To operate the Provincetown Municipal Airport for the social and economic welfare of the Town of Provincetown, to encourage year-round scheduled air service, and to encourage other aviation services and activities for the welfare and convenience of the public. The current lease agreement with Cape Air expired July 13, 2017 and has been temporarily extended under the same terms and conditions. The proposed lease renewal will be similar to the current lease. Currently the revolving account is set aside for local matching costs for airport development, maintenance programs approved and/or mandated by FAA / MassDOT and unforeseen maintenance and general issues. All Airport revenues including lease fees from Cape Air go into the Airport Revolving Account. Planned terminal replacement, vehicle parking lot upgrades and air side lighting upgrades will also put a strain on the revolving account.