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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2024
20
Note 5—Capital assets
A summary of changes in capital assets for the Commission follows:
Balances,
Balances,
June 30, 2023
Increases
Decreases
June 30, 2024
Capital assets not being depreciated:
Land
7,354,949
$
-
$
-
$
7,354,949
$
Construction-in-progress
1,826,068
1,179,187
-
3,005,255
Total non-depreciable
9,181,017
1,179,187
-
10,360,204
Other capital assets:
Airfield
99,835,794
-
-
99,835,794
Terminal
75,145,278
-
-
75,145,278
Parking
16,315,912
16,315,912
Equipment
4,475,096
74,938
-
4,550,034
Trailer Park
1,117,033
-
(1,117,033)
-
Rental units
2,785,368
-
-
2,785,368
Right-of-use assets - IT subscriptions
128,795
-
-
128,795
Total depreciable
199,803,276
74,938
(1,117,033)
198,761,181
Less accumulated depreciation and amortization for:
Airfield
73,501,044
4,241,157
-
77,742,201
Terminal
47,032,791
2,868,194
-
49,900,985
Parking
10,496,038
561,859
-
11,057,897
Equipment
3,557,459
204,467
-
3,761,926
Trailer Park
1,117,033
-
(1,117,033)
-
Rental units
2,074,406
101,597
-
2,176,003
Right-of-use assets - IT subscriptions
55,030
36,823
-
91,853
Total accumulated depreciation and amortization
137,833,801
8,014,097
(1,117,033)
144,730,865
Depreciable capital assets, net
61,969,476
(7,939,159)
-
54,030,316
Capital assets, net
71,150,493
$
(6,759,972)
$
-
$
64,390,520
$
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, 2024, the Commission’s restricted cash from entitlement funds and asset forfeiture funds is
$11,227,464 and the restricted cash from PFC is $3,259,911. Total restricted cash at June 30, 2024 was
$14,487,375.
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