CHARLESTON, W.Va. — West Virginia International Yeager Airport’s board has approved the airport’s budget for the next fiscal year and a cost-of-living adjustment bonus for employees.
The actions were discussed and passed Wednesday during the Central West Virginia Regional Airport Authority meeting at the airport.
The one-time 5% payment to employees will take effect on June 9. Nick Keller, Airport Director & CEO of West Virginia International Yeager Airport (CRW) told MetroNews this will be a bonus for all 86 full-time and 19 part-time employees, and cost the airport $227,000.
“The board felt strongly that we need to show the employees they are appreciated and recognize the rate of inflation and how it negatively impacts our employees. We want to help them out,” Keller said.
The board also approved the FY2023 budget. Included in the budget is a 4% cost of living adjustment in form of a pay raise. Keller said the plan is to look at inflation quarterly along with the financial situation of CRW and make adjustments when needed.
Keller said the 4% adjustment in the form of a pay raise would cost the airport $223,000. The salary increase would be effective July 1 of this year.
“Our employees are our greatest asset. We want to continue to show that through employee education, paying for advanced training and degrees, family scholarships, paid parental leave, and now this kind of stuff,” Keller added.
In terms of the FY2023 budget, $12.3 million is projected for total revenues and $13.9 million is projected for total expenses. Keller noted that the airport would use $1.7 million in federal relief, such as ARP and CARES, for next fiscal year to offset the total losses.
Keller said expenses were projected to be a decrease from the current fiscal year to the next fiscal year before the 4% pay raise for employees was approved. Now, there’s been a 2% increase in expenses. The budget projects a 10% increase in revenue.
VIEW: The FY2023 budget for the airport
Keller told MetroNews this week that the inflation crisis has impacted not only employees but consumers of the airport.
“The consumers are seeing what the airport is noticing – airfares have gone up. Recently last month, they have gone up 18%. The cost of jet fuel and aviation fuel has gone up,” Keller said.