Contact: Diana Paluch
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DuPage Airport Authority Chairman Details Airport’s Dramatic Financial Turnaround to County Board

Application of Sound Business Principles Coupled with Cultural and Financial Changes Will Soon Allow Airport to Be Debt Free

Wheaton, April 26, 2005 – Dan Goodwin, Chairman of the DuPage Airport Authority (DAA) today spoke to the DuPage County Board about the Airport’s strong financial turnaround. Goodwin outlined how cultural, organizational, procedural and financial initiatives were implemented to manage the airport like a business and reported that these changes will allow the Authority to be debt-free and reduce their reliance on property taxes.

"A dynamic change in leadership combined with an independent board and a business-based, market- savvy approach, has resulted in a remarkable financial turnaround for the DuPage Airport Authority," stated DuPage County Board Chairman Robert J. Schillerstrom. "Goodwin has done an impressive job in a short period of time. He refocused the organization’s efforts to operate the Airport like a business designed to make a profit. He changed the business as usual attitude and motivated the staff to seek improvements and accomplishment. He eliminated job patronage, instituted bid procedures for all contractors and vendors and hired professional and experienced management. As a result of these changes, the Airport showed a profit for the first time in 2004."

Goodwin was appointed to the Airport’s Board of Commissioners by Schillerstrom in November of 2002 and immediately worked to build consensus on the board and shape it into a collaborative body. He recruited professional staff and performed a comprehensive review of fee structures, pricing policies and lease agreements bringing them in line with market rates and abolished pervasive operating losses. Goodwin and the Board instituted purchasing policies, codified bidding standards and established strict ethics guidelines producing substantial taxpayer savings and increasing taxpayer confidence.

"It was imperative to immediately develop a mission statement for the board that enunciated clear-cut goals and objectives," said Goodwin. "That is the only way by which we could measure our progress and chart our course. We needed to be accountable to our shareholders, which in this case is the taxpayer. Our goal was to run a government entity like a business and the positive impact to our bottom line demonstrates our success."

The Airport Board adhered to strict fiduciary guidelines requiring refinancing and renegotiating of all financial instruments that significantly reduced interest payments. Additional financial adjustments were the elimination of unnecessary outside consulting services and negotiating reduced rates for existing contractual services. Finally, Goodwin insisted that the Board be provided with an annual audit, which had not been done in the past.

This application of business principles has not only had a cultural impact on the Airport, but also has produced strong financial benefits as well. The Airport has garnered more than $8 million in private investment and more than $5 million in federal funding for airfield improvements has been committed

"We decided that all taxpayer funds should go to retire the bond debt," added Goodwin. "This has created the real possibility that the Authority will be debt free and no longer reliant on property taxes by 2007."

Complimenting these policy changes, was Goodwin’s pro-marketing attitude, which included the formation of a plan to lease hangar space, attract airport-based planes, sell more jet fuel, lease more airport land and solicit plane owners from other airports.

"The DuPage Airport is quickly becoming a powerful economic engine for the county," said Schillerstrom. "The DuPage County National Technology Park is an exciting new project that will create jobs, advance technology and significantly contribute to the tax base. Prairie Landing Golf Course turned a profit in 2004 when almost all other public golf courses lost money during the same period. All in all, the Authority has created a new dynamic on how to operate as a professional enterprise and stands as a model to other government agencies to emulate. It is a jewel for DuPage County."

The Authority is now taking a leadership position in business aviation statewide and nationally. The Airport is poised to continue to be successful with over 100,000 square feet of hangar construction underway.

"I am very pleased at the progress we have made to date," concluded Goodwin. "I have lived in DuPage County for 30 years and have seen how the airport has been criticized and politicized. I am proud to say this is no longer the case."

Airport leadership and staff are working on capitalizing on their growth and success to date and are looking forward to the future and feel there is unlimited potential for growth.