AIRPORT RESERVES TO BALANCE BUDGET.Byline: Susan Abram Staff Writer BURBANK - For the second year in a row, the Burbank-Glendale-Pasadena Airport will dip into dip into Verb 1. to draw upon: he dipped into his savings 2. to read passages at random from (a book or journal) Verb 1. reserves to avoid a budget deficit, with costly security improvements, declining air travel and falling parking revenues to blame. Airport users should see no fewer services, officials said, as the Airport Authority taps $4.5 million from its $71 million reserve fund to balance the coming year's books. ``That approach is fine, as long as you have the reserves,'' said airport spokesman Victor Gill gill, in weights and measures gill, in weights and measures: see English units of measurement. . ``Historically, the airport has been completely funding its operations out of cash flow.'' Federally ordered security improvements, in which the airport expanded its checkpoint (programming) checkpoint - Saving the current state of a program and its data, including intermediate results, to disk or other non-volatile storage, so that if interrupted the program could be restarted at the point at which the last checkpoint occurred. areas, have cost the airport $31 million, Gill said. Competition from a new 2,200-space private parking lot has forced the airport to cut its daily $9 long-term rate, for example, to $4.55. That rate reduction will cost the airport $6 million in lost revenues next year, Gill said. The airport could take another hit, Gill said, if the city of Burbank decides to act on a voter-approved measure that would increase parking taxes from 10 percent to 12 percent. Passenger numbers also have fallen by about 200,000 since the 9-11 terror attacks terror attack n → atentado (terrorista) terror attack n → attentato terroristico on the East Coast, Gill said. The airport has weathered much of the air-travel slump because its niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. includes frequent travelers to the Bay Area, Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Denver and, more recently, Hawaii, Gill said. Airport Authority President Chris Holden Holden, town (1990 pop. 14,628), Worcester co., central Mass., a residential suburb of Worcester; settled 1723, set off and inc. 1741. Manufactures include electrical and metal products, plastics, and machinery. said travelers might even see improved services because of the added spending. ``The good news is that we'll be able to process our passengers quicker with this new equipment we have in place,'' Holden said. ``In this new environment we're living in, even if it's costing a little bit of money, it will still be better for the passenger.'' The Airport Authority is expected to adopt its upcoming fiscal year's budget by the end of May. |
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