Dallas/Fort Worth Airport will lower its landing fees and terminal rents for airlines by $10 million for the last three months of its budget year because revenue has been higher than expected.
The airport expects to generate $12.4 million more in revenue than it had projected. The airport staff asked the board Tuesday whether it could spend $2.4 million on several projects, including replacing runway markings, repairing guardrails, polishing terrazzo floors and machine-cleaning escalators at the airport.
The remaining $10 million would be used to reduce landing fees by $2 million and terminal rents by $5.5 million and to credit airlines with $2.5 million at the end of the budget year in September. Landing fees would drop by 18 cents to $2.48 per 1,000 pounds of maximum gross landing weight of an aircraft for July through September.
Airport Chief Financial Officer Chris Poinsatte also offered a preview of the fiscal 2015 budget, which the board will be asked to approve in July.
That budget is expected to increase 14.6 percent to $740.9 million, primarily because of higher debt service payments as the airport continues to issue bonds to fund its $2 billion terminal renovation project.
Total revenue is projected to grow 7.5 percent from fiscal 2014 as the airport opens new parking and concessions for customers in the terminal project.
Total passengers are expected to increase slightly to 62.2 million from 61.5 million in 2014.
“We expect our originating and destination passengers to be impacted by Love Field,” Poinsatte told the board, noting the expiration of Wright Amendment restrictions in October. “However, connecting passengers will be up as American rebanks its hub in 2015.”