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replacement program, which has been designed to replace equipment on an established schedule.
This ten-year plan allows for the timely replacement of the equipment at a time when the useful
life of the equipment has expired and the associated cost of maintenance and repair is not exorbitant
relative to the remaining value. The capital equipment replacement program has been designed to
be financed with a combination of internal cash and the issuance of debt.

Debt Administration

The City has issued debt for several capital projects including paving, citywide capital
improvements, Solid Waste and Wastewater projects. The City has also issued debt for building
projects such as the construction of a new Middle School, the renovation of the Fairgrounds and
Pennichuck Middle Schools and the construction of a performing arts center recently named the
Nashua Center for the Arts. Debt limitations are discussed in MD&A and in the statistical section.

Credit Rating

Standard and Poor’s Global Ratings affirmed its ‘AAA’ long term rating and stable outlook citing
the City’s strong management procedures and improved local economy.

Standard & Poor’s noted the City’s:

* Very strong economy

® Very strong management

« Strong budgetary performance

® Very strong budgetary flexibility

= Very strong liquidity

* Strong debt and contingent liability position

Summary of Financial Position and Operations-General Fund

The City’s most significant sources of revenue continue to be property taxes, followed by the State
Adequate Education Grant and motor vehicle registration revenues. Property tax collections
remain strong overall. A ten-year comparison of property tax collection data is available in the
statistical section.

Local Economy

The City of Nashua ranks among the top twenty best affordable suburbs in the Northeast by
Business Week magazine and it is rewarding to report that the community ranked sixteenth by
Money Magazine as “Best Places to Live” and according to WalletHub, an industry finance
website, the City of Nashua is the “Safest City in America.”

In the daunting and challenging economic times such as the one we are facing, the City of Nashua
is weathering the storm exceptionally well. There are a number of diverse industries that anchor
our community such as Defense, Information Technology, Medical and Software, all of which
have large scale businesses that call Nashua home.

Nashua has been immune to the trends seen nationally at least thus far. Some of our largest sectors
were called upon to operate in an effort to provide their services or products during the national
shutdown. The City continues to grow, reinvent and strengthen its economic health by being
responsive to the ever-changing market trends. Nashua remains an economic hub and jobs
generator for the region.

An example of the City’s strong employment base is demonstrated through BAE Systems, where
Nashua is home to its U.S. Headquarters and there are currently 4,000 jobs located within the city
and an additional 1000 new jobs projected over the next few years.

The City of Nashua is well-known as a hub for retail establishments — with the second largest
concentration of retail businesses in New England. Nashua is a regional center for healthcare and
educational services. These two sectors continue to see year over year growth. One can see why
Nashua is a vibrant community with jobs that span the strata from low to high wages making the
community very stable and diversified.

Nashua adopted its most recent Citywide Master Plan in 2021. We also have a current Downtown
Master Plan, East Hollis Street Master Plan, Economic Development Strategic Plan, a Riverfront
Master Plan, Housing Plan and a Consolidated Plan. These documents and other plans form the
basis for public and private development decisions, budgetary decisions, public policy and future
investment. As a community, we endeavor to plan strategically which has led to very sound
financial policies and a very important variable when a private sector company is making decisions
on where to invest.

The City is focusing on key priority development areas for new growth and remains steadfast in
redeveloping existing sites. The City is also undertaking ambitious revitalization strategies for
long-dormant sites near the center of Nashua and is continuously reinvesting in its infrastructure,
most recently with the opening of the Broad Street Parkway, which is stimulating redevelopment
of the Nashua Millyard and the Main Street Corridor in Nashua.

Housing is a critical component to having a well-rounded community, where residents can live
and work in close proximity to one another. A few years ago, the 109-unit apartments at Cotton
Mill were fully leased just 9 months after opening. Another mill conversion project, Loft 34,
brought 210 units on-line in 2019. We have also seen 120 units of new housing with the
continuation of the Clocktower mill conversion, adding to the 400 units of apartments already on-
line. On the eastern edge of the downtown, the East Hollis Street Gateway Project completed its
Phase | development of 156 units, which stabilized earlier this year and is on to Phase 2, which is
an additional 160 units. Across the street, the City of Nashua was awarded $3.6 million from the
state’s Department of Transportation to construct a major roadway infrastructure improvement,
which will enhance circulation and provide critical access to the Bridge Street site. These
development initiatives will reinvigorate downtown Nashua with people-intensive uses. Lastly,

the city issued an RFP seeking development on a municipal surface parking lot and a 150-room
apartment building is now proposed for the downtown.

The downtown is seeing somewhat of a rebirth with its highest level of occupancy in years. The
small independent merchants and eateries have fended off the pandemic relatively well. There is
no available space on Main Street and with the city’s recent investment in the Nashua Center for
the Arts, the downtown is turning into a cultural hub.

In South Nashua, a key development site is Gateway Hills, a 400-acre mixed-use development and
a crucial stakeholder in Nashua’s high-tech cluster expansion. An existing 750,000 square foot
innovation campus has been enhanced by 540 units of new multifamily construction, 40,000 square
feet of retail space and a recently opened 120-room hotel. New projects that are slated to come on-
line include a brand new 240,000 square foot Research and Development facility, a 100,000 square
foot flex and high-bay warehouse space and additional townhome housing. Nearby, along Daniel
Webster Highway, the Pheasant Lane Mall recently underwent a $20 million renovation project.

The City is constantly seeing companies expand and grow, a sign that the broader national
economy is doing well. Some of our larger employers are adding hundreds of jobs. The City
confirmed companies such as BAE, Oracle, Amphenol, Skillsoft, Dell, Infinio Systems and
Worthen Industries are all adding significant numbers to their respective workforces. Just as
rewarding, smaller and midsize companies are expanding as well. Pfeiffer Vacuum is constructing
a 24,000 square feet building in Nashua that wil! serve as its USA headquarters. Longs Jewelers,
a family-owned jeweler, built a stand-alone building of 10,000 sq./ft. and Prudential Supply, a
linen cleaning company, built a 75,000 sq./ft. Northeast facility. The city is growing and expanding
in many ways.

Nashua actively pursues all available funding opportunities and has been a successful recipient of
federal funding from EPA Brownfield awards, Federal Transportation and Administration Grants,
and Community Development Block Grants. Transportation is essential to the viability of a
community and the quality of life of its citizens. The City continues to make significant
investments and plays an active role in supporting infrastructure improvements, extensions,
expansions and transit. The transit system has been a proven success for over 25 years and
continues to expand its service routes. An extension of the MBTA commuter line from the
Lowell/Boston area to Nashua and potentially further north to Manchester and Concord, remains
under consideration at the Federal, State and local levels. The city is taking proactive steps to move
this along by engaging in a public private partnership to help bring the project to fruition.
Commuter bus service between Nashua and Boston began in February 2007 and has developed a
steady local ridership base, which has exceeded original projections. Lastly, the City acquired a
site for a Park & Ride facility and a potential downtown rail station.

All of the aforementioned factors have contributed to a solid, strong, and diverse fiscal and
economic atmosphere for the City and its citizens.

Financial Reporting Awards

The City of Nashua has received a Certificate of Achievement for Excellence in Financial
Reporting from the Government Finance Officers Association of the United States and Canada
(GFOA) for its ACFR for the last fifteen fiscal years. In order to receive this prestigious award the
report must be easily readable and efficiently organized, the contents must conform to program
standards, and it must satisfy both generally accepted accounting principles and applicable legal
requirements. The award is presented to government units and public employee retirement systems
whose ACFRs achieve the highest standards in government accounting and financial reporting.

The Certificate of Achievement is valid for a period of one year only. We believe that this ACFR
conforms to the standards required for the certificate and will be submitting it to the GFOA for
review.

Acknowledgements

The preparation and publication of this ACFR would not have been possible without the dedication
and hard work of members of the Financial Services Division team. This accomplishment also
required contributions and cooperation from many departments throughout the City and we
appreciate their efforts as well. We would also like to thank the Board of Aldermen for their
continued support of the highest standards of professionalism in the management of the City’s
finances.

Respectfully submitted,

LA ust pre ip

James Donchess John L. Griffin
Mayor Chief Financial Officer
Treasurer/Tax Collector

CITY OF NASHUA

ADMINISTRATIVE/EXECUTIVE STRUCTURE

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CITY OF NASHUA, NEW HAMPSHIRE
LIST OF PRINCIPAL OFFICIALS
FISCAL YEAR 2021

MAYOR

Jim Donchess

ALDERMEN AT LARGE

Lori Wilshire, President
Michael O’Brien, Sr., Vice President
Benjamin M. Clemons

Shoshanna Kelly
Brandon Michael Laws
David C. Tencza
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10

CITY OF NASHUA, NEW HAMPSHIRE
DIVISION AND DEPARTMENT HEADS

FISCAL YEAR 2021

GENERAL GOVERNMENT

OFFICE OF THE MAYOR
Chief of Staff

BOARD OF ALDERMEN
Legislative Affairs Manager

LEGAL

Corporation Counsel

Deputy Corporation Counsel
Deputy Corporation Counsel

OFFICE OF THE CITY CLERK
City Clerk

OFFICE OF ECONOMIC DEVELOPMENT
Economic Development Director

ADMINISTRATIVE SERVICES DIVISION
Administrative Services Director

Chief Assessor

Purchasing Manager

Risk Manager

FINANCIAL SERVICES DIVISION

Chief Financial Officer/Comptroller

Treasurer/Tax Collector

Deputy Treasurer/Deputy Tax Collector

Senior Manager of Accounting & Financial Reporting

Chery] Lindner

Donna Graham

Steven Bolton, Esquire
Dorothy Clarke, Esquire
Celia K. Leonard, Esquire

Susan Lovering

Tim Cummings

Kimberly Kleiner
Richard Vincent
Kelly Parkinson
Jennifer Deshaies

John L. Griffin
David G. Fredette
Patricia Barry
Rosemarie Evans

CITY OF NASHUA, NEW HAMPSHIRE
DIVISION AND DEPARTMENT HEADS

FISCAL YEAR 2021

POLICE DEPARTMENT
Police Chief

Deputy Chief

Deputy Chief

FIRE DEPARTMENT
Fire Chief
Assistant Fire Chief

EMERGENCY PREPAREDNESS
Emergency Management Director

Michael Carignan
Kevin Rourke
James Testaverde

Brian D. Rhodes
Steve Buxton

Justin Kates

DIVISION OF PUBLIC HEALTH AND COMMUNITY SERVICES

Director

Chief Public Health Nurse
Manager, Environmental Health
Welfare Officer

PUBLIC WORKS DIVISION
Director

Assistant Director

City Engineer

Superintendent, Parks/Recreation
Superintendent, Streets
Superintendent, Solid Waste
Superintendent, Wastewater Treatment

PUBLIC SERVICES
Superintendent, Edgewood & Suburban Cemeteries
Superintendent, Pinewood & Woodlawn Cemeteries

PUBLIC LIBRARY

Director
Assistant Director

12

Bobbie Bagley
Kim Bernard
Heidi Peek
Robert Mack

Lisa Fauteux
Andrew Patrician
Daniel Hudson
Jason Puopolo
Jonathan Ibarra
Jeffrey Lafleur
David Boucher

Jeffrey Snow

Paul (Len) Fornier, Jr.

Jennifer McCormack

Jennifer Hosking

CITY OF NASHUA, NEW HAMPSHIRE
DIVISION AND DEPARTMENT HEADS
FISCAL YEAR 2021

COMMUNITY DEVELOPMENT DIVISION

Director Sarah Marchant
Building Department Manager William McKinney
Code Enforcement Department Manager Nelson Ortega

Urban Programs Manager Carrie Johnson Schena
Planning Department Manager Matt Sullivan
Transportation Department Manager Camille Correa
SCHOOL DEPARTMENT

Superintendent Garth McKinney

Chief Operating Officer Daniel Donovan

13

City of Nashua, NH

Geographic Location