Slide 1RECOMMENDED 2022 BUDGET
Purpose The purpose of this
paper is to request that the Finance Committee approve and
recommend that the Board of Directors approve the Recommended 2022
Budget
2
As the aviation industry recovers from the COVID-19 pandemic, the
Airports Authority continues to operate from a position of strength
and respond effectively:
2019 - Pre-pandemic Strong Financial Position 10th consecutive year
of enplanement growth as of 2019 Achieved $14.82 Cost per
Enplanement (CPE) at IAD and $11.49 at DCA Sufficient construction
funds on hand to cover new money needs Realized debt service
coverage of 2.05x, surpassing the minimum debt service coverage
ratio
of 1.25x
2020 - Pandemic Response and Management Enacted safety measures to
protect passengers and staff and comply with federal, state
and
local guidance Maintained stable rates and charges for airlines
using $74.4 million in CARES Act funds
Background
3
2020 - Pandemic Response and Management (continued) Constrained
discretionary spending, limited hiring, and eliminated travel to
reduce 2020
expenditures to at least 10% below budgeted expenses Deferred
airline payments and extended financial relief to concessionaires
Deferred $232.0 million in CCP project expenditures in 2020 and
2021 Reprogrammed $34.0 million in unexpended funds to invest in
new and existing capital projects
2021 - Restoration and Recovery Established 2021 Budget at 12%
lower than 2020 Budget Budgeted CPE of $18.63 at IAD and $19.98 at
DCA for 2021 Optimizing the remaining $363.4 million in federal
relief grant funds Recovering and expanding airlines, routes and
passengers Finalizing remaining “Project Journey” and Metrorail
Project construction Continuing conservative projections for
financial planning
Background (continued)
Ensure public safety, security, and emergency preparedness Maintain
financial flexibility and competitive Cost per Enplanement (CPE)
Continue to invest in sustainability initiatives Prepare for future
use and lease negotiations Pursue available infrastructure grants
Initiate plans for future infrastructure developments at Dulles
International and Reagan National Invest in our employees through
development, Merit Pay programs and provide adequate funding
for health insurance and retirement plans
5
Continue to reasonably estimate non-airline revenue sources and
pursue new opportunities Continue Airport Master Plan effort to
identify long-term vision for the Airports Limit new capital
program additions and utilize existing projects to fund additional
requirements Expand diversity outreach, inclusion, and social
impact through leadership growth and
engagement Fund debt service, and satisfy bond covenants Maintain
strong credit ratings resulting in lowest cost of capital
Institute All-Electronic Tolling on the Dulles Toll Road Transition
Dulles Corridor Metrorail Project Phase 2 to WMATA
6
3.77 5.62 9.63 10.30 10.50 10.70 10.90
3.58 3.72 3.86 3.99 4.18
0.99 1.91
3.10
4.68
7.9
12.2
19.5 21.0 21.6 22.2 22.8
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
DCA IAD International IAD Domestic
The Recommended 2022 Budget Anticipates Forecasted Activity Levels
of at least 80.2% of 2019
7 * Includes both revenue and non-revenue passengers on domestic
and international flights. Excludes enplanements on general
aviation and military flights. Totals may not
sum due to rounding. Source: 2021AB Report of the Airport
Consultant (ROAC).
Enplanements at DCA and IAD* (millions)
Actual 2.8% average increase 2015 - 2019
Forecast 4.0% average increase 2022 - 2026
In 2022, IAD enplanements are expected to grow to 80.4% of 2019
enplanements.
• In 2022, DCA enplanements are expected to grow to 80.6% of 2019
enplanements.
The Budget Includes Six Distinct Programs
Operation and Maintenance (O&M) Program
Capital, Operating and Maintenance Investment Program (COMIP)
Capital Construction Program (CCP)
Capital Improvement Program (CIP)
Aviation Enterprise Fund Dulles Corridor Enterprise Fund
1.
3.
2.2.
1.
3.
8
Note: Totals may not sum due to rounding.
9
Total Operating Program Budget Budget (dollars in millions) 2021
2022 Dollar Percent Reagan National 84.9$ 93.1$ 8.2$ 9.7% Dulles
International 147.8 162.6 14.7 10.0% Consolidated Functions 92.5
96.9 4.4 4.7% Public Safety 58.6 58.0 (0.6) -0.9%
Sub-total Operating Expenses 383.8$ 410.5$ 26.7$ 7.0% Reagan
National Debt Service* 87.0 85.3 (1.7) -1.9% Dulles International
Debt Service** 245.1 228.2 (16.9) -6.9%
Sub-total Debt Service 332.1$ 313.5$ (18.6)$ -5.6% Total Operating
Program 715.9$ 724.0$ $ 8.2 1.1%
*Net of budgeted Passenger Facility Charges (PFC's) of $16.3m in
2021 and $21.6m in 2022 for the Airfield and Project Journey. **Net
of budgeted Passenger Facility Charges (PFC's) of $26.3m in 2021
and $39.0m in 2022 for the AeroTrain.
Change
Aviation Operation and Maintenance (O&M) Program
(continued)
10Note: Totals may not sum due to rounding.
Total Operating Program Total Operating Expenses Operating Expenses
383.8$ 53.6% 410.5$ 56.7% Personnel Expenses 193.1$ 50.3% 192.0$
46.8% Debt Service 332.1 46.4% 313.5 43.3% Non-Personnel Expenses
190.7 49.7% 218.6 53.2% Total 715.9$ 100.0% 724.0$ 100.0% Total
383.8$ 100.0% 410.5$ 100.0%
2021 Budget 2022 Budget 2021 Budget 2022 Budget
$383.8 $410.5
$332.1 $313.5
Operating Expenses Debt Service
Operating Expenses Comparison by Category (% of Total Operating
Expenses)
2021 Budget 2022 Budget
O&M Personnel Compensation and Benefits
11
Personnel Compensation 141,148.4$ 148,436.4$ 7,288.0$ 5.2%
Health Insurance 26,783.4 24,746.7 (2,036.7) -7.6%
Life Insurance 838.7 634.6 (204.1) -24.3%
Employer Taxes 9,989.5 10,411.7 422.2 4.2%
Retirement and Other Employee Benefits 14,324.7 7,732.0 (6,592.7)
-46.0%
Sub-total Employee Benefits 51,936.3$ 43,525.0$ (8,411.3)$
-16.2%
Sub-total Personnel Compensation and Benefits 193,084.7$ 191,961.3$
(1,123.4)$ -0.6%
Change Budget to Budget
Personnel Compensation – $7.3 million
Employee Benefits – ($8.4 million) – As of September 2021, the
General Employee and Police and Firefighter Pension Plans
were
108.2 and 106.9 percent funded, respectively. Accordingly, there is
a reduction in required employer funding levels for pension
contributions for 2022
– Funding for the entire portion of 2022 retiree medical and life
insurance benefits to be paid from the Voluntary Employees’
Beneficiary Association (VEBA) Trust
Key Drivers for 0.6% reduction in Personnel Compensation and
Benefits from 2021 Budget
There are nine vacant positions eliminated in the 2022 Budget
Aviation Enterprise 2022 Positions
Office of Engineering Administrative Assistant II (1) Full-Time
Career S17 Engineering Project Management System Technician (1)
Full-Time Career S16
Office of Human Resources and Administrative Services Compensation
and Benefits Specialist (1) Full-Time Career S20 Compensation and
Benefits Technician Term (1) Non-Career Term H17
Office of General Counsel Deputy Vice President and Deputy General
Counsel (1) Full-Time Career Deputy Vice President
Office of Supply Chain Management Deputy Vice President of Supplier
Diversity (1) Full-Time Career Deputy Vice President
Reagan National Senior Project Manager - Strategic Airport
Operations Initiatives (1) Full-Time Career S24 Secretary Temporary
(1) Non-Career Term N15
Dulles International Physical Security Technician Temporary (1)
Non-Career Term N14
Total Eliminated Vacant Positions (9)
Aviation Enterprise 2022 Positions (continued)
14
There are nine additional positions in the 2022 Budget for a net
zero increase
Aviation Enterprise Total # of Positions Position Type Position
Grade
Office of Operations Support Emergency Preparedness Specialist 1
Full-Time Career S19
Office of Engineering Senior Vice President and Chief Capital
Development Officer 1 Full-Time Career Senior Vice President Deputy
Vice President for Real Estate Business Development 1 Full-Time
Career Deputy Vice President Real Estate Specialist 1 Full-Time
Career S22
Office of Human Resources and Administrative Services Vice
President for Diversity, Inclusion and Social Impact 1 Full-Time
Career Vice President Manager, Diversity Outreach 1 Full-Time
Career S23 Manager, Social Impact 1 Full-Time Career S22 Employment
Specialist 1 Full-Time Career S20
Office of Supply Chain Management Supplier Diversity Compliance
Specialist 1 Full-Time Career S20
Total Additional Positions 9
O&M Non-Personnel Expenses
Reagan National 52,339.2$ 61,059.7$ 8,720.6$ 16.7%
Dulles International 94,059.8 109,050.5 14,990.7 15.9%
Consolidated Functions 42,000.2 45,454.7 3,454.5 8.2%
Public Safety 2,329.2 3,023.2 694.0 29.8%
Sub-total Non-Personnel Expenses 190,728.3$ 218,588.1$ 27,859.8$
14.6%
Sub-total Personnel Compensation and Benefits 193,084.7$ 191,961.3$
(1,123.4)$ -0.6%
Total Operating Expenses 383,813.0$ 410,549.4$ 26,736.4$ 7.0%
Change Budget to Budget
16
Key Drivers for 14.6% increase in Non-Personnel Expenses from 2021
Budget
Budget Budget
Public Parking and Employee Parking Recovered Operations, Living
Wage 19,427.5$ 29,807.1$ 10,379.5$ 53.4%
Custodial Services Contract Escalation, Living Wage, Additional
Facilities, COVID-19 Mitigation 24,558.5 29,539.6 4,981.1
20.3%
Other Airport Contract Services Contract Escalations including
Living Wage 57,664.1 61,404.4 3,740.3 6.5%
Information Technology Services, Software as a Service, Other
Services Additional Requirements 14,787.7 17,760.1 2,972.4
20.1%
Utilities and Fuel Supplies Increased Usage, Fuel Rate Increase
26,384.3 28,178.8 1,794.5 6.8%
Other Operating Expenses 47,906.2 51,898.2 3,992.0 8.3%
Total Aviation Enterprise Non-Personnel Expenses 190,728.3$
218,588.1$ 27,859.8$ 14.6%
Change Budget to Budget
*Excludes Transfers, includes Signatory, Non-Signatory and General
Aviation, **Includes Employee Parking ***The Recommended 2022
Budget anticipates the use of approximately $22.1 million ($18.1
million of principal and $4.0 million of estimated interest
earnings)
Estimated Operating Revenues
2022 Estimated Revenues by Primary Source
17
Total Operating Revenues Actual Budget Forecast Budget Percent
Change Budget vs. Budget
Percent Change Budget vs. Forecast
(dollars in millions) 2020 2021 2021 2022 2022 vs. 2021 2022 vs.
2021
Airline* Rents 206.2$ 198.4$ 198.4$ 223.4$ 12.6% 12.6% Landing Fees
51.9 55.8 55.8 65.4 17.1% 17.1% International Arrival Fees 4.6 7.1
7.1 16.3 129.5% 129.5% Passenger Conveyance Fees 2.7 1.3 1.3 5.0
286.8% 286.8%
Airline Revenues 265.5$ 262.6$ 262.6$ 310.0$ 18.0% 18.0%
Non-Airline
Concessions 143.7$ 201.1$ 205.8$ 290.3$ 44.4% 41.1% Rents 50.5 54.0
53.9 54.2 0.4% 0.6% Utilities 12.0 13.8 13.2 13.6 -1.3% 3.4% TSA
Security Fees 0.9 0.9 0.9 0.9 0.3% 0.3% Other Revenue** 11.0 9.7
6.8 10.7 10.7% 57.8%
Sub-total Non-Airline Revenues 218.2$ 279.5$ 280.5$ 369.8$ 32.3%
31.8% Total Operating Revenues 483.7$ 542.1$ 543.2$ 679.8$ 25.4%
25.2%
CARES Act 74.4$ 154.7$ 98.7$ 22.5$ -85.4% -77.2% CRRSA Act - - 37.7
- 100.0% -100.0% ARP Act - - 29.4 81.4 100.0% 176.7%
Total Grant Revenues 74.4$ 154.7$ 165.9$ 104.0$ -32.8% -37.3%
Western Lands*** - 39.0 4.0 22.1 -43.5% 100.0%
Total Operating/Grants Revenue and Western Lands 558.0$ 735.9$
713.1$ 805.8$ 9.5% 13.0%
Application of Federal Relief Grants
18
Reagan National general grants applied/used in 2020 (38,212,993)$
-$ -$ (38,212,993)$ Dulles International general grants
applied/used in 2020 (36,158,200) - - (36,158,200) General grants
remaining 154,732,071$ 37,710,383$ 145,858,148$ 338,300,602$
Reagan National general grants applied/used in 2021 -$
(18,581,343)$ (11,100,522)$ (29,681,865)$ Dulles International
general grants applied/used in 2021 (98,698,846) (19,129,040)
(18,332,866) (136,160,752)
General grants remaining 56,033,225$ -$ 116,424,760$
172,457,985$
Reagan National general grants applied/used in 2022 -$ -$
(25,692,259)$ (25,692,259)$ Dulles International general grants
applied/used in 2022 (22,538,181) - (55,749,708) (78,287,889)
General grants remaining 33,495,044$ -$ 34,982,793$
68,477,837$
CONCESSION RELIEF -$ 5,028,712$ 20,114,851$ 25,143,563$
Reagan National concession relief applied in 2021 -$ (2,483,444)$
-$ (2,483,444)$ Dulles International concession relief applied in
2021 - (2,545,268) - (2,545,268)
Concession relief remaining -$ -$ 20,114,851$ 20,114,851$
Reagan National concession relief applied in 2022 -$ -$
(9,933,777)$ (9,933,777)$ Dulles International concession relief
applied in 2022 - - (10,181,074) (10,181,074)
Concession relief remaining -$ -$ -$ -$
Parking 33.4%
Other concessions includes foreign currency, banking services, etc.
Note: Totals may not sum due to rounding.
19
Percent Change
2022 Budget
(dollars in millions) 2019 2020 2021 2021 2022 2022 vs. 2021
Percent of Total
Concessions Parking 126.3$ 39.1$ 60.2$ 75.7$ 96.9$ 61.1% 33.4%
Rental Cars 46.2 21.8 38.5 36.1 45.3 17.7% 15.6% Ground
Transportation 46.2 15.3 26.9 19.3 36.2 34.8% 12.5% Fixed Base
Operator 32.4 25.1 33.1 33.1 36.1 9.3% 12.4% Food & Beverage
35.6 10.7 10.1 10.9 27.7 175.0% 9.6% Inflight Kitchen 19.4 9.7 7.8
9.9 13.9 78.0% 4.8% Advertising 14.6 8.2 14.2 8.9 12.0 -15.3% 4.1%
Retail & News 14.8 4.8 3.6 4.4 11.9 226.0% 4.1% Other
Concessions 8.1 4.5 3.5 3.9 4.1 14.5% 1.4% Duty Free 14.9 3.1 1.8
2.1 3.4 87.2% 1.2% Services 3.6 1.5 1.5 1.4 2.8 91.4% 1.0% Total
Concessions 362.1$ 143.8$ 201.1$ 205.8$ 290.3$ 44.4% 100.0%
Enplanements (in millions) 24.3 7.9 13.5 12.2 19.5 45.2%
Concessions per Enplanement 14.9$ 18.3$ 14.9$ 16.9$ 14.9$
-0.6%
20
Note: Totals may not sum due to rounding.
(dollars in thousands) Amount (dollars in thousands) Amount Reagan
National New Authorization* -$ Reprogrammed From Existing Projects
(12,455)$
Reprogrammed To Existing and New Projects 12,455 Total New
Authorization -$ Total Net Reprogramming -$
Dulles International New Authorization 19,554$ Reprogrammed From
Existing Projects (5,319)$
Reprogrammed To Existing Projects 5,319 Total New Authorization
19,554$ Total Net Reprogramming -$ Total Aviation Enterprise COMIP
New Authorization 19,554$ Total Aviation Enterprise COMIP Net
Reprogramming -$
2022 New Authorization 2022 Reprogrammings
*Reagan National COMIP additional requirements to be funded from
existing projects through reprogrammings.
Aviation Capital Construction Program (CCP) Summary
21
2022 New Authorization (dollars in thousands) Amount Bonds
Grants/Other Reagan National 108,231$ 43,731$ 64,500$ Dulles
International 63,628 53,698 9,930 Total Aviation Enterprise CCP New
Authorization 171,859$ 97,429$ 74,430$
Total Aviation Enterprise CCP - Reductions to Current Program
Levels (53,790) (46,305) (7,485)
Net Change to the CCP 118,069$ 51,124$ 66,945$
Estimated Funding
22
The Recommended 2022 Budget Achieves an Estimated Debt Service
Coverage of 1.81x at Dulles International and 2.04x at Reagan
National
*Bond indenture basis
2020 2021 2021 2022
Reagan National 1.74x 1.31x 2.08x 2.04x Dulles International 1.32x
1.61x 1.57x 1.81x Combined 1.40x 1.49x 1.74x 1.87x
$26.55
$23.67
$21.00
IAD Actual and Budget DCA Actual and Budget
23
The Recommended 2022 Budget Achieves an Estimated CPE of $18.30 for
Dulles International and $12.96 for Reagan National
Actual Budget
24
Total Operating Program Budget Budget (dollars in millions) 2021
2022 Dollar Percent Toll Operating Revenue* 150.2$ 168.5$ 18.3$
12.2% Non-Operating Revenue 2.5 1.0 (1.6) -62.7%
Total Revenue 152.8$ 169.5$ 16.7$ 11.0% Operating Expenses 26.6
31.5 4.9 18.3% Debt Service for Metrorail Project and Financing
Fees** 104.8 115.8 11.1 10.6%
Total Operating Program 131.4$ 147.3$ 16.0$ 12.1% Reserves 21.4
22.1 0.8 3.6%
Total Operating Program including Reserves 152.8$ 169.5$ 16.7$
11.0% Remaining Dulles Toll Road Revenue Fund - - - 0.0%
*Source: Dulles Toll Road Short-Term Traffic and Revenue Forecast
through 2025. **Net of federal subsidy payments and $35.5m of
unrestricted reserves used to fund a portion of debt service in
2022.
Change
25
There are no new positions requested for the 2022 Budget
There are seven vacant positions eliminated in the 2022
Budget
Dulles Corridor Enterprise Total # of Positions Position Type
Position Grade
Dulles Toll Road Structural Maintenance Mechanic (1) Career T18
Toll Road Operations Assistant (3) Career T15
Dulles Metrorail Project Senior Vice President for Dulles Corridor
Metrorail Project (1) Career Senior Vice President Administrative
Assistant II (1) Career S17 Contract Compliance Specialist (1)
Career S20
Total Eliminated Vacant Positions (7)
Note: Totals may not sum due to rounding.
Dulles Corridor Operation and Maintenance (O&M) Program
(continued)
26
Total Operating Program Total Operating Expenses Operating Expenses
26.6$ 17.4% 31.5$ 18.6% Personnel Expenses 2.9$ 10.9% 3.0$
9.4%
126.1 82.6% 138.0 81.4% Non-Personnel Expenses 23.7 89.1% 28.6
90.6%
Total 152.8$ 100.0% 169.5$ 100.0% Total 26.6$ 100.0% 31.5$ 100.0%
*Net of funds commited to pay debt service requirements
2021 Budget 2022 Budget 2021 Budget 2022 Budget
Debt Service, Financing Fees and Reserves*
$26.6 $31.5
$126.1 $138.0
2021 Budget 2022 Budget
Operating Expenses vs. Debt Service, Financing Fees and Reserves
(in millions)
Operating Expenses Debt Service, Financing Fees, Reserves
10.9%
61.2%
Allocated Cost
2021 Budget 2022 Budget
Services – $4.5 million – Increased estimates for Electronic Toll
Collection fees due to projected increase in toll road
transactions and violation processing requirements – Contract
escalation for environmental monitoring services
Insurance and Claims – $294 thousand increase based on current
actuarial estimates
27
28
Estimated Dulles Toll Road Rate Stabilization Reserve Utilization
for Debt Service
The Airports Authority will utilize Rate Stabilization Reserves to
fund a portion of Dulles Toll Road debt service requirements for
2022
Budget Budget
Debt Service* 146,753.2$ 151,325.7$ 4,572.5$ 3.1%
Less: Reserves Committed to Debt Service (42,000) (35,500.0)
6,500.0 -15.5%
Total 104,753.2$ 115,825.7$ 11,072.5$ 10.6% *Net of federal subsidy
payments.
Change Budget to Budget
Dulles Corridor Reprogramming Summary There is no new program
authorization. Previously approved but not expended projects
have
been reprogrammed to fund additional requirements
29
(dollars in thousands) Amount Renewal and Replacement (R&R)
Program Reprogrammed From Existing Projects (3,341)$ Reprogrammed
To Existing Projects 3,341 Total Dulles Corridor Enterprise R&R
Net Reprogramming -$
Capital Improvement Program (CIP) Reprogrammed From Existing
Projects (3,871)$ Reprogrammed To Existing Projects 3,871 Total
Dulles Corridor Enterprise CIP Net Reprogramming -$
2022 Reprogramming
30
Millions Total % of Total Change Total
Federal 900$ -$ 900$ 15.6% 900$
Commonwealth of Virginia - Federal Funds (2) 75 - 75 1.3% 11.0
86
Commonwealth of Virginia - State Funds (3) 177 323 500 8.7%
500
Northern Virginia Transportation Authority (4) - - 0.0% 60.0
60
Fairfax County 400 527 927 16.1% (11.4) 916
Loudoun County 276 276 4.8% (3.4) 273
MWAA (Aviation Funds) 236 236 4.1% (2.9) 233
MWAA (Dulles Toll Road) 1,430 1,415 2,845 49.4% (53.3) 2,792
TOTAL SOURCES OF FUNDS 2,982$ 2,778$ 5,760$ 100.0% -$ 5,760$
Fixed Amount Fixed Percentage of Total Cost
Residual
RAIL PROJECT BUDGET after NVTA and CMAQ
(1) Phase 2 parking garages are to be funded directly by the
Counties and are not included in the Total Metrorail Project
Budget. (2) $75 million Section 5307 Surface Transportation Program
grant and $11 million Congestion Mitigation and Air Quality
Improvement (CMAQ) Program funds. (3) Does not include $150 million
from the Commonwealth that is being used to pay interest on DTR
Revenue Bonds. (4) Grant from Northern Virginia Transportation
Authority (NVTA) can only be used to pay or reimburse capital costs
for Innovation Center Metrorail Station.
Key Takeaways and Challenges
31
Continue to manage rates and charges and cost per enplanement to
incentivize rapid recovery Impact of passenger activity levels and
achieving current recovery assumptions,
airline costs challenges
Increases in expenses to accommodate passenger activity, recover
operations, new facilities, contract escalations, living wage,
labor costs, and inflationary adjustments
Nature of certain operating expense requirements to operate the
Airports as well as supply chain constraints
Utilization of CARES, CRRSA, ARP Act grant revenues and Western
Lands funding
The Recommended 2022 Budget anticipates the application of
significant portions of remaining federal relief funding. This
impacts the availability of these grants beyond 2022
Growth in non-airline revenues consistent with passenger activity
levels Uncertainty in regards to future concessions waivers during
the course of 2022 and whether passenger activity growth
projections will materialize
Investing in employees through Merit Pay Program and Performance
Management Partnership, as well as health and retirement benefits
With turnover and retirement on the rise, the competitive workforce
environment
poses significant challenges in retaining employees
Initiate plans for major facility investments Allocation of the
Infrastructure Investment and Jobs Act and high level of debt
service on existing infrastructure at Dulles International
Increases to Dulles Toll Road operating expenses from violations
processing while transitioning to All-Electronic Tolling
Budget limitations on the Dulles Toll Road O&M, R&R, and
CIP budgets to maintain reserve balances and meet debt service
obligations and debt service coverage requirements
Key Takeaways Challenges
October 19 2022 Budget Board Workshop and Draft 2022 Budget
November 17 2022 Recommended Budget Presented to Finance
Committee
December 15 Board Approval of 2022 Budget
32
Recommendation
That the Finance Committee approve and recommend that the Board of
Directors approve the Recommended 2022 Budget
33
35
Appendix
Detailed Level Recommended 2022 Budget Follows (The full
Recommended 2022 Budget Document is included in Board
materials)
Funding Sources for Aviation Enterprise Fund Budgets
*Funds held by the Trustee.
• Bond Funds* • Passenger Facility Charges • Grants
Aviation CCP
service coverage) • Non-Airline Revenue
Aviation O&M (including debt service payments)
Aviation Operation and Maintenance (O&M) Program Aviation
Capital, Operating and Maintenance Investment Program (COMIP)
Aviation Capital Construction Program (CCP)
Aviation COMIP MWAA’s share of Net Remaining
Revenue (NRR) Funds COMIP
37
Contract Services 23,415.1$ 29,745.7$ 6,330.5$ 27.0%
Repairs and Maintenance Services 11,422.6 12,552.7 1,130.1
9.9%
Utilities 9,266.9 9,789.4 522.5 5.6%
Professional Services 1,471.0 1,915.0 443.9 30.2%
Fuel Supplies 401.5 723.0 321.5 80.1%
Non-Capital Equipment 104.3 246.9 142.6 136.7%
Environmental Services 1,487.8 1,515.6 27.8 1.9%
Travel, Lease and Rental 1,200.3 1,207.4 7.1 0.6%
Training, Certifications and Other Services 191.2 185.0 (6.2)
-3.3%
Snow and Ice Control and Other Supplies 3,378.4 3,179.1 (199.3)
-5.9%
Total Reagan National Non-Personnel Expenses 52,339.2$ 61,059.7$
8,720.6$ 16.7%
Change Budget to Budget
38
Contract Services 32,149.0$ 42,807.3$ 10,658.3$ 33.2%
Repairs and Maintenance Services 29,168.3 31,956.6 2,788.4
9.6%
Fuel Supplies 1,383.8 1,877.2 493.4 35.7%
Utilities 16,134.5 16,489.7 355.3 2.2%
Training, Certifications and Other Services 161.2 351.0 189.7
117.7%
Professional Services 2,315.0 2,503.2 188.1 8.1%
Non-Capital Equipment 72.4 234.6 162.2 224.0%
Environmental Services 3,572.2 3,695.8 123.6 3.5%
Snow and Ice Control and Other Supplies 8,968.5 9,004.9 36.3
0.4%
Travel, Lease and Rental 134.9 130.2 (4.7) -3.5%
Total Dulles International Non-Personnel Expenses 94,059.8$
109,050.5$ 14,990.7$ 15.9%
Change Budget to Budget
39
(dollars in thousands) 2021 2022 Dollar Percent
Information Technology Services, Systems, Software as a Service
(SaaS) and Other Support Services 17,002.7$ 20,422.0$ 3,419.3$
20.1%
Advertising and Management Support Services 1,933.9 2,494.7 560.8
29.0%
Travel 156.1 277.1 121.0 77.5%
Federal Lease Payment 6,108.7 6,162.5 53.8 0.9%
New Corporate Office Building Lease 3,727.2 3,634.8 (92.4)
-2.5%
Insurance Premiums and Claims 7,916.9 7,809.9 (106.9) -1.4%
Administrative Supplies and Other Expenses 5,154.8 4,653.8 (501.0)
-9.7%
Total Consolidated Functions Non-Personnel Expenses 42,000.2$
45,454.7$ 3,454.5$ 8.2%
Change Budget to Budget
40
Contract and Other Services 1,136.9$ 1,386.1$ 249.2$ 21.9%
Arsenal Supplies, Protective Clothing, Uniforms and Other Supplies
1,120.1 1,365.6 245.5 21.9%
Non-Capital Equipment 29.7 218.7 188.9 635.8%
Travel, Lease and Rental 42.5 52.9 10.4 24.4%
Total Public Safety Non-Personnel Expenses 2,329.2$ 3,023.2$ 694.0$
29.8%
Change Budget to Budget
Note: Totals may not sum due to rounding.
(dollars in thousands) Amount Amount Reprogrammed From DCA Rate
Stabilization Reserve Program (8,024)$ 2019 PSD-CF Capital
Equipment - Vehicles (DCA/IAD) (53)$ DCA Roadway Perimeter Security
(2,300) Support Services Capital Equipment - Copiers (DCA/IAD) (38)
2017 PSD-DCA Capital Equipment - ARFF Vehicle (625) Terminal B/C
Club Mechanical Rooms Sealant (28) DCA Airport Environmental
Decision Tool Noise Contours (250) 2017 DCA Capital Equipment -
Flatbed Plotter (20) Emergency Operations Center Audio/Video System
Replacement (250) 2018 PSD-DCA Capital Equipment - FRD Rescue Boat
and Trailer (18) DCA Public Wi-Fi Cellular Services Business Study
and Program Management (177) Industrial Waste Drying Bed Upgrades
(17) DCA Roadway Traffic Counting Stations (125) 2018 PSD-DCA
Capital Equipment - FRD Sport Utility Vehicles (12) 2017 Support
Services Capital Equipment - COB Copiers (124) 2019 DCA Capital
Equipment - Copiers (10) 2017 DCA Capital Equipment - Vehicles
(107) 2020 PSD-CF Capital Equipment - Laser Scanner (DCA/IAD) (8)
2020 DCA Capital Equipment - Public Parking Vehicles (75) 2019 CF
Capital Equipment - Postage Meter and Copiers (DCA/IAD) (6)
Replacement of Firehouse 301 Appliances (69) Terminal B/C Elevator
Door Replacement (3) 2019 PSD-DCA Capital Equipment - Vehicles (59)
2019 PSD-DCA Capital Equipment - Power Load Cot Fastener System (2)
2018 PSD-DCA Capital Equipment - Police (55) Terminal B/C Tunnel
Door Replacement (1) Total Reprogrammed From (12,455)$
Reprogrammed To DCA COMIP Consolidation Reserve Program 4,431$
Facility and Infrastructure Inspection Program (DCA/IAD) 250$ DCA
Public Parking Revenue Control System Replacement 1,500 Repair
Baggage Belt System 250 2022 PSD-DCA Capital Equipment - Fire
Vehicles 855 Infrastructure Life Cycle Management (DCA/IAD) 248
Terminal A/B/C Baggage Claim Carousel Rehabilitation and
Replacement 800 Federal Highway Bridge and Sign Structure
Inspections 200 Central Plant High Temperature Hot Water Boiler
Retubing 600 2022 PSD-CF Capital Equipment - Police Vehicles 174
DCA Airfield Pavement Maintenance and Joint Sealing Repairs 500
2022 PSD-DCA Capital Equipment - Police Vehicles 110 Garage A Glass
Block Replacement 500 Fire Hydrants Replacement 100 Passenger
Loading Bridge Signage Replacement 500 Enterprise Asset Management
System (DCA/IAD) 95 Ground Power Unit Replacement 450 2022 DCA
Capital Equipment - Public Parking Vehicles 80 Deluge Valve
Replacement 400 2022 CF Capital Equipment - Copiers and Other
Equipment (DCA/IAD) 37 DCA Environmental Compliance Program 350
2022 PSD-CF Capital Equipment - Fire Vehicles 25 Total Reprogrammed
To 12,455$ Net Reprogramming -$
Aviation COMIP Reprogrammings – Dulles International
42 Note: Totals may not sum due to rounding.
(dollars in thousands) Amount Amount Reprogrammed From Services and
Supplies Reserve Program (1,000)$ Live Fire Training Facility Water
Lateral, Hydrant and Cistern Connection (50)$ Metes and Bounds
Survey (750) Support Services Capital Equipment - Copiers (DCA/IAD)
(38) Audio/Visual Paging System Upgrade (726) Dynamic Zone Sign
Installation for Access Highway (37) Airline Space Relocation (500)
2020 PSD-IAD Capital Equipment - Fire Vehicles (33) IAD Revenue and
Branding Opportunities (250) Security Holdroom Furniture (29)
Rehabilitation of Interior Finishes of Mobile Lounge Docks (200)
2019 PSD-IAD Capital Equipment - Vehicles (26) Autopilot Drive
Restoration Design (190) 2018 PSD-IAD Capital Equipment - FRD Sport
Utility Vehicles and Pickup Truck (17) Metal Shop and Body Shop Air
Condition Units (150) 2018 PSD-IAD Capital Equipment - FRD Foam
Trailer (14) Taxilane A, B and C Trench Drain and Concrete Repairs
(143) 2018 PSD-IAD Capital Equipment - FRD Medic Unit (14) IAD
Roadway Traffic Counting Stations (125) 2019 IAD Capital Equipment
- Postage Meter and Copiers (13) Ramp Tower Voice Recording System
(124) Shop 3 Equipment Maintenance Building Expansion (11) IAD
Public Wi-Fi and Cellular Services Business Study and Program
Management (118) 2020 PSD-CF Capital Equipment - Laser Scanner
(DCA/IAD) (8) Hardstand Permanent Power at Gate R-28 (100) 2007 IAD
Capital Equipment and Facility Repairs (7)
Main Terminal Ticket Level Frosted Glass Panel Closets (100)
Concourse A, Z Gates and C-30 Bus Stop Ultraviolet Infrared Fire
Detection Retro- Commissioning (7)
Crosswalk Lighting System (100) Dulles East Building Rehabilitation
Phase 1 (6) Guest Assistance Counters in the Ground Transportation
Counters (100) Police Station Road Access (6) IAD Roadway Perimeter
Security (100) 2019 CF Capital Equipment - Postage Meter and
Copiers (DCA/IAD) (6) 2020 PSD-IAD Capital Equipment - Police
Vehicles (93) Main Terminal and Concourse A/B Building Lighting
Control System Replacement (2) 2018 PSD-IAD Capital Equipment -
Police (72) Chiller Overhaul in the Utility Building (0) 2019
PSD-CF Capital Equipment - Vehicles (DCA/IAD) (53) Total
Reprogrammed From (5,319)$
Reprogrammed To IAD COMIP Consolidation Reserve Program 5,069$
Emergency Operations Center Audio/Video System Replacement 250
Total Reprogrammed To 5,319$ Net Reprogramming -$
Aviation COMIP New Authorization – Dulles International
43
Note: Totals may not sum due to rounding.
(dollars in thousands) Amount Amount IAD Airfield Pavement
Maintenance and Joint Sealing Repairs 2,400$ Infrastructure Life
Cycle Management (DCA/IAD) 248$
Baggage Handling System Rehabilitation Program 2,383 Lightning
Detection and Alerting System 220
Utility Building Cooling Tower Restoration 2,212 2022 PSD-IAD
Capital Equipment - Police Vehicles 220
Inspection, Rehabilitation and Repair of Access Highway Bridges
1,500 Purple Lot Access Control System Replacement 200
Elevators, Escalators and Moving Walkway Rehabilitation 1,500 2022
PSD-CF Capital Equipment - Police Vehicles 174
Security Improvements Access Control (ISTAR and Biometrics) 1,000
Carpet Replacement Program 156
Condenser Pumps Replacement at Utility Building 900 Aviation Drive
Buildings Duct Cleaning 150
Inner and Outer Perimeter Security Fencing Enhancements 750 Fire
Station Compressor Relocation 130
Manhole 6 High Temperature Hot Water System Rehabilitation 650
Marriott Lake Guardrail Installation 130
2022 PSD-IAD Capital Equipment - Fire Vehicles 520 Installation of
AVI Readers 120
Security/Access System Enhancements 500 Daily Garage 2 Emergency
Generator Back-up System and Emergency Light Replacement 120
Reroofing of Buildings 500 HVAC Improvements for Shop 2 100
Automated People Mover Tunnels Ventilation Fan Replacement 400
Elevated Taxiway Light Base Repairs 100
IAD Environmental Compliance Program 395 Enterprise Asset
Management System (DCA/IAD) 95
Permanent Modified Egress in International Arrivals Building 370
2022 IAD Capital Equipment - Other Equipment 70
Automatic Valve and Actuator Replacement 350 Gate Management System
50
Fire Station Controller Replacement 300 Hourly Parking Electrical
Service Replacements 50
2022 IAD Capital Equipment - Public Parking Vehicles 280 2022 CF
Capital Equipment - Copiers and Other Equipment (DCA/IAD) 37
Facility and Infrastructure Inspection Program (DCA/IAD) 250 2022
PSD-CF Capital Equipment - Fire Vehicles 25 Total COMIP New
Authorization - Dulles International 19,554$
Aviation Capital Construction Program (CCP) Reduction to Current
Program Levels
44
(dollars in thousands) Amount Bonds Grants/Other Reagan National
Campus Utility Distribution and Central Plant Improvements Phase 2
(4,000)$ (4,000)$ -$ Switchgear Upgrade (1,200) (1,200) - Parking
Revenue Control System Replacement (400) (400) - Sub-total Reagan
National (5,600)$ (5,600)$ -$
Dulles International IAB Capacity Enhancements (26,447) (26,447) -
Concourse C/D Lounge Shell Construction (6,350) (6,350) - 2015
Airfield Pavement Panel Replacement (6,000) (1,500) (4,500) Replace
Telecommunications Duct bank at Autopilot Drive (4,089) (4,089) -
Runway 30 Hold Apron Drainage Improvements (3,980) (995) (2,985)
Main Terminal Ticket Counter Capacity Expansion (1,324) (1,324) -
Sub-total Dulles International (48,190)$ (40,705)$ (7,485)$ Total
Aviation Enterprise CCP - Reduction to Current Program Levels
(53,790)$ (46,305)$ (7,485)$
Estimated Funding
45
(dollars in thousands) Amount Bonds Grants/Other Reagan National
Airfield Pavement Rehabilitation Program 86,000$ 21,500$ 64,500$
Replace Emergency Generators 7,100 7,100 - DCA Sustainability
Program 5,000 5,000 - Hangar 5 Fire Protection System Upgrade 4,500
4,500 - Perimeter Security Fence 2,900 2,900 - DCA Infrastructure
Modernization and Integration Services 2,731 2,731 - Sub-total
Reagan National 108,231$ 43,731$ 64,500$
Estimated Funding
46Note: Totals may not sum due to rounding.
(dollars in thousands) Amount Bonds Grants/Other
Dulles International Airfield Stormwater Sewer Reconstruction
10,279 10,279 - Air Operations Area Perimeter and Fence Line
Enhancements 9,100 9,100 - Rental Car Site Improvements 7,150 -
7,150 44965 Aviation Drive Commercial Leasehold Improvements 6,458
6,458 - Airfield Signage Replacement 5,750 5,750 - IAD
Infrastructure Modernization and Integration Services 5,409 5,409 -
IAD Sustainability Program 5,000 5,000 - Electrical 500MCM
Distribution Feeder Replacement 4,700 4,700 - Concourse A
Replacement 4,000 4,000 - Western Lands Perimeter Road Fencing and
Security Enhancements 2,780 - 2,780 44965 Aviation Drive Building
Rehabilitation 1,831 1,831 - High Temperature Hot Water Generators
Replacement 1,171 1,171 - Sub-total Dulles International 63,628$
53,698$ 9,930$
Sub-total Reagan National 108,231 43,731 64,500 Total Aviation
Enterprise CCP New Authorization 171,859$ 97,429$ 74,430$
Total Aviation Enterprise CCP - Reductions to Current Program
Levels (53,790) (46,305) (7,485)
Net Change to the CCP 118,069$ 51,124$ 66,945$
Estimated Funding
The Recommended 2022 Budget Includes Notable Capital Investments in
Sustainability Initiatives
Dominion Solar Farm: Negotiations are currently underway between
the Airports Authority and Dominion Virginia Power for the
development of a solar farm at Dulles International. It is
anticipated that a draft agreement will be presented to the Board
later this year, and if approved, may become effective in 2022.
Because an Agreement is not currently approved by the Board, any
anticipated revenue or in-kind contribution, for Dominion's use of
the land for a solar farm is not included in this Draft 2022
Budget.
Electric Buses: In May 2021, the Airports Authority was awarded
$4.0 million in Clean Air Communities Program funding by the
Virginia Department of Environment Quality (DEQ) for the purchase
of five electric buses at Dulles International. This funding is
part of the capital program budget for 2022.
(dollars in thousands) Amount Description Capital, Operating and
Maintenance Investment Program (COMIP)
DCA and IAD Environmental Compliance Program 745$ To continue the
environmental management program to maintain compliance with
Federal and State Regulations
2022 Public Safety Vehicle Replacements 743 14 total replacements.
1 Hybrid Polaris Ranger, 10 Hybrid Sport Utility Vehicles, 1 Hybrid
Pickup, 2 Electric Sport Utility Vehicles
Sub-total COMIP 1,488$
IAD Sustainability Program 5,000 Sub-total CCP 10,000$ Total
Aviation Enterprise 11,488$
Funding for sustainability and environmental projects as
identified. Some examples to include conversion to LED lighting,
replacing aging utilities, life cycle replacement of low efficiency
HVAC systems.
Funding Sources for Dulles Corridor Enterprise Fund Budgets
*Funds held by Trustee.
Dulles Corridor Operation and Maintenance (O&M) Program Dulles
Corridor Renewal and Replacement (R&R) Program
Dulles Corridor Capital Improvement Program (CIP)
Remaining Toll Revenue Funds • Required Reserves • R&R Program
• CIP Program
Dulles Corridor O&M (including debt service payments)
Dulles Corridor CIP • Metrorail • Other Corridor Improvements
• Bond Funds* • Grants (federal, state and local) • Funding
Partners • Toll Road Revenue
Toll Road Revenue • Tolls
49
(dollars in thousands) Amount Reprogrammed From Dulles Toll Road
Pavement Repairs (1,815)$ Storm Sewer and Stormwater Management
(426) Sign and Roadway Lighting Rehabilitation (313) Federal
Highways Bridge Inspection (213) Roadway Sign Replacement and
Rehabilitation (200) Guardrail, Traffic Barrier and Fencing
Rehabilitation (182) Attenuator Rehabilitation (118) Bridge
Structural Management System Program (73) Total Reprogrammed From
(3,341)$
Reprogrammed To Bridges, Joints, Bearings, Structures, and Canopy
Repairs 2,464$ Repair Of Sound Walls 375 Culvert and Erosion
Repairs 310 Utility Rehabilitation 94 Landscape Maintenance 68
Administration Building/Toll Booths Structural Repair and
Rehabilitation 30 Total Reprogrammed To 3,341$ Net Reprogramming
-$
Dulles Corridor Capital Improvement Program (CIP)
50
(dollars in thousands) Amount Reprogrammed From Rehabilitation of
Toll Road (2,809)$ Life Cycle Cost Report Updates (677) Ortho
Mapping (317) Geographic Information System (68) Total Reprogrammed
From (3,871)$
Reprogrammed To Toll System Ramp Improvements 2,731$ General
Planning Studies 1,122 Outreach Program 18 Total Reprogrammed To
3,871$ Net Reprogramming -$
2022 Recommended
For Consideration by the Finance Committee November 2021
The Government Finance Officers Association of the United States
and Canada (GFOA) presented a Distinguished Budget Presentation
Award to the Metropolitan Washington Airports Authority, District
of Columbia for its Annual Budget for the fiscal year beginning
January 1, 2020. In order to receive this award, a governmental
unit must publish a budget document that meets program criteria as
a policy document, as a financial plan, as an operations guide, and
as a communications device. The award is valid for a period of one
year only. We believe our current budget continues to conform to
program requirements, and we are submitting it to GFOA to determine
its eligibility for another award.
2022 BUDGET JANUARY 1 - DECEMBER 31, 2022
BOARD OF DIRECTORS as of November 1, 2021
William E. Sudow, Chairperson Thorn Pozen, Vice Chairperson
Warner H. Session Joslyn N. Williams
The Honorable Katherine K. Hanley The Honorable J. Walter
Tejada
Mark E. Uncapher The Honorable Robert W. Lazaro, Jr.
The Honorable David G. Speck Albert J. Dwoskin
John A. Braun Judith N. Batty
Mamie W. Mallory Timothy Poole
EXECUTIVE STAFF
John E. Potter, President and Chief Executive Officer Chryssa
Westerlund, Acting Executive Vice President and Chief Revenue
Officer
Monica R. Hargrove, Vice President and Secretary Andrew T.
Rountree, CPA, Senior Vice President for Finance and Chief
Financial Officer
FINANCE OFFICE STAFF George Kangha, Budget Manager
Erin Flanagan, Budget Analyst Eric Hutcherson, Budget Analyst
Teri Arnold, Rates and Charges Program Manager
INTENTIONALLY LEFT BLANK
Adopting the 2022 Budget for the Metropolitan Washington Airports
Authority
WHEREAS, The Finance Committee has provided direction to staff
regarding major challenges that the 2022 Budget needs to
address;
WHEREAS, The Finance Committee received the summary level draft
2022 Budget, prepared by staff, in October 2021;
WHEREAS, The Finance Committee considered the recommended 2022
Budget, prepared by staff, at its November 2021 meeting and
recommended its approval to the Board of Directors;
WHEREAS, The recommended budget has been developed in accordance
with the
terms and conditions contained within the Airport Use Agreement and
Premises Lease that became effective January 1, 2015, as amended by
the First and Second Universal Amendments;
WHEREAS, In order to continue to mitigate the financial impact of
the COVID-19
pandemic, the Metropolitan Washington Airports Authority (Airports
Authority) plans to apply an estimated $22,538,000 of the
Coronavirus Aid, Relief, and Economic Security (CARES) Act funding
and $81,442,000 of the American Rescue Plan (ARP) Act in
2022;
WHEREAS, In order to assist the airlines serving Ronald Reagan
Washington National Airport (Reagan National) and Washington Dulles
International Airport (Dulles International) by reducing the level
of debt service included in the 2022 airline rates and charges, the
recommended 2022 Budget provides (a) for the use of $21,600,000 of
Passenger Facility Charge revenues to pay debt service related to
capital projects at Reagan National; (b) for the use of $39,000,000
of Passenger Facility Charge revenues to pay debt service
attributable to the AeroTrain at Dulles International; and (c) for
a transfer to Dulles International of $19,680,000 from the Airports
Authority’s share of the 2021 Net Remaining Revenue generated at
Reagan National;
WHEREAS, In order to assist the airlines serving Dulles
International, the Second
Universal Amendment to the 2015 Airport Use Agreement and Premises
Lease with the airlines at Dulles International provides that any
or all Western Lands Accounts Withdrawals, including Interest
Earnings (as defined in the amendment) realized on investment
assets held in the Western Lands account (established pursuant to
the amendment) may only be used to reduce the costs that the
Airports Authority would otherwise include in calculating rentals,
fees and charges assessed to airlines operating at Dulles
International, and the recommended 2022 Budget includes $4,000,000
in estimated interest earnings and $18,050,000 from the Western
Lands Account to be used in this manner; WHEREAS, The recommended
2022 Budget provides for a reasonable level of expenditures to be
made or to accrue in 2022 (a) from the Aviation Enterprise Fund,
to
operate Reagan National and Dulles International Airports, to
repair and maintain the facilities at these Airports, and to
undertake needed capital improvements at the Airports, and (b) from
the Dulles Corridor Enterprise Fund, to operate the Dulles Toll
Road, to repair and maintain Toll Road facilities, to undertake
capital improvements for the betterment of the Toll Road and
otherwise within the Dulles Corridor, and to finalize construction
of the Dulles Corridor Metrorail Project, and further provides that
there will be sufficient revenues in 2022 to cover these
expenditures; now, therefore, be it RESOLVED, That the 2022 Budget,
as presented at the December 2021 meeting of the Board of
Directors, is hereby adopted; 2. That the following sums, totaling
$1,213,021,000 are hereby authorized to be expended from the
Aviation Enterprise Fund in 2022 for the operation, maintenance,
care, improvement and protection of Reagan National and Dulles
International Airports:
(a) $724,048,000 for the Aviation Operation and Maintenance
Program, consisting of $410,549,000 for operating expenses and
$313,499,000 for debt service after the use of $21,600,000 and
$39,000,000 of Passenger Facility Charge revenues at Reagan
National and Dulles International respectively to pay debt
service;
(b) $126,358,000 for the Aviation Capital, Operating and
Maintenance
Investment Program (COMIP); (c) $362,614,000 for the Aviation
Capital Construction Program (CCP);
3. That the following sums, totaling $453,882,000 are hereby
authorized to be expended from the Dulles Corridor Enterprise Fund
in 2022 for the operation, maintenance, care, improvement and
protection of the Dulles Toll Road and for the planning, design and
construction of the Dulles Corridor Metrorail Project:
(a) $147,346,000 for the Dulles Corridor Operation and
Maintenance
Program, consisting of $31,521,000 for operating expenses and
$115,826,000 for debt service and financing fees after the use of
$35,500,000 of unrestricted reserves to pay debt service;
(b) $7,157,000 for the Dulles Corridor Renewal and Replacement
(R&R)
Program; (c) $277,231,000 for the Dulles Corridor Capital
Improvement Program (CIP),
consisting of $23,626,000 for Dulles Corridor Improvements and
$253,604,000 for the Dulles Corridor Rail Project; and
(d) $22,148,000 to be transferred to reserve accounts within the
Dulles
Corridor Enterprise Fund, as identified in the 2022 Budget; 4. That
any revenue received or accrued by the Dulles Corridor Enterprise
in 2022 that, at the conclusion of 2022, exceeds the expenditures,
obligations and transfers to a
reserve account pursuant to this Resolution or to a reserve fund or
account under either the Master Indenture of Trust Securing Dulles
Toll Road Revenue Bonds, dated as of August 1, 2009 (Dulles Toll
Road Indenture), made in 2022 (collectively, the 2022 Expenditures,
Obligations and Transfers), shall be transferred to the Dulles
Corridor Reserve and Toll Rate Stabilization Fund (DCE Reserve)
which is maintained pursuant to the Dulles Toll Road Indenture; and
further that, in the event the revenue received and accrued by the
Dulles Corridor Enterprise in 2022 is less than the 2022
Expenditures, Obligations and Transfers, a sum equal to the amount
of such revenue shortfall shall, at the conclusion of 2022, be
applied to reduce the amount budgeted to the DCE Reserve and/or
withdrawn from unrestricted reserves;
5. That the President and Chief Executive Officer is hereby
authorized to reprogram expenditures within each of the six
Programs identified in this Resolution, so long as the total
expenditures within any such Program in 2022 do not exceed the
level authorized herein; provided, that any such reprogramming
which increases or decreases an expenditure item or project in the
COMIP, CCP, R&R, or CIP by more than $10,000,000 in 2022 shall
be submitted to the Finance Committee and the Board of Directors
for approval before it may take effect. All other material
reprogramming of expenditures within any of the six Programs shall
be reported to the Finance Committee on a quarterly basis, no later
than two months after the end of each quarter at the May, August,
November and February Committee meetings, and shall include
year-to-date cumulative material budget reprogramming equal or
greater than the following:
(a) Aviation Operation and Maintenance Program ($250,000);
(b) Aviation Capital, Operating and Maintenance Investment
Program
($500,000 or any new project, regardless of dollar amount);
(c) Aviation Capital Construction Program ($500,000 or any new
project, regardless of dollar amount);
(d) Dulles Corridor Operation and Maintenance Program
($250,000);
(e) Dulles Corridor Renewal and Replacement Program ($500,000 or
any
new project, regardless of dollar amount); and
(f) Dulles Corridor Capital Improvement Program ($500,000 or any
new project, regardless of dollar amount);
6. That the new and expanded authorized capital projects identified
in the 2022
Budget, in the amount of (i) $19,554,000 within the Aviation
Capital, Operating and Maintenance Investment Program, (ii)
$171,859,000 within the Aviation Capital Construction Program, are
hereby approved and authorized, and hereafter shall be considered a
part of their respective approved and authorized programs.
For Consideration by the Finance Committee on November 17,
2021
NOTE: A recorded vote is required.
2022 BUDGET Metropolitan Washington Airports Authority
i
ORGANIZATION OVERVIEW
.....................................................................................................................................................
25
Washington Dulles International Airport
..................................................................................................................................
28
Dulles Toll Road
..................................................................................................................................................................................
30
Airport Service Region
......................................................................................................................................................................
32
Financial Policies
.................................................................................................................................................................................
39
Organization Chart
.............................................................................................................................................................................
43
Overview of Airports Authority Offices and Departments
.................................................................................................
45
Consolidated
Functions....................................................................................................................................................................
45
Office of Airline Business Development
........................................................................................................................
48
Office of Real Estate Development
.................................................................................................................................
49
Office of Marketing and Consumer Strategy
..............................................................................................................
50
Office of Communications and Government Affairs
................................................................................................
51
Office of Operations Support
............................................................................................................................................
52
Office of
Finance.....................................................................................................................................................................
53
Office of Technology
............................................................................................................................................................
56
Office of Audit
.........................................................................................................................................................................
58
Office of Supply Chain Management
.............................................................................................................................
60
Reagan
National..................................................................................................................................................................................
61
ii
Signatory Airline Cost Per Enplanement
...................................................................................................................................
70
Grants
......................................................................................................................................................................................................
71
Program Summary
.............................................................................................................................................................................
73
AVIATION ENTERPRISE OPERATION AND MAINTENANCE PROGRAM
.......................................................................
83
Program Summary
.............................................................................................................................................................................
83
Identification of Expenses
..............................................................................................................................................................
85
Comparison of Operating Expenses – Metropolitan Washington Airports
Authority ......................................... ...88
Consolidated Functions (including Public Safety)
....................................................................................................
90
Reagan National (including Public Safety)
...................................................................................................................91
Dulles International (including Public Safety)
.............................................................................................................92
2022 Operating Expenses By Entity
..........................................................................................................................................
..93
2022 Operating Expenses for Consolidated Functions (excluding
Public Safety) .................................................
..94
2022 Operating Expenses for Reagan National (excluding Public
Safety)
...............................................................
..96
2022 Operating Expenses for Dulles International (excluding Public
Safety)
............................................................97
2022 Operating Expenses for Public Safety
..........................................................................................................................
98
Aviation Enterprise Snow Removal Program
........................................................................................................................
99
AVIATION ENTERPRISE CAPITAL, OPERATING AND MAINTENANCE INVESTMENT
PROGRAM .......................... 100
COMIP Projects Summary
............................................................................................................................................................
105
COMIP Project Descriptions
........................................................................................................................................................
112
The Airports Authority’s Master Plans
.....................................................................................................................................
133
CCP Projects Summary
..................................................................................................................................................................
139
iii
Statement of Operations
..............................................................................................................................................................
157
DULLES CORRIDOR OPERATION AND MAINTENANCE PROGRAM
.............................................................................
160
Program Summary
..........................................................................................................................................................................
160
R&R Projects Summary
.................................................................................................................................................................
164
R&R Project Descriptions
.............................................................................................................................................................
165
DULLES CORRIDOR CAPITAL IMPROVEMENT PROGRAM
.............................................................................................
169
CIP Projects Summary
....................................................................................................................................................................
170
CIP Project Descriptions
................................................................................................................................................................
172
DEBT PROGRAM
........................................................................................................................................................................
217
Dulles Corridor Debt
Program....................................................................................................................................................
224
GLOSSARY………
.........................................................................................................................................................................
232
1
November 17, 2021 Members of the Finance Committee Metropolitan
Washington Airports Authority To Members of the Finance Committee:
The Recommended 2022 Budget (2022 Budget) for the Metropolitan
Washington Airports Authority (Airports Authority) for the period
January 1 through December 31, 2022, is herewith presented to the
Finance Committee. This submission is consistent in all material
respects to the Draft 2022 Budget provided in October 2021. The
2022 Budget includes annual budgets for both the Aviation
Enterprise Fund (Aviation Enterprise) and the Dulles Corridor
Enterprise Fund (Dulles Corridor Enterprise). The Aviation
Enterprise accounts for activity at Ronald Reagan Washington
National Airport (Reagan National) and Washington Dulles
International Airport (Dulles International) while the Dulles
Corridor Enterprise accounts for the activities related to the
Dulles Corridor Metrorail Project (Metrorail Project) and the
operation, maintenance, and improvements of the Dulles Toll Road
(Toll Road) and the Dulles Corridor. The Airports Authority,
established in 1986 with the consent of the Congress of the United
States and the governments of the Commonwealth of Virginia and the
District of Columbia, manages and operates Reagan National and
Dulles International, collectively the Airports, which in a
pre-pandemic year, together served more than 46 million passengers
a year. Operating responsibility was transferred to the Airports
Authority in June 1987. The Airports Authority also operates and
maintains the Dulles International Airport Access Highway (DIAAH)
and the Toll Road and manages construction of the Metrorail
Project, a 23-mile extension of the Washington region’s Metrorail
system to Dulles International and further west into Loudoun
County, Virginia. The mission of the Airports Authority is to
provide a safe, reliable, and enjoyable travel experience to our
customers while embracing the core values of mutual respect,
integrity, pride, and collaboration. No tax dollars are used to
operate the Toll Road, which is funded by toll revenues, or the
Airports, which are funded through aircraft landing fees, rents,
revenues from concessions, and interest income, except for certain
discretionary grants from the federal government and the
Commonwealth of Virginia. While the Coronavirus Disease 2019
(COVID-19) pandemic continues to pose significant and unprecedented
challenges to the aviation industry, the Airports Authority’s
financial landscape is strong and various effective management
actions have served as a blueprint for recovery and restoration. In
response to the pandemic, amongst other actions, the Airports
Authority enacted safety measures to protect passengers and staff
and comply with federal, state and local guidance, maintained
stable rates and charges for airlines using federal relief funds,
constrained spending, limited hiring, eliminated travel expenses,
deferred airline payments, and extended financial relief to
concessionaires, deferred capital program project expenditures, and
reprogrammed $34.0 million in unexpended funds to invest in new and
existing capital projects The 2022 Budget considers in-depth the
ongoing challenges posed by the aviation industry’s recovery from
the COVID-19 pandemic and achieves strategic budget priorities to
continue our journey of success.
2022 BUDGET Metropolitan Washington Airports Authority
2
2022 Strategic Priorities In recognition of the continuously
changing economic and industry landscape in which it operates, the
Airports Authority has identified corporate goals supporting
commitment to Revenue Growth, Cost Control, Customer Satisfaction,
and People Development. In developing the 2022 Budget, the
following strategic priorities continue to serve as guidance for
the Airports Authority as we operate and manage Reagan National,
Dulles International, the Toll Road and the construction of the
Metrorail Project.
• Provide adequate funding to recover airport operations
efficiently and effectively from the COVID-19 pandemic, passenger
growth and incorporate additional expenses from ‘Project Journey’
new facilities.
• Manage inflationary pressures affecting fuel costs and other
essentials, competitive labor costs, and disruptions in the supply
chain.
• Ensure public safety, security, and emergency preparedness.
• Maintain financial flexibility and competitive Cost per
Enplanement (CPE) through: • Achieving passenger activity
projections for Reagan National and Dulles International, •
Strategic application of federal relief grants and other rate
abatement measures, • Continued cost discipline in operational and
capital plans, • Prudent financial management, including execution
of re-financing opportunities.
• Continue to invest in sustainability initiatives.
• Prepare for future use and lease negotiations.
• Initiate future infrastructure development plans at the Airports
and pursue available grants.
• Invest in our employees through development, Merit Pay programs
and provide adequate funding for
health insurance and retirement plans.
• Continue to reasonably estimate non-airline revenue sources and
pursue new opportunities.
• Prepare Airport Master Plan to identify long-term vision for the
Airports.
• Limit capital program additions and using existing projects to
fund additional requirements.
• Expand diversity outreach, inclusion, and social impact through
leadership growth and engagement.
• Fund debt service, satisfy bond covenants, and maintain strong
credit ratings resulting in lowest cost of capital.
• Institute All-Electronic Tolling on the Dulles Toll Road.
• Dulles Corridor Metrorail Project Phase 2 transition.
2022 BUDGET Metropolitan Washington Airports Authority
3
A discussion of the 2022 Budgets for the Aviation Enterprise and
Dulles Corridor Enterprise follows: Aviation Enterprise The 2022
Aviation Enterprise Budget supports the operations of the Airports,
Public Safety, and corporate functions with prioritization on
safety, security, and emergency preparedness; efficient operations;
and quality customer service standards to manage the airline cost
structure and maximize the Airports’ competitive position. The 2022
Budget is developed using forecasted activity for airline passenger
levels and non-airline revenues, along with expenses for operating
programs and infrastructure maintenance, consistent with provisions
of the Airport Use Agreement and Premises Lease (the Airline
Agreement), and review of the economic outlook data of the region
and the overall airline industry. Airport Use Agreement and
Premises Lease The Airports Authority’s business relationship with
the airlines operating at both Airports is governed by a formal
negotiated Airline Agreement. In November 2014, the Airports
Authority’s Board approved a new Airline Agreement effective
January 1, 2015, with a ten-year term for Reagan National, and a
three-year term for Dulles International. In July 2016, the First
Universal Amendment to the 2015 Airline Agreement was approved by
the Airports Authority’s Board, extending the agreement by seven
years to 2024 for Dulles International to be co- terminus with
Reagan National expiration terms. In 2019, the Airport Use
Agreement and Premises Lease for Dulles International was further
amended (Second Universal Amendment) to address the proceeds from
the sale of lands west of Dulles International. The amendment
required that any distribution the Airports Authority makes, be
used solely for the purpose of reducing the costs it would
otherwise include in calculating the rental, fees, and charges
assessed to airlines operating at Dulles International. The Airline
Agreement addresses the following core business issues:
• Financial responsibilities of the airlines, including airline
rates and charges methodology;
• Operational protocols, including space and equipment use and
maintenance obligations;
• Airports’ Capital Development Plans, and
• General Business Provisions (environmental, insurance, business
rights).
The 2022 Budget has been developed in accordance with the terms and
conditions contained within the Airline Agreement, including these
provisions:
• Any required expenditures associated with the Capital
Construction Program (CCP) at both Airports have been
included.
• Net Remaining Revenue (NRR) generated at Reagan National in 2022
through 2023 will be shared 45 percent with the Airports Authority
and 55 percent with the airlines.
• The Airports Authority will use its share of NRR generated in
2021 from Reagan National at Dulles
International in 2022, up to $25.0 million. The current estimate is
$19.7 million.
2022 BUDGET Metropolitan Washington Airports Authority
4
• NRR generated at Dulles International is shared between the
Airports Authority and Dulles International airlines (generally 50
percent up to a plateau of $15.6 million in 2022, and 75 percent to
airlines and 25 percent to the Airports Authority for the amounts
above the plateau).
• Debt Service Coverage payments from airlines for
airline-supported activity areas at both Airports, in years 2022
through 2023 is 30 percent.
• Investment earnings from the sale of the Western lands will be
applied at Dulles International to offset
costs charged to the airlines. The centerpiece of the 2015 Airline
Agreement at Reagan National includes the Board approved $1.0
billion ten- year CCP that provides for a new fourteen gate north
concourse; new security checkpoints in National Hall; Terminal A
renovations; and various airfield, roadways, utility, and other
enabling projects. The CCP at Reagan National is debt-funded by the
Airports Authority; however, the Airports Authority will seek
available grants and has received authorization from the Federal
Aviation Administration (FAA) to impose and use Reagan National
Passenger Facility Charges (PFCs) to reduce debt for the Reagan
National CCP. The new concourse began serving passengers in April
2021 and the security checkpoints opened in November 2021. The
initial 2015 Airline Agreement at Dulles International includes the
Board approved $142.0 million 2015-2019 three-year CCP that
provides for maintenance investment in existing infrastructure. The
First Universal Amendment to the 2015 Airline Agreement added
$445.6 million, and was authorized by the Board in the 2017 Budget,
for terminal buildings including utility upgrades to Concourse C/D,
capacity enhancements to the International Arrivals Building,
baggage handling improvements, existing aircraft upgrades to
accommodate additional international service, construction of four
additional domestic gates, airfield pavement, passenger conveyance
systems, airport-wide utility systems, roads, and other support
projects. The CCP at Dulles International is primarily debt-funded,
and the Airports Authority will seek grant funding where available.
Based on Airport needs, Board approved projects are added to the
CCP periodically. Forecasted Passenger Activity The COVID-19
pandemic caused a severe decline in air travel due to actions taken
by government and private organizations to slow the spread of the
disease. These actions included travel restrictions, office
closures, and teleworking requirements for employees. In the most
recent Series 2021AB Official Statement, Report of the Airport
Consultant, it was noted that some determinants of travel demand
may change even once control of the pandemic and economic recovery
eventually allow a ‘new normal’ travel environment to be restored.
For example, permanent reductions in some business travel for
in-person meetings is expected to result from the adoption of
videoconferencing by workers who have been required to work from
home and have now become accustomed to remote meetings. In the ‘new
normal’, the total combined system-wide enplanements for both
Reagan National and Dulles International are projected to recover
slightly in 2022 and reach 80.2 percent of 2019 enplanements with
the assumption that, over the long term, airline traffic at the
Airports will increase in relation to the growth in the economy of
the Airports service region and continued airline service.
2022 BUDGET Metropolitan Washington Airports Authority
5
Actual 2022 Projections vs.
Reagan National Total Enplanements 3,768 5,620 9,630 71.4%
Landed Weights 6,741 10,700 12,050 12.6%
Dulles International Domestic 3,095 4,680 6,960 48.7% International
988 1,910 2,950 54.5%
Total Enplanements 4,083 6,590 9,910 50.4%
Landed Weights 9,287 10,882 17,210 58.2%
Total Airport System Total Enplanements 7,851 12,210 19,540
60.0%
* Source: Series 2021AB Report of the Airport Consultant
Projections*
11.50 11.77 11.95 11.77 11.95
3.77 5.62 9.63 10.30 10.50 10.70 10.90
3.58 3.72 3.86 3.99 4.18
0.99 1.91
3.10
4.68
7.9
12.2
19.5 21.0 21.6 22.2 22.8
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
DCA IAD International IAD Domestic
Forecasted Enplanements (in millions) Actual Enplanements (in
millions)
2022 BUDGET Metropolitan Washington Airports Authority
6
Reagan National enplanements are projected to increase 71.4 percent
in 2022 over the 2021 forecast or 80.6 percent of 2019
enplanements. For Reagan National, the recovery strategy includes
the re-introduction of the Federal Aviation Administration (FAA)
slot-use rule in November 2021. The number of takeoffs and landings
at Reagan National are controlled by federal permits known as
“slots.” A five-year FAA reauthorization was enacted in 2019
enabling some stability in slot and perimeter regulations at Reagan
National until 2023. Future legislative vehicles could change
operational rules at the Airport. Domestic enplanements at Dulles
International are projected to increase 48.7 percent in 2022 above
the 2021 forecast, and international enplanements are projected to
increase 54.5 percent above the 2021 forecast. The 2022 combined
domestic and international enplanement projections at Dulles
International are projected to be 50.4 percent above the current
2021 forecast or 80.4 percent of 2019 enplanements. It is expected
that Dulles International will focus on building hub capacity and
transfers to accelerate post-COVID growth. Outlook for the Economy
of the Airports Service Region The economic outlook for the
Airports service region generally depends on similar factors to
those for the nation, although changes in federal spending may have
a greater effect on regional economic growth and employment. In the
October 2021 publication of the Washington Economic Watch, Vol V,
No. 7, by the Stephen S. Fuller Institute for Research on the
Washington Region’s Economic Future, it was noted that the
Washington Coincident Index, which represents the current state of
the metropolitan area economy, decreased 1.1 percent between July
2021 and August 2021, marking its first decline in seven months.
However, in August 2021, the Coincident Index increased 22.4
percent from August 2020 and all four of the index’s components
improved when compared to August 2020:
• Domestic passenger volume at Reagan National and Dulles
International increased 188.0 percent,
• Consumer confidence (in the present) increased 84.1
percent,
• Non-durable goods retail sales increased 14.5 percent and
continued to be the only component to exceed its 2019 levels,
and
• Wage and salary employment in the Washington region increased 3.3
percent.
In the near-term, the Stephen S. Fuller Institute estimates that
the Washington region’s growth prospects may be limited because of
supply chain constraints and labor availability. Despite these
ongoing challenges, recent developments on Capitol Hill with the
passage of the Infrastructure Investment and Jobs Act which
includes $20.0 billion for airport infrastructure across the
country will continue to provide the Airports Authority with access
to much needed federal relief funding.
In a nutshell, the regional outlook continues to have considerable
uncertainty and even a modestly longer or more severe pandemic
recovery would result in a significantly larger contraction and a
slower recovery. The Airports Authority continues to monitor all
economic trends and projections to position the Airports to be
ready to serve the traveling public through the pandemic recovery
and beyond.
2022 BUDGET Metropolitan Washington Airports Authority
7
Aviation Enterprise Budget Programs The 2022 Budget for the
Aviation Enterprise Fund consists of three Programs:
• The Aviation Enterprise Fund Operation and Maintenance (O&M)
Program provides for the day-to- day operation and maintenance of
the Airports Authority’s facilities. Included in this program are
operating expenses and debt service. The 2022 Budget for the
O&M program is $724.0 million, $410.5 million for operating
expenses and $313.5 million for debt service. Operating expenses
represent a 7.0 percent increase above the 2021 Budget while debt
service represents a 5.6 percent decrease from the 2021 Budget for
a combined 1.1 percent increase in the total O&M program
compared to the 2021 Budget. The O&M program is net of a
reduction of $9.4 million for allocation of overhead and other
indirect costs for the Airports Authority that is initially paid
from the Aviation Enterprise Fund but is appropriately allocable to
the Dulles Corridor Enterprise Fund as costs associated with the
operation of the Toll Road ($6.2 million for 2022), or as costs of
the Metrorail Project ($3.2 million for 2022). Annually, the final
allocation of costs is prepared by an external consultant. The
O&M program is funded from airline rates and charges and
non-airline revenue, including concessions, certain discretionary
grants, and other revenues. The 2022 Budget for operating revenues
is $679.8 million or 25.4 percent higher than the 2021
Budget.
• The Aviation Enterprise Fund Capital, Operating and Maintenance
Investment Program (COMIP)
provides for repair work, capital equipment, improvements, certain
reserves, and operating initiatives. The COMIP is funded with the
Airports Authority’s share of Net Remaining Revenue (NRR) from
prior year(s). The 2022 new program authorization for the COMIP is
$19.5 million.
• The Aviation Enterprise Fund Capital Construction Program (CCP)
provides for the planning, design,
and construction of major facility improvements at the Airports.
The CCP is funded from bond proceeds, Passenger Facility Charges
(PFCs), grants, rental car contract fees, and interest income from
the Western Lands account. The 2022 new program authorization for
the CCP is $171.9 million.
Aviation Operation and Maintenance (O&M) Program Operating
Revenues Total operating revenue, excluding airline transfers
(transfers are the signatory airlines share of prior year NRR and
are applied as a credit to calculate the current year airline rates
and charges) for 2022, is projected at $679.8 million, a 25.4
percent increase above the 2021 Budget. Operating Revenues by
Source The Airports Authority generates its operating revenues from
two primary and distinct sources, airline, and non- airline
revenues. Airline revenues which include terminal rentals, landing
fees, international arrival building fees, and passenger conveyance
fees are generated on an actual cost recovery basis with an
additional amount for debt service in airline-supported cost areas.
Airline revenue in 2022 is projected to increase by 18.0 percent
above the 2021 Budget due to the increase in the operating expenses
budget to recover operations. This is offset by the plan to utilize
Coronavirus Aid, Relief, and Economic Security (CARES) Act revenue,
American Rescue Plan (ARP) Act revenue, apply a portion of Western
Lands funding (including estimated interest earnings) as
appropriate at Dulles International.
2022 BUDGET Metropolitan Washington Airports Authority
8
Non-airline revenue includes concessions, non-airline rents,
utility sales, security fees and other revenues. Over the past few
years, the Airports Authority made a concerted effort to maximize
non-airline revenues through a strong and diverse concessions
program, including an enhanced Terminal Concessions strategy for
dining, retail, and newsstand, growth in passenger activity,
addition of Transportation Network Companies, and pursuit of other
non-airline revenues such as information technology and land
development. The result of these efforts had been a consistent year
over year growth in non-airline revenues. The pandemic adversely
impacted non-airline revenue generation in 2020 and 2021 but with
the increase in passenger activity and the opening of new
facilities from ‘Project Journey’, the 2022 Budget for non-airline
revenue will increase by 32.3 percent above the 2021 Budget. Table
1-2: Operating Revenues by Source
Operating Revenues by Airport The 2022 operating revenue budget for
Reagan National is estimated at $263.6 million or a 9.6 percent
increase above the 2021 Budget. It is estimated that Reagan
National will generate $19.7 million in NRR to the Airports
Authority in 2021, which will be credited to airline-supported cost
centers at Dulles International to mitigate airline rates and
charges in 2022. Under the formula set forth in the Airline
Agreement, the Airports Authority retains a share of NRR from
Reagan National and has the ability to use such NRR to reduce the
requirement for airline rentals, fees, and charges at Dulles
International, up to a maximum of $25.0 million generated in year
2021. Reagan National airline revenues also include the application
of $25.7 million of ARP Act funding.
For Dulles International, the 2022 operating revenue budget is
projected at $416.2 million or a 38.0 percent increase above the
2021 Budget. Dulles International airline revenue reflects the
application of $22.1 million of Western Lands Funds, $4.0 million
of which is estimated interest earnings from the Western Lands
account. The Western Lands was part of an 854-acre tract acquired
by the Airports Authority between 2005 and 2007 to construct a
fourth runway and additional facilities. After building the runway
and support area, the Western Lands portion of the property
remained undeveloped. With no future airport uses envisioned for
the undeveloped land which lies along Virginia Route 606, the
Airports Authority sought to lease or sell the 424 acres to realize
a return on the earlier investment. After its sale in 2019,
proceeds estimated at just over $200.0 million after transaction
costs and defeasance of related outstanding debt was put into a
special fund dedicated to reducing Dulles International’s CPE in
future years, hence the application of the $22.1 million. It is
estimated that Dulles International will generate $53.8 million in
NRR in 2021, of which the Airports Authority share is estimated at
$21.9 million. To further mitigate airline rates and charges, the
2022 Budget provides for the application of $22.5 million of CARES
Act funding and $55.7 million of ARP Act funding.
Actual Budget Budget (dollar