Nantucket Finance Committee Unanimously Raises Airport Fuel Revolver to $11 Million

NANTUCKET — April 16, 2026 — Nantucket Finance Committee votes 6-0 to raise airport fuel revolving fund to $11 million. Meeting entirely by video conference Thursday evening, the committee approved a $2.5 million increase to the Nantucket Memorial Airport's fuel spending cap after Jet A aviation fuel prices climbed 45 percent and 100 low lead rose 23 percent amid renewed Middle East tensions — the second upward adjustment since January. Airport Business Manager Warren Smith said the new $11 million limit, which includes roughly half a million dollars of buffer, is designed to carry the airport through June 30. Finance Director Brian Turbitt warned that without the increase, fuel purchases above the old cap would have been charged against the airport's operating budget, likely producing a year-end deficit that would erode the retained earnings the airport uses to fund capital projects including its fuel farm expansion. The committee also received a preview of technical warrant amendments headed to its April 30 meeting, including a $2 million supplemental appropriation for the Harbormaster Building, a $2,810,307 upward adjustment to the Ireland Home affordable housing project driven by higher-than-anticipated bids, and a patrol boat cost increase from $603,900 to $627,090.