COSTA MESA — To the typical traveler, an airport may be just a building with ticket counters, gift shops and food stands near some skid-marked runways. But cash-starved local governments see something more lustrous than a duty-free Rolex: They see gold.

With state and local government deficits approaching $50 billion a year nationwide--and federal aid dropping precipitously--local politicians are scavenging for dollars in every nook and cranny, including airports.

The "gold" comes in the form of aircraft landing fees paid by airlines to use the airport, fees charged to concessionaires who sell the food and magazines that travelers buy, and parking revenue. There is a catch, however: Federal law prohibits use of airport revenue for anything but airport-related improvements. The solution: Sell or lease the airport, some experts say, to gain cash that will help solve municipal budget woes.

Enter County Board of Supervisors Chairman Roger R. Stanton, who on Wednesday suggested selling John Wayne Airport for at least $100 million to the Orange County Transportation Authority.

Specifically, Stanton said, the county gains no budgetary advantage by owning the airport because of the restrictions on use of airport profits. But the county could use sale proceeds to pay for a new jail or new South County civic center. He has since amended his statement, saying that the money could be invested, which would bring in several million dollars a year that could be earmarked indefinitely for health care programs.

The Transportation Authority, if it could come up with the funds, might want to purchase the airport in hopes of amending federal restrictions on airport revenue, or merely because it wants to control all transportation decisions within the county's borders.

In making the suggestion, Stanton joined a long list of public officials throughout the nation who are considering the disposal of government assets or contracting management services to private firms as a way of paying for everything from badly needed jail cells to indigent medical care.

For example, New Jersey may turn over its motor vehicle inspection program to a private firm in order to save $22 million a year in operating costs. It would also be saving $40 million in pollution control equipment costs. Chicago has already turned over management of city parking and drug-treatment programs to privately owned companies.

But sell an airport?