Dallas Love Field and the Department of Aviation have released an update concerning the financial impact of COVID-19 and the economic crisis on the Aviation Fund’s end of the year revenue forecasts.
According to the City of Dallas, though $157 million were budgeted for the 2019-2020 fiscal year, revenues decreased 85% between March 9 and May 15. However, since May 15, revenues have shown a steady increase.
The City of Dallas said that although the trend is still less than last year’s enplanements, it is better than the previous forecast on May 6.
Officials with the City of Dallas said they are cautiously optimist that the trends will continue to improve in the coming months, bringing Dallas Love Field to 4.9 million enplanements. The City of Dallas had initially budgeted 8.3 million emplacements for the 2019-2020 fiscal year.
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The Department of Aviation has been working with airlines amid the forecasted 50 to 60% decrease in original enplanements over the next 90 to 120 days.
The Departments is working to reduce expenses in order to offset revenue losses. Those efforts, combined with the CARES Act appropriations of $53.8 million, should allow the the Aviation Fund to be balanced for the 2019-2020 fiscal year, the City of Dallas said.