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EDA hears second-quarter finances; board cautioned on FY27 cash burn
Summary
Staff reported a March 31 net position of $20.0M (down $416,000 year-over-year), $5.7M in cash and $13.7M in properties held for sale; commissioners raised concerns about FY27 revenue assumptions and a projected cash drawdown without new property sales.
The Portsmouth Economic Development Authority reviewed second-quarter finances and a proposed FY27 budget at its April 21 meeting.
Finance presenter Stephanie Counsel reported the period ending March 31 showed approximately $5.7 million in cash, $7.5 million in accounts receivable, $1.2 million in hotel land, $13.7 million in property held for sale and $743,000 in liabilities; the EDA’s net position was reported as $20.0 million, a $416,000…
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