The Board of Airport Commissioners on Monday approved a $3.2 billion budget for Los Angeles World Airports for the fiscal year that begins July 1, a 23 percent increase from last year, the Daily Breeze reports.
A large portion of the airport agency's budget is set aside in reserve funds or dedicated to special projects, but it does not include anticipated expenses for upgrades related to the massive capital improvement project at Los Angeles International Airport, according to a LAWA report.
LAWA's operating budget includes $664.1 million to pay for day-to-day expenses at LAX and the agency's smaller airports in Ontario, Palmdale and Van Nuys. That's a 4.9 percent spending increase from last year.
The airport agency is expected to more than cover that amount by generating a projected $757.1 million worth of ticket and flight fees, building leases, concessions and other measures at the four airports - a 4.8 percent increase in revenues.
On its own, the cost to operate LAX is expected to be $557 million during the next fiscal year, a 6 percent hike from this year, according to airport officials. Revenue at LAX is projected at $639 million, up from $610 million.
With an anticipated decrease in the number of flights coming in and out of LAX, airport officials said that significantly more revenue will likely come from such sources as parking fees, car rental fees, advertising, food stands and taxicab fees.
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