Portsmouth EDA receives clean FY24 audit; staff presents second‑quarter FY25 financials

The Portsmouth Economic Development Authority on Jan. 21 heard results of its fiscal year 2024 audit and a second‑quarter financial report for FY25.

An auditor presenting the audit said the firm issued an unmodified (clean) opinion for FY24, the highest level of assurance that the financial statements are not materially misstated. The report was issued Dec. 12, 2024, and the auditor told commissioners the year was “more of a vanilla fiscal year,” with no new accounting standards requiring significant implementation.

In the financial presentation, staff reported second‑quarter FY25 balances. The finance presenter said the authority had approximately $7,200,000 in cash and about $13,300,000 in land held for sale, giving a combined asset position discussed during the meeting. Staff reported liabilities around $843,000 and a net position stated in the presentation as approximately $21,000,000. The presenter said operating revenues were approximately $750,000 (net of cost of land sold), operating expenses about $107,000, rents dispersed $231,000, interest income $85,000 and $31,000 transferred back to the city for administrative reimbursements. Staff said one property sale recorded in the period was for $100,000.

Commissioners and staff noted the screen presentation was difficult to read in the room; staff said they will circulate a PDF of the slides and provide the detailed report to commissioners. Commissioners asked for follow‑up details on items such as grants in the pipeline and the hotel lease revenue referenced in the report.

No formal board action was required for the audit presentation; commissioners thanked the audit team and finance staff for timely reporting.