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UPDATE: Airport fund will be moved to general fund | LoudounTimes.com

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UPDATE: Airport fund will be moved to general fund

Tuesday, Jan. 24, 2012 by Laura Peters | 14 comments | Email this story

1 The Airport Fund for Leesburg Executive Airport will be moving to the towns General Fund with a 5-1-1 vote with Council member Terry Titus dissenting and Council member Tom Dunn abstaining during their Jan. 24 council meeting. Im confident that were still going to have that visibility and accountability of the airport to the citizens, Vice Mayor Kevin Wright said. Town Manager John Wells proposed the idea to council at their Jan. 23 work session leaving some members up-in-arms about moving the funds to a different part of the towns finances in order to compensate for debt the airport is facing. Since all funds are included in town consolidated financial statements and reports, transferring the Leesburg Executive Airport to the General Fund and airport capital projects to the Capital Projects Fund has no impact on the towns overall financial condition, town documents stated. According to documents, the transfer would increase the fund revenue, appropriation, expenditures, grands, liabilities, receivables, debt service, assets and depreciation. Also, the $3 million in loans and advances to the Airport Fund would be eliminated. We can take that $3 million of taxpayer money and do something useful with it, Council member Dave Butler said. Council member Katie Hammler echoed Butlers view. This does not have a negative impact, in fact it has positive impact on the budget, Wells said. The transfer would better manage the towns budget, get more accurate reporting of the towns budget in regards to the airport, Wells said. Its going to reduce the overhead expenses, Wells continued. Were going to maintain the visibility of the airport with the reporting of its revenue. But council members were not on board with Wells plan. Instead of the focus on the airport and its debts, and it should be paying of itself, and shinning the light on the general fund. I think that does effect the taxpayers, Council member Tom Dunn said. I think it goes back to the responsibility of government and Id like to see it stay a enterprise instead of on the taxpayers. Id rather see it stay as an enterprise zone and it needs to pay for its own bills. The Airport Fund was established as an enterprise fund by council in 1965 in order to account separately for all operating, investing and financing for airport operations and capital improvements projects, documents said. In the past, the Airport Fund revenues and grants have been insufficient to pay for daily operations and the debt service for capital projects to maintain and improve airport infrastructure, according to documents. The documents also said that the town doesnt see that the Airport Fund will be able to meet its financial obligations and pay debt service in the foreseeable future. Butler felt the proposition made Leesburg seem more like a business than a government. I dont want us to fall into the trap that we are a business, because were not, Butler said. Its not sufficient to take the revenue that comes back to the town. If we make an investment
loudountimes.com//airport_fund_set_to_be_moved_to_general_fund_council_not_pleased123/
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Comments

Tue, Feb 07 at 10:15 AM by Jon K. Erickson | Report this comment

Why spend the 3 million pay down a debt instead?

Fri, Jan 27 at 01:49 PM by Truth Detector | Report this comment

I have to say, Tim Shea, you really dont know what you are talking about. of course, you may be at a disadvantage, since the article does a poor job on all the facts, but the other paper shows that all fed agencies were not only in agreement, but suggested the idea as part of planning for this.
Fri, Jan 27 at 09:34 AM by Tim Shea | Report this comment The Loudoun Times-Mirror

The City needs to check with the FAA before they do this. If the airport accepts any federal Airport Improvement Project grants, then the airport is required by FAA to be an enterprise fund and all monies generated by, or received by the airport, must stay at the airport.
Thu, Jan 26 at 09:21 AM by English please | Report this comment

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A product of the texting generationnothing is proofread and grammar standards absolved: transferring the airport to the General Fund and airport capital projects to the Capital Projects funds has no impacttry have shinning - try shining that does not effect the taxpayertry affect
Wed, Jan 25 at 06:36 PM by Laugh | Report this comment Health and Wellness Bridal Guide Historic Frederick Maryland Weekly Homes Guide 2011 Guide to Loudoun Holiday Gift Guide

I seems that if Katie Stamped Stupid Hammler can figure it out, its pretty straight forward. The really FUNNY thing is that Tom The Accountant Dunn proved that hes even dumber than Katie Hammler, since he could not figure out anything on this.
Wed, Jan 25 at 04:55 PM by Time_for_a_change_in_Leesburg | Report this comment Taste of Loudoun Health Resolutions Senior Lifestyles Future Leaders Historic Downtown Leesburg Coming Soon

Dave Butlers comments sound like voodoo economics, to use President George H. W. Bushs phrase.
Wed, Jan 25 at 01:13 PM by ALeesburgResident | Report this comment

@DaveBulter - next you will tell me the way the Town, County and Commonwelath of Virginia accounts for their pension liabilities is sound.
Wed, Jan 25 at 11:51 AM by DaveButler | Report this comment

@ALeesburgResident - What were trying to do is undo a bogus accounting requirement. Since the airport fund was an enterprise fund, we needed to have $3M in the bank doing nothing. No particular reason, except a new accounting regulation. By moving it into the General Fund, we can use that $3M to pay down debt instead. We no longer need to just have it sitting there.