b'R OBINSON , F ARMER , C OXA SSOCIATES , PLLCCertified Public AccountantsIndependent Auditors Report To the CommissionersCapital Region Airport Commission Richmond International Airport, Virginia Report on the Audit of the Financial Statements Opinion Wehaveauditedtheaccompanyingfinancialstatementsofthebusiness-typeactivitiesCapitalRegionAirport Commission,asofandfortheyearsendedJune30,2025and2024,andtherelatednotestothefinancial statements,whichcollectivelycomprisetheCommissionsbasicfinancialstatementsaslistedinthetableof contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the business-type activities of Capital Region Airport Commission, as of June 30, 2025 and 2024, and the changes in financial position, and cash flows thereof for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion WeconductedourauditinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesof America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the Specifications for Audits of Authorities, Boards, and Commissions, issued by the Auditor of Public Accounts of the Commonwealth of Virginia. Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Financial Statements section of our report. WearerequiredtobeindependentofCapitalRegionAirportCommission,andtomeetourotherethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.Change in Accounting Principle As described in Note 18 to the financial statements, in 2025, the Commission adopted new accounting guidance, GASB Statement No. 101, Compensated Absences. Our opinion is not modified with respect to this matter. Restatement of Beginning Balances As described in Note 18 to the financial statements, in 2025, the Commission restated beginning balances to reflect the requirements of GASB Statement No. 101. Our opinion is not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. 1'