did during the same period last year when it was owned by Los Angeles World Airports.
That was the report from Chief Financial Officer Jeff Reynolds, who last week presented the Ontario International Airport Authority commission with a six-month financial update, covering from December 2016 to March 28.
For the six-month period, OIAA has reported $31.8 million in revenues and $26 million in operating expenses, Reynolds said.
Last year’s revenues were $29 million, $2.8 million less than this year’s performance, he said. At the same time, the authority has managed to hold costs lower than LAWA had reported.
Concession revenues year-to-date continue to do better than last year and are exceeding budget expectations for this fiscal year, he said.
The numbers presented are unaudited and may be subject to change, OIAA Chief Marketing Officer Dan Adamus said.
“The trends we are seeing with regard to revenues and expenses remain positive as we move through the initial months following the airport transfer,” he said in an email.
The authority is managing under the existing budget approved by LAWA since the Nov. 1 transfer and is developing its own budget going forward.
As OIAA enters the budget season, staffers are finalizing the organization plan, which Reynolds said is the centerpiece of the budget.
Fredericks said staff will work closely with the Budget and Bylaws Committee to establish the 2017-2018 budget. OIAA’s commission will be providing unaudited financial statements on a quarterly basis.
Wapner requested that the commission get a copy of the draft budget as soon as possible.
At Tuesday’s meeting, the commission also approved and discussed other items:
When Kelly Fredericks first joined the Ontario International Airport Authority as its CEO, he found himself in an odd predicament.
The city of Ontario had begun the process of separating its operations from the authority, including releasing its law firm from representing both agencies.
That’s when former federal prosecutor and judge, Stephen Larson and his firm Larson O’Brien stepped in and offered to help on an interim basis, Fredericks explained earlier this week.
But the law firm notified the OIAA that it would cease services March 31.
“They stepped up and said they would help us out on an interim basis,” he said. “They went beyond the call of duty.”
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