b'Capital Region Airport Commission Managements Discussion and Analysis (Continued) June 30, 2025 and 2024 COMMISSION ACTIVITIES & HIGHLIGHTS (continued) The increase in net financial position for fiscal year 2025 was $28.7 million when compared to fiscal year 2024. Net financial position increased $33.7 million in fiscal year 2024 and increased $40.8 million in fiscal year 2023.Fiscal year 2025 resulted in a gain from operations of $2.4 million, a decrease of ($1.2) million versus the prior year. The decrease is primarily attributed to $2.2 million growth in operating revenue versus the prior year offset by a $5.5 million increase in operating expenses. In fiscal year 2024, the increase is primarily attributed to $6.6 million growth in operating revenueversustheprioryearoffsetbya$4.4millionincreaseinoperatingexpenses.Net nonoperating income for fiscal year 2025 reflected an increase in net revenues of $0.6 million relative to fiscal year 2024. This is attributed to an $0.9 million increase in interest income, partially offset by an ($0.2) million decrease in customer facility charges.Net nonoperating income for fiscal year 2024 reflected an decrease in net revenues of ($9.5) million relative to fiscal year 2023. This is attributed to a decrease of ($15.9) million in federal grant revenue offset by an increase of $794 thousand in PFC revenue and $136 thousand increase in CFC revenue and a $4.0 million increase in interest income. Capital contributions decreased to $6.6 million in fiscal year 2025, a $4.3 million or (39.8%) decrease when compared to fiscal year 2024. Capital contributions decreased to $10.9 million in fiscal year 2024, a ($276) thousand or (2.5%) decrease when compared to fiscal year 2023. The below chart shows revenues, expenses, and the change in net position for the three years ended June 30, 2025, 2024, and 2023. FY 2025 FY 2024 FY 2023Operating revenues $70,575 $ 68,381 $61,749Operating expenses41,091 35,590 31,197Operating income before depreciation 29,484 32,791 30,552Depreciation and Amortization27,054 29,149 29,353Operating income (loss) 2,430 3,642 1,199Nonoperating income, net19,728 19,126 28,622Income (loss) before capital contributions22,158 22,768 29,821Capital contributions 6,562 10,902 11,178Change in net position 28,72033,670 40,999Beginning net position 588,441 554,729 513,902Effect of accounting change -(172)42Ending net position $617,161 $588,441 $ 554,729Operating income before depreciation for fiscal year 2025 decreased by $3.3 million or (10.1%) compared to fiscal year 2024, fiscal year 2024 operating income before depreciation increased by $2.2 million or 7.3% compared to fiscal year 2023.Depreciation and amortization expense decreased by (7.2%) between fiscal year 2025 and 2024 and decreased by (0.7%) between fiscal year 2024 and 2023.The weighted average yield on investments was approximately 3.72% for fiscal year 2025, 0.95% for fiscal year 2024, and 0.01% for fiscal year 2023. 9'