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Peninsula Airport Commission
Operating Income Statement results analysis – July 2026
Revenue:
Passenger counts in July were down 15% compared to the same month last year (4,359 from
5,087). Despite the passenger count reductions, the per flight charges kept the Airline Fees
revenue just above the budgeted amount.
Fixed Based Operator revenues were down compared to the prior year due to a reduction in jet
fuel gallons sold.
Property Rental revenues in July compared to budget is due mainly to the Hangar 3 lease which
was not anticipated in the FY 2027 budget.
Rental car revenues for July continue the recent trend of month over month improvement. This
revenue source does have a historical tendency to go up in the spring and summer months.
Parking lot revenues were down compared to budget primarily due to a reduction in passenger
count against normal July expectations.
Restaurant revenue held steady, above budget. This revenue line varies as a function of flight
delays, unexpected cancellations and the number of passengers.
Expenses:
Labor costs are under budget consistent with unfilled approved positions.
Office & Administration includes the expected annual insurance premium payments made in
July.
Repairs & Maintenance costs reflect required unplanned equipment replacements and upgrades
required to be in compliance with FAA regulations, as well as unexpected repairs and deferred
maintenance being rectified.
Utilities expense decline is expected to swing the other way in remaining summer and early fall
months as the impact of potential heatwaves impact the electricity usage.
Balance Sheet:
Unrestricted cash decrease is comprised of: net operating loss and timing of uncollected FAA
reimbursements.
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