PPIC accepts FY2024 audited financials with qualification on land held for resale; adopts minutes

The Portsmouth Port and Industrial Commission on Jan. 28 received the FY2024 audited financial statements from CliftonLarsonAllen and adopted the Oct. 22, 2024 meeting minutes.

Shari Amos, principal with CliftonLarsonAllen, told commissioners the firm "did issue a qualified opinion on the financials of PPIC, related to the land held for resale as we were not able to obtain sufficient audit evidence over the valuation of that account." Amos said management values the land at acquisition price plus improvements and has not obtained an independent appraisal for several years.

Amos said the qualification was limited to that account and that "other than the land held for resale, everything else was a clean opinion from our perspective." She reported no material weaknesses or significant deficiencies in internal control, no management-letter comments and no uncorrected or corrected misstatements discovered during the audit. She also said management did not consult other accountants and the firm had no disagreements with management.

The commission’s quarterly financial report for the period ending Dec. 31, 2024, showed approximately $836,000 in cash, about $856,000 in receivables, and a property (Burtons Point) valued at $332,000, producing a total asset base near $2.0 million. Liabilities were reported at about $1.0 million, with a net position of $965,000 and a year-over-year increase of $8,153. The commission had recorded no operating revenues to date for the year and $11,720.28 in interest income.

During the meeting the commission also moved to adopt the minutes of Oct. 22, 2024; the roll-call recorded affirmative votes and the item was adopted by a vote of 4 to 0.

Commissioners did not raise follow-up audit issues during the presentation and the auditors closed by offering to take questions.