Chesapeake Regional Airport Financial Self-Sufficiency Business Plan
R.A. Wiedemann & Associates, Inc. led the financial planning work effort designed to determine whether Chesapeake Regional Airport could cover all operating costs and debt service by July 1, 2030. A baseline assessment reconstructed six years of financial data, revealing that the annual operating shortfall widened from roughly $20,000 in FY 2019 to $228,000 in FY 2024 and was projected to reach $319,000 by FY 2031 under status-quo conditions. Cost pressure stemmed chiefly from wage increases, storm-water fees, and aging infrastructure.
Market benchmarking and demand analysis compared rates and services at peer airports, quantified regional business-jet activity, and sized potential development parcels to feed the pro-forma model. The study then formulated a revenue-enhancement suite that included:
- Thirty new T-hangar bays and two 120 × 100 ft corporate pads to convert the waiting list and attract turbine aircraft.
- An MRO expansion site and 100 acres of mixed-use ground leases for aeronautical and logistics tenants.
- Rate-of-return actions such as CPI-plus rent escalators, flowage-fee adjustments, and a strategy to net the storm-water charge against the City operating subsidy.
A dynamic six-year financial model tested these initiatives alongside cost-containment measures to chart a path toward the 2030 self-sufficiency target. These outputs will equip the Chesapeake Airport Authority with clear strategies for closing the structural deficit, accommodating development demand, and achieving long-term financial independence.
