trend-defying growth expansion 2012 - Edmonton Airports ...

“We must match air service to meet the needs and
expectations of a region still brimming with potential.”
of the region we serve. We must continue to move
forward and complete this vital expansion.
We have also examined the current economic climate
to consider what advantages there may be in this economy.
From a construction perspective, the timing provides
significant opportunities for cost reduction. Our
procurement strategies include locking in materials
and supplies now, recognizing that the economy will
shift again, and prices will follow. We are also undertaking
value engineering exercises to identify cost savings. Our
financing also delivers important advantages. Expansion
2012 is financed through the Alberta Capital Finance
Authority, which allows EIA to leverage the Province’s
excellent credit rating, and borrow only as required, thus
minimizing interest payments.
port AlBErtA
Edmonton Airports, along with our community partners,
continues to make progress on Port Alberta – our longterm
strategy for cargo and the integration of all major
modes of transportation at EIA. Port Alberta, when fully
realized, has the potential to transform and sustain our
region’s economy and provide economic opportunities for
decades to come. This strategy also aligns with Canada’s
Asia-Pacific Gateway Corridor Initiative to make the
most of global trade opportunities. A steering committee
was established in 2008 to develop an integrated regional
transportation strategy focused on making Port Alberta
a transportation hub. In support of the concept, Western
Economic Diversification announced a $1.5 million
investment in Port Alberta, the Province contributed
$250,000, and the City of Edmonton brought leadership
to the table.
Looking forward, EIA will continue to advocate for
the establishment of Foreign Trade Zones (FTZ), which
would improve Edmonton’s international positioning.
The primary benefits of FTZs are the deferral of import
duties on raw materials or products. Canadian value,
using local labour and components, can be added to the
imports within the FTZ and the value-added products
can then be re-exported free of any import duties.
This results in local industry growth and, in turn,
job creation. With an FTZ, Port Alberta would have
the potential to further diversify Alberta’s economy.
lEAdErsHip
As you read this Annual Report, I hope you’ll share
the Board’s enthusiasm in the year’s achievements.
On a personal note, I thank my fellow directors on the
Board, each of whom brings unique and essential skills
and perspectives to the table. Their commitment and
contributions are so important in fulfilling our mandate
to represent the best interests of our airports and the
region. As well, I would like to thank our regional
appointers for their continued support and guidance.
Appointers have played a vital role in providing the
Board with exceptional business and community leaders;
they have worked with executive search firms, for
example, to ensure new directors offer the Board
with a wide breadth of skill and experience.
Finally, I would like to offer my appreciation to
Robert Walker and Dennis Foley, who left the Board
in 2008, and welcome Leonard Blumenthal and
Maureen McCaw, who have joined us this year.
My hope is that when you read this Annual Report
you see what I see: aviation services that reflect our
bold, global community, driven by great people who are
devoted to delivering excellent customer service. I hope
you feel proud of our airports. I hope you’re moved.
[ Gordon clAnAcHAn, cHAir ]
2 0 0 8 A N N U A L R E P O R T | 9