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PENINSULA AIRPORT COMMISSION
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2024
5
Financial Operations Highlights
Net position decreased by $5.2 million in 2024 compared to a $3.2 million decrease in 2023.
Operating income decreased by a small percentage of 0.43% from $5.29 million to $5.26 million due to
steady passenger traffic mixed with pricing adjustments to match market conditions.
Operating expenses decreased by 14.2% from $16 million to $13.7 million because of a decrease in
general maintenance activities that were suspended after the sale of the Trailer Park as well as a decrease
in labor and marketing expenses after Avelo stopped operations.
The above factors resulted in a loss from operations of $2.2 million less than the 2023 results.
Nonoperating income (expenses) decreased by approximately $4.6 million from 2023, with a net
nonoperating gain of $57 thousand in 2024 compared to a net gain of $4.7 million in 2023. This decrease
in nonoperating activity was primarily due to having a smaller gain on sale of capital assets.
Capital contributions received in the form of grants from the federal government and the Commonwealth
of Virginia increased by 17.4% from $2.8 million in 2023 to $3.3 million in 2024 due to the timing of capital
projects.
There were no capital projects that were completed or started in FY2024. Expenditures of in progress
projects included $1.18 million on design, engineering and master plan consulting, and the purchase of
$75 thousand on maintenance equipment.
Summary of Operations and Changes in Net Position
2024
2023
Operating income
5,269,893
$
5,292,408
$
Operating expenses
13,787,424
16,036,458
Loss Before Other Nonoperating Income and Expenses
(8,517,531)
(10,744,050)
Other nonoperating income
56,797
4,694,179
Loss Before Capital Contributions
(8,460,734)
(6,049,871)
Capital contributions
3,309,939
2,819,985
Change in Net Position
(5,150,795)
$
(3,229,886)
$
Financial Position Summary
Net position may serve over time as a useful indicator of the Commission’s financial position. The Commission’s
assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $72.1 million
at June 30, 2024, a $5.2 million decrease from June 30, 2023.
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