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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
19
Note 3—Cash and cash equivalents (continued)
Investment Credit Risk – The Commission has no investment policy that limits its investment choices other than
the limitation of state law as follows:
1. Direct obligations of the U.S. government, its agencies, and instrumentalities to which the full faith and
credit of the U.S. government is pledged, or obligations to the payment of which the full faith and credit of
the Commonwealth of Virginia is pledged;
2. Certificates of deposit or savings accounts that are either insured or secured with acceptable collateral
with in-state financial institutions, and fully insured certificates of deposit or savings accounts in out of
state financial institutions;
3. With certain limitation, negotiable certificates of deposit, prime bankers’ acceptances, prime commercial
paper, and repurchase agreements with certain limitations;
4. County, municipal, or school district tax supported debt obligations; bond or revenue anticipation
notes; money judgments; or bond or revenue anticipation notes of public trusts whose beneficiary is a
county, municipality, or school district;
5. Notes or bonds secured by a mortgage or trust deed insured by the Federal Housing Administration
and debentures issued by the Federal Housing Administrator, and obligations of the National Mortgage
Association; and
6. Money market funds regulated by the Securities and Exchange Commission in which investments consist
of the investments mentioned in points above.
Note 4—Accounts receivable – Federal Aviation Administration
The Virginia Department of Aviation and the Federal Aviation Administration (“FAA”) contributes grant funds
to finance construction costs for Airport improvements and terminal expansion. At June 30, 2025, $211,974
was receivable by the Commission on cost reimbursable grants.
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