This would transfer $610,759 from the Airport Terminal Expansion CIP to the Runway Rehabilitation CIP.
Funds are provided by Sales Tax funds from the Terminal Expansion CIP, on a temporary basis, to match a Federal Aviation Administration (FAA) construction grant. The funds will be transferred back when the final royalty payments are claimed on the fill material from the float pond.
The Runway Rehabilitation project is funded by FAA (93.75%), State of Alaska match (3.125%), Local match (3.125%).
At its July 14, 2014 special meeting, the Airport Board approved this transfer.