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PENINSULA AIRPORT COMMISSION
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2025
5
Financial Operations Highlights
Net position decreased by $3.9 million in 2025 compared to a $5.2 million decrease in 2024.
Operating income decreased by a small percentage of 0.09% from $5.269 million to $5.265 million due
to steady passenger traffic mixed with pricing adjustments to match market conditions.
Operating expenses decreased by 10.8% from $13.8 million to $12.3 million because of a $1.6 million
decrease in depreciation and amortization due to asset retirements, which was offset by a slight increase
of $229 thousand in labor expenses.
The above factors resulted in a loss from operations of $1.5 million less than the 2024 results.
Nonoperating income decreased by approximately $229 thousand from 2024, with a net nonoperating
loss of $173 thousand in 2025 compared to a net gain of $57 thousand in 2024. This decrease in
nonoperating activity was primarily due to having a smaller gain on sale of capital assets.
Capital contributions received in the form of grants from the federal government and the Commonwealth
of Virginia decreased by 0.34% from $3.31 million in 2024 to $3.3 million in 2025 due to the timing of
capital projects.
There were no capital projects that were completed or started in FY2025. Expenditures of in progress
projects included $2.7 million on design, engineering and master plan consulting, and the purchase of
$75 thousand on terminal equipment and $84 thousand on maintenance equipment.
Summary of Operations and Changes in Net Position
2025
2024
Operating income
5,265,409
$
5,269,893
$
Operating expenses
12,310,777
13,787,424
Loss Before Other Nonoperating Income and Expenses
(7,045,368)
(8,517,531)
Other nonoperating income
(172,666)
56,797
Loss Before Capital Contributions
(7,218,034)
(8,460,734)
Capital contributions
3,298,824
3,309,939
Change in Net Position
(3,919,210)
$
(5,150,795)
$
Financial Position Summary
Net position may serve over time as a useful indicator of the Commission’s financial position. The Commission’s
assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $68.2 million
at June 30, 2025, a $3.9 million decrease from June 30, 2024.
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