8B
Date: September 1, 2026
To: Honorable Mayor and Members of the City Council
From: Ian Dailey, Finance Director
By: David Cessor, Accounting Manager | [email protected] Subject: Finance – Approve Transfer and Appropriation of Funds for Airport Site Remediation. Expenditure: None.
RECOMMENDATION
Recommendation of the Finance Director that City Council:
1. Approve transferring $3,000,000 of Airport Capital Funds from the Airport Site Remediation project (OP95-6002-OP0003) to the Capital Improvement Fund; and
2. Appropriate $3,000,000 of Capital Improvement Funds to a newly created capital project.
FUNDING
None required.
DISCUSSION
As part of the FY2026 Program modifications approved by council on September 9th, 2025, City Council approved an appropriation of $3,000,000 to the Airport Capital Fund in relation to a consent decree with Hi-Shear Corporation regarding future remediation of Non-Aeronautical Leased Land on the Airport parcel.
As part of the FY2026-27 Operating Budget and Capital Improvement Plan adopted by City Council on June 9th, 2026, the City updated its accounting for activities related to Non- Aeronautical Leased Land surrounding the Torrance Municipal Airport, which saw the revenues and expenditures related to these activities, previously accounted for in the Airport Fund, moved to the General Fund Operating Budget going forward.
In order to properly align the non-aeronautical Capital Budget with the newly implemented changes to the Operating Budget, the Finance Director recommends that the City Council:
• Approve transferring of funds in the amount of $3,000,000 from the Airport Site Remediation project (OP95-6002-OP0003) to the Capital Improvement Fund; and • Appropriate $3,000,000 from the Capital Improvement Fund to a newly created capital project.
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