![\"Springfield](\"\/wp-content\/uploads\/Springfield-Il-Airport-Authority-300x232.png\")
For the fiscal year ending June 30, 2017, the Springfield Airport Authority received an unmodified, or \u201cclean opinion\u201d, of its financial report from the CPA firm of Eck, Schafer & Punke.\u00c2\u00a0 Jim Hogge from the CPA firm said, \u201cOnce again, the Airport Authority\u2019s staff did a fantastic job preparing for us and the audit process went very smooth.\u201d<\/p>\n
According to the audit, the airport\u2019s net assets, total assets minus total liabilities, was slightly down over last year at $62.7 million.\u00c2\u00a0 The Authority had a net loss of $1,682,000 in accordance with applicable accounting rules and regulations compared to a net gain of $4,900 in 2016.\u00c2\u00a0 The primary reason for the decrease in net income was a decrease in contribution (grant) revenue.\u00c2\u00a0 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 $4,778,000 and grant revenues of $1,264,000 actually provides a positive net income value of $1,832,000.\u00c2\u00a0 This is one of the highest net incomes, excluding depreciation expense and grant contributions, in the last ten years.<\/p>\n
\u201cThe Airport Authority has done a superb job of maintaining and diversifying its revenue sources, being disciplined with operational spending, managing debt and maintaining certain reserve levels,\u201d said Mike Houston, Chair of the Airport Authority\u2019s Budget and Finance Committee.<\/p>\n
Frank J. Vala, Chair for the Board of Commissioners, summarized the financial report by saying, \u201cThe Airport Authority staff has done an excellent job navigating through many challenging hurdles in the industry and other uncontrollable variables that affect the execution of the airport\u2019s budget and its financial standing\u201d.\u00c2\u00a0 He concluded, \u201cWe have continued our tradition of excellent financial reporting and fiscal responsibility; all levels of our staff are to be commended for this success.\u201d<\/p>\n
The Certificate of Achievement for Excellence in Financial Reporting has been awarded to the Springfield Airport Authority by the Government Finance Officers Association of the United States and Canada (GFOA) for its 2016 Comprehensive Annual Financial Report, or CAFR.\u00c2\u00a0 The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.<\/p>\n
\u201cOne of the Springfield Airport Authority\u2019s core principles is to be enterprising.\u00c2\u00a0 Our CAFR underscores our continued commitment to have an entrepreneurial mindset that emphasizes innovation and financial efficiency,\u201d said Frank J. Vala, Chair of the Springfield Airport Authority.\u00c2\u00a0 Mike Houston, the Authority\u2019s Budget and Finance Committee Chair added, \u201cThis recognition is a direct reflection on the efforts of our staff and their attention to detail; they are to be commended for this achievement once again\u201d.<\/p>\n
The Springfield Airport Authority is a multi-year winner of this award having received it the past fourteen (14) consecutive years.\u00c2\u00a0\u00c2\u00a0 In order to be awarded the Certificate of Achievement, a government entity must publish an easily readable and efficiently organized comprehensive annual financial report whose contents conform to program standards.\u00c2\u00a0 Such reports must satisfy both Generally Acceptable Accounting Principles (GAAP) and applicable legal requirements.<\/p>\n
The CAFR was judged by an impartial panel to meet the high standards of the program which includes demonstrating a constructive \u201cspirit of disclosure\u201d to clearly communicate its financial story and motivate potential users and user groups to read the CAFR.\u00c2\u00a0 The Government Finance Officers Association is a major professional association servicing the needs of nearly 19,000 government finance practitioners.<\/p>\n","protected":false},"excerpt":{"rendered":"
For the fiscal year ending June 30, 2017, the Springfield Airport Authority received an unmodified, or \u201cclean opinion\u201d, of its financial report from the CPA firm of Eck, Schafer & Punke.\u00c2\u00a0 Jim Hogge from the CPA firm said, \u201cOnce again, the Airport Authority\u2019s staff did a fantastic job preparing for us and the audit process […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":["post-10003","post","type-post","status-publish","format-standard","hentry","category-illinois"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/10003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/comments?post=10003"}],"version-history":[{"count":2,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/10003\/revisions"}],"predecessor-version":[{"id":10006,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/10003\/revisions\/10006"}],"wp:attachment":[{"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/media?parent=10003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/categories?post=10003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateaviationjournal.com\/index.php\/wp-json\/wp\/v2\/tags?post=10003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}