Airport Commission — Burlington, VT
Date: 2026-03-04
Time: 16:00

Airport Commission

 Wednesday, March 4, 2026, 4:00 PM, Zoom/Wright Room at the Airport

PLEASE NOTE:
This meeting is will be held on zoom and in-person in the Wright Room at the Airport. Zoom Info:
Join from a PC, Mac, iPad, iPhone or Android device:
Please click this URL to join. https://zoom.us/j/95941583622?pwd=jspMUXkiTTeF3LGU9JkR8vhdYXocQq.1
1. Call to Order
 Subject 1.1. Call to Order
 Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
 Category 1. Call to Order
 Department


 Type

 Subject 1.2. Acknowledgement of Remote Commissioners
 Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
 Category 1. Call to Order
 Department


 Type

2. Agenda
 2.1. Motion to amend/adopt agenda

3. Public Forum
 Subject 3.1. PUBLIC FORUM - Verbal Comments
 Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
 Category 3. Public Forum
 Department


 Type
4. Consent Agenda
  Subject 4.1. Approval of Minutes
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport


  Category 4. Consent Agenda

  Department


  Type

  Recommended Action

5. Action Items
  Subject 5.1. Airport Ambassador Reclassification
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport


  Category 5. Action Items

  Department Burlington International Airport


  Type

  Recommended Action

6. Innovation and Marketing Quarterly Update
  Subject 6.1. Innovation and Marketing Quarterly Update, J. Bartley
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport


  Category 6. Innovation and Marketing Quarterly Update

  Department Burlington International Airport


  Type

  Recommended Action

7. Construction Update
  Subject 7.1. Construction Update, L. Lackey
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 7. Construction Update
  Department Burlington International Airport


  Type

8. Residential Sound Insulation Program Update
  Subject 8.1. Residential Sound Insulation Program Update, L. Lackey
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 8. Residential Sound Insulation Program Update
  Department Burlington International Airport


  Type

9. Financial Update
  Subject 9.1. Financial Update, M. Friedman
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 9. Financial Update
  Department Burlington International Airport


  Type

  Subject 9.2. Audit Report, M. Friedman
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 9. Financial Update
  Department Burlington International Airport


  Type

10. Director's Report
  Subject 10.1. Director's Report
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 10. Director's Report
  Department


  Type

11. Commissioner Items
  Subject 11.1. Commissioner Items
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 11. Commissioner Items
  Department


  Type

12. Follow-up Items

13. Adjournment
  Subject 13.1. Motion to adjourn
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport


  Category 13. Adjournment

  Department Council and Board


  Type

  Recommended Action

14. Informational and Non-Discrimination Statements

 This meeting will air on Town Meeting TV's Burlington Meetings channel (Burlington Telecom channel 317) at a
 later date. For program airtimes, please visit cctv.org, or contact Town Meeting TV at 802-862-3966 or
 airtimes@cctv.org



 The City of Burlington will not tolerate unlawful harassment or discrimination on the basis of political or religious
 affiliation, race, color, national origin, place of birth, ancestry, age, sex, sexual orientation, gender identity,
 marital status, veteran status, disability, HIV positive status, crime victim status or genetic information. The City
 is also committed to providing proper access to services, facilities and employment opportunities. The programs
 and services of the City of Burlington are accessible to people with disabilities. Individuals who require special
 arrangements, auxiliary aid, service for effective communication, or a modification of policies or procedures to
 participate in a program, service, or activity of the City of Burlington, should contact the office of the Title II
 Burlington ADA Coordinator at 802-865-7000 as soon as possible but no later than 48 hours before the scheduled
 event.

Airport Commission

 Wednesday, March 4, 2026, 4:00 PM, Zoom/Wright Room at the Airport

PLEASE NOTE:
This meeting is will be held on zoom and in-person in the Wright Room at the Airport. Zoom Info:
Join from a PC, Mac, iPad, iPhone or Android device:
Please click this URL to join. https://zoom.us/j/95941583622?pwd=jspMUXkiTTeF3LGU9JkR8vhdYXocQq.1
1. Call to Order
 Subject 1.1. Call to Order
 Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
 Category 1. Call to Order
 Department


 Type

 Subject 1.2. Acknowledgement of Remote Commissioners
 Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
 Category 1. Call to Order
 Department


 Type

2. Agenda
 2.1. Motion to amend/adopt agenda

3. Public Forum
 Subject 3.1. PUBLIC FORUM - Verbal Comments
 Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
 Category 3. Public Forum
 Department


 Type




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4. Consent Agenda
  Subject 4.1. Approval of Minutes
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport


  Category 4. Consent Agenda

  Department


  Type

  Recommended Action

5. Action Items
  Subject 5.1. Airport Ambassador Reclassification
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport


  Category 5. Action Items

  Department Burlington International Airport


  Type

  Recommended Action

6. Innovation and Marketing Quarterly Update
  Subject 6.1. Innovation and Marketing Quarterly Update, J. Bartley
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport


  Category 6. Innovation and Marketing Quarterly Update

  Department Burlington International Airport


  Type

  Recommended Action

7. Construction Update
  Subject 7.1. Construction Update, L. Lackey
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 7. Construction Update
  Department Burlington International Airport


  Type

8. Residential Sound Insulation Program Update
  Subject 8.1. Residential Sound Insulation Program Update, L. Lackey


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  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 8. Residential Sound Insulation Program Update
  Department Burlington International Airport


  Type

9. Financial Update
  Subject 9.1. Financial Update, M. Friedman
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 9. Financial Update
  Department Burlington International Airport


  Type

  Subject 9.2. Audit Report, M. Friedman
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 9. Financial Update
  Department Burlington International Airport


  Type

10. Director's Report
  Subject 10.1. Director's Report
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 10. Director's Report
  Department


  Type

11. Commissioner Items
  Subject 11.1. Commissioner Items
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport
  Category 11. Commissioner Items
  Department


  Type

12. Follow-up Items

13. Adjournment
  Subject 13.1. Motion to adjourn




 Page 3 of 143
  Meeting March 4, 2026 - Airport Commission Meeting - 3/4/26 - Wednesday, March 4, 2026,
 4:00 PM, Zoom/Wright Room at the Airport


  Category 13. Adjournment

  Department Council and Board


  Type

  Recommended Action

14. Informational and Non-Discrimination Statements

 This meeting will air on Town Meeting TV's Burlington Meetings channel (Burlington Telecom channel 317) at a
 later date. For program airtimes, please visit cctv.org, or contact Town Meeting TV at 802-862-3966 or
 airtimes@cctv.org



 The City of Burlington will not tolerate unlawful harassment or discrimination on the basis of political or religious
 affiliation, race, color, national origin, place of birth, ancestry, age, sex, sexual orientation, gender identity,
 marital status, veteran status, disability, HIV positive status, crime victim status or genetic information. The City
 is also committed to providing proper access to services, facilities and employment opportunities. The programs
 and services of the City of Burlington are accessible to people with disabilities. Individuals who require special
 arrangements, auxiliary aid, service for effective communication, or a modification of policies or procedures to
 participate in a program, service, or activity of the City of Burlington, should contact the office of the Title II
 Burlington ADA Coordinator at 802-865-7000 as soon as possible but no later than 48 hours before the scheduled
 event.




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 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT
 BOARD OF AIRPORT COMMISSIONERS
 MINUTES OF MEETING
 February 4, 2026
 Location: The Wright Room
 1200 Airport Drive,
 South Burlington, VT 05403
[Hybrid meeting]
MEMBERS PRESENT: Tim George, Chair
 Jeff Schulman, Vice Chair
 Robin Guillian
 Helen Riehle
 Chip Mason
 Andrew Savage
 Al Turkos
MEMBERS ABSENT: None
BTV STAFF PRESENT: Nicolas Longo, Director of Aviation
 Larry Lackey, Director of Engineering & Environmental Compliance
 Jeff Bartley, Director of Innovation & Marketing
 Jesse Sprague, Executive Assistant
 Madison Reagan, Environmental Compliance and Project Manager
 Alexandra Cohen, Marketing Assistant
 Romeo von Hermann, Customer Experience Manager
 Dave Carman, Deputy Director – Airport Operations
 Marie Friedman, Director of Finance
OTHERS PRESENT: CCTV
 Michael Sanchez (Heritage Aviation)


1.0 Call to Order
 1.1 Call to Order
 Airport Commission Chair, Tim George, called the meeting to order at 4:01p.m.
 1.2 Acknowledgement of Remote Commissioners




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 Individuals attending the meeting remotely identified themselves (Robin Guillian; later in the
 meeting Chip Mason and Jeff Schulman joined online)

2.0 Agenda
 Approve/Adopt Agenda
 MOTION by Robin Guillian, SECOND by Helen Riehle to approve the agenda as presented.
 VOTING: unanimous (5-0); motion carried.


3.0 Public Forum
 3.1 Julie Macuga commented on Immigration Customs Enforcement operations
 3.2 Lief Taranta commented on Immigration Customs Enforcement operations
 Chip Mason joined the meeting at 4:02p.m.

4.0 Consent agenda:
 4.1 Approval of the minutes
 MOTION by Helen Riehle, SECOND by Chip Mason, to approve the minutes as presented in
 the agenda packet, including Minutes from the January 7, 2026 meeting.
 VOTING: unanimous (6-0); motion carried.


5.0 Construction Update
 5.1 Construction Update, L. Lackey
 5.1.1 In addition to the written construction update provided to the Airport
 Commission, Larry Lackey highlighted the following updates:
 o Robin Guillian asked Director Lackey about deicing locations; deicing
 locations are coordinated with underground infrastructure. The locations
 include: air carrier ramp, Heritage ramp, the valley west apron, and at the
 terminal gates.
 Jeff Schulman joined at 4:07p.m.

6.0 Noise Data
 6.1 Noise Data, L. Lackey
 6.1.1 In addition to the written construction update provided to the Airport
 Commission, Larry Lackey highlighted the following:
 o In January, almost all punch list items have been completed
 o Phase 5 of the Residential Noise Insulation Program will start in the
 spring, and the team is working to on design for the initial package for
 the homes and phase covered by the money received in the recent
 OLDCC funding award.


7.0 Financial Update, M. Friedman
 In addition to the written financial update provided to the Airport Commission, Director Longo
 highlighted the following:
 7.1 The Airport has a healthy amount of cash on hand.
 7.2 Federal funding has not changed.
 7.3 Car rental revenues have stabilized since the changes from 2020.




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8.0 Director’s Update
 In addition to the written presentation, Director Longo reported:
 8.1 The Airport Commission meetings will move to the new administrative office space when the
 new terminal opens.
 8.2 TSA Confirm ID will allow passengers to go through airport security if they do not have Real
 ID.
 8.3 The maintenance team and snow crew did a fantastic job keeping the runways clear during
 the snow storm this past weekend.
 8.4 When a snow event is consolidated to the Vermont region, the effect of a snow event is
 smaller, resulting in a quicker return to normal operations; this past storm was so widespread,
 so it took longer for airport operations and schedules across the country to return to status
 quo.
 8.5 Leahy BTV is equipped with the appropriate staff and machinery to manage snow events
 8.6 The Blue Lightning Initiatives began at Leahy BTV, including staff trainings, press releases,
 and news publications for human trafficking awareness at the airport.
 8.7 Delta will be investing in additional service to Detroit.
 8.8 In March, Jeff Bartley will be attending the ACI Legislative Conference
 8.9 Based on reported schedules, Leahy BTV anticipates over 10,000 outbound departing
 commercial flights with over 930,000 scheduled seats.
 8.10 The Airport is looking into AI as a way to operationalize AI to track performance
 indicators at the gate for commercial aviation at Leahy BTV.
 8.11 The building that previously housed the Aviation Deli will be demolished and become a
 gravel and grass area.

9.0 Commissioner Items
 9.1 Commissioner Items:
 9.1.1 No Commissioner items.

10.0 Follow Up Items
 10.1 Next time, the Commission will revisit how the airport leverages AI


11.0 Adjournment
MOTION by Helen Riehle, SECOND by Al Turkos to adjourn the meeting.
VOTING: unanimous (7-0); motion carried.




 Page 7 of 143
To: City of Burlington, Airport Commission
 City of Burlington, Board of Finance
 City of Burlington, City Council

From: Nicolas Longo C.M.
 Director of Aviation

Date: March 4, 2026

Subject: Reclassification of the Airport Ambassador Position



Executive Summary:

Patrick Leahy Burlington International Airport is seeking approval for the reclassification of Airport
Ambassador from a Grade 9, non-exempt AFSCME position to Grade 11, non-exempt AFSCME
position.

Background:

The Airport Ambassador position was created as part of City of Burlington in 2012. This role has
grown from managing the front curb to assisting with ground transportation as a whole. As the needs
of the airport have grown, this job description has been in need of an update. The Airport
Ambassadors are the front lines of the airport. This team is the first staff contact to greet passengers
as they arrive to board flights, and they are the last point of contact for passengers to welcome
arrivals to Burlington. You may recognize them as the friendly faces out front wearing yellow vests,
ready to assist and direct passengers as needed. This team is essential to our customer service and
safety at the airport. The team is made up of 18 positions, including 14 full time and four part time
roles. One part time role and one full time role are currently vacant.

Historically, the responsibilities of this role have included: monitoring both the garage and the front
curb, helping with lost and found, and many other things that take place behind the scenes. As our
passenger numbers increase, the services we provide and the staff team must grow as well. We seek




 Page 8 of 143
to reclassify this position from Grade 9 to 11 making it fair and equal to other similar positions with
the City. We are updating the job description to accommodate these needs and to best serve our
community.

Highlights of the Changes include:
 - Monitor and report parking violations
 - Maintain “Lost and Found” program
 - Participate in snow removal
 - Assist with airport events
 - Driving City vehicles
 - Knowing, understanding and following both FAA and TSA regulations


Budget and Financial Impact:

The fiscal year 2026 salary cost increase due to this reclassification will be covered within the already
approved budget. Several position vacancies have resulted in lower overall payroll costs. Due to this
savings, the additional salary increases can be absorbed into the current budget.

 Current Grade Current annual Salary New Grade New Annual Salary


  Grade 9 $21.1452/hour or $43,982 Grade 11 $23.0978/hour or $48,043
 Step 1-15 annually - $25.0991/hour or Step 1- 15 annually - $27.4424/hour - $57,080
 $52,206 annually annually

Motions:
The Airport respectfully requests the following proposed motions:

Airport Commission:
Approve the memo as presented.

Board of Finance Motion
“To approve and recommend that the City Council approve the proposed reclassification of the
Airport Ambassador position from Grade 9 to Grade 11, with corresponding changes to the job
description for the position.”

City Council Motion:
“To approve the proposed reclassification of the Airport Ambassador position from Grade 9 to Grade
11, with corresponding changes to the job description for the position.”




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Page 1 of 4
 City of Burlington
 Job Description

Position Title: Airport Ambassador
Department: Airport
Reports to: Customer Experience Manager
 --- 11
Pay Grade: 9 Job Code:
Exempt/Non-Exempt: Non-Exempt Union: AFSCME
Remote Score: Tier 1

General Purpose: This position is responsible for providing information, assistance, and security
measures at the terminal, ground transportation areas and parking garage, and as necessary
processing transactions using fee computers for customers while referring more complex issues to
foreperson and/or supervisors. In addition, this position assists in maintaining a clean, welcoming,
secure and professional environment.
The Airport Ambassador provides exceptional customer service and support to passengers, visitors,
and airport stakeholders. This position serves as a welcoming and informative presence throughout
the airport, supporting safe, efficient, and positive travel experiences for individuals of diverse
backgrounds and abilities.

Essential Job Functions:
 • Serve as a front line ambassador at the Patrick Leahy Burlington International Airport
 terminal buildings, roadways and parking office, by actively engaging with customers to
 provide assistance with luggage and wheelchairs, locating lost vehicles, answering questions,
 giving directions, parking information and maintaining safety and security requirements.
 • Provide accurate information regarding flight activity, terminal layout, airport services, and
 amenities
 Coordinate with airport staff, airlines, security, and emergency personnel and others as
 necessary including general understanding of airport security program and federal
 requirements.
 • Maintain a visible presence throughout terminals, curbside, and public areas.
 • Monitor the terminal and garage environment and report unusual events, activities, or
 hazardous conditions as required.
 • Assist with emergencies, including, but not limited to, fire alarms, medical calls, and aircraft
 emergencies.
 • Operate a fixed and/or mobile parking garage monitoring station to assist patrons with entry,
 exit, payment, and wayfinding.
 • Leverage all available technologies including but not limited to automated fee computers,
 self-service/self-pay kiosks, license plate recognition, intercoms, and video systems and
 process transactions, resolve issues, provide customer support, and coordinate escorts when
 needed.
 • Be knowledgeable of airport facilities, airport terminal and fire exits, evacuation routes, as,
 well as other airport buildings, traffic routes and submit work orders and documentation as
 required.



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Page 2 of 4



 • Patrol assigned areas, identify and report vehicle parking violations, including, but not
 limited to, parking in front of fire hydrants, restricted areas, ADA designated parking
 spots and abandoned vehicles.
 • Assist with monitoring vehicles in the parking garage, including directing vehicles to the
 off-premises parking lot when directed.
 • Monitor airline arrival and departure schedules.
 • Maintain the “Lost and Found” program by receiving, logging, storing, and assisting
 customers with retrieving items from airport lost and found and updating the lost and found
 database.
 • Communicate information regarding access and availability of ground transportation at the
 Airport by being knowledgeable in such information including the City of Burlington
 Vehicle for Hire Ordinance.
 • Inspect parking access revenue control system equipment and/or respond to reported
 problems with such equipment, including, but not limited to, refilling ticket paper,
 reattaching gate arms, and power cycling parking machines.
 • Assist Working Foreperson and/or airport managers with advanced repairs, including, but not
 limited to, parts replacement, contacting third party vendors and/or airport Information
 Technology (IT).
 • Assist the working Foreperson with maintaining an accurate report of vehicle capacity in the
 garage.
 • Communicate and cooperate on security and customer service matters as appropriate
 • Assist with snow removal and other events, including, but not limited to, shoveling and
 salting sidewalks and crosswalks to maintain safe areas.
 • Assists with on and off-airport events, including, but not limited to, event safety and
 security, crowd and traffic control, installation of temporary fencing and signage, and
 general set-up and breakdown.
 • Maintain a clean environment throughout the airport, including, but not limited to,
 sweeping debris, coordinating with janitorial for trash removal, and handling and disposal
 of biohazard materials using proper tools, Personal Protective Equipment (PPE) and
 make appropriate work orders.
 • Maintain and enhance positive public relations by responding promptly to complaints and
 inquiries by the traveling public.
 • Assist as assigned with miscellaneous tasks, including but not limited to escorting visitors
 throughout the airport and/or in the Security Identification Areas (SIDA).
 • Enforce airport rules and regulations and City Ordinances relating to ground transportation
 services, traffic flow, and parking of vehicles, including but not limited to directing traffic.
 • Follow procedures by properly staffing the concourse security exit lanes as directed in
 accordance with federally approved airport security procedures (ASP).
 • Observe, report, and follow procedures related to safety, security, and operational concerns
 • Collect luggage carts and wheelchairs on a regular basis throughout the day.
 • Understand and execute Ground Transportation duties such as; permit distribution, which
 includes collection and recording of payment, and paperwork filing.
 • Perform all duties in compliance with airport policies, customer service standards, and
 applicable regulations.
 • Perform other duties as required



 Page 11 of 143
Page 3 of 4



 Qualifications/Basic Job Requirements:
 • High school diploma or equivalent and a minimum of two years’ experience working in a
 public service capacity or an equivalent combination of education and experience is required.
 Experience in airport or security preferred.
 • Must possess a valid driver's license and pass MVR check.
 • Must complete in-house training and acquire the skills to operate airport vehicle safely and
 professionally as required.
 • Generally understand and be knowledgeable of airport security regulations.
 • Must be able to stand for several hours at a time.
 • Ability to work extended periods of time in all weather conditions.
 • Ability to follow written and verbal instructions.
 • Ability to communicate clearly and professionally both orally and in writing.
 • Ability to process monetary transactions and apply basic math skills
 • Ability to work weekends, nights and holidays as required with potential changes of shifts.
 • Ability to interact with the general public, staff members, supervisors, outside contractors
 and various professional and private customers in a courteous and professional manner at all
 times.
 • Ability to interact effectively with individuals from diverse cultural, social, and economic
 backgrounds
 • Ability to maintain a professional demeanor in the face of confrontation and stressful
 situations.
 • Ability to maintain professional appearance with a friendly, approachable demeanor
 • Ability to actively support City diversity, equity, and cultural competency efforts within
 stated job responsibilities and work effectively across diverse cultures and constituencies.
 • Demonstrated commitment to diversity, equity and inclusion as evidenced by ongoing
 trainings and professional development.
 • Punctuality and the ability to be on-site as scheduled.
 • Regular attendance is necessary and is essential to meeting the expectations of the job
 functions.
 • Ability to understand and comply with City standards, safety rules and personnel policies.
 • Ability to obtain and retain Patrick Leahy Burlington International Airport Secured Area ID
 badge (SIDA) which includes a 10 year fingerprint based criminal history records check, a
 security threat assessment check and a written exam.
 • Ability to work in modern office environment and use computer hardware and software,
 tablets, and phones.
 • Ability to properly use equipment including department phone and two-way handheld radios
 capable of tuning into Airport frequencies.




 Page 12 of 143
Page 4 of 4



Physical & Mental/Reasoning Requirements; Work Environment:

These are the physical and mental/reasoning requirements of the position as it is typically performed.
 Inability to meet one or more of these physical or mental/reasoning requirements will not
automatically disqualify a candidate or employee from the position.

_X_ seeing _X_ ability to move distances ___ lifting (specify)
_X_ color perception within and between _75_ pounds
 (red, green, amber) warehouses/offices ___ carrying (specify)
_X_ hearing/listening _X_ climbing _75_ pounds
_X_ clear speech _X_ ability to mount and _ X_ driving (local/over
_X_ touching dismount forklift/truck the road)
 _X_ dexterity X_ pushing/pulling
 _X_ hand
 _X_ finger
_X_ reading - basic _X_ math skills - basic __
 analysis/comprehension
_ _ reading – complex __ math skills - complex _X_ judgment/decision
_X_ writing - basic _X_ clerical making
_ _ writing - complex
_X_ shift work _X_ outside __ pressurized
 equipment
_X_ works alone _X_ extreme heat _X_ moving objects
_X_ works with others _X_ extreme cold __ high places
_X_ verbal contact w/others _X_ noise _X_ fumes/odors
_X_ face-to-face contact _X_ mechanical equipment _X_ hazardous materials
_ _ inside _ _ electrical equipment _X_ dirt/dust

Supervision:

Directly Supervises: ____ Indirectly Supervises: _____

Disclaimer:
The above statements are intended to describe the general nature and level of work being
performed by employees to this classification. They are not intended to be construed as an
exhaustive list of all responsibilities, duties and/or skills required of all personnel so classified.

Approvals:
 Department Head: _____________________________ Date: __________

 Human Resources: _____________________________ Date: __________

Grade updated 07/01/2022 ; review feb 2026




 Page 13 of 143
2026




 Innovation & Marketing
 Update

 Jeff Bartley | Director of Innovation &
 Marketing




1
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2026

 Division Highlights

  Lots of events! 5K, Hot
 Chocolate Bar, Rec Path
 Press Conference, Holiday
 Party, Employee
 Appreciation Event
  Economic Impact Study
  Social media growth! 1.6%
 on Facebook and 3.3% on
 Instagram in last 30 days.
  More food! Kestrel Coffee
 and The Better Box




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2026

 Ongoing Projects
  Airline Agreement
  Accessibility Enhancement
 Accreditation
  Emergency Communications Plan
  Legislative Efforts
  Website Redesign
  Project NexT Opening
  Online Store
  Service Animal Policy
  Sound System Upgrade
  Common Use Gate System
  Community Events: 5K, State of the
 Airport, Farmers Market
  Oh and Marketing!

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2026




 Marketing Efforts




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2026




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2026




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2026




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2026




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2026




 Airline Development




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2026




 Denver Case: DEN



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2026




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2026
 DEN (Denver) 2024 Market
 ● Served Non-Stop By: United
 ○  Captures: 43% PAX
 ■  BTV - DEN Passengers: 11,513
 ■  DEN - BTV Passengers: 11,087




 *Data: DiioMi
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2026




 2026 Economic Impact Study




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2026

 What We Studied
 • Direct Spending: On-airport business activity (air
 carriers, FBOs, concessions, tenants), capital
 projects, military operations, and air-visitor outlays.
 • Induced Benefits: Household spending that occurs
 when workers supported by airport-related activity
 spend their earnings in the region.
 • Jobs and Income: Employment and labor
 compensation across direct, indirect, and induced
 effects.
 • Total Output: Dollar value of goods and services
 produced in the regional economy due to BTV.
 • Taxes: Estimated state and local fiscal revenues
 linked to airport-enabled activity and visitor
 spending
 • Airport Regional Value (ARV): Estimated
 replacement value, depreciated value, and
 indicative ROA for airport assets, including joint-use
 facilities




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 Study Framework
 • Data Collection: Airport operations, tenant surveys,
 capital program, defense and technology sector
 inputs.
 • Regional Multipliers: IMPLAN modeling and
 assumptions.
 • State and Local Tax Impacts: Fiscal effects derived
 from modeled outputs.
 • Airport Regional Value: Asset inventory and
 valuation.
 • Summary and Findings: Synthesizing results to
 guide planning, funding, and community decision-
 making




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 Direct and Induced Economic Impacts:
 Item Amount
 Direct Impacts
 Airport-related Income* $199,646,811
 On-Airport Expenditures (Total including $687,514,245
 capital costs)
 Estimated State/Local Taxes** $62,535,339
 Airport-related Employment (Total) 3,807 jobs
 Induced Impacts
 Induced Dollar Impacts $382,254,260
 Total Induced Employment Impacts 1,869
 Grand Total Dollar Impacts $1,069,768,505
 Grand Total Income Impacts* $325,427,245
 Grand Total Employment Impacts 5,646 jobs

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 Summary of Airport Regional Value

 2018 2025 % Change

 Total Jobs 4,935 5,646 +14.4%

 Total Payroll
 $170,427,100 $325,427,200 +90.9%
 (Labor Income)


 Total Economic Output $481,464,900 $1,069,768,500 +122.2%


 Total State & Local Taxes $34,527,500 $62,535,300 +81.1%


 Existing Value
 $562,000,000 $809,000,000 +44%
 (Replacement Value)
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 Summary of Airport Regional Value


 2018 2025 % Change

 Total Economic Output $0.482 billion $1.070 billion


 Existing Value
 $0.562 billion $0.809 billion
 (Replacement Value)

 Combined Airport Regional
 $1.043 billion $1.88 billion +80%
 Value




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2026

 Economic Impact
 Valuation
 • The overall value of the Airport to the region is $1.88
 billion
 • The annual economic activity generated by the
 airport is $1.07 billion
 • The current asset value of the airport is $809 million
 Jobs
 • The airport supports 5,646 jobs
 • The airport provides Vermonters with $325.4 million
 in salaries annually
 Taxes
 • The airport generates approximately $53.5 million in
 state taxes and $9 million in local taxes annually




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2026




 THANK YOU!




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Patrick Leahy
Burlington International Airport

Economic Impact Assessment
2025 Technical Report




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 Table of Contents
SECTION 1: INTRODUCTION.................................................................................................... 1
 1.1. Introduction .............................................................................................................................................. 1
 1.2. Study Framework .................................................................................................................................... 2
SECTION 2: DATA COLLECTION .............................................................................................. 4
 2.1. Airport Setting .......................................................................................................................................... 4
 2.2. On-Airport Employment ......................................................................................................................... 5
 2.3. Visitor Spending ....................................................................................................................................... 7
 2.4. Capital Spending ...................................................................................................................................... 8
 2.5. Summary ................................................................................................................................................... 9
SECTION 3: REGIONAL MULTIPLIERS .................................................................................... 11
 3.1. IMPLAN Modeling Methodology ....................................................................................................... 11
 3.2. Application to Burlington International Airport............................................................................... 12
 3.3. State and Local Tax Impacts ............................................................................................................. 12
 3.4. Airport Qualitative Beneﬁts ................................................................................................................. 13
SECTION 4: EXISTING VALUE OF AIRPORT PROPERTY AND FACILITIES ................................ 16
 4.1. Airport Replacement Value................................................................................................................. 16
 4.2. Current Value of Airport Facilities ..................................................................................................... 17
 4.3. Return on Assets .................................................................................................................................. 19
SECTION 5: SUMMARY OF AIRPORT REGIONAL VALUE ........................................................ 22
APPENDIX A: DETAILED IMPLAN RESULTS ........................................................................... 23



 List of Tables
Table 1: Direct Airport Employment ................................................................................................................. 9
Table 2: Direct and Induced Economic Impacts: Burlington International Airport ............................. 12
Table 3: Estimated Replacement Value of Airport Property and Facilities........................................... 17
Table 4: Estimated Existing Value of Airport Property and Facilities .................................................... 19
Table 5: IMPLAN Detailed Employment ....................................................................................................... 23
Table 6: IMPLAN Detailed Output.................................................................................................................. 24




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Table 7: IMPLAN Detailed Taxes ................................................................................................................... 25
Table 8: IMPLAN State Tax Impacts ............................................................................................................. 26
Table 9: IMPLAN County Tax Impacts ......................................................................................................... 26
Table 10: IMPLAN Sub County (Special Districts) Tax Impacts ............................................................. 27
Table 11: IMPLAN Sub County (General) Tax Impacts ............................................................................. 27




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SECTION 1

Introduction




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 Burlington International Airport




Section 1: Introduction
1.1. Introduction
This study updates a previous analysis of Patrick Leahy Burlington International Airport’s (BTV)
Economic Impact and Airport Regional Value that was conducted in 2018. As Vermont’s primary
commercial airport and a joint-use facility with the Vermont Air National Guard, BTV anchors
business travel, tourism, emergency access, and military readiness for northwest Vermont and
adjacent markets. Quantifying both the annual ﬂow of airport-generated income and the value of
Airport assets helps support funding, land use, and transportation decisions by federal, state, and
local partners.

Airports create economic value through the yearly ﬂow of jobs, income, and spending they enable,
and also through the long-lived public assets they represent. For that reason, this update presents
results through two complementary metrics:

  • Economic Activity: the annual economic activity attributable to BTV using current IMPLAN
 input–output modeling and regional multipliers.
  • Airport Regional Value: the worth of BTV as public infrastructure by compiling replacement
 value and depreciated value for runways, taxiways, terminal, support, and joint-use assets,
 and by relating that capital base to operations through return-on-assets (ROA) measures.

The Economic Activity lens shows what BTV generates each year. The Airport Regional Value lens
shows what underpins that performance—the magnitude and stewardship of the public capital
making it possible. Together, they provide a fuller basis for air-service strategy, grant applications,
resilience and sustainability investments, technology adoption, and joint civil-military operations.
This analysis estimates and presents the following economic aspects of BTV:

  • Direct Spending: On-airport business activity (air carriers, FBOs, concessions, tenants), capital
 projects, military operations, and air-visitor outlays.
  • Induced Beneﬁts: Household spending that occurs when workers supported by airport-related
 activity spend their earnings in the region.
  • Jobs and Income: Employment and labor compensation across direct, indirect, and induced
 effects.
  • Total Output: Dollar value of goods and services produced in the regional economy due to
 BTV.
  • Taxes: Estimated state and local ﬁscal revenues linked to airport-enabled activity and visitor
 spending.



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  • Airport Regional Value (ARV): Estimated replacement value, depreciated value, and indicative
 ROA for airport assets, including joint-use facilities.


1.2. Study Framework
The report includes the following framework:

  • Data Collection: Airport operations, tenant surveys, capital program, defense and technology-
 sector inputs.
  • Regional Multipliers: IMPLAN modeling and assumptions.
  • State and Local Tax Impacts: Fiscal effects derived from modeled outputs.
  • Airport Regional Value: Asset inventory and valuation.
  • Summary and Findings: Synthesizing results to guide planning, funding, and community
 decision-making.




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 Burlington International Airport




SECTION 2

Data Collection




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Section 2: Data Collection
The data collection effort provides the quantitative foundation for all modeling of employment,
labor income, and output. In keeping with the 2018 study’s approach, data were assembled from
primary sources at the Airport and its tenants, state and federal datasets, and corroborating public
records. This effort was organized into four sequential steps:

  • Airport Setting
  • On-Airport Employment
  • Visitor Spending
  • Capital Spending


2.1. Airport Setting
Facilities and Infrastructure
BTV occupies approximately 942 acres in South Burlington and is owned by the City of Burlington.
The airﬁeld comprises two paved runways—Runway 15/33 (8,319’ × 150’) and Runway 1/19 (4,112’
× 75’)—with precision approach capability on 15/33 and published instrument procedures on all
runway ends. Air traﬃc control services, Airport Rescue and Fireﬁghting (ARFF) Index B, and 24-
hour operations are maintained. A full-service ﬁxed-base operator (FBO) provides major airframe
and powerplant maintenance, 100LL, Jet-A fueling, and Sustainable Aviation Fuel (SAF), as well as
general aviation (GA) parking and hangar facilities.


Emerging Aerospace Manufacturing
Adjacent to the airﬁeld, BETA Technologies operates a 178,000-square-foot ﬁnal-assembly and
production facility at the Patrick Leahy Burlington International Airport campus. Commissioned in
October 2023, the plant provides airside access for systems integration, ground testing, and direct
taxi to the runway for ﬂight test, positioning BTV as the hub of BETA’s transition from prototyping
to series production of its all-electric ALIA aircraft.

Since opening, BETA has progressed from tooling installation to production-line operations and
completed the ﬁrst ﬂight of an aircraft built on the South Burlington line in late 2024—an ALIA
conventional-takeoff variant that advanced the company’s ﬂight-test and certiﬁcation program.
This trajectory underscores the strategic value of co-locating manufacturing with runway access
and strengthens BTV’s role in Vermont’s emerging aerospace and clean-technology cluster. 1



1
  BETA Completes First Flight of an Aircraft Built on Its Vermont Production Line.” Vermont Business Magazine, 14 Nov. 2024,
https://vermontbiz.com/news/2024/november/14/beta-completes-ﬁrst-ﬂight-aircraft-built-its-vermont-production-line

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 Burlington International Airport



Air Service
BTV is Vermont’s principal commercial airline gateway. Scheduled carriers include American,
Breeze, Delta, Sun Country, and United, providing nonstop service to core network hubs — CLT, DTW,
JFK, LGA, ORD, PHL—and seasonal/leisure destinations such as CHS, DEN, MCO, and TPA. This
portfolio supports both business connectivity and visitor access to the Burlington metropolitan
area and the broader Vermont market.


Cargo and Military Operations
The Airport supports continuing air cargo activity and has advanced cargo apron planning to meet
projected demand. BTV is also home to the 158th Fighter Wing (Vermont Air National Guard), which
converted from the F-16 to the F-35A in 2019, and to the Army Aviation Support Facility. Although
these operations comprise a minor share of total annual movements, they are an important part of
the Airport’s overall operating environment. 2


Regional Economic Context
The Burlington metropolitan economy is anchored by higher education and healthcare,
complemented by advanced manufacturing, professional services, and a visitor sector. Vermont
recorded 15.8 million visitors and $4.0 billion in visitor spending in 2023, with outlays distributed
across lodging, food and beverage, transportation, retail, and recreation. 3 Tourism remains a
signiﬁcant driver of regional employment and tax receipts and is closely tied to the air service
provided at BTV.


2.2. On-Airport Employment
Airport Operations
On-Airport operational employment was estimated primarily from the BTV badge access roster. A
badge indicates an individual who requires routine, secure access to airside or terminal areas and,
for this analysis, serves as a proxy for on-Airport headcount. This subsection quantiﬁes ongoing
operational employment only. Temporary construction labor and other capital-project activity are
excluded here and addressed separately in the Capital Spending analysis.

Employment that counted as direct, Airport-dependent included:
 • Air carriers and air cargo station staff.
 • Contracted ground handling and aircraft cleaning.
 • Fixed-base operations (FBO), fueling/deicing, and line service.

2
 BTV, Public Notice
3
 Tourism Economics for the Vermont Department of Tourism & Marketing. Economic Impact of Visitors in Vermont 2023. Dec. 2024.
https://outside.vermont.gov/agency/ACCD/ACCD_Web_Docs/TM/Vermont-Tourism%20Economic-Impact-Final.pdf

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 • On-airﬁeld maintenance and repair (MRO) activity.
 • Airport operator departments, administration, operations, maintenance, ARFF.
 • Federal personnel stationed on the ﬁeld, air traﬃc services and passenger screening.
 • Terminal concessions, food & beverage, retail.
 • On-airport IT/equipment support with dedicated posts at BTV.

Badges associated with temporary construction or activities not dependent upon Airport
operations were excluded from the operational employment estimate, including project-phase roles
like prime contractors, subcontractors, engineers, special inspectors, and airﬁeld electrical/lighting,
paving/marking crews working under capital projects. The economic impact associated with these
positions is captured in the Capital Spending section. In addition, volunteers, ﬂying clubs, and
private hangar owners are not treated as paid employment and were excluded.

Where badge issuance practices, shared badges, inactive badges, or other administrative factors
distorted true staﬃng levels, employment estimates provided by Airport Administration were used
to adjust/override the badge-based counts to better reﬂect observed operational reality. This
approach was applied to BETA Technologies as a major on-Airport employer and for federal
functions such as the Transportation Security Administration (TSA) and Customs and Border
Protection (CBP), where staﬃng levels were conﬁrmed by Airport Administration and/or carried
forward from the prior study when current badge lists were incomplete.

The result of this inventory indicates total Airport Operational Employment at 1,280.


Military Employment
BTV hosts the Vermont Air National Guard’s 158th Fighter Wing (F-35A) and the Vermont Army
National Guard’s Army Aviation Support Facility. Military activity is geographically separate from the
commercial terminal and operates under federal/state command, but shares the airﬁeld (runways,
taxiways) and air traﬃc services. For economic modeling, Guard employment at BTV is treated as
on-airport federal/state activity distinct from civilian airport and airline operations.

In 2023, The Vermont National Guard reported 894 full-time and 2,611 part-time members
statewide. 4 The statewide totals were translated to on-airport full-time equivalent (FTE) positions
through a three-step procedure:




4
 Vermont Military Department. Military Department Testimony: Fiscal Year 2025. Committees on Appropriations, Vermont General
Assembly, Feb. 2024, https://ljfo.vermont.gov/assets/Uploads/ce38b6cb07/WGregory-KnightMilitary-Dept-FY25-Budget-
Presentation2-14-2024.pdf

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  1. Air-to-Army proportions from a 2018 Vermont Air and Army National Guard Economic
 Impact Study where 44 percent of full-time positions and 23 percent of part-time positions
 were assigned to the Air National Guard. 5
  2. Part-time personnel were converted to FTE at a ratio of ten part-time members to one FTE
 and combined with full-time counts.
  3. The Army presence at BTV was inferred relative to the Air National Guard footprint, using
 facility parking capacity. This yields an Army National Guard level equal to approximately
 twenty percent of Air National Guard FTEs.


Applying this method produces on-airport military employment estimates of 456 FTE for the Air
National Guard and 91 FTE for the Army National Guard.

The result of this inventory indicates total Airport Military Employment at 547.


2.3. Visitor Spending
Visitor spending represents off-airport expenditures by non-residents whose trips are enabled by
BTV. The analysis consolidates scheduled commercial airline passengers and itinerant general
aviation (GA) travelers and applies visitor shares consistent with BTV’s passenger mix and prior
Vermont studies. Resulting outlays are allocated to spending categories for subsequent IMPLAN
modeling.

Consistent with prior BTV analyses, 50 percent of scheduled airline passengers are treated as
visitors, and 45 percent of itinerant GA arrivals are visitor parties. Airline passenger volumes are
based on 2024 enplanements and GA operations are drawn from the 2025 master plan forecast.

  • Airline Enplanements: BTV recorded 670,636 enplanements in 2024 6. Annual enplanements
 were used as a proxy for annual arriving passengers, assuming arrivals approximately equal
 departures over the year. Applying the 50 percent visitor share yields 335,318 airline visitors.
 This approach applies the visitor share once and does not double enplanements, consistent
 with the assumption that annual arrivals approximate departures.
  • Itinerant General Aviation. The BTV Master Plan indicates 33,021 itinerant GA operations in
 2025 (arrivals + departures), implying 16,511 arrivals 7. Applying a 45 percent visitor share and
 an average party size of 2.5 persons per arriving aircraft produces 18,574 GA visitors.


5
  Woolf, Arthur. The Economic Impact of the Vermont Air and Army National Guard Bases. Arthur Woolf Economic Consulting, 26 Feb.
2018. Prepared for the Greater Burlington Industrial Corporation.
6
  Federal Aviation Administration. “Enplanements at All Airports (Primary, Non-primary Commercial Service, and General Aviation) by
State and Airport.” Passenger Boarding (Enplanement) and All-Cargo Data for U.S. Airports, 15 Sept. 2025,
https://www.faa.gov/airports/planning_capacity/passenger_allcargo_stats/passenger/ARP-cy2024-all-enplanements.pdf
7
  Burlington International Airport. “Appendix D: Forecasting Data.” Patrick Leahy Burlington International Airport (BTV) Master Plan,
2021, https://btvmasterplan.com/wp-content/uploads/2022/01/Appendix-D-Forecasting-Data.pdf

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Combined, these assumptions yield 353,892 total visitors.

The Vermont Department of Tourism and Marketing’s 2023 benchmark places average overnight
visitor spending at $431 per trip. 8 That ﬁgure was adjusted to September 2025 dollars using the
national CPI-U, yielding $456 per trip. 9 For modeling, spending is allocated across the following
industry categories:

 • Lodging: 35.6%
 • Food & Beverage: 20.5%
 • Transportation: 16.5%
 • Retail: 16.3%
 • Recreation: 11.0%

With 353,892 visitors at $456 per trip, total annual visitor spending is $161.4 million.

Category allocations above are used to map expenditures to the appropriate IMPLAN sectors for
estimation of direct employment and downstream effects.

The result of this inventory indicates total Visitor Spending Employment at 1,746.


2.4. Capital Spending
Capital spending represents non-recurring project outlays for Burlington International Airport’s
(BTV) airﬁeld, terminal, safety, and enabling infrastructure. These expenditures support
construction employment and supplier purchases during project periods only; they are not part of
ongoing operations and are treated separately in the economic model to avoid double-counting.

FAA grant history indicates $263,150,802 in federal Airport Improvement Program (AIP) and related
capital awards to BTV since 2014 10. Applying a standard 90/10 federal–local cost share to infer full
project costs yields an estimated total capital program of $292.4 million. This equates to an average
annual expenditure of approximately $26.6 million.

Annualized capital outlays are entered into IMPLAN under appropriate construction sectors to
estimate direct construction employment and associated downstream effects attributable to BTV’s
capital program. This approach reﬂects BTV’s ongoing capital reinvestment cycle while maintaining
a clear separation from recurring airport operations.

8
  Tourism Economics for the Vermont Department of Tourism & Marketing. Economic Impact of Visitors in Vermont 2023. Dec. 2024.
https://outside.vermont.gov/agency/ACCD/ACCD_Web_Docs/TM/Vermont-Tourism%20Economic-Impact-Final.pdf
9
  U.S. Bureau of Labor Statistics. “CPI Inﬂation Calculator.” U.S. Bureau of Labor Statistics,
https://www.bls.gov/data/inﬂation_calculator.htm
10
 Federal Aviation Administration. “Airport Improvement Program (AIP) Grant Histories.” Federal Aviation Administration, 12 Feb. 2025,
https://www.faa.gov/airports/aip/grant_histories

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The result of this inventory indicates total Capital Spending Employment at 234.


2.5. Summary
The data collection effort established the numeric foundation for the economic impact modeling.
On-Airport badge records were reconciled to FTE employment estimates with input from Airport
Administration, including adjustments where badge totals did not reﬂect actual staﬃng. National
Guard employment was allocated to BTV using documented Air/Army proportions and a
conservative 10:1 part-time-to-FTE conversion. Visitor volumes were derived from airline
enplanements and itinerant GA arrivals using established visitor shares, paired with per-trip
spending mapped to IMPLAN sectors. Capital activity was treated separately as non-recurring,
annualized from federal grants using standard cost-share assumptions to avoid double counting
with ongoing operations. In total, the study estimates 3,807 direct jobs associated with BTV.
Detailed results are shown in Table 1.


 Table 1: Direct Airport Employment
 Employment Area Direct Jobs

 Airport Employment 1,280

 Airport Capital Spending 234

 Army and Air National Guard 547

 Visitor Spending 1,746

 Total Direct Jobs 3,807




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  SECTION 3

 Regional Multipliers




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Section 3: Regional Multipliers
Economic impact analysis quantiﬁes the economic contribution of a deﬁned activity within a
speciﬁed study area. Results are typically expressed using three core measures—jobs, income, and
total output in dollars. For BTV, the analysis documents how spending tied to Airport operations,
aviation visitor activity, military missions, and capital investment supports jobs and earnings
throughout the region.

The reason total impacts exceed the initial (direct) spending is the presence of regional multipliers.
When an employer or project introduces new payroll and purchasing into a region, those dollars do
not stop with the ﬁrst transaction. Suppliers must acquire additional inputs and services to meet
demand, and the employees who receive wages and salaries spend a portion of their income locally.
These secondary rounds of activity generally occur through two channels: (1) business-to-business
purchases within the supply chain, and (2) household spending generated by employee
compensation.

The magnitude of these ripple effects varies by the size and diversity of the regional economy.
Within the Burlington MSA, a single direct job may support roughly one-third to two-thirds of an
additional job, depending on the degree of local sourcing and the extent of spending “leakage” to
other areas. Importantly, multipliers operate symmetrically. That is, they amplify gains when activity
expands, and they also magnify losses when activity contracts.


3.1. IMPLAN Modeling Methodology
IMPLAN is a widely used regional economic modeling platform that applies an input–output
structure supplemented by a social accounting matrix (SAM) to trace how an initial change in
economic activity ﬂows through a local economy. In this update, IMPLAN is used to estimate how
BTV-related spending and payroll extend beyond the Airport campus through business-to-business
supply chains and household consumption. Annual IMPLAN datasets produce internally balanced
SAMs for deﬁned geographies, allowing multipliers to be tailored to the speciﬁc study area rather
than relying on national averages.

For this analysis, the modeled region is the Burlington–South Burlington, VT Metropolitan Statistical
Area (MSA), using IMPLAN’s 2022 data set (the most recent). Direct inputs of employment, labor
income, and output associated with on-airport activity, visitor spending, military-related activity, and
capital investment were entered into IMPLAN using the appropriate event types and spending
patterns. IMPLAN’s SAM framework was then applied to estimate the associated indirect and
induced effects generated as suppliers respond to Airport-related demand and households re-
spend earned income within the MSA economy.


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All results are reported in 2025 dollars. Monetary values produced in the IMPLAN 2022 framework
were converted to 2025 equivalents using CPI-U inﬂation indices published by the U.S. Bureau of
Labor Statistics (BLS).


3.2. Application to Burlington International Airport
The ﬁnal step in the analytical process is the estimation of the induced (multiplied) effects of
Burlington International Airport’s direct aviation impacts. Table 2 presents a summary of Patrick
Leahy Burlington International Airport direct and induced economic impacts in 2025 dollars.
Detailed IMPLAN results by sector and impact type are provided in Appendix A.


 Table 2: Direct and Induced Economic Impacts: Burlington International Airport
 Item Amount

 Direct Impacts

 Airport-related Income* $199,646,811

 On-Airport Expenditures (Total including capital costs) $687,514,245

 Estimated State/Local Taxes** $62,535,339

 Airport-related Employment (Total) 3,807 Jobs

 Induced Impacts

 Induced Dollar Impacts $382,254,260

 Total Induced Employment Impacts 1,869 Jobs

 Grand Total Dollar Impacts $1,069,768,505

 Grand Total Income Impacts* $325,427,245

 Grand Total Employment Impacts 5,646 Jobs
* Labor income includes employee compensation and proprietor income associated with the modeled activity (including off-airport
components such as visitor spending and capital development where applicable). Labor income is a component of total output and
should not be added to output.
** Taxes are estimated using IMPLAN’s tax impact reporting and should not be added to output.


As shown, BTV’s regional economic impact in 2025 is estimated at 5,646 jobs, $325.4 million in
labor income, and $1.07 billion in total economic output.


3.3. State and Local Tax Impacts
In addition to jobs, income, and business output, Airport activity generates beneﬁts through tax
revenues paid by businesses and households supported by aviation-related spending. While the
Airport as a municipal facility does not generally pay taxes in the manner of private enterprises,

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tenants, suppliers, employees, and visitors generate tax revenues through normal economic
transactions and payroll activity. These impacts reﬂect a mix of sales and use taxes, meals and
rooms taxes (where applicable), payroll-related taxes and fees, and other state and local revenue
streams.

Estimated state and local tax impacts supported by BTV-related aviation activity totaled
$62,535,300 in 2025 dollars. These ﬁscal beneﬁts accrue broadly to Vermont residents and local
communities and are not limited to those who directly use the Airport.


State Tax Impacts
Of the estimated $62,535,300 in combined state and local tax impacts supported by BTV-related
aviation activity in 2025, approximately $53,510,464 is generated at the state level. State ﬁscal
beneﬁts are driven primarily by statewide sales-related taxes, personal income tax collections,
corporate proﬁts tax, and other taxes on production and imports. Detailed state tax categories are
presented in Appendix A (Table 8).


Local Tax Impacts
The remaining $9,024,874 is generated at the local level, including county, special-district, and
municipal sub-county governments. Local tax impacts are primarily made up of property-tax-
related revenues, along with smaller amounts of local sales and other local revenue streams. These
local tax details are presented in Appendix A (Tables 9–11).


3.4. Airport Qualitative Beneﬁts
There are a number of non-monetary beneﬁts of aviation that are not captured in the economic
modeling process. Some of these beneﬁts include:

 • Transportation and Connectivity: BTV provides direct access to the national air transportation
 system, improving regional connectivity for residents, businesses, and institutions.
 • Business Attraction and Retention: Reliable air service supports business travel eﬃciency and
 can inﬂuence ﬁrm location decisions, professional service activity, and regional
 competitiveness.
 • Tourism and Visitor Experience: BTV supports leisure and business tourism, including visitor
 access to Vermont’s recreation economy and regional destinations.
 • Aeromedical Evacuation and Emergency Response: BTV supports medical transport
 operations and provides critical time-sensitive capability for emergency response.
 • Military Readiness and Homeland Support: The Airport’s military presence supports readiness
 missions and provides surge capacity and operational support capabilities when needed.



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  • Fireﬁghting and Public Safety: Airport Rescue and Fire Fighting (ARFF) capability provides
 specialized equipment and trained personnel that can supplement regional emergency
 response.
  • Emerging Aviation Technologies and Innovation: The Airport’s role in supporting technology
 development—including electric aviation, charging infrastructure, and related
 testing/deployment activity—represents an evolving beneﬁt category with longer-term
 implications for supply chain development and skilled employment.
  • Sustainability and Resilience: Electriﬁcation, energy management, and operational eﬃciency
 initiatives at the Airport can reduce emissions per trip, support resilience planning, and
 position the region for future regulatory and market shifts.
  • Workforce Development: Airport-related activity supports aviation maintenance, operations,
 public safety, and emerging technology workforce pathways through tenant hiring, contractor
 activity, and regional training partnerships.

All of the above factors point to a value of an airport that is not easily quantiﬁed. The modeled
impacts estimated in this report are only one facet of the overall picture. The economic activity
generated by BTV represents the monetary value of the facility’s annual contribution, while these
other non-monetary factors describe additional features of its intrinsic worth.




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 SECTION 4
 Existing Value of Airport Property and Facilities




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Section 4: Existing Value of Airport Property
and Facilities
Airports are unusual public assets. They are both transportation utilities and long-lived pieces of
regional infrastructure. As a result, the “value” of an airport can be expressed in two complementary
ways. The ﬁrst is replacement value which represents the approximate cost to rebuild the airport’s
land improvements, facilities, and supporting infrastructure at today’s market rates. The second is
current (depreciated) value, which, for this study, is an estimate of the remaining useful-life value of
those same assets after accounting for age and life-cycle condition.

Several limitations should be noted. First, the estimates within this section are not intended to be
appraisal-grade. Additionally, replacement value does not reﬂect environmental constraints,
permitting, land-availability limitations, or the practical challenge of reconstructing an operating
airﬁeld in place. Likewise, depreciated value is necessarily simpliﬁed: it relies on generalized useful-
life schedules and does not substitute for pavement-management systems, facility-condition
indices, or audited book-value accounting. Land is treated as retaining full value, recognizing that it
is not “consumed” in the same way as pavements and buildings.


4.1. Airport Replacement Value
Replacement value was developed by applying current unit costs to an inventory of Airport assets.
Major categories include airﬁeld pavements and aprons, terminal facilities, hangars, non-hangar
buildings, landside improvements, and land. For each category, quantities were multiplied by a
representative unit cost to approximate the cost of replacement at today’s market rates. Land value
was updated separately using $234,400 per acre, based on recent commercial/industrial land sales
data in South Burlington 11.

Recent capital development at Burlington International Airport that materially affected the asset
inventory and replacement value estimate includes the following:

 • Development associated with the Beta Technologies campus on the south side of the Airport,
 including:
 - 178,000 square foot ﬁnal-assembly and manufacturing facility with airside access.
 - 210,000 square feet of new apron pavement supporting aircraft staging, testing, and taxi
 operations.
 - Addition of approximately 51,100 square feet of new auto parking.


11
  City of South Burlington, Vermont. “Information & Data.” City of South Burlington, VT,
https://www.southburlingtonvt.gov/386/Information-Data. Accessed 21 Dec. 2025.

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 Burlington International Airport


 - Construction of approximately 3,700 linear feet of new internal roadways.
  • Renovation of an existing 41,000 square foot hangar building for supporting functions.
  • Expansion of the airline terminal by approximately 36,000 square feet.
  • Addition of approximately one acre of new solar panels to the Airport’s solar farm.
  • Completion of multiple runway, taxiway, and apron pavement rehabilitation projects.

The Beta manufacturing facility is included within the Airport’s Non-Hangar Building inventory
shown in Table 3. Based on this inventory approach, the estimated total Airport replacement value
is approximately $1.41 billion, as summarized in Table 3.


 Table 3: Estimated Replacement Value of Airport Property and Facilities
 Item Description Units Cost/Number Amount

 Land Value Acres from 5010 942 Cost/Acre $234,400 $220,804,800

 Pavement

  Runway Length x Width 308,400 Cost/sq.ft. $100 $30,840,000

  Runway Length x Width 1,247,850 $100 $124,785,000

  Taxiway Length x Width 3,007,640 $100 $300,764,000

  Airline & Military Apron Estimated 1,363,300 $100 $136,330,000

  GA Apron Estimated 1,318,600 Cost/sq.ft. $70 $92,302,000

 Hangars

  Conventional Hangars Total Square Footage 231,000 Cost/sq.ft. $200 $46,200,000

  T-Hangars Total Units 12 Cost/Unit $140,000 $1,680,000
 Small=1, Medium=2,
 Fuel System 2 $7,000,000
 Large=3
 0=None, 1=Nonprecision,
 Navigational Aids 2 $2,000,000
 2=Precision
 Internal Roadways Total Linear Feet 29,450 Cost/l.f. $240 $7,068,000

 Parking Garage Number of Spaces 2,678 Cost/Space $34,000 $91,052,000

 Auto Parking Lots Total Square Footage 1,324,600 Cost/sq.ft. $20 $26,492,000

 Perimeter Fence Total Linear Feet 32,000 Cost/l.f. $100 $3,200,000

 Air Traﬃc Control Tower 0=No, 1=Yes 1 $10,000,000

 Airline Terminal Total Square Footage 162,000 Cost/sq.ft. $900 $145,800,000

 Non-Hangar Buildings Estimated 547,800 Cost/sq.ft. $300 $164,340,000

 Solar Farm Total Acres 7 Cost/Acre $500,000 $3,500,000

 Total Replacement Value $1,414,157,800



4.2. Current Value of Airport Facilities


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To estimate the existing (depreciated) value of BTV facilities, replacement values were adjusted
using a useful-life framework that reﬂects the relative age and remaining service potential of major
asset categories. This ARV approach applies age-based reductions to asset categories where
physical depreciation is expected to materially affect current worth, while maintaining full
replacement value for assets where ongoing maintenance and reinvestment are assumed to keep
pace with depreciation.

The ARV current-value estimate incorporates the following assumptions:

  • Paved areas (runways, taxiways, aprons, and lots): Replacement costs for paved facilities
 were reduced using condition/age brackets intended to reﬂect remaining useful life:
 - Excellent (0-5 years): 12.5% reduction
 - Good (6-10 years): 37.5% reduction
 - Fair (11-20 years): 60.0% reduction
 - Over 20 years: fully depreciated, reﬂecting the Airport’s ongoing pavement management
 program and periodic reinvestment in older pavement sections.
  • Hangars and non-hangar buildings: Building values and other Airport structures such as
 fencing and solar installations were adjusted using a 40-year benchmark life. The following
 reductions were applied to each facility’s estimated replacement value based on approximate
 age:
 - 0-5 years: 6.25% reduction
 - 6-10 years: 18.75% reduction
 - 11-20 years: 37.50% reduction
 - Over 20 years: 50.00% reduction
  • Other facilities: Certain assets such as fuel systems, the air traﬃc control tower, and
 instrument approaches were not reduced for this estimate. These facilities are assumed to
 receive ongoing maintenance and periodic upgrades such that replacement cost escalation
 generally tracks functional depreciation. Parking garage components were not reduced unless
 older than 20 years, where a 37.5% reduction was applied to reﬂect continued upkeep and
 reinvestment.
  • Land Value: The value used in the ARV metric was derived from recent commercial/industrial
 land sales data in South Burlington. Land is assumed not to depreciate, so the existing and
 replacement land values are treated as equivalent for purposes of the ARV estimate.

The replacement values summarized in Table 3 were reduced in accordance with the estimated
age and remaining useful life of each facility. As noted above, no depreciation was applied to land
or select system assets like fuel systems because they are assumed to retain their functional
replacement value over time. Table 4 presents the resulting estimate of current facility value based
on remaining useful life principles.



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 Burlington International Airport


Using these assumptions, the Airport’s current value based on useful life is estimated at
approximately $809.8 million, representing about 57.3% of total replacement value, as shown in
Table 4.


 Table 4: Estimated Existing Value of Airport Property and Facilities
 Item 0-5 yrs 6-10 yrs 11-20 yrs Over 20 yrs Amount

 Land Value 942 $220,804,800

 Pavement

  Runway 830,000 572,000 154,250 $95,505,000

  Taxiway 1,340,000 440,700 1,226,940 $101,378,000

  Airline & Military Apron 710,000 653,300 $44,375,000

  GA Apron 310,000 85,000 186,300 737,300 $27,922,650

  Auto Parking Lots 51,100 55,000 1,218,500 $1,334,250

 Hangars

  Conventional Hangars 41,000 6,000 225,000 $26,837,500

  T-Hangars 12 $840,000

 Fuel System $7,000,000

 Instrument Approaches $2,000,000

 Parking Garage (# of spaces) 589 2,089 $64,417,250

 Internal Roadways 3,700 11,900 13,850 $1,919,400

 Linear Fence 32,000 $1,600,000

 Air Traﬃc Control Tower $10,000,000

 Airline Terminal 36,000 56,300 69,700 $93,408,750

 Non-Hangar Buildings 178,000 21,500 307,300 $106,338,750

 Solar Farm (Acres) 1 6 $2,281,250

 Existing Facility Value $807,962,600



4.3. Return on Assets
In addition to estimating replacement cost and remaining useful-life value, the ARV framework
evaluates how effectively the Airport’s asset base supports ongoing activity. Return on Assets
(ROA) is presented in two ways: an operational ROA based on the Airport’s own revenues, and an
economic ROA based on the regional output supported by the Airport.


Financial ROA (Operating Revenues ÷ Existing Facility Value)



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Financial ROA provides a practical indicator of how the Airport’s revenue-generating capacity
compares to the estimated remaining value of its facilities. Using BTV’s most recent audited
operating revenues of $22.59 million 12 and the estimated existing facility value of $808 million,
BTV’s ﬁnancial ROA is 2.8 percent.

This result is best interpreted as a high-level eﬃciency indicator rather than a proﬁtability target.
Airports typically maintain large, long-lived infrastructure inventories such as airﬁeld pavements,
terminals, and support facilities that are essential for safety and capacity but are not designed to
generate returns in the same manner as private-sector assets. As a result, a comparatively modest
revenue-to-asset ratio is common, particularly when the denominator reﬂects the replacement-
cost-based “useful-life” value of the full facility platform.


Economic ROA (Economic Output ÷ Existing Facility Value)
Economic ROA shifts the focus from airport revenues to the Airport’s broader purpose as a regional
economic platform. It measures how much annual economic output is supported per dollar of
remaining facility value.

Using the study’s modeled annual economic output of $1.07 billion and the estimated existing
facility value of $808 million, BTV’s economic ROA is 1.32, meaning BTV supports about $1.32 of
regional economic output each year for every $1.00 of existing facility value.

This relationship shows that even as infrastructure ages and depreciates in useful-life terms, it
continues to generate substantial recurring economic activity. Provided that the Airport sustains
the reinvestment needed to preserve safety, reliability, and functional capacity, improvements at
BTV help maintain and extend the productive life of the assets that most directly enable ongoing
operations and economic activity.




12
  City of Burlington, Vermont. Patrick Leahy Burlington International Airport: Audited Financial Statements (Enterprise Fund), Year
Ended June 30, 2024. City of Burlington, 2024.

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 SECTION 5
 Summary Of Airport Regional Value




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Section 5: Summary of Airport Regional Value
The value of Patrick Leahy Burlington International Airport can be expressed through the economic
activity it enables and supports within the regional economy. Consistent with the study’s
methodology, this value is estimated through the economic impact analysis, beginning with direct
activity associated with Airport operations, on-Airport businesses and tenants, military activity,
visitor spending, and capital investment, and then applying regional multipliers to capture the
successive rounds of re-spending that occur as dollars circulate through the local economy. In this
way, the economic activity metric summarizes how the Airport supports jobs, payroll, output, and
public revenues across the broader Burlington-region economy, not only on the airﬁeld itself.

 2025 2018
  • Total Jobs: 5,646 4,935
  • Total Payroll (Labor Income): $325,427,200 $170,427,100
  • Total Economic Output: $1,069,768,500 $481,464,900
  • Total State & Local Taxes: $62,535,300 $34,527,500

A second measure of Airport value involves the current value of Airport facilities and land. In this
regard, the ARV method ﬁrst estimates what it would cost to replace major facilities and
infrastructure and then adjusts those costs based on remaining useful life by asset type. Using the
Section 4 results, BTV’s existing facility value is estimated at $808 million (in 2018, it was $562.0
million). Taken as a snapshot in 2025, the overall value of the Airport to the region can therefore be
framed as its annual economic activity of $1.07 billion in total economic output plus its current
physical asset base of $0.809 billion, yielding a combined airport regional value of approximately
$1.88 billion – a growth of 80.0 percent over the $1.043 billion value in 2018.




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 Burlington International Airport




Appendix A: Detailed IMPLAN Results
Table 5: IMPLAN Detailed Employment
Industry Description Direct Indirect Induced Total

Accommodation and Food Services 959.1 48.9 123.3 1,131.3

Manufacturing 750.0 11.5 4.4 766.0

Transportation and Warehousing 725.3 119.8 33.1 878.2

Administrative Government 649.1 0.0 0.0 649.1

Arts, Entertainment, and Recreation 286.8 13.2 39.9 339.9

Construction 234.4 8.4 8.3 251.1

Retail Trade 199.2 75.7 164.4 439.2

Educational Services 3.0 3.4 48.5 54.9

Wholesale Trade 0.0 153.5 24.2 177.7
Administrative and Support and Waste Management and
 0.0 92.6 43.0 135.6
Remediation Services
Professional, Scientiﬁc, and Technical Services 0.0 74.2 53.6 127.9

Real Estate and Rental and Leasing 0.0 70.0 50.4 120.3

Finance and Insurance 0.0 40.7 60.0 100.7

Other Services (except Public Administration) 0.0 28.0 95.1 123.1

Information 0.0 21.0 19.3 40.2

Management of Companies and Enterprises 0.0 15.9 3.6 19.5

Government Enterprises 0.0 15.2 9.4 24.5

Utilities 0.0 3.7 2.9 6.7

Agriculture, Forestry, Fishing and Hunting 0.0 0.8 3.2 4.0

Mining, Quarrying, and Oil and Gas Extraction 0.0 0.7 0.2 0.9

Health Care and Social Assistance 0.0 0.0 285.1 285.1

Non-NAICS 0.0 0.0 0.0 0.0

Total 3,806.8 797.2 1,071.9 5,675.9

Multiplier: 1.49




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 Table 6: IMPLAN Detailed Output
 Industry Description Direct Indirect Induced Total

 Manufacturing $399,868,111 $3,685,760 $1,553,952 $405,107,823

 Accommodation and Food Services $95,065,646 $5,069,534 $12,636,073 $112,771,253

 Transportation and Warehousing $88,299,134 $15,795,923 $4,228,650 $108,323,707

 Wholesale Trade $0 $59,553,907 $10,755,600 $70,309,507

 Real Estate and Rental and Leasing $0 $15,820,154 $42,420,369 $58,240,523

 Retail Trade $14,172,035 $12,184,701 $20,234,935 $46,591,671

 Administrative Government $45,310,978 $0 $0 $45,310,978

 Health Care and Social Assistance $0 $985 $36,289,440 $36,290,425

 Finance and Insurance $0 $12,958,321 $17,955,080 $30,913,401

 Construction $26,580,889 $1,808,676 $1,682,594 $30,072,159
 Professional, Scientiﬁc, and Technical
 $0 $15,551,145 $10,890,231 $26,441,375
 Services
 Arts, Entertainment, and Recreation $17,912,613 $1,329,628 $3,872,512 $23,114,753

 Information $0 $11,384,421 $8,478,236 $19,862,657
 Administrative and Support and Waste
 $0 $12,062,438 $6,057,651 $18,120,089
 Management and Remediation Services
 Other Services (except Public
 $0 $3,477,700 $9,792,565 $13,270,266
 Administration)
 Utilities $0 $5,187,464 $3,855,154 $9,042,617

 Government Enterprises $0 $3,628,680 $2,454,953 $6,083,633
 Management of Companies and
 $0 $4,009,830 $894,421 $4,904,251
 Enterprises
 Educational Services $304,838 $289,265 $3,520,744 $4,114,847
 Mining, Quarrying, and Oil and Gas
 $0 $320,304 $139,554 $459,858
 Extraction
 Agriculture, Forestry, Fishing and Hunting $0 $77,990 $344,721 $422,712

 Non-NAICS $0 $0 $0 $0

 Total $687,514,245 $184,196,825 $198,057,435 $1,069,768,505

 Multiplier: 1.56




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 Burlington International Airport



Table 7: IMPLAN Detailed Taxes
 Employee Proprietor Tax on Production
Type Description Paying Households Corporations Total
 Compensation Income and Imports
Social Insurance Tax- Employee Contribution $19,360,593 $1,373,786 $0 $20,734,380

Social Insurance Tax- Employer Contribution $17,269,995 $0 $17,269,995

TOPI: Excise Taxes $1,011,048 $0 $1,011,048

TOPI: Custom Duty $1,126,367 $0 $1,126,367

OPI: Corporate Proﬁts Tax $0 $3,488,512 $3,488,512

Personal Tax: Income Tax $25,532,406 $25,532,406

Personal Tax: Estate and Gift Tax $0 $0

Federal Government Non-Defense Total $36,630,589 $1,373,786 $2,137,415 $25,532,406 $3,488,512 $69,162,707

TOPI: Sales Tax $21,969,431 $0 $0 $0 $0 $21,969,431

TOPI: Property Tax $27,133,143 $0 $0 $0 $0 $27,133,143

TOPI: Motor Vehicle License $477,284 $0 $0 $0 $0 $477,284

TOPI: Other Taxes $2,606,314 $0 $0 $0 $0 $2,606,314

TOPI: Special Assessments $58,442 $0 $0 $0 $0 $58,442

OPI: Corporate Proﬁts Tax $0 $0 $0 $0 $1,805,190 $1,805,190

Personal Tax: Income Tax $0 ($1,171) ($1,027) $7,913,872 $0 $7,911,674

Personal Tax: Motor Vehicle License $0 $842 $4,977 $308,856 $0 $314,675

Personal Tax: Other Tax (Fish/Hunt) $0 $4 $1,649 $257,534 $0 $259,187

State/Local Non-Education Total $52,244,614 ($325) $5,598 $8,480,262 $1,805,190 $62,535,339

Grand Total $88,875,202 $1,373,461 $2,143,013 $34,012,668 $5,293,702 $131,698,047




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Burlington International Airport


 Table 8: IMPLAN State Tax Impacts
 Employee Proprietor Tax on Production
 Type Description Paying Households Corporations Total
 Compensation Income and Imports
 TOPI: Sales Tax $21,256,063 $0 $21,256,063
 TOPI: Property Tax $19,144,941 $0 $19,144,941
 TOPI: Motor Vehicle License $477,228 $0 $477,228
 TOPI: Other Taxes $2,341,549 $0 $2,341,549
 TOPI: Special Assessments $0 $0 $0
 OPI: Corporate Proﬁts Tax $0 $1,805,190.11 $1,805,190
 Personal Tax: Income Tax ($1,171) ($1,027) $7,913,872 $7,911,674
 Personal Tax: Motor Vehicle License $842 $4,976 $308,814 $314,633
 Personal Tax: Other Tax (Fish/Hunt) $4 $1,649 $257,534 $259,187
 Total State Tax Impacts $43,219,781 ($325) $5,597 $8,480,221 $1,805,190.11 $53,510,464




 Table 9: IMPLAN County Tax Impacts
 Tax on Production
 Type Description Paying Employee Compensation Proprietor Income Households Corporations Total
 and Imports
 TOPI: Sales Tax $0 $0 $0
 TOPI: Property Tax $61,000 $0 $61,000
 TOPI: Motor Vehicle License $0 $0 $0
 TOPI: Other Taxes $0 $0 $0
 TOPI: Special Assessments $0 $0 $0
 OPI: Corporate Proﬁts Tax $0 $0 $0
 Personal Tax: Income Tax $0 $0 $0 $0
 Personal Tax: Motor Vehicle License $0 $0 $0 $0



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Table 9: IMPLAN County Tax Impacts
 Tax on Production
Type Description Paying Employee Compensation Proprietor Income Households Corporations Total
 and Imports
Personal Tax: Other Tax (Fish/Hunt) $0 $0 $0 $0
Total County Tax Impacts $61,000 $0 $0 $0 $0 $61,000


Table 10: IMPLAN Sub County (Special Districts) Tax Impacts
 Employee Proprietor Tax on Production
Type Description Paying Households Corporations Total
 Compensation Income and Imports
TOPI: Sales Tax $0 $0 $0
TOPI: Property Tax $85,499 $0 $85,499
TOPI: Motor Vehicle License $0 $0 $0
TOPI: Other Taxes $29,438 $0 $29,438
TOPI: Special Assessments $9,220 $0 $9,220
OPI: Corporate Proﬁts Tax $0 $0 $0
Personal Tax: Income Tax $0 $0 $0 $0
Personal Tax: Motor Vehicle License $0 $0 $0 $0
Personal Tax: Other Tax (Fish/Hunt) $0 $0 $0 $0
Total Sub County (Special Districts) Tax Impacts $124,157 $0 $0 $0 $0 $124,157


Table 11: IMPLAN Sub County (General) Tax Impacts
 Employee Proprietor Tax on Production
Type Description Paying Households Corporations Total
 Compensation Income and Imports
TOPI: Sales Tax $713,368 $0 $713,368
TOPI: Property Tax $7,841,703 $0 $7,841,703
TOPI: Motor Vehicle License $56 $0 $56
TOPI: Other Taxes $235,327 $0 $235,327


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Burlington International Airport


 Table 11: IMPLAN Sub County (General) Tax Impacts
 Employee Proprietor Tax on Production
 Type Description Paying Households Corporations Total
 Compensation Income and Imports
 TOPI: Special Assessments $49,221 $0 $49,221
 OPI: Corporate Proﬁts Tax $0 $0 $0
 Personal Tax: Income Tax $0 $0 $0 $0
 Personal Tax: Motor Vehicle License $0 $1 $42 $42
 Personal Tax: Other Tax (Fish/Hunt) $0 $0 $0 $0
 Total Sub County (General) Tax Impacts $8,839,675 $0 $1 $42 $0 $8,839,717




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 2025 Eco
 Bur




 Burlington International Airport
 www.btv.aero

 1200 Airport Drive
 South Burlington, VT 05403
 Ph: 802-863-2874




1 R.A. Wie



 Page 66 of 143
To: Airport Commission

From: Larry Lackey, Director of Planning, Engineering and Environmental Compliance

Date: March 4, 2026

Subject: Airport Commission Construction Update

 1. Environmental Assessment (est. $.25M). The purpose of this project is to evaluate environmental
 impacts related to the mitigation of obstructions with in the aircraft approach surfaces to the
 runways. This is in follow up to the recently completed Master Plan, which includes obstruction
 identification and environmental review. Completed, working on close out documents.

 2. South Terminal Replacement Project ($73M). The purpose of this project is for overall terminal
 efficiencies and a better passenger experience. Due to increased aircraft seating existing passenger
 hold areas are overcrowded during peak times as identified in the recent Master Plan Update.
 Recently the opportunity had risen through the Airport Terminal Improvement Program (ATP) from
 the Bipartisan Infrastructure Law. We have submitted our request for full build out of this project,
 including: Demolition of the existing South Concourse; new Terminal improvements (approximately
 45,000 SF of new gross floor area on 2 levels); five (5) new aircraft gates; up to four (4) new passenger
 boarding bridges (PBB), new passenger circulation and hold rooms; future concessions space; and
 apron construction within demolished South Concourse footprint. The South Terminal Replacement
 Project will be approximately 160' farther from Taxiway A as the existing South Concourse. We were
 not selected this past year and have reapplied for FFY23 design only. We have moved forward with
 schematics and preliminary cost estimates for existing potential funding source applications. ATP
 application for funding was submitted in January.

 3. Cargo Apron Construction Project ($4.7M). The purpose of this project is to provide additional space
 for other potential cargo carry operations. Have submitted 7460-1 (Air Space Review) to FAA for this
 project. The scoping of the he project, design only has been completed with the FAA. The IFE process
 for completion before a FAA Grant Application in April has been completed. Grant Application was
 submitted on April 3, 2023. Grant has been issued, moving to finalize contract. The contract has been
 issued to Hoyle, Tanner and Associates with the design to start. It has been determined that this
 project will require additional FAA technical operations review prior to proceeding. The FAA updated
 review has been issued as favorable, and the project design is moving forward. We plan on bidding
 this project in March. Project design is complete. Working on permit applications. We anticipate we
 will apply for a grant in April of 2026 for construction.




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March 4, 2026 Airport Commission Construction Update Page 2 of 6


 4. SRE Building Design ($29M). The purpose of this project is to replace the existing out dated facilities,
 which does not meet the storage needs of the required equipment to maintain the airfield. A contract
 for study is being completed with programing and scoping moving forward. The scoping session with
 the FAA has been completed. The final scope is complete with the IFE process was completed. The
 Grant Application was submitted to the FAA. Contract has been signed with Passero Associates to
 design and bid this project. Site investigations were completed in November. The site plan is
 developed with the building design at 30%. We have had page turn of the draft plans. Applications for
 permits are being moved forward. A pre –Application meeting was held with South Burlington
 Planning and Development Staff in preparation for an upcoming DRB hearing. Permit Applications are
 being prepared. We presented to the South Burlington DRB on June 3rd. The hearing was not closed.
 There were items that needed follow up. We have followed up on these items and are scheduled back
 with the DRB on July 1, 2025. The SB DRB process has been completed. Permits have been issued. Bids
 for construction were received on January 9, 2026. We had 3 bidders. The bids are under review.

 5. FAA CIP for FY26 and next 5 years. We met with the FAA Airports Division on September 17, 2025.
 Items discussed for FFY26, cargo apron construction, SRE building construction, obstruction removal
 easements, final application to complete project NeXT, RSIP Phase 6 considering receipt of the $7.3M
 grant from OLDCC, centralized deicing and the following 5 years. We updated the CIP with these
 consideration and have received the FAA’s comments on this. We will be updating again and
 resubmitting. Submitted and Accepted.

 6. BETA – Development
 Communication and coordination with Beta on the first phase of the Electric Aircraft Assemble Facility
 and Valley West Hangar for all aspects of permitting, environmental, engineering, utilities and
 attendance at public hearing and construction meetings. The first Phase is complete. We are
 coordinating with Beta on all aspects of their new development. Currently the child care center,
 manufacturing B build permitting in moving forward with the Alia Hangar under construction.

 7. South Apron and TW G Ext. Development ($6.6). The purpose of this project is to provide much
 needed additional general aviation apron area on the airfield. Completed, working on closeout
 documents.

 8. Glycol System Upgrade (est. $3.5M). The purpose of this project is to improve the glycol system (De-
 icing). We have had additional follow up discussions with the FAA and it appears this is eligible for
 funding and is being added back into our FAA CIP. We have received and reviewed the site evaluation
 and process review scope. We brought this for Airport Commission approval last month subsequently,
 it was approved by City Council. Study is moving forward. We visited the Syracuse Airport to evaluate
 and understand the technology they were using to compare to our Portland Jetport visit. The Draft
 study has been issued and is under review by the airport team. A review session with Stantec was
 completed. We had a joint meeting last week with our consultant and our FBO Heritage Flight to get
 their input. The final report is completed. A 7460 – 1 (Siting review) has been submitted for the siting
 of the first site location for review. This has been determined to be our priority project with the most
 recent FAA CIP review. We are working on our CIP with the FAA, to see when this can be funded. Then




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March 4, 2026 Airport Commission Construction Update Page 3 of 6


 we can start scoping the project with the FAA. Awaiting sitting review response from FAA.

 9. North Terminal Improvement Project ($2.2M). The purpose of this project is for overall terminal
 efficiencies and a better passenger experience due to the completion of the TIP the north terminal will
 be upgraded to provide more capacity for passengers and concessions. This includes the removal of
 the existing north TSA station along with the removal of the existing escalators. This project is under
 design and funding is anticipated from the recent approval of the Infrastructure Law. Received Bids
 with the selected bidder being Engelberth Construction, Inc. Preparing and submitting Grant
 Application. This will become a FFY23 Project. We have received the Grant from the FAA. Construction
 is nearing completion, and should be complete by September 15th. There was a delay related to the
 glass for the new restaurant area. Construction is complete with final inspection with the FAA
 completed on 10/30/23. Project closeout in process. We have applied for an additional grant to add
 additional egress lanes in both the North and South Terminal locations. A grant application was
 submitted April 26th to the FAA. Received BOF approval to accept the Grant on June 17, 2024, City
 Council to vote on June 25, 2024. Grant has been issued for the two new egress lanes. A review of the
 issued funding is being reviewed by the airport on how much money can actually be used from the
 grant for this project. This determination is close to being resolved. Due to FAA rules this grant is being
 sent back because it does not support the full extent of this project.

 10. PROJECT NEXT: North Terminal Replacement Project and New PBB’s ($69M). The purpose of this
 project is for overall terminal efficiencies and a better passenger experience. Due to increased aircraft
 seating existing passenger hold areas are overcrowded during peak times as identified in the recent
 Master Plan Update. Recently the opportunity had risen from Senator Leahy’s office through
 Congressional Directed Spending. We have submitted our request for full build out of this project
 Phase III Terminal Improvement Project, including: Demolition of the existing North Concourse; new
 Terminal Improvement (approximately 25,000 SF of new gross floor area on 2 levels); five (5) new
 aircraft gates; six (6) new passenger boarding bridges (PBB), new passenger circulation and hold
 rooms; future concessions space; and apron construction within demolished North Concourse
 footprint. Contract for 30% design has been issues to Jacobs Engineering Group. Geo-technical site
 work has been completed. Data collection and design currently on going. We submitted to the FAA for
 a Construction Manager at Risk (CMAR) RFQ/P construction development process. We received
 approval from the FAA on this procurement process. The RFQ/P for CMAR has been advertised with a
 pre-bid meeting and site visit by prospective contractors completed. CMAR Proposals received
 reviewed and scored. Also, held interviews with the top 3 contractors. This has been scored and we
 can let you know the selected contractor at the AC meeting. As reported the CMAR selected is
 Engelberth Construction Company. The contract with our design engineer, Jacobs Engineering Group,
 is completing the 80% design to move to pricing. We received City Council approval to accept the
 Grant on March 25 for this project, as brought for your approval during our last meeting. Our CMAR is
 in the process of receiving bids for the final price for this project. The FAA asked us to submit a draft
 grant application for administrative review prior to final construction pricing to help us expedite the
 grant issuance, with them once final pricing is in. The Draft Application was completed and submitted
 on March 27. The FAA grant application was submitted on May 23. Received BOF approval to accept
 the Grant on June 17, 2024, City Council to vote on June 25, 2024. We received the Grants for this




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March 4, 2026 Airport Commission Construction Update Page 4 of 6


 project. The work has started and is ongoing the project. We submitted the NeXT Grant Application -
 3 with Contractor Change Orders to support the new passenger boarding bridges and the second floor
 renovations, on April 28, 2025. This grant was recently received. The jet bridges have been ordered
 and the bases are being set. We are working on the final grant application for items that will wrap this
 project up. This includes but is not limited to the balance of the second floor renovation, additional
 apron and heating and cooling systems. We’ll be applying for the final grant for this project by April for
 this project.

 Conceptual Renderings – North and South Terminal (concourse) Improvements




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March 4, 2026 Airport Commission Construction Update Page 5 of 6




 11. RW 15 – 33 Improvements – Mill and Overlay (15M). The project is complete, with a few minor punch
 list items to be completed. Final inspection was completed with the FAA present. We are moving this
 project to close out.

 12. Airfield Pavement Plan Update ($.25M). The purpose of this project is to update the outdated
 pavement condition report done in 2017. All surfaces will be evaluated so we can plan on future
 improvement for the safety of the aircraft users. Scoping has been completed with the FAA. We have
 completed the IFE. A Grant Application was submitted on April 3, 2023. Investigations have started,
 and the grant has been issued. Moving to finalize contract. The Contract has been issued to HTA with
 the investigations being completed. The report has been finalized. We will move to closure with this
 project.

 13. TW C/G Rehabilitation ($4.6M). The purpose of this project is to improve the pavement condition of
 the airport’s taxiway C and intersection at taxiway G. Bids were received on April 24, 2025. We
 received 2 bids. Pike Industries was the lowest most responsive bidder. The FAA Grant Application was
 submitted on April 28, 2025. Construction will begin in the spring of 2026. This grant was recently
 received. A NOA has been given to the contractor with contract being completed. Contracts have
 been issued with the Contractor with construction starting in the spring.

 14. Obstruction Removal ($0.5M). The purpose of this project is to remove potential obstructions with in
 the aircraft approach surfaces to runways 15 and 33. Environmental Assessment is almost complete
 with the scoping session with the FAA to be scheduled. FAA Grant Application is pushed back to May
 1, 2026. This is due to a review of our existing easement and a determination if others may be




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March 4, 2026 Airport Commission Construction Update Page 6 of 6


 required Construction will begin as soon after grant is issued as possible taking into environmental
 conditions. We completed the scoping session with the FAA on the easement and obstruction removal
 support services.

 15. Runway 33 Threshold Bar Improvement Project ($.25M). The purpose of this project is to remove the
 damaged navigational aid, replace the lights and rings, and place a quick dry durable concrete for a
 longer term fix. This project has been completed and the FAA flight check completed. Closeout will be
 completed with the RW 15-33 Project.

 16. VTANG Arrester Cable Drainage (Stormwater) Project ($1.5M). This project involves repairing and
 modifying the existing Aircraft Arresting Systems (AAS), which are safety mechanisms designed to
 rapidly decelerate aircraft during landings or takeoffs by catching the aircraft with cables or barriers.
 The improvements will include upgrading the drainage system by adding infiltration galleries and
 connecting it to the existing stormwater system, ensuring continued compliance with state and
 federal stormwater regulations. Enhancements include upgrading the sump pump capabilities to
 establish redundant drainage functions in each barrier pit, updating the control system for flood-level
 monitoring, and relocating the Arresting Gear Markers. The AAS at Leahy BTV are the only functioning
 systems for this installation and are critical to operations. This project is being completed concurrently
 with the Runway 15 – 33 Rehabilitation Project. The project was bid. Engineers Construction, Inc. (ECI)
 was selected to complete this work. We have a signed contract from ECI and have received final
 documents from VTANG. The contract has been executed by the Airport. The project is complete,
 with a few minor punch list items to be completed. Final inspection was completed with VTANG
 present. We are moving this project to close out.




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Patrick Leahy Burlington International Airport
 Board of Commissioners
 Residential Sound Insulation Program
 Update Report
 March 4, 2026
 ADDITIONAL INFORMATION IS UPLOADED TO WWW.BTVSOUND.COM

 BACKGROUND:

 Residential Sound Insulation Programs:
 The purpose of the project is to convert a sample of incompatible residential units to a compatible land
 use by installing an acoustical treatment package which will provide relief from aircraft noise by
 upgrading interior living areas. Upgrades may include replacement of windows and doors with
 acoustically rated products and installation or upgrade of ventilation systems. The sound insulation
 treatments are designed to reduce the interior noise levels to below 45 DNL and provide a minimum
 noise level reduction of 5dB.

 PHASES OF THE RESIDENTIAL SOUND INSULATION PROGRAM (RSIP)

 1. Sound Insulation Pilot Project (Phase 1) ($1.5M). This Program includes: Program formulation,
 Home eligibility determination, project schedule for this Phase 1 portion included 9 properties,
 and construction improvements are substantially complete. Received Grant Amendment.
 Awaiting Closeout documentation and final payout from the FAA.

 2. Residential Sound Insulation Project - Phase 2 ($2.20M) The purpose of the project was to
 convert incompatible residential units to a compatible land use by installing an acoustical
 treatment package which will provide relief from aircraft noise by upgrading interior living areas
 as defined in the Phase 1 project and the Noise Compatibility Program. The Airport continued
 implementation of its Residential Sound Insulation Program (RSIP). This grant included:
 community outreach, historic review, design and bidding of 52 homes, noise reduction of 6




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 Page 2 of 4


 homes which construction improvements were substantially completed and close out is
 ongoing with the contractor. Properties were located within the 70+ DNL FAA accepted 2023
 noise contours. The installation of noise reduction materials for the 5 properties was
 completed. Materials were purchased for the 6th property however the homeowner left the
 area. It will be completed with the next phase of homes. The close out is completed with the
 contractor. Moving to closure.

3. Residential Sound Insulation Project - Phase 3 ($6.2M). The Airport is continued
 implementation of its Residential Sound Insulation Program (RSIP) as described in more detail
 above. This grant was issued and includes: the construction improvements of the 52 Homes
 designed and bid in Phase 2, in addition it provides for community outreach, historic review,
 design and bidding of the next approximately 50 homes for improvements. The schedule for
 installing the noise insulating improvements for the 52 homes started in 2024. The Construction
 Improvements has started on this phase of homes and will continue through September 2025
 Punch list items were completed in January 2026. Moving to Closure.

4. Residential Sound Insulation Project - Phase 4 ($3.9M EST.). The Airport is proposing to
 continue implementation of its Residential Sound Insulation Program (RSIP) as described in
 more detail above. We are currently reviewing the status of the programing and will be able
 to detail this in our next month’s airport commission meeting. The initial grant for 16 of the 50
 homes for construction improvements was submitted grant was received from the FAA. Also in
 the grant was the funding for the next 50 homes. As discussed we are completing the required
 new acoustical testing for the balance of the 50 homes so we can do a follow grant application
 on those homes. (See update above) The Buy American process moving forward but awaiting
 grant for the 16 homes. We received the grant for this phase however; the amount ($)’s was
 slightly less than what the application was. Based on instructions from the FAA we will leave the
 scope intact for this project and just amend the grant during closure. The Contact with Strong
 Tower to start construction improvements has been signed. The Construction Improvements
 has started on this phase of homes and will continue through December 2025. Punch list items
 were completed in January. Moving to Closure.

5. Residential Sound Insulation Project - Phase 5 ($2.4M EST.). The Airport is proposing to
 continue implementation of its Residential Sound Insulation Program (RSIP) as described in the
 first paragraph in this report. It includes the construction improvements of 6 units that remain
 in the above 70 DNL contour. Also, due to the change in the FAA acoustical requirement
 additional funding is being requested for homes in outreach from Phase 4. We submitted a grant
 application to the FAA on April 28, 2025 for this phase. The grant was just recently issued.
 Contract documents and submittals are in progress. The Pre-Construction meeting held with
 the FAA. Construction to start in the spring.




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 Page 3 of 4




6. Noise Exposure Map Updates (NEM) (est. $.85M). The purpose of the Federal Aviation
 Administration (FAA) grant is to prepare a 14 C.F.R Part 150 Noise Exposure Map (NEM) update
 for Patrick Leahy Burlington International Airport (Leahy BTV). The NEM Update replaced the
 maps which were accepted by the FAA in 2019. Under the Federal requirements, the previous
 NEM Update indicated an update would be completed once the F-35A aircraft have been
 operational for one year. This project is complete and we are moving it to closure.




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 Page 4 of 4



7. Residential Sound Insulation Project “Construction” – OLDCC (DOD) ($8.1M EST.). We received
 this grant funding and will provide further update during the October meeting. Communication
 has resumed with the OLDCC office. Design has started on the projected homes.

8. Residential Sound Insulation Project - Phase 6 (TBD). The Airport is proposing to continue
 implementation of its Residential Sound Insulation Program (RSIP) as described in the first
 paragraph in this report. With the OLDCC award we are currently planning our approach for
 the FAA 2026 grant application season. This will include the Construction Administration and
 Resident Project Representative for the OLDCC construction and preparation for a full
 construction grant application in the next round.




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Page 81 of 143
 PATRICK LEAHY
  BURLINGTON INTERNATIONAL AIRPORT
 FINANCIAL STATEMENTS
(An Enterprise Fund of the City of Burlington, Vermont)




 Page 82 of 143
AS OF AND FOR FISCAL YEARS ENDED
 June 30, 2025 and 2024




 Page 83 of 143
 Patrick Leahy Burlington International Airport
 (An Enterprise Fund of the City of Burlington, Vermont)


 Table of Contents
 Page

Independent Auditors’ Report 1

Management’s Discussion and Analysis 4

Basic Financial Statements:

 Statement of Net Position 15

 Statement of Revenues, Expenses, and Change in Net Position 17

 Statement of Cash Flows 18

 Notes to the Financial Statements 20

Required Supplementary Information:

 Pension:

 Schedule of Proportionate Share of the Net Pension Liability 42

 Schedule of Pension Contributions 43

 OPEB:

 Schedule of Proportionate Share of the Total OPEB Liability 44




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Passenger Facility Charge:

 Independent Auditors’ Report on Compliance with Requirements of
 the Passenger Facility Charge Program; Report on Internal Control Over
 Compliance; and Report on the Schedule of Passenger Facility
 Charges Required by the Federal Aviation Administration
 Passenger Facility Charge Branch 45

 Schedule of Passenger Facility Charges 48

 Schedule of Findings and Questioned Costs 49




 Page 85 of 143
 CBIZ CPAs P.C.

 9 Executive Park Drive
 Suite 100
 Merrimack, NH 03054

 P: 603.882.1111


 Independent Auditors’ Report



To the Honorable Mayor, City Council
 And Burlington Airport Commission
City of Burlington, Vermont


Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of the Patrick Leahy Burlington International Airport (the
“Airport”), of the City of Burlington, Vermont (the “City”), as of and for the year ended June 30, 2025,
and the related notes to the financial statements, which collectively comprise the Airport’s basic financial
statements as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the financial position of the Airport, as of June 30, 2025, and the changes in its financial position
and its cash flows for the year then ended in accordance with accounting principles generally accepted in
the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (“GAAS”) and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States (“Government Auditing Standards”).
Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the
Audit of the Financial Statements section of our report. We are required to be independent of the Airport
and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating
to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.

Emphasis of Matter

As discussed in Note 1, the financial statements of the Airport are intended to present the financial
position, changes in financial position and cash flows of only that portion of the business-type activities
of the City that is attributable to the transactions of the Airport. They do not purport to, and do not, present
fairly the financial position of the City, as of June 30, 2025, the changes in its financial position, or where
applicable, its cash flows for the year then ended in accordance with accounting principles generally
accepted in the United States of America. Our opinion is not modified with respect to this matter.


 CBIZCPAS.COM
 1

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Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing
Standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we

• exercise professional judgment and maintain professional skepticism throughout the audit.

• identify and assess the risks of material misstatement of the financial statements, whether due to
 fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
 include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
 statements.

• obtain an understanding of internal control relevant to the audit in order to design audit procedures
 that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
 effectiveness of the Airport’s internal control. Accordingly, no such opinion is expressed.

• evaluate the appropriateness of accounting policies used and the reasonableness of significant
 accounting estimates made by management, as well as evaluate the overall presentation of the
 financial statements.

We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.

Prior Period Financial Statements

The financial statements of the Patrick Leahy Burlington International Airport as of and for the year ended
June 30, 2024 were audited by Marcum LLP, whose report dated January 24, 2025, expressed an
unmodified opinion on those statements.




 2

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Required Supplementary Information

Accounting principles generally accepted in the United States of America require that Management’s
Discussion and Analysis, and certain Pension and OPEB schedules be presented to supplement the basic
financial statements. Such information is the responsibility of management and, although not a part of the
basic financial statements, is required by the Governmental Accounting Standards Board who considers
it to be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with GAAS, which consisted of inquiries of management about
the methods of preparing the information and comparing the information for consistency with
management's responses to our inquiries, the basic financial statements, and other knowledge we obtained
during our audit of the basic financial statements. We do not express an opinion or provide any assurance
on the information because the limited procedures do not provide us with sufficient evidence to express
an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards

In accordance with the Government Auditing Standards, we will issue our report on our consideration of
the City of Burlington, Vermont’s (“the City’s”) internal control over financial reporting and on our tests
of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the City’s internal control over financial reporting and on compliance. That report is an
integral part of an audit performed in accordance with the Government Auditing Standards in considering
the City’s internal control over financial reporting and compliance.




Merrimack, NH
February 23, 2026




 3

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MANAGEMENT’S DISCUSSION AND ANALYSIS
AS OF JUNE 30, 2025 AND 2024




Within this section of the Patrick Leahy Burlington International Airport’s (the Airport) annual
financial report, management provides a narrative discussion and analysis of the financial activities
for the years ended June 30, 2025 and 2024. The Airport’s performance is discussed and analyzed
within the context of the accompanying financial statements and note disclosures following this
section.

Overview of the Financial Statements

This discussion and analysis is intended to serve as an introduction to the basic financial state-
ments. The basic financial statements include (1) the Statement of Net Position, (2) the Statement
of Revenues, Expenses, and Change in Net Position, (3) the Statement of Cash Flows, and
(4) Notes to the Financial Statements.

The Statement of Net Position is designed to indicate our financial position as of a specific point
in time. At June 30, 2025, it shows our net position of $260,179,160, a change of $26,605,441
from June 30, 2024. At June 30, 2024, it shows our net position of $233,573,719, a change of
$10,779,505 from June 30, 2023.

The largest portion of net position, $212,443,758 and $192,124,116 at June 30, 2025 and 2024,
respectively, reflects our net investment in capital assets (e.g., land, buildings, machinery, and
equipment); less any related debt used to acquire those assets that is still outstanding. This portion
of net position increased by $20,319,642 and $1,213,428 in the years ending June 30, 2025 and
2024, respectively. Net investment in capital assets increased primarily from the acquisition of
capital assets from AIP Grants less depreciation expense exceeding the debt service principal
payment during the fiscal years.




 4

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An additional portion of net position of $21,126,199 and $21,293,388 at June 30, 2025 and 2024,
respectively, represents resources that are subject to external restrictions on how they may be used
(restricted net position). This portion of net position decreased by $167,189 for the year ending June
30, 2025 primarily from the decrease in the restricted PFC cash balance. This portion of net position
increased by $1,213,428 for the year ending June 30, 2024 primarily from the increase in the restricted
PFC cash balance.

The remaining balance, or unrestricted net position, was $26,609,203 and $20,156,215 at June 30,
2025 and 2024, respectively. This portion of net position increased by $6,452,988, or 32% for the
year ending June 30, 2025 and by $1,806,134, or 10% for the year ending June 30, 2024.

The Statement of Revenues, Expenses, and Change in Net Position summarizes our operating results
and reveals how much, if any, of a profit was earned for the year. As discussed in more detail
below, our change in net position was $26,605,441 and $10,779,505 for the years ending June 30,
2025 and 2024, respectively. There are two significant components of this change. The first is the
net loss before capital contributions of ($5,021,879) and ($4,961,130) for the years ending June
30, 2025 and 2024, respectively. The second component is the recognition of the capital
contributions received from the Federal Aviation Administration (FAA) for capital improvements
of $28,767,663 and $13,163,060 for the years ending June 30, 2025 and 2024, respectively.
Collectively, these two components account for the net increase in net position. The Airport
received significant stimulus grants under the Coronavirus Aid, Relief and Economic Security Act
(CARES Act) $8.7M, Coronavirus Response and Relief Supplemental Appropriations Act
(CRRSA) grant $4.04M and the American Rescue Plan Act (ARPA) grant for $7.6M since 2020.
The Airport used $2,534,826 and $1,247,428 of the stimulus grant funds to cover fiscal year 2025
and 2024 operating expenditures, respectively.




 5

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Financial Highlights:

The following is a summary of condensed financial data for the current and prior fiscal year.

 Summary of Net Position (000s)
 2025 2024 2023

Assets:
 Current and other assets $ 63,330 $ 59,941 $ 58,326
 Capital assets 249,975 225,674 218,793
Total Assets 313,305 285,615 277,119
Deferred Outflows of Resources 750 977 863
Total Assets and Deferred
 Outflows of Resources $ 314,055 $ 286,592 $ 277,982
Liabilities:
 Current and other liabilities $ 16,017 $ 9,045 $ 6,016
 Long-term liabilities 26,395 29,635 32,981
Total Liabilities 42,412 38,680 38,997
Deferred Inflows of Resources 11,464 14,338 16,191
Net Position:
 Net investment in capital assets 212,444 192,124 184,364
 Restricted 21,126 21,294 20,080
 Unrestricted 26,609 20,156 18,350
Total Net Position 260,179 233,574 222,794
Total Liabilities, Deferred Inflows
 of Resources, and Net Position $ 314,055 $ 286,592 $ 277,982




 6

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 Summary of Change in Net Position
 2025 2024 2023
Revenues $ 23,798 $ 22,959 $ 22,591
 Operating expenses (31,768) (29,540) (24,866)
  Operating loss (7,970) (6,581) (2,275)
Nonoperating Revenues (Expenses)
 Other revenue 3,915 5,571 5,663
 Other expenses (967) (1,373) (1,252)
Total Non-Operating Revenues and Expenses, Net 2,948 4,198 4,411
Net Income Before Capital Contributions (5,022) (2,383) 2,136
  Capital contributions - grants 31,627 13,163 8,771
Change in Net Position 26,605 10,780 10,907
Beginning Net Position 233,574 222,794 211,887
Ending Net Position $ 260,179 $ 233,574 $ 222,794


Operating revenues changed by $839,249 and $368,212 for the years ending June 30, 2025 and 2024,
respectively, an increase of 3.6% in 2025 and 1.6% in 2024. The biggest increases in revenues occurred
in parking garage and landing fee revenues in 2025. The biggest increases in revenues occurred in
parking garage revenues, car rental concessions, and terminal concessions in 2024. Additional
discussion for this change can be found in the Revenues section of this MD&A.

Operating expenses changed by $2,227,750 in 2025 and $4,673,917 in 2024, an increase of 7.5% in
2025 and 18.8% in 2024. This change in 2025 and 2024 is mostly attributed to the increases in
depreciation, professional contracts, salaries and benefits, utilities, and increases in repairs and
maintenance costs. This also includes FAA non-capitalized operating grants such as the residential
sound insulation programs.

Capital Assets:

Capital Assets - Net capital assets changed by $24,301,206 in 2025, the difference between current
year additions, net of CIP reclassification of $7,647,338 and annual depreciation expense of
$8,036,241. Net capital assets changed by $6,880,407 in 2024, the difference between current year
additions, net of CIP reclassification of $5,410,820 and annual depreciation expense of $8,149,622.




 7

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Significant capital asset additions for the years ending June 30 include:

 2025 2024
 $ 23,371,003 $ 2,504,842 North Terminal Concourse Replacement
 $ 5,173,961 $ 551,854 Runway 15-33 Mill & Overlay
 $ 413,547 $ 2,642,216 Taxiway A Mill & Overlay
 $ 122,326 $ 625,197 Taxiway A Mill & Overlay Taxiway C Intersecti
 $ 54,267 $ 4,092,442 South Apron Construction
 $ - $ 920,589 Terminal Apron Phase 7, part 2 & 3
 $ - $ 516,244 Passenger Boarding Bridge
 $ - $ 508,118 North Terminal Renovation

Additional information on capital assets can be found in the Notes to the Financial Statements.

Long-Term Debt:

Long-Term Debt – At June 30, 2025 and 2024, total bonded debt outstanding, including
unamortized premiums, was $20,360,595 and $23,360,599, respectively, all of which was backed
by the full faith and credit of the City of Burlington, Vermont.

In December 2024, Moody’s Investors Service (Moody’s) upgraded the Airport’s bond rating from
Baa2 to Baa1. The upgrade to Baa1 reflects strong utilization rates, sound core financial metrics and
robust cost-recovery framework relative to its established airline agreement. The report also praised
the airport’s liquidity – over 300 days of cash on hand and manageable capital investment program
funded largely by federal grants. Moody’s affirmed this rating on August 28, 2025.

Likewise, on September 19, 2018, Fitch Ratings (Fitch) upgraded the Airport’s bond rating from
BBB– to BBB with a stable outlook. On April 9, 2020, Fitch affirmed the BBB rating and revised
the outlook to negative due to the COVID-19 uncertainty. On March 5, 2022, Fitch Ratings
affirmed the BBB rating and upgraded the outlook to stable due to revenues and enplanements
recovering strongly. Fitch affirmed this rating last on March 14, 2024.

No new Airport bonds were issued during fiscal year 2025. The Airport issued $10.635 million in
Airport Revenue Refunding Bonds, Series 2022A in June 2022. The bonds were callable and the
Airport was able to take advantage of interest rate savings on future debt payments.

Additional information on long-term debt can be found in the Notes to the Financial Statements.

Historical Airport Operating and Financial Performance

The City of Burlington, Vermont (the City) accounts for the financial operations of the Airport as
an enterprise fund. On an annual basis, the Airport has historically generated revenues sufficient
to pay its operating expenses, to meet its bond debt service, and to fund a portion of its capital
expenses. The rate covenant requires the Airport to generate annual revenues, net of operating
expenses, of no less than 1.25 times debt service, and sufficient to meet all funding requirements



 8

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for the Airport’s accounts under the resolution. The City has paid all bond debt service and other
financial obligations timely and in full. The Airport debt coverage score for FY 2025 was 1.95 and
2.02 with additional Passenger Facility Charges (PFC’s) as allowed.

Revenues

The Airport derives its revenues from a variety of sources, including terminal revenues, parking,
landing fees, car rentals, concessions, and rentals of buildings and grounds. It has also applied for
and been granted permission by the FAA to charge and collect PFCs for qualified capital expend-
itures and certain debt service.

The following table shows each of these revenue items since fiscal year 2021:

Historical Revenues (000s) Fiscal Year Ended June 30
 2021 2022 2023 2024 2025
Airline Revenues
 Terminal Revenues $ 2,828 $ 2,844 $ 2,836 $ 2,688 $ 2,702
 Landing Fee Revenues 829 1,702 2,006 1,864 2,350
Total Airline Revenues 3,657 4,546 4,842 4,552 5,052

Non-Airlines Revenues
  Parking Lot/Garage 1,642 5,523 6,935 7,146 7,776
  Car Rental Concessions 1,303 2,836 3,294 3,668 3,737
  Terminal Concessions 317 430 393 676 807
  Terminal Non-Airline Rent 632 628 756 840 576
  Building and Ground Rent 1,387 1,659 1,736 1,557 1,437
  Other Non-Airline Revenues 3,129 2,748 2,580 2,392 2,221
Total Non-Airline Operating Revenues 8,410 13,824 15,694 16,279 16,554
CFC Revenues 488 1,723 2,396 2,128 2,192
Total Operating Revenues $ 12,555 $ 20,093 $ 22,932 $ 22,959 $ 23,798
Y-O-Y Operating revenue Growth 60.0% 14.1% 0.1% 3.7%

PFC Revenues $ 936 $ 2,283 $ 2,573 $ 2,578 $ 2,860


Terminal Revenues and Landing Fees

Terminal revenues and landing fees are paid by the airlines that operate at the Airport. Such fees
are calculated pursuant to the airport airline agreements. The Airport has established five airport
cost centers in order to fairly allocate Airport operating costs among the airlines and other tenants.
The airlines signed the new airline agreements during FY 2017. American Airlines, United, Delta,
and Jet Blue all signed the agreements and are considered signatory airlines. The new airline
agreement, which is a residual method contract, outlines the airline rates and charges methodology
which were in effect from July 1, 2016 through June 30, 2021 and is continuing on a monthly
basis. This five-year residual airline agreement provides strong and timely cost recovery. In 2022,
Sun Country began service at the Airport. Jet Blue ended service to the Airport in January 2024.
Breeze Airways began service in January 2024 bringing direct flight to several Florida



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destinations. Additionally, Frontier returned to the Airport in December 2024 also serving the
Florida market. Lease discussions are on-going.

Parking

Current parking fees in the garage are $12 per day. Parking rate increased to $14 per day in July
2025. Parking revenues represented approximately 32.7% of the Airport’s total operating revenue
in fiscal year 2025, with an increase of 3% from the previous year. This follows multiple years of
substantial growth. This increase was due to higher numbers of passengers flying in and out of the
Airport.

Car Rental Facilities

Car rental revenues represented approximately 16% of the Airport’s total operating revenue in
fiscal year 2024. Car rental revenues increased 11.4% from the previous year, again due to higher
numbers of passengers flying in and out of the Airport. Car rental facilities occupy office and
counter space within the terminal building adjacent to the luggage receiving area. In the fall of 2015,
the Airport finalized car rental concession agreements with Avis/Budget, Hertz, Dollar, Enterprise,
National/Alamo, which are in effect through June 30, 2026. All existing car rental companies
continued providing service at the Airport and signed the new five-year agreement.

In addition to terminal space, the rental car companies also occupy the second floor north of the
parking garage and an onsite car wash facility immediately north of the FAA control tower.
$285,253 of the collected CFCs were utilized to support the operating expenses of the garage, per
the car rental agreements. CFC’s of $456,417 covered garage expansion bond debt payments. The
City allocated $345,015 of the CFC charges collected to pay for the lease financing and costs of a
consolidated quick turnaround car wash/return facility (QTA) which replaced the existing facility.
This new facility will also provide the airport with an opportunity for an additional revenue stream
in the form of land lease and transactions fees. The QTA opened in October 2021. CFCs contributed
$210,075 during fiscal year 2025 for QTA operational costs.

Terminal Concessions

Terminal concessions, such as food vendor Skinny Pancake, and gift/necessities vendors, such as
Hudson News and other similar establishments, provide a variety of services for passengers, visitors,
and employees at the Airport. Skinny Pancake, a local restaurant with three locations at the Airport,
and newly expanded Hudson News facilities opened in fiscal year 2013. Food concession revenues
increased by 19.4% for fiscal year 2025 due to the Airport having significantly more passengers
flying in and out of the Airport than fiscal year 2024. Terminal concession revenues represented
approximately 3.4% or $806,664 of the Airport’s total operating revenue in fiscal year 2025.

Buildings, Grounds, and Airfield Concession Revenues

Building and ground rent and airfield concession revenues (“Other Non-Airline Revenues”) include
revenue from certain parcels within the existing Airport footprint that have been rented to firms




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such as Federal Express, Pratt & Whitney, Betta Technologies and Heritage, as well as hangar and
facility rentals from cooperatives using the Airport for general aviation.

Buildings, grounds, and airfield concession revenues represented approximately 6% of the Airport’s
total operating revenue in fiscal year 2025. These revenues decreased slightly from the previous
year.

Other Revenue

Other revenues include federal operating grants, interest income, administrative fees, and tenant
reimbursements. The tenant reimbursement component relates to property tax and casualty insur-
ance assessments. Changes to this miscellaneous income are primarily affected by fees assessed
by third party agencies.

Passenger Facility Charges

The Airport has applied for and received authorization from the FAA to impose and collect PFCs
to fund many of the capital improvements it has initiated since 1997. In fiscal year 2025, the
Airport received $2,859,657 in PFC revenues. $1,005,221 was used to pay a portion of bond debt
service attributable to authorized PFC projects and were included as part of the bond refinancing
in April 2021 Series A. In June 2022 the FAA approved the airport’s PFC application #8 to pay for
snow equipment leases as well as the local share of numerous FAA grants. In March 2025, the
FAA approved the airport’s PFC application #9 to pay for snow equipment leases as well as the
local share of numerous FAA grants. The airport received $2.2 million in 2025 under this
application.

As of June 30, 2025, the Airport had approximately $8.5 million on deposit in the PFC revenue
account, which is adequate to pay for the PFC projects being financed with Airport revenue bonds.
The Airport expects to continue to apply for authority to impose and collect PFCs for future
projects under applicable FAA regulations. The Airport is submitting another PFC application due
to the FAA in April 2026.

Expenses

The Airport’s expenses include typical expense categories covering airport operations. One expense
that is not paid for by the Airport is the aircraft rescue and firefighting services that are provided
by the VT Air National Guard (VTANG) as part of its lease with the Airport, saving the Airport
approximately $4 million annually. VTANG’s lease was recently extended to the year 2073.

Salaries and benefits increased 12.3% in fiscal year 2025. This is due to contractual costs of living
increases, higher benefits costs and adding new Airport positions. Service contracts represent third-
party maintenance and other non-capital projects. This City interdepartmental expenses are the
amounts reimbursed by the Airport to the City for financial, legal, and other necessary services the
City provides to support the operations of the Airport.




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Recent Financial Performance

Airport net revenue was determined to have been above the rate covenant requirement of 1.25× of
debt service in fiscal years 2011 through 2021. For fiscal year 2022 and 2023, the debt coverage
calculation was not applicable. The Airport refinanced the fiscal year 2022 revenue bond principal
and interest payments with the 2021 Series A revenue bond. Therefore, the Airport did not have to
pay debt service using Airport funds in 2022 and only interest was paid in 2023. Principal and
interest payment resumed in fiscal year 2024. The Airport’s FY 2024 debt coverage score was 1.80.
This included stimulus grant revenues. Operation and maintenance expenses, and other obligations
of the Airport were fully and timely paid in each of those years.

The financial health and performance of the Airport is taken very seriously by the City, the Airport
Commission, and Airport management. Significant attention has been devoted to improving the
Airport’s financial operations in the past several years, including increasing non-airline dependent
revenues and maintaining debt service coverage in accordance with the requirements of the resolution.

The outbreak of the Coronavirus pandemic primarily impacted the last four months of fiscal year
2020, and impacted the Airport for several years. The entire travel industry was greatly affected
with travel being significantly reduced for the time being. The FAA recognized this and responded
by issuing CARES ACT grants to airports. The Airport received an $8.7 million CARES ACT
grant in May 2020. In the spring of 2021, the FAA awarded the Airport at $4.04 million CRRSA
grant. Additionally in December 2021 the Airport received $7.6 million under the ARPA grant.
The Airport used $2.5 million in stimulus grant monies to cover fiscal year 2025 operating
expenses.

The Airport also has a strong contractual relationship with its airline partners and is renegotiating
an updated airline agreement to incorporate the latest terminal square footage as well as updated
methodologies for calculating rates and charges. The airline lease sets the precedent for the
methodology used to establish rates and charges, including landing fees, apron fees, and terminal
rental rates. This basic methodology is referred to as a residual calculation giving greater risk to
the airlines, while providing a sustainable financial future for the airport.

In future fiscal years, as was done in fiscal years 2011-2025, the Airport expects to employ a
portion of its PFC revenues in its coverage calculations, consistent with current FAA regulations
as to the use of these revenues. In fiscal year 2025, the City continued to hold Airport funds in
segregated accounts and use such revenues only for Airport purposes, including reimbursing the
City for shared services and for payroll, payables, and capital expenditure draws covered by the
City on an interim basis, in accordance with FAA regulations. PFC revenues will continue to be
deposited to a segregated PFC fund and used exclusively for projects approved for their use by the
FAA, including the payment of debt service allocable to such projects.

The City and the Airport are continuing to carefully review any opportunity to increase revenues
and decrease expenses. The Airport continually evaluates smart ways to increase non-airline revenues
to help balance rates and charges billed to the Airlines. All expiring leases are being viewed as
opportunities to improve the facility and increase rental revenue. The Airport also is continuing to
request reimbursement (through the PFC program) for certain local matching amounts that the City



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contributed to the FAA approved projects. The local AIP share was $3,070,762 in fiscal year 2025.
Grants issued in fiscal year 2022 through 2025 are typically 90% federally funded and 10% local
share match.

It is the goal of these initiatives to (i) provide additional transparency in the handling of Airport
funds; (ii) ensure timely and proactive responses to any unusual or unexpected financial events with
respect to the Airport. Additionally, negotiated into the new airline agreement is the requirement
that the airport debt coverage ratio will be 1.5X of debt service. The agreement allows the Airport
to increase rates to meet this ratio. The debt covenant requirement of net revenues to be 1.25% of
debt service. The airport was able to exceed the bond requirement, through fiscal year 2021. Due
to refinanced debt mentioned above, the debt covenant calculation score was not applicable for
fiscal year 2022 or 2023. In Fiscal year 2024, the debt coverage score was calculated. The
calculation is shown below. For purposes of the Revenue bond calculation, federal Simulus grant
funds are added to total operating revenues. However, the airline agreement excludes federal grant
revenues from operating revenues, and therefore results in a 1.34 debt coverage score under that
agreement.

We believe this presentation tells our most accurate success story from fiscal years 2021 through
2025.

From FY 2021 to 2025 (000s)
 2021 2022 2023 2024 2025
Revenues $ 16,763 $ 21,371 $ 22,655 $ 23,784 $ 25,651
O&M Expenses (as defined) 12,943 14,625 16,559 18,088 19,398
Net Revenues (as defined) $ 3,820 $ 6,746 $ 6,096 $ 5,696 $ 6,253

PFC Revenues Available for DS $ 1,128 $ 948 $ 156 $ 1,005 $ 1,005

Funds Available for DS $ 4,948 $ 7,694 $ 6,252 $ 6,701 $ 7,258
25% PFC Revenue for DS coverage 282 237 39 251 251
Adjusted funds Available for DS $ 5,230 $ 7,931 $ 6,291 $ 6,952 $ 7,509

Debt Service $ 3,605 $ 546 $ 1,127 $ 3,721 $ 3,721
Debt Service Coverage 1.37 n/a n/a 1.80 1.95
Adjusted Debt Service Coverage 1.45 n/a n/a 1.87 2.02


The rate covenant calculation for fiscal year 2025 was 1.95.

The rate covenant calculation for fiscal year 2023 was not applicable. Due to the bond refundings
(2022 Series A) no principal payments were owed during the fiscal year. Only interest was incurred
in fiscal year 2023. Principal and Interest payments resumed in fiscal year 2024.




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Liquidity

The following table reflects changes to the Airport’s liquidity since fiscal year 2021:

Liquidity Position (000s) Fiscal Year Ended June 30

Cash and Investment balances 2021 2022 2023 2024 2025

Unrestricted cash $ 3,342 $ 8,230 $ 9,991 $ 9,500 $ 11,367

O&M Reserve 4,532 4,931 5,447 5,531 5,618
Renewal and Replacement Reserve 200 200 200 200 200
 1
PFCs 6,783 6,075 7,223 8,472 8,046
PFC Rolling Coverage 492 492 492 492 492
Debt Service Reserve Fund 3,840 3,386 3,358 3,396 3,417
 2
Bond Debt Service Reserve 191 77 3,360 3,203 3,353
Total cash and investments $ 19,380 $ 23,391 $ 30,071 $ 30,794 $ 32,493
 1
 As a result of refunding during certain years, our debt service requirements decreased, thereby
 providing for an increase in our year-end PFC cash position.
 2
 Represents 1/6 Interest and 1/12 Principal Payments




The current year increase in cash and investments of $0.7 million is primarily due to increases in
the PFC account.


 Requests for Information

This financial report is designed to provide a general overview of the Patrick Leahy Burlington
International Airport’s finances for all those with an interest in the Airport’s finances. Questions
concerning any of the information provided in this report or requests for additional financial infor-
mation should be addressed to:

 Office of Clerk/Treasurer
 City of Burlington, City Hall
 149 Church Street
 Burlington, VT 05401




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 CITY OF BURLINGTON, VERMONT

 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT
 STATEMENT OF NET POSITION
 JUNE 30
 2025 2024
Assets
Current:
  Cash and cash equivalents $ 11,367,125 $ 9,500,497
  Escrow 560,000 -
  Accounts receivable 1,991,615 1,544,625
  Intergovernmental receivables 15,070,872 11,922,183
  PFC receivables 492,246 498,226
  Loan receivable, current portion 91,676 88,970
  Inventory 365,983 418,100
  Prepaid expenses 66,456 103,386
  Leases receivable 2,657,422 2,733,140
  Due from City of Burlington 200,000 -
 Total current assets 32,863,395 26,809,127
Noncurrent:
  Restricted cash 17,735,579 17,909,254
  Restricted short-term investments for debt service reserve 3,390,620 3,384,134
  Leases receivable, noncurrent portion 9,024,645 11,746,769
 Receivable from the City of Burlington 317,500 -
 Loan receivable, noncurrent portion - 91,675
 Land and construction in progress 114,553,754 89,722,366
 Capital assets, net of accumulated depreciation/amortization 135,420,996 135,951,178
 Total noncurrent assets 280,443,094 258,805,376
Total Assets 313,306,489 285,614,503

Deferred Outflows of Resources
  Pension related 650,798 829,103
  OPEB related 99,060 148,021
Total Deferred Outflows of Resources 749,858 977,124
Total Assets and Deferred
  Outflows of Resources $ 314,056,347 $ 286,591,627

 (continued)




 The accompanying notes are an integral part of these financial statements.

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 CITY OF BURLINGTON, VERMONT

 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT
 STATEMENT OF NET POSITION

 JUNE 30

 2025 2024
(continued)

Liabilities, Deferred Inflows of Resources, and
  Net Position
Liabilities
Current:
  Accounts payable $ 12,298,858 $ 6,219,783
  Retainage payable 3,000,957 969,847
  Accrued liabilities 96,603 81,192
  Accrued interest 444,826 504,411
  Unearned revenue 173,627 262,119
  Grant anticipation note - 1,005,305
  Other liabilities 2,597 2,597
  Current portion of:
 Revenue bonds payable 3,084,618 3,000,004
 Leases payable 198,883 195,711
 Equipment notes payable 465,871 464,543
 Accrued employee compensated absences 313,734 350,751
 Total current liabilities 20,080,574 13,056,263
Noncurrent:
  Revenue bonds payable, net of current portion 17,275,977 20,360,595
  Leases payable, net of current portion 917,682 1,115,546
  Equipment notes payable, net of current portion 946,354 897,732
  Net pension liability 2,939,932 2,973,360
  Total OPEB liability 252,262 276,606
 Total noncurrent liabilities 22,332,207 25,623,839
Total Liabilities 42,412,781 38,680,102
Deferred Inflows of Resources
  Pension related 86,255 39,138
 OPEB related 135,397 141,008
 Lease related 11,242,754 14,157,660
Total Deferred Inflows of Resources 11,464,406 14,337,806
Net Position:
  Net investment in capital assets 212,443,758 192,124,116
  Restricted 21,126,199 21,293,388
  Unrestricted 26,609,203 20,156,215
Total Net Position 260,179,160 233,573,719
Total Liabilities, Deferred Inflows
  of Resources and Net Position $ 314,056,347 $ 286,591,627

 The accompanying notes are an integral part of these financial statements.

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 CITY OF BURLINGTON, VERMONT

 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT
 STATEMENT OF REVENUES, EXPENSES, AND CHANGE IN NET POSITION

 FOR THE YEARS ENDED JUNE 30




 2025 2024
Operating Revenues
 Airline terminal revenues $ 2,701,815 $ 2,688,163
 Landing fee revenues 2,349,878 1,864,116
 Parking fees 7,775,858 7,145,883
 Car rental concessions 3,737,231 3,667,965
 Customer facility charges 2,191,920 2,127,686
 Other revenues 5,041,660 5,465,300
 Total Operating Revenues 23,798,362 22,959,113

Operating Expenses
 Personnel costs 6,516,023 5,845,913
 Non-personnel costs 17,216,003 15,544,983
 Depreciation and amortization 8,036,241 8,149,621
 Total Operating Expenses 31,768,267 29,540,517
 Operating Loss (7,969,905) (6,581,404)

Nonoperating Income (Expenses)
  Nonoperating grants 498,063 467,882
  CRSSA and ARPA grants 2,534,826 1,366,464
  Investment income 454,718 579,593
  Amortization of bond premium 230,004 273,323
  Interest expense and fiscal charges (966,609) (1,082,126)
  Gain (loss) on sale of asset 97,710 103,926
  Loss on lease termination - (291,334)
  Other income (expense) 99,314 202,546
 Total Other Income (Expenses), net 2,948,026 1,620,274
 Net Loss Before Capital Contributions (5,021,879) (4,961,130)

Capital contributions
  Airport Improvement Program 28,767,663 13,163,060
  Passenger facility charges 2,859,657 2,577,575
 Change in Net Position 26,605,441 10,779,505
Net Position at Beginning of Year 233,573,719 222,794,214
Net Position at End of Year $ 260,179,160 $ 233,573,719




 The accompanying notes are an integral part of these financial statements.

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 CITY OF BURLINGTON, VERMONT

 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT
 STATEMENT OF CASH FLOWS

 FOR THE YEARS ENDED JUNE 30

 2025 2024

Cash Flows From Operating Activities
 Receipts from customers and users $ 23,145,816 $ 22,184,226
 Other receipts and reimbursements 99,314 202,546
 Receipts of operating grants - 140,008
 Payments to suppliers (17,148,387) (15,640,548)
 Payments for wages and benefits (6,326,629) (5,526,437)
Net Cash Provided By (Used For) Operating Activities (229,886) 1,359,795

Cash Flows From Noncapital Financing Activities
 Nonoperating intergovernmental grants 498,063 467,882
 CRSSA and ARPA grants 2,678,431 1,366,464
 Receipts (payments) under interfund loan agreements (517,500) -
 Loan payments from Burlington Community Development Corporation 88,969 86,344
Net Cash Provided By Noncapital Financing Activities 2,747,963 1,920,690

Cash Flows From Capital and Related Financing Activities
 Acquisition and construction of capital assets (24,108,121) (11,233,975)
 Proceeds from equipment notes 560,000 -
 Capital grants 25,475,369 10,480,181
 Passenger facility charges 2,865,637 2,575,553
 Drawdowns on grant anticipation note - 1,005,305
 Repayments of grant anticipation note (1,005,305) (1,401,866)
 Principal paid on revenue bonds (2,770,000) (2,655,000)
 Principal paid on leases (194,692) (193,579)
 Principal paid on equipment notes (510,050) (575,171)
 Interest paid on revenue bonds (949,238) (1,065,708)
 Interest paid on other debt (76,956) (73,303)
Net Cash (Used For) Capital and Related Financing Activities (713,356) (3,137,563)

Cash Flows From Investing Activities
 Investment income 454,718 579,593
Net Cash Provided By Investing Activities 454,718 579,593
 Net Change in Cash and Short-Term Investments 2,259,439 722,515
Cash and Short-Term Investments, Beginning of Year 30,793,885 30,071,370
Cash and Short-Term Investments, End of Year $ 33,053,324 $ 30,793,885




 The accompanying notes are an integral part of these financial statements.

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 CITY OF BURLINGTON, VERMONT

 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT
 STATEMENTS OF CASH FLOWS

 FOR THE YEARS ENDED JUNE 30

(continued)
 2025 2024

Reconciliation of Operating Loss to Net Cash
Used For Operating Activities:
  Operating loss $ (7,969,905) $ (6,581,404)
  Depreciation and amortization 8,036,241 8,149,621
  Other income (expense) 99,314 202,546
  Changes in assets, liabilities, and deferred outflows/inflows:
 Customer and concessions receivable (446,990) (407,639)
 Leases receivable 2,797,842 2,118,280
 Inventory 52,117 (16,254)
 Prepaid expenses 36,930 11,656
 Deferred outflows of resources 227,266 (113,790)
 Accounts payable (21,431) (90,967)
 Accrued liabilities 15,411 21,214
 Unearned revenue (88,492) (431,004)
 Accrued employee compensated absences (37,017) 42,981
 Net pension liability (33,428) 253,643
 Total OPEB liability (24,344) 54,447
 Deferred inflows of resources (2,873,400) (1,853,535)
Net Cash Provided By (Used For) Operating Activities $ (229,886) $ 1,359,795




 The accompanying notes are an integral part of these financial statements.

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 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT
 (An Enterprise Fund of the City of Burlington, Vermont)

 NOTES TO THE FINANCIAL STATEMENTS

 June 30, 2025 and 2024


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 A. The Financial Reporting Entity

 The Patrick Leahy Burlington International Airport (an enterprise fund of the City of
 Burlington, Vermont) (the Airport) is a municipally owned airport organized in 1920. The
 Airport is located in South Burlington, Vermont.

 The Airport operates as a department of the City of Burlington, Vermont (the City). As
 such, these financial statements are not intended to present the financial position and results
 of operations of the City of Burlington, Vermont, as a whole.

 The accounting policies of the Airport conform to accounting principles generally accepted
 in the United States of America, as applicable to governmental entities. The Governmental
 Accounting Standards Board (GASB) is the accepted standard-setting body for establishing
 accounting and financial reporting principles. The following is a summary of the more
 significant accounting policies.

 B. Basis of Presentation

 Enterprise funds are used to account for operations: (a) that are financed and operated in a
 manner similar to private business enterprises - where the intent of the governing body is
 that the costs (expenses, including depreciation/amortization) of providing goods or
 services to the general public on a continuing basis be financed or recovered primarily
 through user charges; or (b) where the governing body has decided that periodic
 determination of revenue earned, expenses incurred, and/or net income is appropriate for
 capital maintenance, public policy, management control, accountability, or other purposes.
 Based on the above definition, the Airport is accounted for utilizing enterprise fund
 accounting.

 C. Measurement Focus

 The accounting and financial reporting treatment applied to a fund is determined by its
 measurement focus. Proprietary fund financial statements are reported using the economic
 resources measurement focus. This means that all assets and liabilities associated with the
 operation of these funds (whether current or noncurrent) are included on the Balance Sheet
 (or Statement of Net Position). Fund equity (i.e., total net position) is segregated into net
 investment in capital assets, restricted net position, and unrestricted net position. Operating
 statements present increases (i.e., revenues) and decreases (i.e., expenses) in net position.




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D. Basis of Accounting

 Basis of accounting refers to when revenue and expenses are recognized and reported in
 the financial statements. Basis of accounting relates to the timing of the measurement made,
 regardless of the measurement focus applied.

 The financial statements are prepared utilizing the accrual basis of accounting. Accord-
 ingly, revenues are recognized when earned and expenses are recognized when the related
 liability for goods and services are incurred regardless of the timing of the related cash
 flows.

 Operating revenues are defined as income received from the rent of terminal space and
 buildings, landing fees, concession commissions, and parking receipts.

 Nonoperating revenues are defined as income received from sources other than those
 defined above. Nonoperating revenues include investment income, passenger facility
 charges (PFC), grant income, building rents from buildings purchased for future expansion,
 and the sale of equipment.

 Operating expenses are defined as the ordinary costs and expenses of the Airport for opera-
 tions, maintenance, and repairs. Operating expenses include the costs of operating the Airport
 and related buildings as well as administrative and general expenses and depreciation and
 amortization. Operating expenses do not include the principal and interest on bonds, notes
 or other indebtedness, certain grant expenses, amortization of bond issue costs, or expenses
 related to the rental of buildings purchased for future expansion.

E. Estimates

 The presentation of financial statements in conformity with accounting principles generally
 accepted in the United States of America (GAAP) requires management to make estimates
 and assumptions that affect the reported amounts of assets and liabilities and disclosure of
 contingent assets and liabilities at the date of the financial statements, and the reported
 amounts of revenue and expenses during the reporting period. Actual results could differ
 from those estimates.

F. Cash and Short-Term Investments

 Deposits with financial institutions consist primarily of demand deposits and savings accounts.

 Cash recorded by the Airport is combined with cash of the City in determining amounts
 covered by Federal Deposit Insurance Corporation or by collateral held by the City’s banks.




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 State and local statutes place certain limitations on the nature of deposits and investments
 available. Deposits in any financial institution may not exceed certain levels within the finan-
 cial institution. Investments can be made in securities issued by or unconditionally guaranteed
 by the U.S. government or its agencies that have a maturity of one year or less from the
 date of purchase and repurchase agreements guaranteed by such securities with maturity
 dates of no more than 90 days from the date of purchase.

 Short-term investments for the Airport consist of U.S. government securities which are
 carried at fair value.

G. Receivables

 Receivables are shown net of an allowance for uncollectible accounts for the estimated losses
 that will be incurred in the collection of the receivables. The estimated losses are based on
 the judgment of management and a review of the current status of existing receivables.

H. Leases

 The Airport is a lessor for noncancellable leases of buildings, land, and solar panels. The
 Airport recognizes a lease receivable and a deferred inflow of resources. At the
 commencement of a lease, the Airport initially measures the lease receivable at the present
 value of payments expected to be received during the lease term. Subsequently, the lease
 receivable is reduced by the principal portion of lease payments received. The deferred
 inflow of resources is initially measured as the initial amount of the lease receivable,
 adjusted for lease payments received at or before the lease commencement date.
 Subsequently, the deferred inflow of resources is recognized as revenue over the life of the
 lease term. The Airport uses its estimated incremental borrowing rate as the discount rate
 for leases if the rate is not available. The lease term includes the noncancellable period of
 the lease. Lease receipts included in the measurement of the lease receivable is composed
 of fixed payments from the lessee. The Airport monitors changes in circumstances that
 would require a remeasurement of its lease, and will remeasure lease receivables and
 deferred inflows of resources if certain changes occur that are expected to significantly
 affect the amount of the leases receivable.

I. Inventory

 Inventory quantities are determined by physical count and are valued at the lower of cost or
 market. Inventory at the Airport consists of maintenance supplies and parts.

J. Capital Assets

 Capital assets include nondepreciable assets, such as construction in progress and land, and
 depreciable assets, such as land improvements, buildings and improvements, and machinery,
 vehicles, and equipment recorded at cost. Land includes all ancillary charges such as demo-
 lition costs. Equipment includes right to use assets reported in accordance with GASB
 Statement Number 87, Leases. Contributed assets are recorded at acquisition value at the
 time received. The cost of normal maintenance and repairs that do not add to the value of



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 the asset or materially extend the asset’s life are not capitalized. The Airport’s capitalization
 policy considers two factors. Property will be capitalized when:

 1. The combined cost to put a unit in service totals more than $10,000, (no threshold
 is applied to land and buildings).
 2. The unit’s estimated life is greater than five years.

 The Airport follows the policy of charging to expenses annual amounts of depreciation and
 amortization which allocates the cost of plant and equipment over their estimated useful lives.
 The Airport employs the straight-line method for determining the annual charge for
 depreciation and amortization.

 The depreciable lives of capital assets are as follows:

 Depreciable Lives
 Land improvements 30 Years
 Buildings and improvements 25 - 150 Years
 Infrastructure 10 - 40 Years
 Machinery, equipment and vehicles 5 - 15 Years
 Right to use machinery and equipment 5 - 15 Years

K. Long-Term Liabilities

 The Airport reports revenue bonds, leases, equipment notes, net pension liability and total
 OPEB liability as long-term liabilities. Bond premiums are deferred and amortized by the
 interest method; the unamortized balance is included within bonds payable.

L. Net Position

 Net investment in capital assets consists of capital assets, net of accumulated depreciation
 and amortization, reduced by the outstanding balances of bonds, notes, leases or other
 borrowings that are attributable to the acquisition, construction, or improvement of those
 assets.

 Restricted net position includes the following components:

 The debt service reserve account represents the lesser of:

 1. the sum of 10% of the aggregate original net proceeds of each series of outstanding
 bond,
 2. 125% of the average annual aggregate debt service on such bonds, or
 3. the maximum aggregate amount of debt service due on such bonds in any
 succeeding bond year.




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 The debt service fund is used to accumulate resources for the next scheduled principal and
 interest debt service payment for all prior issues.

 The “operations and maintenance reserve account” is kept at a level to fund three months
 of future operating expenses. The “renewal and replacement account” contains funds
 intended to meet unanticipated or emergency repairs.

 Passenger facility charges (PFCs) represent approximately $4.50 per passenger ticket
 collected by airline carriers and remitted to the Airport per enplaned passenger. PFC funds
 are restricted, to be used for financing eligible airport projects approved by the Federal
 Aviation Administration (FAA).

 Unrestricted net position is not specifically restricted for any project or other purpose.


2. DEPOSITS AND INVESTMENTS

 A. Custodial Credit Risk

 The custodial credit risk for deposits and investments is the risk that, in the event of bank
 or counterparty failure, deposits may not be returned or the value of investments or
 collateral securities that are in the possession of another party may not be recovered. The
 Airport’s cash and short-term investments include deposits, money market accounts, and
 securities with original maturities of one year or less. The deposits and money market
 accounts are fully collateralized. Investments in securities were held in the Airport’s name.

 B. Credit Risk

 Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation
 to the holder of the investment.

 As of June 30, 2025 and 2024, the Airport’s investments in short-term U.S. Treasury notes
 of $3,390,620 and $3,384,134, had an implied credit rating of AAA.

 C. Concentration of Credit Risk

 Concentration of credit risk is the risk that an individual investment represents a significant
 concentration of the total portfolio. As of June 30, 2025 and 2024, the Airport had four and
 three U.S. Treasury notes and bills, respectively, which comprised 100% of the total short-
 term investments.

 D. Interest Rate Risk

 Interest rate risk is the risk that changes in market interest rates will adversely affect the
 fair value of an investment. Generally, the longer the maturity of an investment, the greater
 the sensitivity of its fair value to changes in market interest rates. The City’s policy limits




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 maturities for investments in U.S. Treasury notes and bills and U.S. government agencies to
 10 years.

 E. Fair Value

 The categorization of financial instruments within the valuation hierarchy is based on the
 lowest level of input that is significant to the fair value measurement. The hierarchy is
 prioritized into three levels (with Level 3 being the lowest) defined as follows:

 Level 1: Quoted prices in active markets for identical assets or liabilities that the entity has
 the ability to access.
 Level 2: Observable inputs other than prices included in Level 1, such as quoted prices for
 similar assets and liabilities in active markets; quoted prices for identical or similar assets
 and liabilities in markets that are not active; or other inputs that are observable or can be
 corroborated with observable market data.
 Level 3: Unobservable inputs that are supported by little or no market activity and that are
 significant to the fair value of the investments.

 The fair value of the Airport’s investment in short-term U.S. Treasury notes was determined
 based on “Level 2” inputs at June 30, 2025 and 2024. The valuation techniques used to
 measure the fair value of the “Level 2” instruments were valued based on quoted market
 prices or model-driven valuations using significant inputs derived from or corroborated by
 observable market data. The Airport does not have any investments in the “Level 1” or
 “Level 3” category. There has been no change in valuation methodologies for 2025 and
 2024 and no transfers between levels.


3. INTERGOVERNMENTAL RECEIVABLES

 The majority of this balance represents reimbursements requested from the Federal
 Aviation Administration’s Airport Improvement Program (AIP), and State Department of
 Transportation, for capital related expenditures incurred in fiscal years 2025 and 2024.
 Additional receivables represent other reimbursements from federal and local governments.
 The intergovernmental receivable consisted of the following at June 30:
 2025 2024
 Airport Improvement Projects:
 AIP 153 - partial funding for Project NexT $ 6,544,291 $ 2,528,399
 AIP 122 - Reconstruct Apron 7 338 1,167,948
 AIP 129, 141 - Sound Insulation RSIP 1,186,392 611,670
 AIP 125 - Terminal Integration Project - 1,799,809
 AIP-145 & 149 - Apron Grants 536,844 471,445
 Taxiway Alpha Construction 256,298 256,298
 Taxiway AIP Grants 4,689,980 2,592,512
 Other AIP 1,277,597 1,771,365
 Other Intergovernmental:
 CARES Act 579,132 722,737
 Total $ 15,070,872 $ 11,922,183




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4. LOAN RECEIVABLE

 In 2006, the Airport issued a $1,400,000 note to Burlington Community Development Cor-
 poration (BCDC), a special revenue fund of the City, to assist in financing the construction of
 a new Airport support hanger. The terms of the note require monthly payments of $7,764
 beginning in July 2006 for twenty years with interest at 3%. The note is due in June 2026.
 Future maturities are anticipated to be as follows:

 Fiscal Year Principal Interest Total
 2026 $ 91,676 1,497 $ 93,173


5. RESTRICTED CASH

 The Airport holds the following restricted cash accounts:
 2025 2024
 Restricted for debt service and capital projects (PFC) $ 8,046,123 $ 8,471,997
 Restricted for prepaid cash reserve (PFC) 491,892 491,892
 Restricted for renewal and replacement reserve 200,013 200,013
 Restricted for debt service reserve fund 25,926 12,100
 Restricted for debt service 3,353,336 3,202,719
 Restricted for operations and maintenance reserve 5,618,289 5,530,533

 Total $ 17,735,579 $ 17,909,254




6. LEASES RECEIVABLE

 The Airport follows GASB Statement No. 87, Leases. Under this statement, a lessee is required
 to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required
 to recognize a lease receivable and a deferred inflow of resources. The Airport leases office,
 building, and ground space to various businesses (BETA, Heritage Building 890), car rental
 companies (Budget Rent-A-Car, Hertz Dollar, food and gift concessions (ELRAC, Hudson
 News), governmental agencies (GSA - National Weather Service) and others. The lease rates vary
 and are computed based upon square footage, percentages of gross revenues, and combinations
 of the two.

 As of June 30, 2025 and 2024, there are twenty four leases, respectively. These leases range in
 length from 2 to 30 years. As of June 30, 2025 and 2024, the value of the individual lease
 receivables ranged from $13,357 to $3,213,867 and $26,636 to $2,213,435, respectively. The
 range value of the deferred inflow of resources as of June 30, 2025 and 2024 was $18,456 to
 $3,128,791 and $26,420 to $2,172,501 respectively, and the Airport recognized lease revenues
 of $2,947,189 and $3,331,775 during the years ended June 30, 2025 and 2024, respectively.
 Regulated Leases



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 The Airport leases office, building and ground space to various airlines. These leases are
 excluded from lease receivables and related deferred inflows per GASB Statement Number 87,
 as these are regulated leases.

 Lease revenue for the year ending June 30, 2025 and 2024 was $1,057,304 and $1,170,288,
 respectively. Airline agreements are renewed annually. Guaranteed payments for fiscal year
 2026 are approximately $1,157,065.


7. PROPERTY, PLANT, AND EQUIPMENT

 Capital asset activity for the years ended June 30 was as follows:

 2025
 Beginning Ending
 Balance Increases Decreases Balance
 Capital assets, not being depreciated:
 Land $ 52,792,520 $ - $ - $ 52,792,520
 Construction in progress 36,929,846 31,508,879 (6,677,491) 61,761,234
 Total capital assets, not being depreciated 89,722,366 31,508,879 (6,677,491) 114,553,754
 Capital assets, being depreciated/amortized:
 Land improvements 98,083,609 7,274,866 - 105,358,475
 Buildings 28,703,903 - - 28,703,903
 Building improvements 23,117,773 7,091 - 23,124,864
 Infrastructure 96,395,313 - - 96,395,313
 Machinery and equipment 14,160,565 224,102 (37,812) 14,346,855
 Right to use machinery and equipment 1,887,417 - - 1,887,417
 Vehicles 637,826 - - 637,826
 Total capital assets, being depreciated/amortized 262,986,406 7,506,059 (37,812) 270,454,653
 Less accumulated depreciation/amortization for:
 Land improvements (35,245,107) (2,336,666) - (37,581,773)
 Buildings (13,480,177) (563,305) - (14,043,482)
 Building improvements (867,743) (600,415) - (1,468,158)
 Infrastructure (66,899,760) (3,666,097) - (70,565,857)
 Machinery and equipment (9,792,509) (606,300) 36,812 (10,361,997)
 Right to use machinery and equipment (596,028) (198,676) - (794,704)
 Vehicles (153,904) (63,782) - (217,686)
 Total accumulated depreciation/amortization (127,035,228) (8,035,241) 36,812 (135,033,657)
 Total capital assets, being depreciated/amortized, net 135,951,178 (529,182) (1,000) 135,420,996
 Total capital assets, net $ 225,673,544 $ 30,979,697 $ (6,678,491) $ 249,974,750




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 2024
 Beginning Ending
 Balance Increases Decreases Balance
 Capital assets, not being depreciated:
 Land $ 52,792,520 $ - $ - $ 52,792,520
 Construction in progress 31,759,047 10,581,619 (5,410,820) 36,929,846
 Total capital assets, not being depreciated 84,551,567 10,581,619 (5,410,820) 89,722,366
 Capital assets, being depreciated:
 Land improvements 92,432,934 5,650,675 - 98,083,609
 Buildings 29,353,903 - (650,000) 28,703,903
 Building improvements 18,920,153 4,197,620 - 23,117,773
 Infrastructure 96,395,313 - - 96,395,313
 Machinery and equipment 14,334,124 91,873 (265,432) 14,160,565
 Right to use machinery and equipment 1,887,417 - - 1,887,417
 Vehicles 319,360 318,466 - 637,826
 Total capital assets, being depreciated 253,643,204 10,258,634 (915,432) 262,986,406
 Less accumulated depreciation/amortization for:
 Land improvements (33,047,335) (2,197,772) - (35,245,107)
 Buildings (13,180,489) (583,602) 283,914 (13,480,177)
 Building improvements (372,270) (495,473) - (867,743)
 Infrastructure (63,057,122) (3,842,638) - (66,899,760)
 Machinery and equipment (9,225,098) (799,525) 232,114 (9,792,509)
 Right to use machinery and equipment (397,352) (198,676) - (596,028)
 Vehicles (121,968) (31,936) - (153,904)
 Total accumulated depreciation/amortization (119,401,634) (8,149,622) 516,028 (127,035,228)
 Total capital assets, being depreciated/amortized, net 134,241,570 2,109,012 (399,404) 135,951,178
 Total capital assets, net $ 218,793,137 $ 12,690,631 $ (5,810,224) $ 225,673,544




8. SHORT-TERM DEBT

 The Airport uses a capital improvement project grant anticipation note (GAN) to finance airport
 improvement projects prior to grant reimbursement from the Federal Aviation Administration
 and the State Department of Transportation. The Airport renewed the GAN on June 30, 2025 for
 $10,000,000 at secured overnight financing rate (SOFR) collateralized by grant receivables.
 Available line of credit was $10,000,000 and $8,994,695 at June 30, 2025 and 2024, respectively.

 GAN activity for the years ended June 30, 2025 and 2024 was as follows:

 Balance at Balance at
 Description 7/1/24 Draws Repayments 6/30/25

 Grant Anticipation Note $ 1,005,305 $ - $ (1,005,305) $ -

 Balance at Balance at
 Description 7/1/23 Draws Repayments 6/30/24
 Grant Anticipation Note $ 1,401,866 $ 1,005,305 $ (1,401,866) $ 1,005,305




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9. LONG-TERM DEBT

 Revenue Bonds (public offerings) - The Airport issues bonds where the City pledges income to
 pay the debt service. Revenue bonds outstanding at June 30 were as follows:

 2025
 Original Serial Serial
 Issue Maturities Maturities Interest Amount
 Description Amount Begin Through Rates Outstanding
 Revenue Refunding Bond 2022 Series A $ 10,635,000 6/30/2024 6/30/2029 4.00 - 5.00% $ 7,415,000
 Revenue Refunding Bond 2021 Series A $ 5,175,000 7/1/2023 7/1/2030 1.20 - 3.00% 5,010,000
 Revenue Refunding Bond 2014 Series A $ 15,660,000 7/1/2015 7/1/2030 4.00 - 5.00% 7,475,000
 Total $ 19,900,000


 2024
 Amount
 Original Serial Serial Outstanding
 Issue Maturities Maturities Interest as of
 Description Amount Begin Through Rates 06/30/24
 Revenue Refunding Bond 2022 Series A $ 10,635,000 6/30/2024 6/30/2029 4.00 - 5.00% $ 9,060,000
 Revenue Refunding Bond 2021 Series A $ 5,175,000 7/1/2023 7/1/2030 1.20 - 3.00% 5,090,000
 Revenue Refunding Bond 2014 Series A $ 15,660,000 7/1/2015 7/1/2030 4.00 - 5.00% 8,520,000
 Total $ 22,670,000


 Maturities are as follows:

 Public Offering Revenue Bonds
 Fiscal Year Principal Interest Total
 2026 $ 2,900,000 $ 818,433 $ 3,718,433
 2027 3,045,000 672,384 3,717,384
 2028 3,200,000 518,748 3,718,748
 2029 3,365,000 357,075 3,722,075
 2030 3,625,000 207,630 3,832,630
 2031 - 2035 3,765,000 70,525 3,835,525
 $ 19,900,000 $ 2,644,794 $ 22,544,794

 Unamortized Premium - Debt premiums in connection with the sale of bonds are amortized over
 the terms of the related debt. Unamortized balances are included as a component of long-term debt.




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Changes in long-term debt and other obligations were as follows for the year ended June 30:
 2025
 Equals
 Total Total Less Long
 Balance Balance Current Term
 7/1/24 Additions Reductions 6/30/25 Portion Portion
Revenue refunding bond 2014 series A 8,520,000 - (1,045,000) 7,475,000 (1,100,000) 6,375,000
Revenue refunding bond 2021 series A 5,090,000 - (80,000) 5,010,000 (80,000) 4,930,000
Revenue refunding bond 2022 series A 9,060,000 - (1,645,000) 7,415,000 (1,720,000) 5,695,000
Total revenue bonds payable 22,670,000 - (2,770,000) 19,900,000 (2,900,000) 17,000,000
 Add: unamortized premium 690,599 - (230,004) 460,595 (184,618) 275,977
 Subtotal 23,360,599 - (3,000,004) 20,360,595 (3,084,618) 17,275,977
Leases payable 1,311,257 - (194,692) 1,116,565 (198,883) 917,682
Equipment notes payable 1,362,275 560,000 (510,050) 1,412,225 (465,871) 946,354
Net pension liability 2,973,360 - (33,428) 2,939,932 - 2,939,932
Total OPEB liability 276,606 - (24,344) 252,262 - 252,262
Compensated absences 350,751 - (37,017) 313,734 (313,734) -
 Total $ 29,634,848 $ 560,000 $ (3,799,535) $ 26,395,313 $ (4,063,106) $ 22,332,207



The revenue bonds were issued pursuant to general bond resolutions and are secured by a
pledge of net Airport revenues. Pursuant to the general bond resolutions, revenues mean all
rates, fees, charges, or other income and includes rentals, proceeds of insurance or
condemnation or other disposition of assets, proceeds of bonds or notes, and earnings from the
investment of revenues.

On an annual basis, revenues must be sufficient after deducting operating expenses, to meet min-
imum debt service coverage requirements of 1.25. Revenues for this purpose represent all rates,
charges, rents and other income, including PFC revenues available for debt service. Operating
expenses represent O&M (operation and maintenance), excluding depreciation.

Certain other exclusions apply. City’s Bond Counsel has determined that the effect of GASB 68
and 75 on pension and OPEB expense is excludable from O&M and, therefore, not included
in determining net revenues available for debt service. In fiscal year 2025 and 2024, the Airport
recognized $2,534,826 and $1,366,464 in CRRSA and ARPA grant revenue respectively, that was
used 100% to cover operating expenses. If minimum debt service coverage requirements are not
met, the Airport must take timely corrective action. The Airport debt coverage ratio for fiscal
years 2025 and were 1.95 and 2.02 respectively.




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 Equipment Financing Notes – The Airport had the following equipment notes outstanding at
 June 30:

 2025 2024
 Airport equipment - payments total to $74,486 annually, including
 $ 72,568 $ 143,266
 interestg at 2.77%, maturing on August
 y 10,(2025. ) p y
 $193,411 annually, including interest at 2.37%, maturing on March 2,
 - 80,546
 2024.
 Airport equipment - payments total to $345,015 annually, including
 825,162 1,138,463
 interest at 2.99%, maturing on September 18, 2027.
 John Deere 844P Wheel Loader - payments total to $45,506 annually,
 514,495 -
 including interest at 4.11%, maturing on December 23, 2031.

 Total equipment notes outstanding $ 1,412,225 $ 1,362,275


 Maturities are as follows:

 Fiscal Year Principal Interest Total
 2026 $ 465,871 $ 44,644 $ 510,515
 2027 405,958 30,069 436,027
 2028 246,522 17,000 263,522
 2029 79,735 11,278 91,013
 2030 83,049 7,964 91,013
 2031 86,500 4,512 91,012
 2032 44,590 917 45,507
 Total $ 1,412,225 $ 116,384 $ 1,528,609


10. RESTRICTED NET POSITION

 Restricted net position was comprised of the following at June 30:

 2025 2024
 Restricted for debt service and capital projects (PFC) $ 8,046,123 $ 8,471,997
 Restricted for prepaid cash reserve (PFC) 491,892 491,892
 Restricted for renewal and replacement reserve 200,013 200,013
 Restricted for debt service reserve fund 3,416,547 3,396,234
 Restricted for debt service 3,353,336 3,202,719
 Restricted for operations and maintenance reserve 5,618,288 5,530,533

 Total $ 21,126,199 $ 21,293,388




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 As of June 30, 2025 and 2024, the restricted PFC cash above of $8,538,014 ($8,046,123 and
 $491,892) and $8,963,889 ($8,471,997 and $491,892), respectively, in addition to the PFC
 amount included in the debt service reserve above of $911,848 and $892,872, respectively, for
 a total of $9,449,862 and $9,856,731, respectively, is presented in the Schedule of Passenger
 Facility Charges Collected and Expended, following these financial statements.


11. RETIREMENT BENEFITS AND RESULTING NET PENSION LIABILITY

 Defined Benefit Plan: All full-time employees of the Airport participate in the City of
 Burlington Employees’ Retirement System (the Plan), a cost sharing, single employer defined
 benefit plan. The Airport follows the provisions of GASB Statement No. 68, Accounting and
 Financial Reporting for Pensions, with respect to the Plan.

 Plan Description: Substantially all employees of the Airport are members of the Plan and are
 classified as Class B members. Eligible employees must participate in the Plan. The City Council
 has the authority to amend the benefit terms of the Plan by enacting ordinances and sending
 them to the Mayor for approval.

 The Plan membership for the City includes 894 inactive plan members or beneficiaries
 currently receiving benefits, 807 inactive plan members entitled to but not yet receiving
 benefits, and 922 active plan members.

 The Airport reports a net pension liability for its proportionate share of the City’s total net
 pension liability per GASB 68. The net pension liability was measured as of June 30, 2024. At
 June 30, 2025 and 2024, the Airport’s proportion was 2.45% and 2.41%, respectively. For more
 information on the City’s plan, see the City of Burlington, Vermont’s Annual Comprehensive
 Financial Report.

 Benefits Provided: Class B retirees who have attained the age of 55 or older and completed 5 or
 more years of creditable service (age and years of creditable service vary depending on agree-
 ments) are eligible for benefits based on average final earnable compensation (AFC) during either
 the highest 5 or 3 non-overlapping 12-months periods depending on hiring dates. For details
 on agreements and AFC, see the City of Burlington, Vermont’s Comprehensive Annual
 Financial Report.

 Contributions: The Airport contributed $346,014 and $307,241 for the fiscal year ending June 30,
 2025 and 2024. The Plan uses the direct rate smooth method for funding. The Airport’s
 contributions were based on full time equivalents and wages. Employer and employee contribution
 rates are governed by the respective collective bargaining agreements. The employer and plan
 members share the cost of benefits. For the years ending June 30, 2025 and 2024, the Plan members
 contribute 4.34% and 3.85% of their base pay, respectively.

 Summary of Significant Accounting Policies: For purposes of measuring the net pension liability,
 deferred outflows of resources and deferred inflows of resources related to pension, and pension
 expense, information about the fiduciary net position of the Plan was used as reported on the
 City of Burlington, Vermont’s Comprehensive Annual Financial Report. For this purpose,



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benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with benefit terms. Investments are reported at fair value.

Actuarial assumptions: The net pension liability in the June 30, 2024 actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:

 Inflation 2.70%
 Salary increases 3.10% per year
 Investment rate of return 7.10 percent, net of pension plan investment
 expense, including inflation

Mortality rates for the current year were based on the Pub-2010 Public Retirement Plans Amount-
Weighted Mortality Tables, projected to the valuation date with Scale MP-2021. For Class B
(General Employees), rates for retirees, non-annuitants, and annuitants were set forward 2 years;
disabled retiree rates were set forward 3 years; and survivor rates were set forward 3 years, using
the respective Pub-2010 tables for General Employees, Disabled Retirees, and Contingent
Survivors.

The actuarial assumptions used in the June 30, 2024 valuation were based on the results of an
actuarial experience study for the period of July 1, 2017 through June 30, 2022.

The long-term expected rate of return on pension plan investments was selected from a best
estimate range determined using the building block approach. Under this method, an expected
future real return range is calculated separately for each asset class. These ranges are combined
to produce the long-term expected rate of return by weighting the expected future real rates of
return net of investment expenses by the target asset allocation percentage and by adding expected
inflation. The target allocation and best estimates of arithmetic real rates of return for each
major class as of June 30, 2024 are summarized in the following table:

 Long-Term
 Expected
 Target Real Rate
 Asset Class Allocation of Return
 Core Fixed Income 20.00% 5.90%
 US Bonds - Dynamic 7.00% 6.80%
 U.S. Large Cap Equity 33.00% 7.30%
 U.S. Small Cap Equity 9.50% 6.80%
 International Developed Equity 19.00% 8.20%
 International Emerging Markets Equity 7.00% 10.10%
 Private Equity 0.50% 10.30%
 Real Estate 4.00% 7.80%
 Long-term Return Assumption 100.00%




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Discount Rate: The discount rate used to measure the net pension liability was 7.10%. The pro-
jection of cash flows used to determine the discount rate assumed that the plan member con-
tributions will be made at the current contribution rate and that employer contributions will be
made at rates equal to the difference between actuarially determined contribution rates and the
member rate. Based on these assumptions, the fiduciary net position was projected to be
available to make all future benefit payments to the current plan members. Therefore, the long-
term expected rate of return on pension plan investments was applied to all periods of projected
benefit payments to determine the total pension liability.

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount
Rate: The following presents the Airport’s proportionate share of the net pension liability calcu-
lated using the discount rate, as well as what the Airport’s proportionate share of the net pension
liability would be if it were calculated using a discount rate that is one percentage-point lower
or one percentage-point higher than the current rate:

 1% Decrease Discount Rate 1% Increase
 Fund's net pension liability as of: (6.10%) (7.10%) (8.10%)
 June 30, 2025 $ 4,026,232 $ 2,939,932 $ 2,034,762
 June 30, 2024 $ 3,963,423 $ 2,973,360 $ 2,145,882

Pension Expense and Deferred Outflows and Inflows of Resources: For the years ending June
30, 2025 and 2024, the Airport recognized pension expense of $538,008 and $530,536. Deferred
outflows and inflows or resources consist of the following:

 Deferred Deferred
 Outflows of Inflows of
 Resources Resources
  Deferred pension contributions $ 346,014 $ -
  Changes in proportional share of contributions 65,175 10,942
  Difference between expected and actual pension experience 213,555 -
  Changes in assumptions 26,054 -
  Difference between projected and actual investment earnings - 75,313
 Total $ 650,798 $ 86,255

Deferred outflows of resources related to pension resulting from contributions subsequent to
the measurement date will be recognized in pension expense in the subsequent fiscal year.




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 Other amounts reported as deferred outflows and inflows of resources related to pension are
 recognized in pension expense (benefit) in future fiscal years as follows:

 Amortization Year Amount
 2026 $ 135,149
 2027 239,525
 2026 (94,152)
 2027 (61,993)
 $ 218,529

 Pension Plan Fiduciary Net Position: Detailed information about the Plan’s fiduciary net
 position is available in the separately issued City of Burlington, Vermont’s Annual
 Comprehensive Financial Report. No separate stand-alone report is issued for the Plan.


12. OTHER POST-EMPLOYMENT BENEFITS (OTHER THAN PENSION) – OPEB GASB 75

 GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits
 Other Than Pensions, replaces the requirements of GASB Statement No. 45, Accounting and
 Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. This
 Statement establishes standards for recognizing and measuring liabilities, deferred outflows of
 resources, deferred inflows of resources, and expenses. This Statement identifies the methods and
 assumptions that are required to be used to project benefit payments, discounted projected
 benefit payments to their actuarial present value, and attribute that present value to periods of
 employee service.

 General Information about the OPEB Plan

 Plan Description

 In addition to providing the pension benefits described, the City provides postemployment
 healthcare and life insurance benefits for retired employees through the City’s plan. The Plan
 membership for the City includes 455 inactive plan members or beneficiaries currently
 receiving benefits, 29 inactive plan members entitled to but not yet receiving benefits, and 666
 active plan members. The City allows certain retired employees to purchase health insurance
 through the City at the City’s group rates. GASB No. 75 recognizes this as an implied subsidy
 and requires accrual of this liability.

 Benefits Provided

 The City provides medical, prescription drug, mental health/substance abuse and life insurance
 to retirees and their covered dependents. All active employees who retire from the City and meet
 the eligibility criteria may receive these benefits.




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Funding Policy

The OPEB Plan’s funding policy is to contribute the employer portion of retiree benefit payments
annually.

Contributions

Employer and employee contribution rates are governed by the respective collective bargaining
agreements. The OPEB plan is currently funded on a pay-as-you-go basis. The employer and
plan members share the cost of benefits. The plan members contribute 6.11% and 6.24% of the
monthly premium cost for the years ending June 30, 2025 and 2024, respectively, depending
on the plan in which they are enrolled. The Airport contributes the balance of the premium
costs.

Actuarial Assumptions and Other Inputs

The total OPEB liability was determined by an actuarial valuation as of July 1, 2023, using the
following actuarial assumptions, applied to all periods included in the measurement, unless
otherwise specified:

Inflation 2.7 percent
Salary increases Varies, ultimately 2.7 percent
Discount rate 5.20 percent (prior 3.93 percent)
Healthcare cost trend rates 7.0 percent, reducing by 0.2 percent each year to an ultimate
 rate of 4.7 percent per year rate for 2035 and later.
Participation rate 20% of eligible active members will elect medical coverage at
 retirement.
Retirees' share of benefit-related costs Retirees are responsible for a portion of premium
 rates not covered by the City.

The actuarial assumptions used in the valuation were based on the results of an actuarial experience
study for the period of July 1, 2017 through June 30, 2022.

Discount Rate

The discount rate used to measure the total OPEB liability was 5.20% and 3.93% for the year
ending June 30, 2025 and 2024, respectively.

Since the OPEB plan is not funded, the selection of the discount rate is consistent with the
GASB 75 standards linking the discount rate to the 20-year AA municipal bond index for unfunded
OPEB plans. The discount rate used for the valuation is equal to the published Bond Buyer general
obligation 20-year-Bond Municipal Index effective as of June 30, 2025 and 2024.

Total OPEB liability

The Airport’s total OPEB liability was measured as of June 30, 2025 and was determined by
an actuarial valuation as of July 1, 2023.



 36
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Changes in the Total OPEB Liability

Detailed information about the changes in total OPEB liability is available in the separately issued
City of Burlington, Vermont’s Annual Comprehensive Financial Report.

Sensitivity of the Total OPEB Liability to Changes in the Discount Rate

The following presents the total OPEB liability, as well as what the total OPEB liability would be
if it were calculated using a discount rate that is one percentage-point lower or one percentage-
point higher than the current discount rate:

 1% Decrease Discount Rate  1% Increase
 (4.20%/2.93%) (5.20%/3.93%) (6.20%/4.93%)
 June 30, 2025 $283,652 $252,262 $225,661
 June 30, 2024 $313,464 $276,606 $245,686

Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates

The following presents the total OPEB liability, as well as what the total OPEB liability would
be if it were calculated using healthcare cost trend rates that are one percentage-point lower or
one percentage-point higher than the current healthcare cost trend rates:

 Healthcare Cost
 1% Decrease Trend Rates 1% Increase
 (6.0%/5.5% (7.0%/6.5% (8.0%/7.5%
 decreasing to decreasing to decreasing to
 3.7%/3.6%) 4.7%/4.6%) 5.7%/5.6%)
 June 30, 2025 $228,913 $252,262 $280,464
 June 30, 2024 $252,361 $276,606 $305,905

OPEB Expense and Related Deferred Outflows and Inflows of Resources

For the year ended June 30, 2025, the Airport recognized an OPEB expense of $29,592. At
June 30, 2025, deferred outflows and inflows or resources consisted of the following:

 Deferred Deferred
 Outflows of Inflows of
 Resources Resources
Changes in proportional share of contributions $ 91,914 -
Difference between expected and actual pension experience - 76,736
Changes in assumptions 7,146 58,661
 Total $ 99,060 $ 135,397




 37
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 The amounts reported as deferred outflows of resources and deferred inflows of resources
 related to OPEB will be recognized in OPEB expense (benefit) as follows:

 Amortization Year Amount
 2026 $ (5,795)
 2027 (21,772)
 2027 (604)
 2028 2,295
 2029 (9,064)
 Thereafter (1,397)
 $ (36,337)


13. DEFERRED COMPENSATION PLAN

 The Airport offers its employees a deferred compensation plan (DCP) administered through
 the City in accordance with Section 457 of the Internal Revenue Code (IRC). The DCP permits
 employees to defer a portion of their salary until future years. The deferred compensation is
 not available to the employees until termination, retirement, death, or for “unforeseeable
 emergency” as defined by the IRC. Investments of the DCP are self-directed by employees.


14. RELATED PARTY TRANSACTIONS

 The City Clerk/Treasurer’s office charges all departments for administration and risk manage-
 ment fees. The City Council approves, through the budget process, the annual assessments. For
 the years ending June 30, 2025 and 2024, administrative and risk management fees paid to the
 City General Fund were $664,499 and $618,109 respectively.

 The Airport contracted with other City departments to provide services. Security from the
 Police Department was $1,268,854 and $1,113,024 for fiscal years 2025 and 2024,
 respectively.


15. COMMITMENTS AND CONTINGENCIES

 Grants - Amounts received or receivable from grantor agencies are subject to audit and
 adjustment by grantor agencies, principally the federal government. Any disallowed claims,
 including amounts already collected, may constitute a liability of the applicable funds. The
 amount of expenditures which may be disallowed by the grantor cannot be determined at this
 time, although the Airport expects such amounts, if any, to be immaterial.

 Construction Commitments – The Airport has a number of ongoing Airport Improvement Pro-
 gram (AIP) projects for construction and land acquisition, as well as several Passenger Facility
 Program (PFC) projects for terminal improvements that are funded from restricted assets. AIP




 38
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  projects include taxiway and apron reconstruction, master plan and noise compatibility program
  planning grants, and building demolition related to previously acquired property and land acqui-
  sition. The PFC projects include energy projects, cargo apron reconstruction, escalator and baggage
  carousel projects and related work.


16. RISK MANAGEMENT

  The Airport is exposed to various risks of loss related to torts; theft of, damage to and destruc-
  tion of assets; errors and omissions; injuries to employee; and natural disasters. The Airport
  manages these risks through a combination of commercial insurance packages and through the
  City’s risk management program.

  The City carries commercial insurance to cover its property, casualty, and general liability
  risks. Commercial property insurance, inland marine, and employment practices insurance
  coverage is provided by Travelers Indemnity Company and is offered on a guaranteed cost
  basis with a deductible of $50,000. The City has a large-deductible workers’ compensation
  plan with Travelers Indemnity Company.

  The Airport also carries airport owners and operators’ general liability insurance with the
  following limits:

 Completed Operations Aggregate $100 million
 Personal Injury and Advertising Injury Aggregate $50 million
 Malpractice Aggregate $50 million
 Each occurrence limit $100 million
 Fire Damage – any one fire $500,000
 Medical Expenses – any one person $10,000
 Hangarkeepers Limit – any one aircraft $100 million
 Hangarkeepers Limit – any one occurrence $100 million

  For health and dental insurance, the City self-insures with appropriate stop-loss coverage in
  place to cover large claims. The stop-loss limits are as follows:

 Health insurance $130,000 per occurrence with no stop loss coverage
 Dental insurance The benefit from this coverage cannot exceed $1,500 per
 participant

  All of the City’s self-insurance programs are administered by a third-party administrator, which
  processes and pays the claims and then bills the City for the amount of the total claims paid.




 39
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 The costs associated with these self-insurance plans are budgeted in the City’s Internal Service
 Fund. Airport contributed $1,418,269 and $1,105,339 to these programs for the fiscal years ended
 June 30, 2025 and 2024. The contributions were allocated based on the following:

 Type Allocation Method
 Workers' compensation 50% Experience and 50% Exposure
 Health Number of employees and levels of coverage
 Dental Actual claims and administrative fees paid
 Liability Adjusted operating budgets
 Property Insured value of city structures

 The City has elected to pay actual unemployment claims instead of enrolling in an unem-
 ployment insurance program. There were no new unemployment claims in the years ending
 June 30, 2025 and 2024.


17. MAJOR CUSTOMERS

 A significant portion of the Airport’s earnings and revenues are directly or indirectly attributed to
 the activity of a few major airlines.

 The Airport’s earnings and revenues could be materially and adversely affected should these major
 airlines discontinue operations, and should the Airport be unable to replace the airline with
 similar activity. The level of operations is determined based upon the relative share of enplaned
 passengers. The following represents major concentrations and their respective airline
 passenger shares:
 American 31.8%
 United 34.9%
 Delta 25.3%


18. SUBSEQUENT EVENTS

 Management has evaluated subsequent events though February 23, 2026, which is the date the
 financial statements were available to be issued.


19. NEW ACCOUNTING PRONOUNCEMENTS

 The following Governmental Accounting Standards Board (GASB) pronouncements will be
 implemented in the future, as applicable:

 • The GASB issued Statement No. 103, Financial Reporting Model Improvements, which is
 required to be implemented in fiscal year 2026.




 40
 Page 125 of 143
 • The GASB issued Statement No. 104, Disclosure of Certain Capital Assets, which is
 required to be implemented in fiscal year 2026.

 • The GASB issued Statement No. 105, Subsequent Events, which is required to be
 implemented in fiscal year 2027.

Management is currently assessing the impact the implementation of these pronouncements will
have on the basic financial statements.




 41
 Page 126 of 143
 CITY OF BURLINGTON, VERMONT
 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT

 SCHEDULE OF PROPORTIONATE SHARE
 OF THE NET PENSION LIABILITY
 REQUIRED SUPPLEMENTARY INFORMATION
 JUNE 30, 2025
 (Unaudited)




 Burlington Employees' Retirement System
 Proportion Proportionate
 of the Share of the Proportionate Share of the Plan Fiduciary Net Position
 Fiscal Measurement Net Pension Net Pension Net Pension Liability as a Percentage of the Total
 Year Date Liability Liability Covered Payroll Percentage of Covered Payroll Pension Liability
June 30, 2025 June 30, 2024 2.45% $2,939,932 $ 3,384,413 86.87% 67.11%
June 30, 2024 June 30, 2023 2.41% $2,973,360 $ 2,659,239 111.81% 64.41%
June 30, 2023 June 30, 2022 2.34% $2,719,717 $ 2,615,031 104.00% 64.28%
June 30, 2022 June 30, 2021 2.40% $1,482,310 $ 2,606,931 56.86% 81.10%
June 30, 2021 June 30, 2020 2.40% $2,363,918 $ 2,656,886 88.97% 66.37%
June 30, 2020 June 30, 2019 2.20% $1,834,449 $ 2,538,239 72.27% 70.00%
June 30, 2019 June 30, 2018 2.14% $1,623,323 $ 2,375,629 68.33% 71.41%
June 30, 2018 June 30, 2017 1.87% $1,630,284 $ 1,899,810 85.81% 66.77%
June 30, 2017 June 30, 2016 2.95% $2,631,042 $ 1,795,630 146.52% 63.75%
June 30, 2016 June 30, 2015 3.18% $2,169,468 $ 1,664,402 130.35% 70.35%




 See Independent Auditors’ Report.

 42
 Page 127 of 143
 CITY OF BURLINGTON, VERMONT
 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT


 SCHEDULE OF PENSION CONTRIBUTIONS
 REQUIRED SUPPLEMENTARY INFORMATION
 JUNE 30, 2025
 (Unaudited)




 Burlington Employees' Retirement System
 Contributions in
 Relation to the
 Contractually Contractually Contribution Contributions as
 Fiscal Required Required Deficiency Covered a Percentage of
 Year Contribution Contribution (Excess) Payroll Covered Payroll
June 30, 2025 $ 346,014 $ (346,014) $ - $ 3,555,654 9.73%
June 30, 2024 $ 307,241 $ (307,241) $ - $ 3,384,413 9.08%
June 30, 2023 $ 237,931 $ (237,931) $ - $ 2,659,239 8.95%
June 30, 2022 $ 263,244 $ (263,244) $ - $ 2,615,031 10.07%
June 30, 2021 $ 248,981 $ (248,981) $ - $ 2,606,931 9.55%
June 30, 2020 $ 238,269 $ (238,269) $ - $ 2,656,886 8.97%
June 30, 2019 $ 216,312 $ (216,312) $ - $ 2,538,239 8.52%
June 30, 2018 $ 203,967 $ (203,967) $ - $ 2,375,629 8.59%
June 30, 2017 $ 254,514 $ (254,514) $ - $ 1,899,810 13.40%
June 30, 2016 $ 270,003 $ (270,003) $ - $ 1,795,630 15.04%




 See Independent Auditors’ Report.

 43
 Page 128 of 143
 CITY OF BURLINGTON, VERMONT
 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT

 SCHEDULE OF PROPORTIONATE SHARE OF THE TOTAL OPEB LIABILITY
 REQUIRED SUPPLEMENTARY INFORMATION

 (Unaudited)

 City OPEB plan


 Total OPEB Liability
 Proportion of the Total Proportionate Share of the Covered as a Percentage of
 Fiscal Year Measurement Date OPEB Liability Total OPEB Liability Payroll Covered Payroll
 June 30, 2025 June 30, 2025 5.59% $252,262 $2,588,447 9.75%
 June 30, 2024 June 30, 2024 5.59% $276,606 $2,520,396 10.97%
 June 30, 2023 June 30, 2023 3.93% $222,159 $2,433,238 9.13%
 June 30, 2022 June 30, 2022 3.93% $213,927 $2,371,577 9.02%
 June 30, 2021 June 30, 2021 3.91% $271,015 $2,362,236 11.47%
 June 30, 2020 June 30, 2020 3.91% $257,184 $2,302,374 11.17%
 June 30, 2019 June 30, 2019 2.10% $112,007 $1,642,196 6.82%
 June 30, 2018 June 30, 2018 2.10% $104,692 $1,600,581 6.54%




Schedules are intended to show information for 10 years. Additional years will be displayed as they become available.


 See Independent Auditors’ Report.

 44
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 CBIZ CPAs P.C.

 9 Executive Park Drive
 Suite 100
 Merrimack, NH 03054

 P: 603.882.1111


 Independent Auditors’ Report on Compliance with
 Requirements of the Passenger Facility Charge Program;
 Report on Internal Control over Compliance; and
 Report on the Schedule of Passenger Facility Charges Required by
 the Federal Aviation Administration Passenger Facility Charge Branch



To the Honorable Mayor, City Council
 and Burlington Airport Commission
City of Burlington, Vermont


Opinion on the Passenger Facility Charge Program

We have audited the Patrick Leahy Burlington International Airport (an enterprise fund of the City of
Burlington, Vermont) (the Airport), for compliance with the types of compliance requirements described
in the Passenger Facility Charge Audit Guide for Public Agencies (the Guide) issued by the Federal Aviation
Administration Passenger Facility Charge Branch, applicable to its Passenger Facility Charge Program
that could have a direct and material effect on the Airport’s passenger facility charge program for the year
ended June 30, 2025. Our responsibility is to express an opinion the Airport’s compliance based on our
audit procedures.

In our opinion, the Airport complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on the Passenger Facility Charge program for the
year ended June 30, 2025.

Basis for Opinion on the Passenger Facility Charge Program

We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS), the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States, and the requirements of the Federal
Aviation Administration, Passenger Facility Branch (FAA). Our responsibilities under those standards and
the FAA are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements
section of our report.

We are required to be independent of the Airport and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion on the Airport’s passenger
facility charge program. Our audit does not provide a legal determination of the Airport’s compliance with
the compliance requirements referred to above.



 CBIZCPAS.COM
 45

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Responsibilities of Management for Compliance

Management is responsible for compliance with the requirements referred to above and for the design,
implementation and maintenance of effective internal control over compliance with the requirements of laws,
regulations, contracts, and grants applicable to the passenger facility charge program.

Auditors’ Responsibilities for the Audit of Compliance

Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred. whether due to fraud or error, and to issue an opinion
on the Airport’s compliance based on our audit. Reasonable assurance is a high level of assurance but is
not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS,
Government Auditing Standards, and the FAA will always detect a material noncompliance when it exists.
The risk of not detecting material noncompliance resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control. Noncompliance with the compliance requirements referred to above is
considered material if there is a substantial likelihood that, individually or in the aggregate, it would
influence the judgment made by a reasonable user of the report on compliance about the Airport’s
compliance with the requirements of the passenger facility charge program as a whole.

In performing an audit in accordance with GAAS, Government Auditing Standards, and the FAA, we:

 • exercise professional judgment and maintain professional skepticism throughout the audit.
 • identify and assess the risks of material misstatement of the financial statements, whether due to
 fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
 include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
 statements.
 • obtain an understanding of internal control relevant to the audit in order to design audit procedures
 that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
 effectiveness of the Airport’s internal control. Accordingly, no such opinion is expressed.

We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant deficiencies and material weaknesses in internal control
over compliance that we identified during the audit.

Report on Internal Control Over Compliance

A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of the
passenger facility charge program on a timely basis. A material weakness in internal control over
compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that
there is a reasonable possibility that material noncompliance with a type of compliance requirement of the
passenger facility charge program will not be prevented, or detected and corrected, on a timely basis.

A significant deficiency in internal control over compliance is a deficiency, or a combination of
deficiencies, in internal control over compliance with a type of compliance requirement of the passenger
facility charge program that is less severe than a material weakness in internal control over compliance,
yet important enough to merit attention by those charged with governance.
 46

 Page 131 of 143
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over
compliance that might be material weaknesses or significant deficiencies. We did not identify any
deficiencies in internal control over compliance that we consider to be material weaknesses. However,
material weaknesses and significant deficiencies may exist that have not been identified.

Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.

Purpose of This Report

The purpose of this report on internal control over compliance is solely to describe the scope of our testing
of internal control over compliance and the results of that testing based on the requirements of the FAA’s
Passenger Facility Charge Audit Guide for Public Agencies. Accordingly, this report is not suitable for
any other purpose.

Report on Schedule of Passenger Facility Charges Required by the Federal Aviation Administration,
Passenger Facility Charge Branch

We have audited the financial statements of the Patrick Leahy Burlington International Airport (an
enterprise fund of the City of Burlington, Vermont) (the Airport), as of and for the year ended June 30,
2025, and have issued our report thereon dated February 23, 2026, which contained an unmodified opinion
on those financial statements. Our audit was conducted for the purpose of forming an opinion on the
financial statements that collectively comprise the Airport’s basic financial statements. The accompanying
Schedule of Passenger Facility Charges is presented for purposes of additional analysis as required by the
Passenger Facility Charge Audit Guide for Public Agencies issued by the Federal Aviation
Administration, Passenger Facility Charge Branch and is not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements. The
information has been subjected to the auditing procedures applied in the audit of the financial statements
and certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the Schedule of Passenger Facility Charges
is fairly stated in all material respects in relation to the basic financial statements as a whole.




CBIZ CPAs P.C
Merrimack, NH
February 23, 2026




 47

 Page 132 of 143
 CITY OF BURLINGTON, VERMONT
 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT
 SCHEDULE OF PASSENGER FACILITY CHARGES
 FOR THE YEAR ENDED JUNE 30, 2025




Cash balance - July 1, 2024 $ 9,856,761

Receipts
 Passenger facility charges collected 2,865,637
 Interest earnings 24,652
 Total receipts 2,890,289


Disbursements
 Project No. 96-01-I-00-BTV (140,138)
 Project No. 00-03-C-00-BTV (56,280)
 Project No. 10-04-C-00-BTV (515,572)
 Project No. 20-07-C-00-BTV (292,519)
 Project No. 22-08-C-00-BTV (74,487)
 Project No. 25-09-C-00-BTV (2,218,192)
 Total disbursements (3,297,188)

 Decrease in cash balance (406,899)

Cash balance - June 30, 2025 $ 9,449,862




See Note 10 for reconciliation of above cash to the
 restricted accounts presented in the financial statements.




 48
 Page 133 of 143
 PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT

 Schedule of Findings and Questioned Costs
 For the Year Ended June 30, 2025


  I. Summary of Auditors’ Results

 Financial Statements

 Type of Auditors’ report issued: Unmodified

 Internal Control over Financial Reporting:

 • Material weaknesses identified? Yes  No
 • Significant deficiencies identified? Yes  None reported

 Noncompliance material to financial statements noted? Yes  No

 Passenger Facility Charge Program

 Internal Control over the Passenger Facility Charge Program:

 • Material weaknesses identified? Yes  No
 • Significant deficiencies identified? Yes  None reported

 Type of Auditors’ report issued on compliance: Unmodified

 • Any audit findings disclosed that are required
 to be reported in accordance with the Passenger
 Facility Charges Audit Guide for Public Agencies? Yes  No

 II. Financial Statement Findings

 None reported.

III. Findings and Questioned Costs

 None reported.




 49
 Page 134 of 143
2025




 Patrick Leahy Burlington
 International Airport

 March 4, 2 0 2 6
 Airport Commission
 Director’s Report



1
 Page 135 of 143
2026 Project NexT




2
 Page 136 of 143
2026 Staff Appreciation Lunch




3
 Page 137 of 143
2026 Snow Operations




3
 Page 138 of 143
2026 Events & Items

 • Current Items:
 • Transportation Network Companies (TNC) Updates
 • Snow Removal Equipment (SRE) Updates
 • Project NexT Timeline
 • Parking Garage
 • Conferences:
 • NEC Airports Conference, March 2026
 • Snow Symposium, April 2026




 4
 Page 139 of 143
2026 Snow Removal Equipment Building




5
 Page 140 of 143
2026 Scheduled Departures; Projections
 1,600

 2026 2025 2024 2019 2008

 1,400
 JAN 713 730 542 910 1,170

 FEB 669 656 541 851 1,121
 1,200
 MAR 757 808 613 970 1,214

 APR 833 815 654 991 1,241 1,000

 MAY 916 846 717 944 1,305
 800
 JUN 983 887 854 1,071 1,351

 JUL 1,047 930 901 1,127 1,429
 600
 AUG 1,059 909 946 1,122 1,391

 SEP 1,012 852 970 1,067 1,295 400


 OCT 1,081 996 1,015 1,038 1,324
 200
 NOV 800 719 741 942 1,165

 DEC 794 711 758 962 1,232
 0
 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
 TOTAL 10,664 9,859 9,341 11,995 15,238
 2026 2025 2024 2019 2008

6
 Page 141 of 143
2026 Scheduled Seats; Past & Projections Total Annual Seats and Load Factor:
 2008 = 1,051,115 @ 74.6%
 2019 = 858,589 @ 82.7%
 120,000
 2026 2025 2024 2019 2008 2022 = 804,380 @ 79.94%
 2023 = 774,095 @ 86.7%*
 2024 = 850,699 @ 81.18%
 JAN 59,302 69,073 50,245 63,905 77,163 110,000 2025 = 889,168 @ 80.8%
 *Highest in recorded history since 1990
 FEB 60,078 60,958 48,066 60,240 73,873
 100,000
 MAR 67,258 74,030 52,577 68,428 78,540

 APR 68,117 72,724 53,671 66,566 81,040 90,000


 MAY 80,461 71,276 64,163 67,379 88,905
 80,000

 JUNE 85,226 77,239 78,672 78,828 100,488
 70,000
 JULY 92,828 86,108 86,352 84,658 94,329

 AUG 94,491 84,106 92,765 83,786 98,916 60,000

 SEPT 88,534 80,415 92,016 76,194 91,407
 50,000
 OCT 91,355 91,292 94,651 75,193 93,590 Average # Seats per Flight:
 2008 = 69 per flight
 2019 = 71 per flight
 NOV 68,865 63,563 66,633 66,096 83,757 40,000 2022 = 84 per flight
 2024 = 91 per flight
 DEC 67,220 58,384 70,888 67,316 89,107 2025 = 92 per flight (projected)
 30,000
 TOTALS 923,735 889,168 850,699 858,589 1,051,115 JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC

7 2026 2025 2024 2008
 Page 142 of 143
2026 Passenger Statistics
 85000
 2026 2025 2024 2019 2008

 JAN 46,909 50,093 42,691 46,356 56,751
 75000
 FEB 48,062 49,619 44,133 49,867 57,216

 MAR 53,806 56,029 45,049 56,400 60,116

 APR 54,949 54,601 46,158 54,340 59,478 65000


 MAY 65,369 55,533 50,972 55,209 58,166

 JUNE 68,181 61,182 61,136 62,180 65,845 55000


 JULY 74,262 72,243 68,026 71,381 79,154

 AUG 75,593 74,199 72,448 71,200 79,304 45000

 SEPT 70,827 66,294 67,296 62,116 63,544

 OCT 73,084 80,446 76,054 66,795 69,556
 35000

 NOV 55,092 48,517 51,977 53,007 52,516

 DEC 53,776 49,739 57,012 56,314 57,375
 25000
 TOTALS 744,743 718,495 681,925 705,165 759,021 JAN FEB MAR APR MAY JUNE JULY AUG SEPT OCT NOV DEC

 2026 Projected 2025 Projected 2025 2024 2019 2008
8 *Numbers reflected Passengers departing from BTV
 Page 143 of 143
 **Underlined numbers are future estimates

PATRICK LEAHY BURLINGTON INTERNATIONAL AIRPORT
 BOARD OF AIRPORT COMMISSIONERS
 MINUTES OF MEETING
 March 4, 2026
 Location: The Wright Room
 1200 Airport Drive,
 South Burlington, VT 05403
[Hybrid meeting] Approved 4/1/26
MEMBERS PRESENT: Tim George, Chair
 Jeff Schulman, Vice Chair
 Robin Guillian
 Helen Riehle
 Chip Mason
 Al Turkos
MEMBERS ABSENT: Andrew Savage
BTV STAFF PRESENT: Nicolas Longo, Director of Aviation
 Larry Lackey, Director of Engineering & Environmental Compliance
 Jeff Bartley, Director of Innovation & Marketing
 Jesse Sprague, Executive Assistant
 Madison Reagan, Environmental Compliance and Project Manager
 Alexandra Cohen, Marketing Assistant
 Jillian Waite, Office Assistant
 Romeo von Hermann, Customer Experience Manager
 Dave Carman, Deputy Director – Airport Operations
 Marie Friedman, Director of Finance
OTHERS PRESENT: CCTV
 Michael Sanchez (Heritage Aviation)


1.0 Call to Order
 1.1 Call to Order
 Airport Commission Chair, Tim George, called the meeting to order at 4:04 p.m.
 1.2 Acknowledgement of Remote Commissioners
 Individuals attending the meeting remotely identified themselves (Helen Riehle, Chip Mason;
 Jeff Schulman joined online later in the meeting)

2.0 Agenda
 2.1 Approve/Adopt Agenda
 MOTION by Chip Mason, SECOND by Helen Riehle, to approve the agenda as presented.
 VOTING: unanimous (5-0); motion carried.


3.0 Public Forum
 3.1 Public Forum
 3.1.1 No members of the public volunteered to speak at public forum.

4.0 Consent agenda:
 4.1 Approval of the minutes
 MOTION by Al Turkos, SECOND by Robin Guillian, to approve the minutes as presented in
 the agenda packet, including Minutes from the February 4, 2026 meeting.
 VOTING: unanimous (5-0); motion carried.


5.0 Action Items
 5.1 Airport Ambassador Reclassification
 MOTION by Al Turkos, SECOND by Chip Mason, to recommend the memo to Board of
 Finance and City as presented; the subject of the memo is to recommend and approve the
 reclassification of the Airport Ambassador job description and grading, as outlined in the
 agenda packet
 DISCUSSION included:
 • The reclassification will move the Airport Ambassador position to a grade 11 from a
 grade 9; the grades are a pay range, as detailed in the memo.
 • Staff has worked with Human Resources at the City to reclassify this position and
 add responsibilities that trigger a reclassification.
 • Jeff Schulman joined at 4:07pm
 • This request will go to on Board of Finance on March 9 and City Council on March
 23
 VOTING: unanimous (6-0); motion carried.


6.0 Innovation and Marketing Quarterly Update
 6.1 Innovation and Marketing Quarterly Update, J. Bartley
 In addition to the presentation and written reports in the agenda, Director Bartley reported
 updates from the Innovation and Marketing Department and also reported on the new
 Economic Impact Assessment. Highlights included:
 • The Innovation and Marketing team includes: Jeff Bartley, Alex Cohen, Jillian
 Waite, Romeo von Hermann, and the ambassador team.
 • The Airport will host a second 5K Race in the fall.
 • Better Box, a healthier vending machine option, will be coming to the Airport
 • Airline agreement negotiations currently ongoing
 • Marketing department is working on a streamlined process for a therapy dog program
 at the Airport
 • The Airport will host a farmer’s market on Fridays this summer on the recreation
 path that opened in November 2025
 • Hagan Associates is the Airport’s marketing and consulting firm. Hagan informs the
 Airport on marketing efforts and manages the data the Airport uses to inform
 marketing.
 • Website ‘views’ are defined as how many times someone was on each page of the
 Airport’s website. Website ‘sessions’ are defined as the period in time a person
 spends on the website in one sitting.
 • The Airport is leveraging data to make a case to airlines for expanding service to
 various destinations, including Denver.
 • Leahy BTV will be involved in Aviation Day in Montpelier at the State House on
 April 30.
 • Since 2018, the Airport regional value has grown in the following areas: jobs
 (+14.4%), total payroll (+90%), total economic output (+122.2%), total state and
 local taxes (81%) and existing/replacement value (+44%)
 • The combined Airport regional value has grown 90% since 2018, from $1.043 billion
 to $1.88 billion in 2025.
 • Staff and commissioners discussed the methodology behind how employers and
 groups at the Airport were grouped in the Economic Impact Study

7.0 Construction Update
 7.1 Construction Update, L. Lackey
 7.1.1 In addition to the written construction update provided to the Airport
 Commission, Larry Lackey highlighted the following updates:
 o Leahy BTV requested funding from the FAA for the south terminal
 replacement project this project, and the FAA has said airports will be
 notified this month regarding award recipient status.
 o A pre bid meeting was held today for the cargo apron. This will help
 expand the cargo apron in the future. The Airport is still waiting on the
 FAA funding information for this project.
 o The bid for the Snow Removal Equipment building is awarded to
 Engelberth construction. Engelberth was the lowest of the three bidders
 for the project.
 o Capital Improvement Plan (CIP) update: after the cargo project, the
 airport will pause receiving FAA grant entitlement funds so that in the
 future, the airport can use more of them.
 o Taxiway C-G project be under construction
 o The building at 1223 Airport Drive will start demolition this month.
 o Beta Technologies went before the Development Review Board (DRB)
 for their B Build building and childcare center. Working on permitting
 and excavation for their B Build. These projects had been approved in a
 prior permitting process; due to the spaces being over 5% greater than
 originally expected, Beta needs to go through the approval process again
 at the DRB for these changes. Beta is currently building the Alia Hangar
 in the space identified as Area 5 on the airfield.


8.0 Residential Sound Insulation Program Updates
 8.1 Residential Sound Insulation Updates, L. Lackey
 In addition to the written update provided to the Airport Commission, Larry Lackey
 highlighted the following:
 8.1.1 The first phase of the Office of Local Defense Community Cooperation
 (OLDCC) project is under design for the first phase of 70 homes to prepare for
 construction bids; construction will start by July 2026. This summer there will be
 a second round of homes to use up the rest of the funding. The Airport will work
 to have a second package of homes submitted to the FAA for sound insulation in
 FY27.
 8.1.2 Director Lackey reviewed updates provided in the written report
 8.1.3 Chip Mason left at 4:59p.m.


9.0 Financial Update
 9.1 Financial Update, M. Friedman
 In addition to the written financial update provided to the Airport Commission, Director
 Longo highlighted the following:
 9.1.1 The Airport has not borrowed any additional money under the Grant Anticipation
 Note (GAN) since the start of the year. Director Friedman expects utilizing other
 grants as the GAN reaches the limit of the Airport’s grant expenditures.
 9.1.2 The Airport is working on the Passenger Facility Charge (PFC) Application. The
 PFC is the fee paid to the Airport for every airline ticket sold that departs from
 BTV. These funds have designated uses
 9.1.3 New airlines have access to an incentive program that waives landing fees for the
 first two years of operation at Leahy BTV. Breeze has been here for two years, so
 landing fees will now start. Breeze is becoming a signatory on the Airline
 Agreement, solidifying its presence at Leahy BTV, and bringing more revenue to
 the Airport.
 9.1.4 Expenses through January were 2.5% higher over the prior year. Much of this
 growth is from increasing salaries and benefits
 9.1.5 The Airport does not owe the City any money
 9.1.6 CBIZ completed the audit report for Leahy BTV. The PFC application requires
 an audit to review how the Airport spends.
 9.1.7 Operating revenues increase 3.5% or $840,000 from last year
 9.1.8 Operating expenses include grants (including sound insulation grants). This may
 add confusion to how operating expenses appear in this report.
 9.1.9 This report covers July 1, 2024 to June 30, 2025. Landing revenues increased in
 2025; this year, the landing fees are not doing as well as the year before. Several
 factors add to the variation in these revenues including: plane size and schedule
 changes.
 9.1.10 Debt coverage score ratio. Our score must be over 1.25; this number reflects
 revenues are at least 1.25% higher than our expenditures. Our score is 1.95%
 9.1.11 On June 30, 2025, the Airport had just under $20M in revenue bonds. These will
 be paid off on July 1, 2030.
 9.1.12 As the expansion projects continue, demolished parts of the airport will come off
 the value of the Airport’s asset value.


10.0 Director’s Update
 10.1 Director’s Update
 In addition to the written presentation, Director Longo reported:
 10.1.1 The new terminal will be open by the end of the month. The current location of
 gates 3-6 will be demolished after the opening of the new terminal. The project to
 follow will be the south terminal expansion.
 10.1.2 The 2026 staff appreciation lunch was Olympics themed, and the Mayor of the
 City of Burlington was in attendance.
 10.1.3 The Snow Operations team at Leahy BTV has done a fantastic job this winter
 with regard to clearing snow on the runway
 10.1.4 The Airport will go to City Council this month to get approval for new rates with
 Transportation Network Companies (TNCs). Previously, the Airport was focused
 on the City of Burlington TNC rate updates; now the Airport is seeking to raise
 the total that ride-share companies (TNCs) pay per ride. Taxis are not subject to
 these same fees but do pay separate taxi fees. Director Longo discussed different
 forms of taxi fee structures.
 10.1.5 The Snow Removal Equipment (SRE) updates: The contract with Engelberth will
 be coming to Airport Commission in the near future for the build of this building.
 The existing SRE building is older and does not fit all airport equipment. This
 building will be on the northwest side of the building. After feedback from the
 community, this building is now planned to be as far north as possible. The
 Airport is currently seeking lease financing for this building.
 10.1.6 Vacation travel for the school break recently rose the quantity of vehicles in the
 garage, and the ambassador team did a great job monitoring the garage during
 this time.
 10.1.7 Dave Carman, Stacy Leveille, and Andrew Geppner are currently at the
 Northeast Chapter (NEC) of the American Association of Airport Executives in
 Hershey, Pennsylvania. A few members of the snow operations team will travel
 to Buffalo in April for the Snow Symposium conference as well.
 10.1.8 The 2026 projected number of passengers is over 920,000 outbound passengers
 10.1.9 The projected numbers are projected to be higher than last year. The report of
 passenger statistics is an 80% projection of the reported scheduled seats in the
 previous slide.


11.0 Commissioner Items
 11.1 Commissioner Items:
 11.1.1 No Commissioner items.

12.0 Follow Up Items
 12.1 Follow Up Items
 12.1.1 No follow up items.

13.0 Adjournment
MOTION by Al Turkos, SECOND by Robin Guillian, to adjourn the meeting.
VOTING: unanimous (5-0); motion carried.


Meeting Adjourned at 6:02 p.m.