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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
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Note 12—Regulated leases
The Commission has entered into regulated leases as lessor for the use of space at the airport. As of
June 30, 2025, the value of the expected future receipts is $6,547,216 These lessees are required to make
monthly fixed payments in accordance with the terms of each lease. The Commission recognized lease revenues
of $1,273,128 from regulated leases during the fiscal year.
Future lease receipts as of June 30, 2025 are as follows:
Years Ending June 30,
2026
935,908
$
2027
351,997
2028
350,218
2029
350,218
2030
347,830
2031-2035
1,664,463
2036-2040
967,466
2041-2045
792,193
2046-2050
374,198
6,134,490
$
Note 13—Passenger facility charge
As of July 1, 2010, the FAA has given the Commission authority to impose a PFC, under multiple PFC applications,
of $4.50 per passenger for 17 planned projects. The total approved revenue to be collected under these multiple
applications is $16,925,469. During 2025, $376,298 of PFC revenue was collected under these agreements and
was recognized as capital contributions on the statement of revenue, expenses, and changes in net position.
Note 14—Contingencies
Federally Assisted Grant Programs – The Commission participates in a number of federally assisted grant
programs. Although the Commission has been audited in accordance with provisions of the Uniform Guidance,
these programs remain subject to financial and compliance audits by the grantors or their representatives. Such
audits could lead to requests for reimbursements to the grantor agency for disallowed expenditures under terms
of the grant. Based on prior experience, the Commission believes such disallowances, if any, will not be significant.
Lawsuits – From time to time, the Commission is a defendant in certain lawsuits and claims which are incidental
to its operations. Management is of the opinion that the accompanying financial statements will not be materially
affected by the ultimate resolution of litigation pending or threatened as of June 30, 2025.
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