SPRINGFIELD, ILLINOIS…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 2024 Annual Comprehensive Financial Report, or ACFR. 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 entity and its management.
“One of the Springfield Airport Authority’s core principles is to be enterprising. Our ACFR underscores our continued commitment to have an entrepreneurial mindset that emphasizes innovation and financial efficiency,” said Frank J. Vala, Chair of the Springfield Airport Authority.
The Springfield Airport Authority is a multi-year winner of this award having received it for the past twenty-two (22) consecutive years. 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. Such reports must satisfy both Generally Acceptable Accounting Principals (GAAP) and applicable legal requirements.
The ACFR was judged by an impartial panel to meet the high standards of the program which includes demonstrating a constructive “spirit of disclosure” to clearly communicate its financial story and motivate potential users and user groups to read the ACFR.
The Government Finance Officers Association (GFOA) advances excellence in government finance by providing best practices, professional development, resources and practical research for more than 25,000 members and the communities they serve.
For the fiscal year ending June 30, 2024, the Springfield Airport Authority received an unmodified, or “clean opinion” of its financial report from the CPA firm of Eck, Schafer & Punke. Jim Hogge from the CPA firm said, “Once again, the Airport Authority’s staff did a fantastic job preparing for the audit and the process was extremely efficient.”
According to the audit, the airport’s net assets, total assets minus total liabilities, increased significantly over the previous year to $89.2 million. The Authority had a net gain of $7,600,000 in accordance with applicable accounting rules and regulations. The primary reason for the increase in net income was an increase in capital assets. 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 $4,837,000 and grant revenues of $8,561,000 would result in a positive net income value of $3,876,000. This was the Authority’s highest net income, excluding depreciation expense and grant contributions during this past decade.
“The Airport Authority has done a superb job of maintaining and diversifying its revenue sources, being disciplined with operational spending, managing debt and maintaining adequate reserve levels,” said Elizabeth Delheimer, 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 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’s budget and its financial standing”. He concluded, “We have continued our tradition of excellent financial reporting and fiscal responsibility, all levels of our staff are to be commended for this success.”
ABOUT ABRAHAM LINCOLN CAPITAL AIRPORT
Abraham Lincoln Capital Airport was named the 2020 Primary Airport of the Year by the Illinois Department of Transportation. In 2021 IDOT released an Economic Impact study indicating Abraham Lincoln Capital Airport generates $370.8 million in total economic output annually for the local economy impacting 2,630 jobs. The airport is home to many major tenants that include the Illinois Air National Guard’s 183rd Wing, StandardAero, IDOT’s Division of Aeronautics, Lincoln Land Community College’s LRS Aviation Maintenance Training Center, Illinois Army National Guard and Stellar Aviation. The airport’s main passenger terminal is also home to the Passenger Service Center and Sky Club, a membership-based club offering added benefits for frequent travelers. Commercial passenger air service offerings feature daily service to Chicago on American Airlines, and service to Ft. Myers/Punta Gorda FL on Allegiant and Orlando International on Breeze Airways. More information can be found at www.FlySPI.com or by calling the Passenger Service Center at 217-788-9200.