The airport’s financial team delivered good news on the 2012 fiscal year at the Aviation Authority’s October board meeting.
Preliminary figures show operating expenses will come in $2.6 million or 2.8% below the budget. Revenues are expected to increase from $171 million in FY2011 to $176.8 million in FY2012. That means the airport achieved its goal of reducing the cost per enplaned passenger 2.4% from $5.10 in 2011 to a projected $4.98 in 2012.
Since FY2010 operating revenues have increased $14.6 million or 9% as a result of passenger increases and new revenue initiatives, including 15 new concession concepts that debuted in the airport earlier in the year. These include such restaurants as Shula’s and Cigar City Brewing at the airsides and a Swarovski gift shop in the main terminal.
The financial report also showed a $5.5 million contribution to reserves this year, adding to a $2.6 million contribution last year. Reserves help fund the airport’s airline incentive program and improve the airport’s balance sheet.
When presented with the budget results at a September meeting in New York, Standard & Poor’s reaffirmed Tampa International Airport’s A+ stable rating. Other factors cited in the report include: a low cost structure, a diverse revenue base and carrier mix, solid origination and destination passenger base, a demand-driven capital program with manageable debt, and the strong management team.