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PENINSULA AIRPORT COMMISSION
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2024
8
Expenses
A summary of expenses is as follows:
Percent of
Percent of
2024
Total
2023
Total
Operating Expenses:
Airfield
807,564
5.8%
1,414,198
9.0%
Terminal and landside
2,481,301
17.8%
3,241,976
20.5%
Other rents
299,691
2.1%
408,270
2.6%
Trailer park rent
1,340
0.0%
638,170
4.0%
Administrative and miscellaneous
1,882,399
13.5%
2,236,653
14.2%
Maintenance
301,032
2.2%
(318,954)
-2.0%
Total Operating Expenses
5,773,327
41.3%
7,620,313
48.2%
Depreciation Expense
8,014,097
57.3%
7,949,330
50.3%
Nonoperating Expense:
Interest expense
190,754
1.4%
227,072
1.4%
Total Nonoperating Expenses
190,754
1.4%
227,072
1.4%
Total Expenses
13,978,178
$
100.0%
15,796,715
$
100.0%
Summary of Cash Flow Activities
The Commission’s available cash and cash equivalents decreased by $851 thousand between 2023 and 2024.
Pending reimbursements from the Federal Aviation Administration on capital projects totaled $187 thousand at
June 30, 2024 and is not reflected in the cash flow above.
Financial Statements
The Commission’s financial statements are prepared on the accrual basis in accordance with accounting principles
generally accepted in the United States of America. The Commission is structured as a single enterprise fund with
operating income recognized when earned, not when received. Expenses are recognized when incurred, not when
they are paid. Capital assets are capitalized and (except land and construction-in-progress) are depreciated over
their useful lives. Reference the notes to the financial statements for a summary of the Commission’s significant
accounting policies.
Capital Acquisitions and Construction Activities
During FY 2024, the Commission removed from capital asset cost and accumulated depreciation of the fully
depreciated Mobile Home park improvements which is no longer a revenue producing activity.
All gains on sales of capital assets during FY 2024 were collections for easement transfers to municipal and utility
partners related to the improvement of existing land assets of the Commission. No previously capitalized costs
were reduced in conjunction with these easement transfer payments received.
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