"Florida airport gets high marks on audit"

Friday, February 14, 2003

Airport gets high marks on audit
The Charlotte (FL) Sun-Herald


Charlotte County Airport's books got relatively high marks from auditors.

During a presentation Thursday, Jeff Tuscan with Markham, Norton, Stroemer &
Co. P.A., the independent auditor hired to examine the airport's financial
statements for the 2002 fiscal year, said revenues support operations and
show a $204,000 profit.

Despite the effects of 9/11, the airport also managed to keep reserve funds
stable and reduce its long-term debt by about $150,000, according to Tuscan.

Only two issues were flagged, which the airport took steps to address:

   * Reporting of grant funds -- The airport will list grant-funding as
income.

   * Investment policy -- The airport voted to repeal its investment policy,
since it was not in compliance with state statues.

In another matter, board members awarded a $3,059,000 contract to Halfacre
Construction of Sarasota to build 114 T-hangars at the airport. Halfacre
will build five hangar buildings, the first with 18 units, while the other
four buildings will have 24 units.

About $2 million of the funds will come from the Florida Department of
Transportation, while the airport will cover the remaining costs, in part
with financing from SunTrust Bank.

In other business:

   * Quill announced the receipt of $1.2 million in sales tax revenue for
the development of the aiport's commerce park.

   * The board approved a joint participation agreement with FDOT to
purchase about 140 acres of land on the west side of the airport.

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