b'FINANCIAL INFORMATION (continued) Allinternalcontrolevaluationsoccurwithintheaboveframework.Webelievethatthe Commissions internal controls adequately safeguard assets and provide reasonable assurance for proper recording of financial transactions. In addition to the internal controls described above, budgetary controls are also established to ensure compliance with annual operating and capital budgets approved by the Commission. Monthly reports containing comparisons between actual and budget and current and prior year amounts are prepared and presented to the Commission.The Commission approves significant capital budget adjustments. FINANCIAL HIGHLIGHTS In fiscal year 2025, the Airport experienced a similar number of passenger enplanements when compared to fiscal year 2024, resulting in total fiscal year 2025 enplanements of 2.42 million.The slightdeclineinpassengertrafficwasmirroredintheCommissionsparkingandconcession revenues, decreasing by approximately (0.7%). The Commission adopted the fiscal year 2026 budget which includes $72.9 million in operating revenuea3.3%increasecomparedtofiscal year2025actualrevenuesof$70.6million.The Commissions budgeted operating expenses for fiscal year 2026 are $ 47.7 million, a 15.7% increase when compared to fiscal year 2025 actual expenses of $41.2 million. The Commission continues to evaluate the impact that any potential economic headwinds will have on the fiscal year 2026 passenger traffic and will adjust the fiscal year 2026 budget plan as required. INDEPENDENT AUDIT TheCommissionsenablinglegislationrequiresanannualauditofitsfinancialstatementsby independent certified public accountants that are selected by the Commission.This requirement has been met and the auditors opinion is included in the Financial Section of this report.In addition, the annual audit complied with the requirements of the U.S. Office of Management and Budget Uniform Guidance and the applicable reports are included in the Compliance Section. CERTIFICATE OF ACHIEVEMENT The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Capital Region Airport Commission for its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2024. This was the thirty-fifth consecutive year that the Commission has achieved this award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only.We believe that our current AnnualComprehensiveFinancialReportcontinuestomeettheCertificateofAchievement Programs requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. x'