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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2023
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Note 13—Regulated leases
The Commission has entered into regulated leases as lessor for the use of space at the airport. As of June 30,
2023, the value of the expected future minimum receipts is $8,812,773. These lessees are required to make
monthly fixed payments in accordance with the terms of each lease. The Authority recognized lease revenues of
$1,094,213 from regulated leases during the fiscal year.
Future minimum lease receipts as of June 30, 2023 are as follows:
Years Ending June 30,
2024
1,104,018
$
2025
924,632
2026
796,799
2027
398,598
2028
400,678
2029-2033
2,080,714
2034-2038
1,414,874
2039-2043
967,296
2044-2048
725,164
8,812,773
$
Note 14—Passenger facility charge
As of July 1, 2010, the FAA has given the Commission authority to impose a PFC, under multiple PFC applications,
of $4.50 per passenger for 17 planned projects. The total approved revenue to be collected under these multiple
applications is $15,313,209. During 2023, $333,348 of PFC revenue was collected under these agreements and
was recognized as capital contributions on the statement of revenue, expenses, and changes in net position.
Note 15—Contingencies
Federally Assisted Grant Programs – The Commission participates in a number of federally assisted grant
programs. Although the Commission has been audited in accordance with provisions of the Uniform Guidance,
these programs remain subject to financial and compliance audits by the grantors or their representatives. Such
audits could lead to requests for reimbursements to the grantor agency for disallowed expenditures under terms
of the grant. Based on prior experience, the Commission believes such disallowances, if any, will not be significant.
Lawsuits – From time to time, the Commission is a defendant in certain lawsuits and claims which are incidental
to its operations. Management is of the opinion that the accompanying financial statements will not be materially
affected by the ultimate resolution of litigation pending or threatened as of June 30, 2023.
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