Thursday, April 18, 2024

Stimulus funds expected to cover Norfolk airport shortfalls

NORFOLK, Va. (AP) — Norfolk International Airport is expecting a steep drop in revenue because of the coronavirus pandemic. But the losses should be covered by federal stimulus money. The Virginian-Pilot reported that the airport anticipates its budget to be off by $10 million this coming fiscal year. It’s also expecting a drop of nearly 600,000 travelers. Parking is the airport’s biggest moneymaker. And it’s expected to fall by $5.2 million or nearly 29%. Revenue from rental cars is also expected to plummet. Nearly $12.7 million in federal stimulus money is expected to cover the shortfall and a bit more. Overall, the airport is budgeting for $1.5 million more revenue. The airport plans to use the funding to pay salaries, benefits and to pay off debt payments.

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