STRATEGIC PRIORITY: Transportation & Infrastructure
AGENDA DATE: September 11, 2024
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Office of Government Affairs
EXECUTIVE: Kimberly Bizor Tolbert
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SUBJECT
Title
A resolution to approve the Dallas Fort Worth International Airport Board's FY 2025 budget - Financing: No cost consideration to the City
Body
BACKGROUND
Dallas Fort Worth International Airport (DFW) is requesting that the Owner Cities of Dallas and Fort Worth approve its fiscal year (FY) 2025 Budget. The FY 2025 Budget reflects DFW's continued strong growth with record passengers, non-airline revenues, and net revenues to the DFW capital account. It also reflects the current economic reality of inflation and a tight labor market in almost all areas. Passengers are budgeted at a record 92.7 million in FY 2025, a 5.5 million (6.3%) increase over the FY 2024 Outlook; and non-airline revenues are budgeted at a record $592.7 million in FY 2025, a $50.8 million (9.4%) increase over the FY 2024 Outlook.
The FY 2025 Expenditure Budget is $1.3 billion, a $74.4 million (6.0%) increase from the FY 2024 Outlook.
* The FY 2025 Operating Expenditure Budget is $713.9 million, a $39.4 million (5.8%) increase from the FY 2024 Outlook due primarily to costs related to increased employee-related costs, fixed contract increases, inflation in service contracts, parts, utilities, technology investments, and restoration of the Chief Executive Officer contingency.
* The FY 2025 Debt Service Budget is $594.9 million, a $35.0 million (6.2%) increase from the FY 2024 Outlook primarily due to the planned issuance of $750 million of new bonds in September 2024 and anticipated debt issuance of $1.6 billion in May 2025 to finance the capital program.
Airline cost and airline cost per enplanement are budgeted to increase by $46.1 million (7.7%) and $0.14 (1.1%) from the FY 2024 Outlook, respectively, largely due to incr...
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