Winnipeg airport debt nearly triples over 9 years, now stands at $728M
Long-term debt incurred to pay for Richardson International's modernization
Bartley Kives · CBC News · Posted: Jan 22, 2019
Long-term debt at Winnipeg's airport has nearly tripled over the past decade to $728 million, but officials say they're managing the liability responsibly.
At the end of 2008, the Winnipeg Airports Authority (WAA) reported $256 million worth of long-term debt.
The authority's long-term debt stood at $728 million at the end of 2017, the most recent year captured by a WAA annual report.
Most of the rise in debt can be attributed to Richardson International Airport's new terminal, which opened in 2011, as well as other improvements and expansions undertaken in an effort to increase passenger and cargo traffic.
WAA vice-president Tyler MacAfee said the expenditure was worth it.
"The airport has become a real source of pride in the community," MacAfee said Monday in an interview at the airport. "There's a cost associated to that, for sure, and that's something that we're vigorously dealing with now."
MacAfee said the airports authority plans to reduce its debt without relying on significant increases to the airport's improvement fee, which stands at $25 per passenger. The debt does not represent a risk to the organization, he added.
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https://www.cbc.ca/news/canada/manitoba/winnipeg-airports-authority-debt-1.4986872