Springfield Airport Authority Files Another Solid Financial Report

For the fiscal year ending June 30, Abraham Lincoln Capital Airport received an unqualified, or “clean opinion” of its financial report from the CPA firm of Eck, Schafer & Punke.  Jim Hogge from the CPA firm said, “We found no deficiencies during the audit.  The Airport Authority’s staff did a fantastic job preparing for us and the audit went extremely smooth.”

According to the audit, the airport’s net assets, total assets minus total liabilities, remained steady to last year at $64.3 million.  The authority had a net gain of $5,000 in accordance with applicable accounting rules and regulations, compared to a net gain of $1,454,000 in 2015.  Grant revenue values and the timing of their receipt to the authority varies considerably from year to year and are the primary reason for the authority showing a net income or net loss in any given year.  In an effort to provide a more realistic picture of the financial posture of the airport authority at fiscal year end, the exclusion of depreciation of $4,853,000 and grant revenues of $3,368,000 results in a positive net income value of $1,490,000.  This is one of the higher net incomes, excluding depreciation expense and grant contributions, in the last 10 years.

“The airport authority has done an excellent job of maintaining revenues while holding the line on expenses this past fiscal year,” said Mike Houston, chair of the airport authority’s budget and finance committee.

Frank J. Vala, chair for the board of commissioners, summarized the financial report by saying, “The airport authority has done an excellent job managing various challenges in the industry and other uncontrollable variables that affect the execution of the airport’s budget and its financial standing.”  He concluded, “We have made many positive strides during this reporting period, both operationally and financially, especially during these times of uncertainty in the industry.”