Comox Valley Airport Commission - Second Quarter Report 2005

CVAC's Mission

In 1996, the community leaders assigned specific tasks to the Airport Commission by way of the Letters Patent. In consultation with the stakeholders, the Commission defined their responsibilities through the following mission statement: "To operate safe, secure and efficient aviation facilities which consistently exceed the expectations of our customers and communities." To meet this mission, CVAC has established four performance targets with measurable goals. These targets are based on a five-year timetable; CVAC is entering the third year of the five-year plan.

1. Passenger Target - 200,000 Passengers Annually

CVAC's Strategic Plan forecasted passenger growth to 200,000 passengers annually by the end of 2007. Regional market development primarily through tourism and a continued focus on customer service are crucial elements of the plan to achieve this goal. This goal also assumed that transborder air service would be available. Given the strong growth in the domestic market of a 16% increase to date, the 200,000 passenger goal will likely be achieved this year.

2. Restricted Capital Reserve - $500,000 Annually

The Board has met its capital reserve goal for several years and has committed the current capital reserve to complete the airside construction. The airside construction is nearing completion and provides a much needed increase in capacity to accommodate visiting aircraft. In addition to scheduled carriers, there has been a marked increase in corporate aircraft visiting the region for both tourism and business requirements.

3. Customer Satisfaction Ranking - 4.58

"To exceed the expectations of our customers and communities" it is necessary to offer a high degree of customer service. Customer satisfaction is measured annually through a program administered by the Canadian Airports Council. This year, the Comox Valley Airport received a ranking of 4.58, which is higher than the rating received for our first place ranking last year. Official airport rankings for 2005 will be available shortly.

4. Share of Regional Passengers - 60%

CVAC's market share of regional passengers for 2004 was 50%. Market share is determined by comparing the passenger totals of the Comox Valley, Campbell River and Nanaimo Airports. The Comox Valley Airport market share will only increase marginally until new air service is provided.

Fiscal Year 2005/2006 Capital Plan

Passenger demand for the Comox Valley Airport has exceeded all expectations and the facility is limited by the available airside space. Vancouver Island has an exciting array of tourism products available which are gaining recognition both nationally and internationally. The BC Government's focus on tourism, the recognition associated with the 2010 Olympics, and the Tourism Association of Vancouver Island's focus on the Alberta market will all result in increased passenger numbers in the upcoming years. The Commission reviewed their fifteen year capital requirements, the passenger growth trends, the indicators for future demand, and resolved to complete the airside development this year. To address future capital improvements CVAC has also commissioned an Airport Master Plan which will guide airport development over the next thirty years. Fortunately, CVAC's business plan addresses the funding for these capital requirements.

Community Planning

CVAC is pleased to participate in the regional road strategy as a funding partner. With the dynamic growth of passenger numbers from users throughout the region, the ability to connect to the airport by road is extremely important. CVAC has asked the study to address the short, medium, and long term connectivity of the airport to the Inland Island Highway.