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, 2024
21
Note 7—Long-term obligations
Following is a summary of long-term obligations of the Commission:
Balance,
Balance,
Current
June 30, 2023
Additions
Reductions
June 30, 2024
Portion
Airport improvement bonds:
Series 2005A
3,276,058
$
-
$
(321,490)
$
2,954,568
$
336,918
$
Series 2005B
1,481,449
-
(147,314)
1,334,135
153,844
Total improvement bonds
4,757,507
$
-
$
(468,804)
$
4,288,703
$
490,762
$
IT subscription liability
61,952
$
-
$
(29,980)
$
31,972
$
31,972
$
Compensated absences - vacation
176,000
$
140,522
$
(140,522)
$
176,000
$
176,000
$
Compensated absences - sick
100,000
$
47,182
$
(47,182)
$
100,000
$
100,000
$
Net OPEB liabilities - local
3,676,459
$
471,768
$
-
$
4,148,227
$
-
$
Net OPEB liabilities - GLI
138,712
$
-
$
(2,950)
$
135,762
$
11,754
$
Airport Improvement Bonds
2,954,568
$
1,334,135
Total maturities
4,288,703
Less current maturities
(490,762)
Net long-term maturities
3,797,941
$
Years Ending June 30:
Principal
Interest
2025
490,762
$
170,440
$
2026
511,726
149,476
2027
533,588
127,614
2028
556,385
104,817
2029
580,157
81,045
2030 - 2034
1,616,085
92,020
4,288,703
$
725,412
$
Airport Improvement Bonds Series 2005A - In December 2005, the Commission issued
$7,000,000 of Unsecured Tax-Exempt Bonds, at 4.30% interest. Monthly principal and
interest payments of $38,118 are due. The bonds mature in January 2032.
Airport Improvement Bonds Series 2005B - In December 2005, the Commission issued
$3,000,000 of Unsecured Taxable Bonds, at 5.81% interest with monthly principal and
interest payments of $18,982. During 2018, the Commission negotiated an interest rate
reduction to 3.95% for the remainder of the term of the bond, which reduced the monthly
principal and interest payment to $16,982. The bonds mature in January 2032.
Jump to an indexed page (60 of 60)