City Council adopted new lease rates for the Georgetown Municipal Airport Jan. 13.

The increased rates for hangars and tie-downs could result in $30,000 of additional funding in the airport budget in the 2014–15 fiscal year and an additional $60,000 in fiscal year 2015–16, Transportation Director Ed Polasek said.

The new rates are expected to go into effect March 1, he said.

Several residents spoke against the increases at the council meeting.

Polasek said the increased rates are expected to help offset a shortfall in the airport budget.