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HomeMy WebLinkAboutResolution 6003-09-2024 (2)A Resolution NO.6003-09-20244 APPROVING THE FISCAL YEAR 2025 BUDGET FOR DALLAS/FORT WORTH INTERNATIONAL AIRPORT WHEREAS, the Dallas/Fort Worth International Airport ("the Airport") serves the aviation needs of the cities of Dallas and Fort Worth and the north Texas region; and WHEREAS, the Contract and Agreement ("Contract and Agreement") between the cities of Dallas and Fort Worth, dated April 15, 1968, as amended, establish the Dallas/Fort Worth International Airport Board ("the Board") as the operating Board of Directors for the Airport; and WHEREAS, the Contract and Agreement requires that the cities of Dallas and Fort Worth each approve the Airport's annual budget; and WHEREAS, the Board presented the Fiscal Year 2025 Operating Budget to the City of Fort Worth for its approval; and WHEREAS, as reflected in the Board action attached hereto as Exhibit A, the Board has recommended that the City of Fort Worth approve the Airport's Operating- Budget for the fiscal year commencing October 1, 2024. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. The Operating Budget for the Airport for the fiscal year beginning October 1, 2024 and ending September 30, 2025, as presented by the Board to the Fort Worth City Council, is hereby approved. Section 2. That the approval and authorization contained in this resolution are further conditioned upon similar approval by the City Council of the City of Dallas. Section 3. That this resolution shall take effect immediately from and after its passage in accordance with the provisions of the Charter of the City of Fort Worth, and is accordingly so resolved. Adopted this 176 day of September 2024. ATTEST: 0 Jannette S. Goodall, City Secretary Exhibit "A" DALLAS FORT WORTH INTERNATIONAL AIRPORT BOARD OFFICIAL BOARD ACTION/RESOLUTION Date Committee Subject Resolution # 08/01/2024 Finance/Audit/IT Fiscal Year 2025 Operating Revenue and Expense Fund Budget Action That the Airport Board approve the Fiscal Year 2025 Operating Revenue and Expense Fund Budget. Description • Approve the FY 2025 Operating Revenue and Expense Fund Budget (Fund 102) in the amount of $1,308.8 million (consisting of $713.9 million of operating expenses, $594.9 million of debt service and coverage and $10 million of Board contingency). • The use of Board contingency requires Board Approval. • Total Airline Cost is budgeted at $642 Million. • Fiscal Year 2025 commences on October 1, 2024 and ends on September 30, 2025. Justification • Section 8J of the Contract and Agreement between the Cities of Dallas and Fort Worth requires the DFW Airport Board to approve the annual expenditures of the Airport (as included in the Operating Revenue and Expense Fund) and forward the approved budget to the Owner Cities by August 15 of each year, for approval by the Owner Cities by September 30 of each year. • Pursuant to Resolution No. 2021-08-152, the Board reviewed the draft FY 2025 Operating Revenue and Expense Fund Budget and authorizes the CEO to submit it to the Owner Cities, and to update the submission for the final approved budget following approval by the Board. D/S/M/WBE Information • Not Applicable Contract # Agreement # Purchase Order # Action Amount Revised Amount $0 $0 For Information contact Fund Project # External Funding Source Amount Abel Palacios $0 3-5445 Resolution # Additional Information Additional Attachments: Y IT RESOLVED BY THE DALLAS FORT WORTH INTERNATIONAL AIRPORT BOARD ;Th�toQ��Pprove the Fiscal Year 2025 O eration Revenue and Expense Fund d a t�ii ag.�iy Appv��n� by Rodriguez, Elaine Palacios, Abel Lee, Tamela Legal Counsel Vice President Finance Finance Vice President Business Diversity and Jul 18, 2024 3:49 pm Jul 1.7, 2024 2:02 pm Development SIGNATURE REQUIRED FOR APPROVAL 00,o�ve byp C11J Department Head Finance Jul 17. 2024 1:31 nm Execu Business Diversity and Development Pendins Date