A.B. Won Pat International Airport Authority, Guam

Having persevered through the remnant impacts of the COVID-19 pandemic and the aftermath of Typhoon Mawar in Fiscal Year (FY) 2023, the A.B. Won Pat International Airport Authority, Guam (GIAA) reports that—once again—it has received unmodified (clean) opinions on its fiscal year-end financial statements, report on compliance for major federal programs, and report on compliance for the passenger facility charge program from its independent auditors, Ernst & Young. The GIAA had no findings over internal control or questioned costs related to its major federal programs. Additionally, the Airport continued to maintain sufficient debt service coverage of 1.69x, well above the bond covenant-required 1.25x.

“The outcome of this audit is a testament to the hard work and dedication of each and every employee of the Guam International Airport Authority,” stated John M. “JQ” Quinata, GIAA Executive Manager. “Despite our continued recovery to pre-pandemic levels and the devastation of Typhoon Mawar, our airport community remained steadfast in the overall goal to ensure a safe and secure environment for the traveling public. Kudos to our Airport team and all our stakeholders for your resilience in the face of adversity.”

The audited financial statements reflected some positive highlights which include:

1. Revenue growth: Although the GIAA reported a decrease in total revenues, its operating revenues increased by $7 million, from $33.2 million in FY 2022 to $40.2 million in FY 2023. This is attributed to the increase in the facilities and systems usage charges, rental income, and miscellaneous revenue categories—much of which was a result of improved passenger activity—further indication of continued improvement in the visitor industry.
2. Operational efficiency: The GIAA took a prudent approach to operations spending. With the increase in passenger and flight activity as well as the needed repairs due to Typhoon Mawar and other deferred maintenance, came the need to increase operational expenses to provide the services and repairs and maintenance necessary. Such increases were mainly attributed to contractual services and power cost increases and the year-end pension adjustment under personnel services to align with the Government of Guam Retirement Fund’s Actuarial Report. Salaries and wages increased by a nominal 0.6% with a reduction in year over year-end employee count.
3. Infrastructure investment: Despite the challenges posed by both the lingering impact of the COVID-19 pandemic and Typhoon Mawar, the GIAA was able to complete significant capital projects in FY 2023 to include the completion of the Aircraft Rescue and Fire Fighting Facility and Runway 6L/24R Rehabilitation, which cost approximately $28.9 million and $28.2 million, respectively.

Executive Manager Quinata concluded that, “On behalf of the GIAA Board of Directors and the men and women of the GIAA, we thank Governor Leon Guerrero and Lt. Governor Tenorio for their continued support of Guam’s only commercial airport. We look forward to continuing to improve our facilities and services for the people of Guam and the traveling public.”