GOV
Comptroller Darlene Green Statement Regarding the Privatization of St. Louis Lambert International Airport
A private entity beholden to shareowners would put bottom-line profit over public service. A public vote must be part of this process.
This article is 7 years old. It was published on June 13, 2018.
(St. Louis – June 13, 2018)
Today, at the Board of Estimate and Apportionment I voted against approving an advisory consulting agreement for the privatization of St. Louis Lambert International Airport. The Comptroller’s Office does not support this effort to trade Lambert’s successful fiscal management and positive growth for the risks of privatization.
Lambert Airport has been a public entity since 1928 when St. Louis voters approved a $2 million bond issue to buy the airport property. Over 90 years Lambert has served the people of our region through good and bad economic times. Currently, the airport is in a strong financial position showing 31 straight months of passenger growth, two credit rating upgrades and added international flights.
Privatization would disrupt this growth. Our airport is an asset for the city, and a private entity beholden to shareowners, not consumers, would put bottom-line profit over public service.
To abandon the long and successful history of Lambert as a municipal airport through this politically expedient process is wrong. As today’s E&A vote to advance the privatization process passed 2-to-1 and the Airport Commission was left out of this decision, a public vote must be part of the process to decide the fate of the airport.
Comptroller Darlene Green is the chief fiscal officer of the City of St. Louis and is charged with safeguarding the city’s credit rating and with protecting taxpayer dollars. Visit www.stlouis-mo.gov/comptroller to learn more about the Office of the Comptroller.
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Contact Information:
Tyson Pruitt
Public Information Officer to the Comptroller -
Department:
Office of the Comptroller
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