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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
21
Note 7—Long-term obligations
Following is a summary of long-term obligations of the Commission:
Balance,
Balance,
Current
July 01, 2024
Additions
Reductions
June 30, 2025
Portion
Airport improvement bonds:
Series 2005A
2,954,568
$
-
$
(336,010)
$
2,618,558
$
351,694
$
Series 2005B
1,334,135
-
(154,752)
1,179,383
160,032
Total improvement bonds
4,288,703
$
-
$
(490,762)
$
3,797,941
$
511,726
$
IT subscription liability
31,972
$
66,890
$
(37,016)
$
61,846
$
35,623
$
Compensated absences - vacation
176,000
$
171,766
$
(157,766)
$
190,000
$
190,000
$
Compensated absences - sick
100,000
$
46,726
$
(46,726)
$
100,000
$
100,000
$
Net OPEB liabilities - local
4,148,227
$
342,515
$
(1,191,266)
$
3,299,476
$
-
$
Net OPEB liabilities - GLI
135,762
$
-
$
(41,132)
$
94,630
$
-
$
Airport Improvement Bonds
2,618,558
$
1,179,383
Total maturities
3,797,941
Less current maturities
(511,726)
Net long-term maturities
3,286,215
$
Years Ending June 30:
Principal
Interest
2026
511,726
$
149,476
$
2027
533,588
127,614
2028
556,385
104,817
2029
580,157
81,045
2030
604,947
52,477
2031 - 2035
1,011,138
25,312
3,797,941
$
540,741
$
Airport Improvement Bonds Series 2005A - In December 2005, the Commission issued
$7,000,000 of Unsecured Tax-Exempt Bonds, at 4.30% interest. Monthly principal and
interest payments of $38,118 are due. The bonds mature in January 2032.
Airport Improvement Bonds Series 2005B - In December 2005, the Commission issued
$3,000,000 of Unsecured Taxable Bonds, at 5.81% interest with monthly principal and
interest payments of $18,982. During 2018, the Commission negotiated an interest rate
reduction to 3.95% for the remainder of the term of the bond, which reduced the monthly
principal and interest payment to $16,982. The bonds mature in January 2032.
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