For the fiscal year ending June 30, 2012, 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 Executive Director and entire 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, grew to $62.1 million in 2012, up from $57.3 million in fiscal 2011. Net income rose to $4,839,000 in accordance with applicable accounting rules and regulations, compared to a net income of $2,568,000 in 2011. The primary reason for the large increase in net income was a $2.3 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 $4,291,000 and grant revenues of $8,039,000 would still result in an unofficial positive net income value of $1,091,000. The Authority’s property tax revenue has only increased at an average rate of about 2.1% a year over the last ten years, which is less than most other governmental entities in Sangamon County.
“The Airport Authority has done an excellent job of increasing revenue while holding the line on expenses this past fiscal year,” said Tim Bramlet, Chairman of the Airport Authority’s Finance and Administration Committee.
ABOUT ABRAHAM LINCOLN CAPITAL AIRPORT
Abraham Lincoln Capital Airport was named the 2010 Primary Airport of the Year by the Illinois Department of Transportation. Abraham Lincoln Capital Airport is home to the Passenger Service Center and Sky Club, a membership based club offering an unparalleled level of service for frequent travelers. More information, including a complete listing of arrivals and departures, can be found online at www.flyspi.com or by calling the Passenger Service Center at 217.788.9200.