Airport Commission Approves Fiscal Year 2027 Budget

Record-setting April as passenger counts and cargo volumes rise 3.5% and 18.3%, respectively

As Richmond International Airport (RIC) prepares for another year of growth, the Capital Region Airport Commission approved the Fiscal Year 2027 (FY27) budget, which anticipates $79.2 million in operating revenues, $49.7 million in operating expenses and $166.5 million in total capital projects spending.

“The approved budget represents a continuation of the airport’s conservative budgeting methodology which has historically delivered robust financial results,” said Basil Dosunmu, chief financial officer for Richmond International Airport. “This focus on financial stewardship positions the airport for future growth while keeping costs low for our airline operators.”

Operating revenues for FY27, which starts on July 1, are expected to surpass the current budget by about $6.2 million or 8.6% for a total of $79.2 million. FY27 operating expenses are anticipated to be $2.0 million or 4.2% more than the current year, totaling $49.7 million.

The airport plans to begin 34 new capital projects in FY27, investing nearly $148.1 million in construction, maintenance, and improvements. Cash reserves will fund $111.7 million of those new projects. Almost $16.5 million is budgeted for ongoing capital projects, and an additional $1.9 million is dedicated to departmental capital spending.

Enabling projects for the Consolidated Security Screening Checkpoint are planned to begin in late 2026. The transformative project will merge two separate checkpoints, currently located at concourses A and B, into one central location, allowing passengers to freely move between concourses. The project will also increase screening capacity and operational efficiencies for TSA as well as create a post-security space for amenities and concessions development.

Estimated at a cost of $253.1 million, the project will include construction of 103,000 sq. ft. of new space and the renovation of 84,000 sq. ft. of existing space on the first and second floors of the airport. The first-year investment in the project for FY27 is $120.0 million with $87.6 million coming from cash reserves.

A monthly finance report for April showed airport revenues outperformed the FY26 budget, according to preliminary, unaudited data. Monthly operating revenues totaled $7.0 million, exceeding projections by $1.4 million or 25.0%. Fiscal-year-to-date 2026 (FYTD26) revenues rose by $5.8 million or 9.6% to $65.8 million. 

Monthly operating expenses were greater than budget by approximately $200,000 or 4.5%, driven by maintenance, supplies, and personnel costs and offset by favorable timing of utilities and professional services expenses. FYTD26 expenses totaled $37.8 million, under budget by $1.7 million or 4.3%. 

RIC experienced its busiest April ever with 419,181 travelers passing through the terminal, which surpasses the previous record set in 2024 (408,754) and is a 3.5% increase over the same period last year.

Passenger traffic data show a 3.1% increase for FYTD26, a gain of over 120,000 passengers. Total cargo and aircraft operations both increased significantly compared to April 2025, rising 18.3% and 2.5%, respectively. For more info, visit monthly statistics on the web. 

Earlier this month, Breeze Airways announced new nonstop service to Cancun (CUN), Mexico, starting January 8, 2027. Flights will operate twice weekly on Mondays and Fridays.

In other business matters, the Commission reviewed and approved resolutions that support the airport’s strategic priorities, including: 

• In separate resolutions, extensions to the operating agreements for Airport Transport International (ATI) and Sun Country Airlines, which both support Amazon cargo operations, were approved through June 30, 2027. Sun Country also provides scheduled seasonal passenger service.
  
  
• A new lease agreement was approved for Quantem Aviation Services consisting of approximately 3,000 square feet of warehouse space and office space in Cargo Building 1 and 8,610 square feet in the adjacent vehicle parking lot. The lease was approved for a three-year term with the option of two additional one-year extensions. The total annual lease amount for the initial term is $22,730.52.
  
  
• A license agreement to Dominion Packaging, Inc., for 47,883 square feet of vacant Commission-owned land at the corner of Audubon Drive and International Center Drive was approved for a 24-month term starting June 1, 2026, and expiring May 31, 2028. The property will be used to provide temporary parking for Dominion Packaging employees at its nearby facility. The monthly licensing fee is $6,982.94 and is subject to a 3% escalation in the second year.

About Richmond International Airport (RIC)  

Richmond International Airport’s vision is to be the region’s preferred gateway to the world by focusing on world-class customer experience and operational excellence that drives passenger choice. Activities at RIC contribute nearly 13,500 jobs and $2.97 billion to central Virginia’s economy, according to a new report from the VCU School of Business Executive MBA program. To learn more, please visit RIC on the web, Facebook, Instagram, Threads, X, LinkedIn, or YouTube.