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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2024
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Note 12—Regulated leases
The Commission has entered into regulated leases as lessor for the use of space at the airport. As of June 30,
2024, the value of the expected future receipts is $8,911,711. These lessees are required to make monthly fixed
payments in accordance with the terms of each lease. The Commission recognized lease revenues of $1,301,805
from regulated leases during the fiscal year.
Future lease receipts as of June 30, 2024 are as follows:
Years Ending June 30,
2025
1,263,386
$
2026
965,806
2027
733,493
2028
513,323
2029
473,237
2030-2034
2,141,082
2035-2039
1,251,501
2040-2044
1,048,861
2045-2049
521,022
8,911,711
$
Note 13—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 2024, $294,912 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 14—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, 2024.
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