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PENINSULA AIRPORT COMMISSION
MANAGEMENT’S DISCUSSION AND ANALYSIS
JUNE 30, 2025
6
2025
2024
ASSETS:
Current assets
1,961,122
$
3,730,348
$
Restricted assets
15,025,075
14,487,375
Capital assets, net
60,866,039
64,390,520
Other noncurrent assets
727,096
693,946
Total Assets
78,579,332
83,302,189
Deferred outflows of resources
536,097
795,556
Liabilities:
Current liabilities
1,580,810
1,528,414
Long-term liabilities
6,706,544
8,070,176
Total Liabilities
8,287,354
9,598,590
Deferred inflows of resources
2,611,564
2,363,434
Net Position:
Net investment in capital assets
57,006,252
60,062,066
Restricted
23,375,903
20,487,518
Unrestricted
(12,165,644)
(8,413,863)
Total Net Position
68,216,511
$
72,135,721
$
The largest portion of the Commission’s net position each year (83.7% at June 30, 2025), represents its investment
in capital assets (e.g., land, buildings, improvements, equipment, and right-of-use assets – IT subscriptions),
less the related indebtedness outstanding used to acquire those capital assets. The Commission uses these
capital assets to provide services to its passengers and visitors to the Airport; consequently, these assets are not
available for future spending. Although the Commission’s investment in its capital assets is reported net of related
debt, it is noted that the resources required to repay this debt must be provided annually from operations, since it
is unlikely the capital assets themselves will be liquidated to pay liabilities.
An additional portion of the Commission’s net position (34.3% at June 30, 2025), represents federal and state
grant funds that are subject to external restrictions as well as the net pension asset. These restrictions stipulate
how funds can be used. Annual entitlement funds from the Commonwealth of Virginia can be used for 100% of
the nonfederal portion of projects that are funded under provisions of the Federal Airport Improvement Program
as well as other approved uses as stipulated in the Airport Program Manual. Passenger Facility Charge Funds
are reserved for Federal Aviation Administration and Airline approved projects.
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