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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2023
19
Note 5—Capital assets
A summary of changes in capital assets for the Commission follows:
Balances,
Balances,
June 30, 2022
Increases
Decreases
June 30, 2023
Capital assets not being depreciated:
Land
6,832,612
$
522,337
$
-
$
7,354,949
$
Construction-in-progress
6,903,618
1,929,128
(7,006,678)
1,826,068
Total non-depreciable
13,736,230
2,451,465
(7,006,678)
9,181,017
Other capital assets:
Airfield
93,814,416
6,126,207
-
99,940,623
Terminal
90,574,994
230,254
90,805,248
Other
7,254,845
124,880
-
7,379,725
Trailer park and rental units
1,548,885
-
-
1,548,885
Right-of-use assets - IT subscriptions
-
128,795
-
128,795
Total depreciable
193,193,140
6,610,136
-
199,803,276
Less accumulated depreciation and amortization for:
Airfield
70,129,868
4,090,398
-
74,220,266
Terminal
53,495,824
3,445,359
-
56,941,183
Other
4,709,893
358,543
-
5,068,436
Trailer park and rental units
1,548,885
-
-
1,548,885
Right-of-use assets - IT subscriptions
-
55,030
-
55,030
Total accumulated depreciation and amortization
129,884,470
7,949,330
-
137,833,800
Depreciable capital assets, net
63,308,670
(1,339,194)
-
61,969,476
Capital assets, net
77,044,900
$
1,112,271
$
(7,006,678)
$
71,150,493
$
Note 6—Restricted cash
The Commission receives annual entitlement funds from the Commonwealth. The amount allocated to each
airport is calculated on the basis of the previous calendar year’s enplaned passengers at that airport as a
percentage of the total enplaned passengers in the Commonwealth. Entitlement funds may be used for 100% of
the nonfederal portion of projects that are funded under provisions of the Federal Airport Improvement Program
and for various projects not funded by the Airport Improvement Program. Restricted cash also includes the
Passenger Facility Charge (“PFC”) disclosed in Note 14 as well as asset forfeiture funds. Asset forfeitures are
funds received through federal agencies for assisting in a law enforcement effort resulting in a federal forfeiture.
These funds may be used to supplement, not supplant, the law enforcement department’s normal operating
budget. At June 30, 2023, the Commission’s restricted cash from entitlement funds, asset forfeiture funds, and
from PFC was $12,665,597.
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