b'Capital Region Airport Commission NOTES TO FINANCIAL STATEMENTS June 30, 2025 and 2024 Note 2.FORMATION OF THE COMMISSION As of January 1, 1976, under an agreement among the City of Richmond, Virginia (the City), the County of Henrico, Virginia and the Commission; the City transferred to the Commission the property thenconstitutingtheAirport.Considerationforthetransferwas$3,000,000plustheCommissions agreement to reimburse the City $7,484,954 for the portion of the Citys debt service related to the Airport property (City has been fully reimbursed). The Commission valued the property at $64,924,072, basedonindependentappraisals,andrecordedthepropertyonitsbooksatthisamount.The $54,439,118differencebetweentherecordedamountandtheconsiderationwastreatedasa contribution of assets. Note 3.CASH, CASH EQUIVALENTS AND INVESTMENTS Cash, cash equivalents and investments consisted of the following: 2025 2024Petty cash $ $576 4Deposits at financial institutions95,862,679 68,038,143Cash equivalents and investments 158,557,623 134,345,658$254,420,878 $202,383,805Summary:Unrestricted assets $64,588,198 $48,920,759Restricted assets 189,832,680 153,463,046$254,420,878 $202,383,805Deposits At June 30, 2025, the carrying value of the Commissions deposits with banks was $95,862,679 with corresponding bank balances of $96,215,812. At June 30, 2024, the carrying value of the Commissions deposits with banks was $68,038,143 with corresponding bank balances of $67,540,661.Bank balances are covered by Federal Depository Insurance Corporation (FDIC) in accordance with the Virginia Security for Public Deposits Act. The remainder of money markets and cash deposits maintained by trustees is $156,124,187. Under the Act, banks holding public deposits in excess of the amounts insured by FDIC must pledge collateral in the amount of 50% of excess deposits to a collateral pool in the name of the State Treasury Board.Deposits are considered insured as the State Treasury Board has the ability to assess additional collateral of the participating banks, if necessary.The State Treasury Board is responsible for monitoring compliance with the collateralization and reporting requirements of the Act and for notifying local governments of compliance by banks and savings and loan associations. Credit Risks TheCommissionspolicyistofollowthestatutesoftheCommonwealthofVirginiaandinvestin obligations of the United States or agencies thereof, obligations of the Commonwealth of Virginia or political subdivisions thereof, obligations of the International Bank for Reconstruction and Development (World Bank) and Asian Development Bank, commercial paper rated A-1 by Standard and Poors CorporationorP-1byMoodysCommercialPaperRecord,bankersacceptances,repurchase agreementsandtheStateTreasurersLocalGovernmentInvestmentPool(LGIP)andthe Commonwealth of Virginia State Non-Arbitrage Program (SNAP). 29'