SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving an Agreement for Transfer of Federal Entitlement Funds from the Erie Municipal Airport to Steamboat Springs/Bob Adams Field
Department
DEPARTMENT: Public Works
Presenter
PRESENTER(S): David Pasic, Public Works Director
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Time
TIME ESTIMATE: 0 minutes
end
For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
N/A
Policy
POLICY ISSUES:
Council must approve intergovernmental agreements.
Recommendation
STAFF RECOMMENDATION:
Approve the transfer of funds.
Body
BACKGROUND OF SUBJECT MATTER:
Each year, the Federal Aviation Administration (FAA) dedicates $150,000 in General Aviation Funds to the Erie Municipal Airport for FAA approved projects. These funds generally comprise 95% of project funding with the remaining 5% typically split between the Colorado Division of Aeronautics and the Town of Erie.
A common practice when the entity does not have a planned project is to loan the funds to another airport with the agreement that that airport will pay back the funds at a future designated year. The Town had done this in previous years. This allows airports to bank funds for future use in projects costing more than the entitled $150,000.
priorities
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attachments
ATTACHMENT(S):
1. Resolution
2. Transfer Agreement