MEMPHIS, Tenn. (WMC) - Although this has been a stressful time for airports across the country, the Memphis-Shelby County Airport Authority (MSCAA) Board of Commissioners passed the budget for the 2021 Fiscal Year.
The $120.75 million budget includes CARES Act funding with lower rent for airlines and tenants.
This budget reflects the impact of the COVID-19 pandemic on air travel because there’s a $4.3 million decrease from the previous budget.
This budget was unanimously supported by the Memphis International Airport’s airline committee partners.
According to the news release, this budget does not include the construction project.
MSCAA is self-funded and receives no local tax revenue from the City of Memphis or Shelby County.
Because of the pandemic, revenues are projected to be down by 23.6 percent compared to last year.
However, the loss of revenue is offset by $24.7 million in CARES Act funding from the federal government, $1 million in surplus funds that will carry over from FY2020, and $9.5 million in debt service coverage, according to the MEM.
MSCAA also reduced expenses in several areas, but no MSCAA employees were furloughed or laid off.