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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
20
Note 5—Capital assets
A summary of changes in capital assets for the Commission follows:
Balances,
Balances,
July 1, 2024
Increases
Decreases
June 30, 2025
Capital assets not being depreciated:
Land
7,354,949
$
-
$
-
$
7,354,949
$
Construction-in-progress
3,005,255
2,666,955
-
5,672,210
Total non-depreciable
10,360,204
2,666,955
-
13,027,159
Other capital assets:
Airfield
99,835,794
-
-
99,835,794
Terminal
75,145,278
75,109
-
75,220,387
Parking
16,315,912
-
-
16,315,912
Equipment
4,550,034
22,018
-
4,572,052
Rental units
2,785,368
-
-
2,785,368
Right-of-use assets - IT subscriptions
128,795
61,920
-
190,715
Total depreciable
198,761,181
159,047
-
198,920,228
Less accumulated depreciation and amortization for:
Airfield
77,742,201
2,689,072
-
80,431,273
Terminal
49,900,985
2,786,872
-
52,687,857
Parking
11,057,897
554,635
-
11,612,532
Equipment
3,761,926
186,597
-
3,948,523
Rental units
2,176,003
96,484
-
2,272,487
Right-of-use assets - IT subscriptions
91,853
36,823
-
128,676
Total accumulated depreciation and amortization
144,730,865
6,350,483
-
151,081,348
Depreciable capital assets, net
54,030,316
(6,191,436)
-
47,838,880
Capital assets, net
64,390,520
$
(3,524,481)
$
-
$
60,866,039
$
Note 6—Restricted cash
The Commission receives annual entitlement funds from the Commonwealth. The amount allocated to each
airport is calculated on the basis of the previous calendar year’s enplaned passengers at that airport as a
percentage of the total enplaned passengers in the Commonwealth. Entitlement funds may be used for 100% of
the nonfederal portion of projects that are funded under provisions of the Federal Airport Improvement Program
and for various projects not funded by the Airport Improvement Program. Restricted cash also includes the
Passenger Facility Charge (“PFC”) disclosed in Note 14 as well as asset forfeiture funds. Asset forfeitures are
funds received through federal agencies for assisting in a law enforcement effort resulting in a federal forfeiture.
These funds may be used to supplement, not supplant, the law enforcement department’s normal operating
budget. At June 30, 2025, the Commission’s restricted cash from entitlement funds and asset forfeiture funds is
$13,305,617 and the restricted cash from PFC is $1,719,458. Total restricted cash at June 30, 2025 was
$15,025,075.
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