For the fiscal year ending June 30, 2014, Abraham Lincoln Capital Airport, in Springfield, Illinois, received an unqualified, or \u201cclean opinion\u201d of its financial report from the CPA firm of Eck, Schafer & Punke. According to the audit, the airport\u2019s 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.
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\nThe 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.<\/p>\n
\u201cThe Airport Authority has done an excellent job of maintaining revenues while holding the line on expenses this past fiscal year,\u201d said Tim Bramlet, Chair of the Airport Authority\u2019s Finance and Administration Committee.<\/p>\n
Frank J. Vala, Chair for the Board of Commissioners, summarized the financial report by saying, \u201cThe Airport Authority has done an excellent job managing various challenges in the industry and other uncontrollable variables that affected the execution of the airport\u2019s budget\u201d. He concluded, \u201cWe have made many positive strides during this reporting period, both operationally and financially.\u201d<\/p>\n