The Memphis-Shelby County Airport Authority board has signed off on its fiscal year 2027 spending plan, a budget local reporting pegs at roughly $172 million. The package sets aside cash for more parking, early design work on a consolidated rental-car garage, and other pieces of Memphis International Airport's long-running modernization effort.
Board gives final OK
At its May 21 meeting, the Board of Commissioners voted to adopt the FY2027 Operations and Maintenance Budget, according to the Memphis-Shelby County Airport Authority board packet and meeting agenda. The resolution covers the budget year from July 1, 2026, through June 30, 2027, and includes the related airline rates and charges.
Price tag and projects
Local reporting puts the package at about $172 million and notes that it funds parking projects and early planning for a consolidated rental-car facility, according to the Daily Memphian. That coverage also says the board reviewed construction bids and design amendments tied to those projects, the kind of nuts-and-bolts work that quietly reshapes how travelers move through the airport.
Contracts move parking and ConRAC design forward
The board packet lists a low bid of $2,630,529.86 recommended for the East Parking Lot Expansion, Phase 5, a step that nudges MEM closer to relieving some of its parking crunch. The Authority also authorized Amendment No. 3 to the ConRAC, or rental-car parking garage, design contract with EXP U.S. Services. That amendment includes $6,331,040 in schematic design fees plus a 10% contingency, bringing the total authorization to $8,164,144, according to the Memphis-Shelby County Airport Authority agenda. The resolution states that ConRAC design work will be paid from Customer Facility Charges and other funds identified by the Authority's CFO.
Financing and what it means
These moves are coming as the Authority keeps a solid credit footing. KBRA affirmed an A+ rating with a stable outlook for the Authority's airport revenue bonds in March 2026, which helps preserve access to bond markets as construction rolls along, according to KBRA. By leaning on customer fees for rental cars and ground-transportation revenue, along with targeted capital spending, the Authority keeps some room to push modernization forward while managing debt service and day-to-day costs.
What’s next
With the budget in place and design work authorized, airport staff will move into contractor mobilization and additional design milestones this summer. Travelers can expect shifting traffic patterns around the terminal as parking and curbside work progresses, so the drive to the gate may feel a little more like a construction tour for a while.
