In accounting terminology, a “going concern” refers to the assumption that a business will continue to operate for the foreseeable future without the need for liquidation or significant restructuring.
Following the Wednesday meeting of the Airport Authority, Town of Greeneville Finance Director Lora Young and Airport Manager Angela Alley spent a few minutes with local media explaining the current financial situation.
Both expressed confidence in the future of the airport; Alley saying as the economic climate continues to improve and fuel sales increase, the airports financial health will improve. The airport budget finished last month $42,000 in the red. But a major reason for the negative numbers is because of a delay in receiving $119,000 in grant reimbursements through TDOT, which have been slow in being received but should be arriving soon. Alley reports an estimated $60,000 was also lost during the month and a half the airport was closed for resurfacing.
The Town of Greeneville, as the airports fiscal agent, will be asked during their April 8th meeting, to provide an additional $100,000 to the airport. . Alley says it has always been the goal for the airport to be self sustained. The addition of a new commercial hangar will no doubt result in additional monies for the airport. Bids for that project will be opened next week, but awarding of the bid will not take place until late September.
