This page uses extracted PDF text. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2023
20
Note 7—Compensated absences and sick leave accrual
All employees of the Commission are entitled to vacation in accordance with Commission policy. At termination
or retirement, employees are paid for any unused leave up to 240 hours. The Commission has accrued $176,000
for compensated absences as of June 30, 2023. These liabilities are recorded in accrued liabilities on the
statement of net position.
All employees of the Commission are also entitled to sick leave in accordance with Commission policy. At
retirement, employees are paid for unused leave. The Commission has accrued $100,000 for sick leave as of
June 30, 2023. These liabilities are recorded in accrued liabilities on the statement of net position.
Note 8—Long-term obligations
Following is a summary of long-term obligations of the Commission:
Balance,
Balance,
Current
June 30, 2022
Additions
Reductions
June 30, 2023
Portion
Airport improvement bonds:
Series 2002
696,006
$
-
$
(696,006)
$
-
$
-
$
Series 2005A
3,585,264
-
(309,206)
3,276,058
322,762
Series 2005B
1,623,621
-
(142,172)
1,481,449
147,896
Total improvement bonds
5,904,891
$
-
$
(1,147,384)
$
4,757,507
$
470,658
$
IT subscription liability
-
$
128,795
$
(66,843)
$
61,952
$
38,921
$
Compensated absences - vacation
215,484
$
-
$
(39,484)
$
176,000
$
176,000
$
Compensated absences - sick
155,534
$
-
$
(55,534)
$
100,000
$
100,000
$
Net OPEB liabilities - local
4,061,448
$
-
$
(384,989)
$
3,676,459
$
-
$
Net OPEB liabilities - GLI
128,419
$
10,293
$
-
$
138,712
$
-
$
Jump to an indexed page (53 of 53)