b'Welcome AboardWe invite you to explore the Fiscal Year 2024 (FY24) financial journey of the Capital Region Airport Commission and Richmond International Airport (RIC), the gateway to Virginias Capital Region. This annual report is a companion document to theWith the effects of the COVID-19 pandemic behind us,formal Annual Comprehensive Financial Report (ACFR)RIC focused on supporting growth, initiating fresh analysis for the fiscal year ended June 30, 2024, prepared byto inform a new airport master plan, initiating a first-ever the Commissions Finance Department. The ACFR usesIT master plan and related modernization, proactively the Government Finance Officers Association (GFOA)seeking feedback from airport customers throughout the recommended presentation in financial reporting. year, and completing important infrastructure projects like the full renovation of the federal inspection services FY24 was a year for the record books. RIC reported record(FIS) facility used by U.S. Customs and Border Protection passenger traffic and a record volume of cargo handled.to clear international arrivals.For the first time, the airport was classified by the Federal Aviation Administration (FAA) as a medium hub airportFY24 represents a remarkable time for RIC, reminding us (airports reporting a share of annual passenger boardingsthat the skys the limit as we endeavor to support aviation of at least 0.25 percent but less than 1 percent of theservices for the Richmond region.nationwide total). Prior to this year, RIC had been among the U.S.s largest small hubs.Respectfully submitted,PhD, AAE, IAPCPA, CIA, AAE President and Chief Executive Officer Chief Financial Officer1'