Burbank, California, transfers $1 billion in airline fees

Burbank Airport in California announced it will transfer about $1.5 billion in airport fees from the existing Burbank Regional Airport Authority to the Los Angeles County Airport Authority, the Los Angles Times reported Thursday.

Burbank officials have said they have the money in a reserve fund that can be tapped if demand for flights rises.

The airport will transfer the fees to the authority on Aug. 1.

The authority has been in charge of the airport since 1997 and has raised about $5 billion for the airport, according to the newspaper.

The fee transfer comes as the FAA seeks to reduce the number of air traffic controllers in the Los Angelas area, which has been hit hard by the recession.