This past year was a strong one for the Comox Valley Airport Commission when it comes to finances, as the commission saw its total assets increase almost $1 million.Ben Vanderhorst from Meyers Norris Penney, which has provided audit services for the Comox Valley Airport Commission (CVAC) for a number of years, provided financial statements for the financial year ending March 31 during CVAC's annual public meeting last week.CVAC's total assets, as of March 31, are $2,238,894, an increase of about $1 million from 2010."That's certainly a strengthening of the cash position of the commission," said Vanderhorst.On the liabilities side, total current liabilities are $829,480, up from $595,739 in 2010."What that means is current assets are more than two times the current liabilities, and that is generally seen as a very strong financial position," said Vanderhorst. "The commission continues to carry a strong balance sheet."For 2011, CVAC's total revenue was $3,733,786, up from $3,502,347 in 2011.The biggest increase was in fuel commissions, which rose from $33,942 in 2010 to $223,888 in 2011."Now that the commission has had a full year of operating its fuel facility, we're seeing that start to contribute revenues of a significant amount," said Vanderhorst.On the expense side, there was an increase from $3,366,913 in 2010 to $3,439,887 in 2011.This includes a roughly $180,000 increase in the marketing budget, which includes public consultation and development of CVAC's new brand, billboards on the Inland Island Highway, posters onboard BC Ferries, a new print advertising campaign, a new public relations program, and communications support for business development activities."Overall, the revenue over expenses increased from $135,434 in 2010 to $293,899 in 2011, again more than double," said Vanderhorst. "There's continuing strong financial position in operations as well."writer@comoxvalleyrecord.com
