"None of this is a surprise," Berger said.
Income from airport operations was off 45 percent in January, according to Berger.
"The budget may be more aggressive than we thought and after the first quarter, we may have to see what to do with it," Berger said.
Board member and former treasurer Dean Browning suggested that February's numbers won't be much better.
"At what point do we take corrective action, so we can meet our debt obligations?" Browning said.
Everett countered that it was too early in the year to understand what is happening with the budget and that the board should make corrective action on the budget after the first quarter.
Vice-chairman Robert Buesing praised airport personnel for keeping LVIA open during the snowstorm of Feb. 12-13.
"Philadelphia (International Airport) cancelled hundreds of flights," Beusing said. "I know a lot of people who were happy that (LVIA) was open, so that we could get them out of here."
Everett said 60 LVIA flights were canceled during the Feb. 12-13 snowstorm, which dropped nearly 19 inches on the airport.
In other business, the board voted to pay its scheduled 2014 judgment of $5 million to Willowbrook Farms in 10 monthly $500,000 installments.
Installment payments, instead of one bulk payment in November, will save the authority $2,500 per month in interest, according to solicitor Robert Donchez.
According to the legal settlement’s payment schedule, the authority must pay $5 million this year and $6 million in 2015. It paid $3 million last year and $2 million in 2012.
Air show possible this year
Everett said the success of last year's Lehigh Valley Air Show has prompted the authority to weigh holding another event this year, instead of waiting until 2015.
"There was a lot excitement in the community about it last year and we're looking at doing another one in 2014. We'll shoot for the same (late August) weekend as last year. We have enough time to get it together," Everett said.
Last year's two-day event at LVIA in late August netted the authority a profit of $58,000.