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Pease Development Authority board accepts draft audited financial statements, approves consent items
Summary
The Pease Development Authority board voted to accept draft certified annual financial statements for FY2023–FY2024 and approved multiple consent-agenda items; the motion authorizes the executive director to forward final statements to the state. One director recused from item 5.
The Pease Development Authority board voted on a motion to accept the draft certified annual financial statements for the years ending June 30, 2023 and June 30, 2024, and the uniform guidance audit of federal awards for the year ending June 30, 2024. The motion, offered in accordance with the audit committee’s recommendation and seconded, passed by voice vote; the board authorized the executive director to forward the final certified statements to the State of New Hampshire when they are complete.
The audit committee’s presentation—prepared by the authority’s independent auditor, Barry Dunn McNeil and Parker LLC—was described by a committee member as thorough. The chair thanked staff for summary charts that help board members who are not on the audit committee review the material quickly.
During regular business, the board approved an eight-item consent agenda covering operational items and staff-recommended motions. The record noted that Directors Karen and another director would recuse themselves on item 5 and that Director Tom Crane did not vote on that item. A separate three-item ports-and-harbors consent package (snow-plowing agreement; a Datucci DBA Lawrence tank right of entry in Hampton Harbor; and a Coastal Conservation Organization right of entry at Market Street Terminal) was moved, seconded and adopted by voice vote.
On finance, a presenter reported that for the two months ended Aug. 31 operating revenues were roughly on budget, operating expenses were about 10.7% under budget, and net operating income year-to-date was $286,000 (versus a budgeted loss of $105,000). The presenter said the authority had $24.2 million in current assets, with just under $14 million in unrestricted cash. Year-to-date capital spending was reported at $1.7 million and nine‑month cash-flow projections showed about $18.0 million in inflows (including roughly $3.7 million in grant funding) and about $24.3 million in outflows, leading to an anticipated unrestricted cash balance for the PDA of roughly $6.9 million in nine months.
The board heard no formal questions before the voice votes. The meeting record shows the motions were adopted; specific recorded roll-call tallies were not provided in the public discussion and are marked in the minutes only as “aye” or noted recusals.
