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PENINSULA AIRPORT COMMISSION
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2025
8
Expenses
A summary of expenses is as follows:
Percent of
Percent of
2025
Total
2024
Total
Operating Expenses:
Airfield
897,444
7.2%
807,564
5.8%
Terminal and landside
2,704,892
21.7%
2,481,301
17.8%
Other rents
327,953
2.6%
299,691
2.1%
Trailer park rent
-
0.0%
1,340
0.0%
Administrative and miscellaneous
1,735,609
13.9%
1,882,399
13.5%
Maintenance
294,396
2.4%
301,032
2.2%
Total Operating Expenses
5,960,294
47.8%
5,773,327
41.3%
Depreciation Expense
6,350,483
50.9%
8,014,097
57.3%
Nonoperating Expense:
Interest expense
168,726
1.3%
190,754
1.4%
Other expenses
4,682
0.0%
-
0.0%
Total Nonoperating Expenses
168,726
1.3%
190,754
1.4%
Total Expenses
12,479,503
$
100.0%
13,978,178
$
100.0%
Summary of Cash Flow Activities
The Commission’s available cash and cash equivalents decreased by $991 thousand between 2024 and 2025.
Pending reimbursements from the Federal Aviation Administration on capital projects totaled $212 thousand at
June 30, 2025 and is not reflected in the cash flow above.
Financial Statements
The Commission’s financial statements are prepared on the accrual basis in accordance with accounting principles
generally accepted in the United States of America. The Commission is structured as a single enterprise fund with
operating income recognized when earned, not when received. Expenses are recognized when incurred, not when
they are paid. Capital assets are capitalized and (except land and construction-in-progress) are depreciated over
their useful lives. Reference the notes to the financial statements for a summary of the Commission’s significant
accounting policies.
Capital Acquisitions and Construction Activities
The Airport had $2,666,955 of additions to construction-in-progress, primarily consisting of $1,837,176 for the
terminal window replacement project, $346,265 for the Delta taxiway project, and $107,396 for jet bridge
replacement, and various smaller capital improvements.
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