PDA reports first‑quarter financials: consolidated revenues and cash projections

The Pease Development Authority reviewed first‑quarter financial results for the three months ended Sept. 30, with staff reporting consolidated year‑to‑date revenues and a multi‑month cash‑flow outlook.

Finance staff (speaker 3) said consolidated revenues year‑to‑date were "$66,000,000 actual, against a $5,900,000 budget," and noted operating expenses were roughly 10.2% favorable year‑to‑date. The presenter flagged fuel‑pump outages at Hampton and Rye as reasons some fuel‑sales lines will remain under budget. On the balance sheet, staff reported $23,900,000 in current assets, including $14,700,000 in unrestricted cash, and year‑to‑date capital expenditures just under $3,000,000. Nonoperating income included $126,000 in interest income (a correction from a typographical error on the summary) and $66,000 in grant funding related to a revolving loan fund program.

Staff forecasted about $20,900,000 in cash inflows and about $25,000,000 in outflows over the next nine months, which would reduce unrestricted cash to about $10,700,000. The presentation included unit‑level notes showing the division of ports and harbors trending favorably despite decreased fuel revenue because reduced fuel purchases lower expenses.

Board members asked for clarification about deferred outflows on the balance sheet (GASB 87 accounting for long‑term leases) and discussed using an endorsed priority list when presenting capital improvement requests to the state to strengthen legislative requests.

What’s next: staff will continue to provide quarterly financial reporting and a capital improvement plan for board review and prioritization in advance of state budget submissions.