Monday, 6 July 2015

Airport Cash Situation Worse Than Expected

From Scilly Today 6 Jul 2015.   The Council’s latest accounts show how serious the cash situation is at St Mary’s Airport.  The account was £170,000 in deficit at the end of the last financial year.  It is a so-called trading account, meaning the airport can’t go into the red and can’t be supported from ratepayers’ money although the Council is allowed to borrow money to cover any shortfall.  It marks a significant worsening in the airport’s financial position and it’s the first time it’s needed a bail out. At the same point last year, reserves stood at £249,000. That means they’ve spent around £419,000 from the airport ‘savings.’
Read the full article here

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