LINCOLN - The Lincoln Airport Authority adopted what is likely the largest budget in the airport's history.

2023's fiscal year budget, which begins July 1, is $78.3 million, up from $63 million last year.

Renovating terminals and the expansion project are the main contributors to the increased budget, with $45.6 million in bond proceeds for the project included in the coming year's budget.

The 2022 fiscal year budget had included $33.6 million in bond proceeds for the roughly $55 million project, which will add about 35,000 square feet to the 58,000 square-foot building, consolidate its two security checkpoints into one and add airline gates. Much of that spending was delayed and shifted into the new budget, officials said.

For the second year in a row, the airport will collect revenue from a property tax it levied last year to help pay for the terminal project. The projected revenue is about $3.4 million.

An additional projected $17 million in operating revenue is expected to be brought in during 2023, which is a significant increase from the $15.6 million budgeted amount for 2022, although it is only slightly higher than the $16.8 million the airport projects it will bring in once the fiscal year has ended on June 30.

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