b'Capital Region Airport Commission TABLE OF CONTENTS Years Ended June 30, 2025 and 2024 INTRODUCTORY SECTION MEMBERS OF THE COMMISSION AND EXECUTIVE TEAM . i ORGANIZATIONAL CHART ii AIR CARGO PERFORMANCE GRAPH . iii ENPLANED PASSENGER PERFORMANCE GRAPH . iv CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING . v LETTER OF TRANSMITTAL vi FINANCIAL SECTION REPORT OF INDEPENDENT AUDITOR 1 MANAGEMENTS DISCUSSION AND ANALYSIS 4 FINANCIAL STATEMENTS STATEMENTS OF NET POSITION 18 STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION . 20 STATEMENTS OF CASH FLOWS 21 NOTES TO FINANCIAL STATEMENTS . 23 REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CHANGES IN NET PENSION LIABILITY (ASSET) AND RELATED RATIOS . 87 SCHEDULE OF EMPLOYER CONTRIBUTIONS-VRS PENSION PLAN . 89 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION-VRS PENSION PLAN . 90 SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND RELATED RATIOS-VRS HEALTH INSURANCE CREDIT (HIC) PROGRAM . 91 SCHEDULE OF COMMISSIONS SHARE OF NET OPEB LIABILITY (ASSET)-VRS COST-SHARING PLANS 93 SCHEDULE OF EMPLOYER CONTRIBUTIONS-VRS OPEB PLANS . 94 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION-VRS OPEB PLANS . 95 SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS-PRE 65 MEDICAL PLAN FOR RETIREES 96 NOTES TO REQUIRED SUPPLEMENTARY INFORMATION-PRE 65 MEDICAL PLAN FOR RETIREES 97 SUPPLEMENTAL INFORMATION SCHEDULE OF OPERATING REVENUES 98 SCHEDULE OF OPERATING EXPENSES . 99 SCHEDULE OF OPERATING REVENUES, BUDGET AND ACTUAL 100 SCHEDULE OF OPERATING EXPENSES, BUDGET AND ACTUAL . 101 SCHEDULE OF TRANSACTIONS IN ACCOUNTS CREATED BY BOND RESOLUTIONS . 102 SCHEDULE OF CASH, CASH EQUIVALENTS, AND INVESTMENTS IN ACCOUNTS CREATED BY BOND RESOLUTIONS 104 SCHEDULE OF STATE ENTITLEMENT FUNDS 105'