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Portsmouth EDA reports $20 million net position at fiscal-year end; staff cites $940,000 year-over-year decrease
Summary
The EDA’s quarterly financial report for the period ending June 30, 2025, shows about $47.4 million in cash, $12.6 million in property held for sale, $9.97 million in liabilities and a net position of roughly $20 million, a decrease of about $940,000 from the prior year; staff noted operating revenue shortfalls and property sale gains/losses.
The Portsmouth Economic Development Authority’s financial presenter reviewed the EDA’s quarterly statements for the period ending June 30, 2025, at the Aug. 18 meeting.
Key figures presented - Cash and cash equivalents: about $47.4 million across bank accounts. - Accounts receivable: approximately $1.9 million. - Hotel land held by EDA: listed at about $1.2 million. - Property held for sale: $12.6 million. - Liabilities (accounts payable, grants payable, deposits): about $9.97 million. - Net position (end of fiscal year): approximately $20 million, a decrease of roughly $940,000 from the prior year.
Staff also noted an operating-revenue deficit of about $571,000 for the period, driven partly by losses on certain property transactions. Operating expenses and grants paid were summarized (staff reported roughly $468,000 in grants paid during the year). The presenter said auditors will present the final FY ’25 audited report in a later session; staff cautioned some numbers may shift as final audit adjustments are made.
Ending Staff said a full FY ’25 audited presentation will be provided by the auditors at a future meeting and that the materials distributed at the Aug. 18 meeting reflected preliminary quarterly close figures.
