The new airport fees have been increased between 5 and 10 percent as recommended by CPA’s bond consultant for the airport, Ricondo Associates.
For the seaport facilities, Camacho said the BST Associates rate study indicated a 20 percent hike, but this figure is still being finalized by the management and the board.
“We’re still processing to see if that figure is still valid,” he said.
Early this month, CPA submitted the rate studies of its two bond consultants — Ricondo and BST — to its bond trustee, the Bank of Guam, as required by the bond indenture agreement.
“The reports have been submitted to our trustee and we told them that CPA is going to be implementing the recommended rates and other suggestions in both studies,” Camacho said.
One notable recommendation for the seaport, he added, is the pursuance of non-port revenues which also pertain to leases on CPA properties.
To reduce operations and personnel expenditures, Camacho said they will ask some employees to “multitask” and cut the spending on supplies and utility consumption.
Last month, the CPA board approved the increase of parking fees of taxis and buses at seaport properties from $5 to $25, the same rate charged by the airport.
Camacho believes that the progress report submitted to the Bank of Guam will satisfy the trustee.
“We provided data showing that CPA is slowly accomplishing a lot of things and that we’re on the road to compliance,” he said. Before the end of Jan. 2009, he added, “CPA will be in full compliance with our bond issues.”
