staying financially sound
Fortunately, years of smart fiscal stewardship and conservative practices have positioned JWA to weather the COVID-19 storm and its direct impact on reduced travel. In recent years, we’ve paid down bonds early to lower debt, built up cash reserves and maintained a low cost of enplanement to make us all-the-more attractive to airlines. Today, despite recent challenges, our financial stewardship continues.
1.
Relief funds
The United States government implemented the Coronavirus Aid, Relief and Economic Security Act (CARES Act) airport grant program. JWA qualified to claim up to $44.9 million for payroll, general airport revenue bond debt payments, Aircraft Rescue Firefighters, and security costs. We expedited the application, approval and claiming of CARES Grants to preserve our cash position.
Amount John Wayne Airport
qualified for in relief funding
2.
Progress with General Aviation Improvement Project (GAIP)
As part of this multi-year improvement project, we awarded GAIP leases in 2020, with new Fixed Base Operators beginning operations to redevelop General Aviation at JWA starting January 1, 2021.
3.
Careful eye on
stewardship
Going forward, we will continue our legacy of prudent stewardship of financial resources by continually evaluating processes to improve efficiency and using grants, passenger facility charges and other resources to optimize funding of eligible capital projects.
4.
Strategic
decision-making
We applied a portion of CARES Grant funds to targeted expenses to stabilize the airlines’ rates and charges and assuage airlines’ financial concerns.