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 with some changes including making the Airport Manager position a town employee position and no longer a tenant provided position. 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. It is anticipated that the Revolving Account will be greatly depleted by FY2022 once FAA mandated airport safety improvement projects such as perimeter fencing and taxiway improvements are underway. Planned terminal replacement, vehicle parking lot upgrades and air side lighting upgrades will also put a strain on the revolving account. Currently we are working on a plan to cover the projected need for the FY2022 - FY2024 funding.