Springfield Airport Authority Files Solid Financial Report

For the fiscal year ending June 30, 2014, Abraham Lincoln Capital Airport, in Springfield, Illinois, received an unqualified, or “clean opinion” of its financial report from the CPA firm of Eck, Schafer & Punke. According to the audit, the airport’s net assets, total assets minus total liabilities, was up over last year at $62.9 million. The Authority had a net gain of $1,085,000 in accordance with applicable accounting rules and regulations.

The primary reason for the increase in net income was a $1.3 million increase in federal and state grants. In an effort to provide a more realistic picture of the financial posture of the Airport, the exclusion of depreciation of $4,782,000 and grant revenues of $4,128,000 would result in a positive net income value of $1,739,000. This is the highest net income, excluding depreciation expense and grant contributions, in the last eight years.

“The Airport Authority has done an excellent job of maintaining revenues while holding the line on expenses this past fiscal year,” said Tim Bramlet, Chair of the Airport Authority’s Finance and Administration 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 affected the execution of the airport’s budget”. He concluded, “We have made many positive strides during this reporting period, both operationally and financially.”