My solution had nothing to do with the question, but I had a separate bit of code that was executing after the bit I posted. It was resetting the value of dblAircraftHourlyRate such that dblAircraftHourlyRate = ddAircraft.SelectedItem.Value After I commented out the line, the code worked perfectly. To clarify, the value in the dropdownlist was the AircraftID, not the HourlyRate.
Tim Schmelter also helped me out in his explanation of how Connection-Pooling works:
Connection-Pooling is enabled by default. Default means that it's enabled even if you don't specify the Pooling parameter in your connection-string. Connection-pooling helps to improve performance since it maintains the state of the physical connections. So even if you close a connection the physical connection keeps open (If you check it in the database). You are using the Using-statement which is best practise. Disposing a connection will "close" it. – Tim Schmelter