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PENINSULA AIRPORT COMMISSION
A COMPONENT UNIT OF THE CITY OF NEWPORT NEWS, VIRGINIA
NOTES TO THE SCHEDULE OF PASSENGER FACILITY CHARGES
YEAR ENDED JUNE 30, 2024
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Note 1—Basis of presentation
The accompanying schedule of passenger facility charges includes the passenger facility charges of the Peninsula
Airport Commission (the “Commission”) and is presented on the cash basis of accounting. The information in this
schedule is presented in accordance with the requirements of the Passenger Facility Charge Audit Guide for
Public Agencies issued by the Federal Aviation Administration (“FAA”).
Note 2—Reconciliation to the statement of revenues, expenses and changes in net position
Passenger Facility Charges (“PFC”) are reported on an accrual basis in the Commission’s statement of revenues,
expenses and changes in net position in the annual financial statements. Reporting standards adopted by the
FAA require for purposes of the PFC Revenues and Disbursements Schedule such charges be reported on a
cash basis. A reconciliation between cash collections and revenues and expenditures reported on the accrual
basis is as follows:
Passenger Facility Charges:
Cash Collections per Schedule of Passenger Facility Charges
241,038
$
Less: Prior Year Accrual
-
Add: Current Year Accrual
Passenger Facility Charges Interest:
Cash Collections per Schedule of Passenger Facility Charges
31,294
Amount per Statement of Revenues, Expenses, and Changes in Net Position
272,332
$
Expenditures;
Cash Disbursements per Schedule of Passenger Facility Charges
45,027
$
Add: Amounts paid by the Commission to be reimbursed by the PFC restricted account:
Expenditures incurred for the Quarter Ending June 30, 2024
-
Amount per Statement of Revenues, Expenses, and Changes in Net Position
45,027
$
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