TPA closes out strong fiscal year
(Nov. 5, 2015) The Hillsborough County Aviation Authority closed out Fiscal Year 2015 with one of the strongest financial years in recent history, as airport revenues and cost-per-enplanement substantially beat projections.
The fiscal year, which ended Sept. 30, saw revenues totaling $206.1 million – up $5.6 million, or 2.8 percent above budget. Operating expenses came in just under budget at $106.2 million. Overall, the airport put $8.5 million into reserves.
“It has been an exceptional year not only from a passenger traffic perspective, but also from a financial perspective,” said Damian Brooke, the Authority’s Vice President of Finance and IT.
The strong revenue picture was driven in part by higher-than-expected passenger numbers.
Tampa International Airport served nearly 18.5 million passengers in Fiscal Year 2015 – the highest since 2008. The passenger total represents a 6.7 percent increase over the previous year when the airport served roughly 17.3 million passengers.
This is the fifth year in a row the Hillsborough County Aviation Authority has seen year-over-year growth rates. It is also the largest year-over-year passenger growth rate at TPA in a decade.
Solid performances from the Authority’s parking/ground transportation, concessions and rental car businesses also contributed to the strong financial year.
Parking and ground transportation, the Authority’s largest revenue driver, was up significantly year-over-year, with the airport seeing a six percent increase in the total number of transactions. The Airport also saw a six percent increase in rental car transactions. Despite being impacted by early Master Plan construction, food, beverage and retail concessions exceeded their respective revenue budgets.
While revenues have increased, the Authority has been able to keep cost-per-enplanement – a key metric in terms of financial planning – among the lowest in the U.S. and Canada. The Airport’s cost per enplanement came in at $5.26, which is 32 cents better than budget and only 3 cents higher than 2014.