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PENINSULA AIRPORT COMMISSION
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2024
6
2024
2023
ASSETS:
Current assets
3,730,348
$
4,604,667
$
Restricted assets
14,487,375
12,665,597
Capital assets, net
64,390,520
71,150,493
Other noncurrent assets
693,946
1,214,594
Total Assets
83,302,189
89,635,351
Deferred outflows of resources
795,556
1,149,017
Liabilities:
Current liabilities
1,528,414
1,219,748
Long-term liabilities
8,070,176
8,125,051
Total Liabilities
9,598,590
9,344,799
Deferred inflows of resources
2,363,434
4,153,053
Net Position:
Net investment in capital assets
60,062,066
66,331,034
Restricted
20,487,518
18,565,098
Unrestricted
(8,413,863)
(7,609,616)
Total Net Position
72,135,721
$
77,286,516
$
The largest portion of the Commission’s net position each year (83.3% at June 30, 2024), represents its investment
in capital assets (e.g., land, buildings, improvements, equipment, and right-of-use assets – IT subscriptions),
less the related indebtedness outstanding used to acquire those capital assets. The Commission uses these
capital assets to provide services to its passengers and visitors to the Airport; consequently, these assets are not
available for future spending. Although the Commission’s investment in its capital assets is reported net of related
debt, it is noted that the resources required to repay this debt must be provided annually from operations, since it
is unlikely the capital assets themselves will be liquidated to pay liabilities.
An additional portion of the Commission’s net position (28% at June 30, 2024), represents federal and state
grant funds that are subject to external restrictions as well as the net pension asset. These restrictions stipulate
how funds can be used. Annual entitlement funds from the Commonwealth of Virginia can be used for 100% of
the nonfederal portion of projects that are funded under provisions of the Federal Airport Improvement Program
as well as other approved uses as stipulated in the Airport Program Manual. Passenger Facility Charge Funds
are reserved for Federal Aviation Administration and Airline approved projects.
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