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Assets
Cash and short-term investments
Investments

CITY OF NASHUA, NEW HAMPS HIRE

Receivables, net of allowance for uncollectibles:

Property taxes
Tax deeded property
Departmental and other
Intergovernmmental
Loans
Due from other funds
Other assets

Total Assets

Liabilities
Accounts payable
Salaries payable
Accrued liabilities
Uneamed revenue
Due to other funds
Other liabilities

Total Liabilities

Deferred Inflows of Resources
Unavailable revenues

Fund Balances
Nonspendable
Restricted
Committed
Assigned
Unassigned

Total Fund Balances

Fotal Liabihties, Deferred Inflows
of Resources and Fund Balances

GOVERNMENTAL FUNDS
BALANCE SHEET
JUNE 30, 2021
Debt Nonmajor Total
General Service Govemirental Governmental
Fund Fund Funds Funds
$ 203,614,768 $ - $ 5,605,298 $ 209,220,066
23,012,512 - 32,965,592 §5.978, 104
21,385,882 - - 21.385.882
331,942 - - 331,942
$68,865 - 101.060 669,925
- - 7,449,618 7,449,618
- - 1.003.995 1,003,995
23,143,552 4,313,001 27,107,809 54,564,362
2,226,623 - - 2,226,623
§ 274,284,144 $ 4,313,001 $ 74,233,372 $ 352,830,517
$ 14,394,191 $ - $ - $ 14.394,191
7,949,942 - - 7,949,942
2,480,658 - 431,936 2,912,594
- - 6,876,529 6,876,529
49,953,425 - 1.183.895 68,137,320
4,172,623 - . 4,172,623
78,950,839 - 25,492,360 104,443,199
125,129,846 - - 125,129,846
331.942 - 28,204,130 28.536,072
. 4,313,001 15,647,854 19,960,855
20,989,808 - 20,946.510 41,936,318
17,187,807 - - 17,187,807
31,693,902 - (16,057,482) 15,636,420
70,203,459 4,313,001 48,741,012 123,257,472
$ 274,284,144 $ 4,313,001 $ 74,233,372 $ 352,830,517

The accompany ing notes are an integral part of these financial statements.

35

CITY OF NAS HUA, NEW HAMPSHIRE

RECONCILIATION OF TOTAL GOVERNMENTAL FUND
BALANCES TO NET POSITION OF GOVERNMENTAL
ACTIVITIES IN THE STATEMENT OF NET POSITION

JUNE 30, 2021

Total governmental fund balances $ 123,257,472

* Capital assets used in governmental activities are not financial
resources and, therefore. are not reported in the governmental funds. 362,519,981

* Revenues are reported on the accrual basis of accounting

and are not deferred until collection. 8,518,841
* To record investment in Pennichuck Waterworks. 119,745,000
* Deferred outflows of resources related to pensions and OPEB. 97,681,316

* In the Statement of Activities, interest is accrued on outstanding
long-term debt, whereas in governmental funds interest is not
reported until due. (3,972,646)

* Long-term liabilities are not due and payable in the current
period and, therefore, are not reported in the governmental funds:

Bonds payable (149,152,885)
Acquisition bonds payable (119,745,000)
Compensated absences (17,380,561)
Capital leases (6,765,999)
Net OPEB liability (76,683,386)
Net pension liability - State of NH (320,002,458)
Net pension liability - Board of Public Works (140,639)
* Deferred inflows of resources related to pensions and OPEB. (18,538,823)

* Deferred inflows of resources related to gains on current
and prior year bond refundings. (1,041,300)

* Intemal service funds are used by management to account for
health insurance and workers' compensation activities. The
assets and liabilities of the intemal service funds are included

in the govemmmental activities in the Statement of Net Position. 10,765,253
Net position of governmental activities $ 9,064, 166

The accompanying notes are an integral part of these financial statements.

36

Revenues
Property taxes
Aulo pemnits
Penalties, interest and other taxes
Charges for services
Intergovernmental
Licenses and permits
Investment income
Contributions
Hydroelectnc power generation
Cable TV franchise fees
Rentals and lease income
Miscellaneous

Total Revenues

Expenditures

Current:
General government
Police
Fire
Water fire protection services
Education
Public works
Health and human services
Culture and recreation
Community development
Communications
Hydroelectne

Debt service
Pnncipal
Interest and issuance cost

Total Expenditures

Excess (Deficiency) of Revenues
Over (Under) Expenditures

Other Financing Sources (Uses)

Issuance of general obligation bonds

Issuance of refunding bonds
Bond premiums

Bond premiums from refunding bonds

Pay ment to refunding escrow agent
Issuance of capital leases

Trans fers in

Transfers out

CITY OF NASHUA, NEW HAMPSHIRE

FOR FISCAL YEAR ENDED JUNE 30, 2021

Total Other Financing Sources {Uses}

Change in Fund Balance
Fund Balance at Beginning of Year
Fund Balance at End of Year

GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

Debt Nonmajor Total
General Service Govemmental Govemmental
Fund Fund Funds Funds
$ 215,475,162 $ - $ 1,069,415 $ 216,544,577
16,216,065 - 700,000 16,916,065
1,239,839 . : 1,239,839
891,348 - 1,936,316 2,827,664
50,650,784 - 31,581,857 $2,232,641
1,511,234 . - 1,511,234
104,424 - 7,859,860 7,964,284
- 8,766,301 4,820,926 13,587,227
1,026,971 . - 1,026,971
876,241 - 421,894 1,298,135
720,637 - 16,800 737,437
788,203 - 294,600 1,082,803
289,500,908 8,766,301 48,701,668 346,968,877
16,725,415 - 1,407,349 18,132,764
34,012,596 - 4,133,099 38,145,695
27,927,094 . 2,415,568 30,342,662
3,172,524 . - 3,172,524
160,025,919 - 34,268 684 194,294,603
11,008,053 - 9,430,757 20,438,810
2,194,939 . 4,755,904 6,950,843
7,046,950 - 176,961 7,223,911}
3,549,528 - 28,506,511 32,056,039
551,283 - 216,480 767,763
502,874 - 1,838,006 2,340,880
12,064,500 3,690,000 965,000 16,719,500
3,987,382 5,076,591 695,189 9,759,162
282,769,057 8,766,591 88,809,508 380,345,156
6,731,851 (290) (40,107,840) (33,376,279)
- - 41,828,500 41,828,500
1,444,000 - 1,444,000
286,987 - 1,773,500 2,060,487
289,231 - - 289,231
(1,733,231) - - (1,733,231)
6.671, 814 - - 6,671,814
743,100 - 1,048,322 1,79] 422
(7,283,552) - (743, 1013 (8,026,653)
418,349 - 43,907,221 44,325,570
7,150,200 (290) 3,799,381 10,949,291
63,053,259 4,313,291 44,941,631 112,308,181
$70,203,459 § 4,313,001 $48,741,012 $ 123,257,472

The accompanying notes are an integral part of these financial statements

37

CITY OF NASHUA, NEW HAMPSHIRE

RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30, 202]
Net changes in fund balances - Total governmental funds $ 10,949.29)
* Govemmental funds report capital outlays as expenditures. However,

in the Statement of Activities the cost of those assets is allocated
over ther estimated useful lives and reported as depreciation expense:

Capital outlay $1,745,516
Depreciation (20,635,177)
Loss on disposal of capital assets (2,050,269)

¢ The issuance of long-term debt (e.g., bonds and leases) provides
current financial resources to governmental funds, while the
repayment of the principal of long-term debt consumes the financial
resources of governmental funds. Neither transaction. however,
has any effect on net position:

Issuance of general obligation and refunding bonds (43,272,500)
Issuance of capital lease (6,671,814)
Repayment of capital leases 91,743
Repayments of debt 18,424,500
Bond premiums received on new issuances of bonds (2,349,718)

* Revenues m the Statement of Activities that do not provide current
financial resources are fully deferred in the Statement of Revenues,
Expenditures and Changes in Fund Balances. Therefore. the
recognition of revenue for various types of accounts receivable
(Le., property taxes) differ between the two statements. This amount
represents the net change in unavailable revenue. (168,270)

* To record amortization of Equity Interest in Pennichuck Waterworks (3,690,000)

* Inthe Statement of Activities, mterest is accrued on outstandmg
long-term debt, whereas in governmental funds interest is not
reported until due (461,009)

* Some expenses reported in the Statement of Activities do not
require the use of current financial resources and therefore, are
not reported as expenditures in the governmental funds:

Decrease in compensated absences liability 1,692,908

Increase m total/net OPEB hability and related deferred
outflows and mflows of resources (1.960,938)

Increase in net pension liability and related deferred

outflows and inflows of resources (23,312,997)
Amortize bond premiums 1,467,129
Amorttize gains and losses on pnor years refunding bonds (41,638)

* Intemal service funds are used by management to account for health
insurance and workers' compensation activities. The net activity of

internal service funds is reported with Govemmental Activities 321,981
Change in net position of governmental activities $ (19,921,262)

The accompanying notes are an integral part of these financial statements

38

CITY OF NASHUA, NEW HAMPSHIRE

GENERAL FUND

STATEMENT OF REVENUES AND OTHER SOURCES, AND EXPENDITURES AND OTHER USES -
BUDGET AND ACTUAL

Revenues
Property taxes
Auto permits
Penalties, interest and other taxes
Charges for services
Intergovernmental
Licenses and permits
Interest earnings
Miscellaneous

Total Revenues

Expenditures
General government
Police
Fire
W ater fire protection services
Education
Public works
Health and human services
Culture and recreation
Community development
Communications
Hydroelectric
Debt service
Intergovernmental

Total Expenditures

Excess (deficiency) of revenues over

(under) expenditures

Other Financing Sources (Uses)
Trans fers in
Transfers out
Bond prenuums
Use of unassigned fund balance
Use of assigned fund balance

Total Other Financing Sources (Uses)

FISCAL YEAR ENDED JUNE 30, 2021

Excess of revenues and other financing sources
over expenditures and other financmg (uses) $ -

Budgeted Amounts Vanance with
Final Budget
Ong inal Final Actual Positive
Budget Budget Amounts (Negative)
$ 227,770,371 $ 227,770,371 § 227468312 § (302,059)
10,645,000 10,645,000 16,216,065 §,571,065
1,005,788 1,005,788 1,239,839 234,051
1,236,875 1,236,875 889,849 (347,026)
50,234,400 50,234,400 50,650,783 416,383
1,237, 100 1,237,100 1,511,233 274,133
350,000 350,000 83,696 (266,304)
3,093,879 3,093,879 3,413,552 319,673
295,573,413 295,573,413 301,473,329 5,899,916
22,242,936 20,508,460 19,772,698 735,762
33,134,789 33,595,657 33,507,696 87,96)
26,881,070 27,210,181 27,049,600 160,581
3,200,000 3,200,000 3,172,523 27,477
155,626,160 157,482,380 157,276,238 206,142
15,765,526 15,665,201) 15,198,970 466,231
2,538,840 2,504 465 2,235,471 268,994
7,339,174 7218127 7,03 1,494 186,633
3,310,37) 3,232,394 3,129,161 103,233
569,776 $67,193 553,155 14,038
455,220 455,220 434,240 20,980
16,804,240 16,804,240 16,581,883 222,357
11,993,150 11,993,150 11,993,150 -
299,861,252 300,436,668 297,936,279 2,500,389
(4,287,839) (4.863.255) 3,537,050 8,400,305
703,609 1,354,025 4,372,711 18,686
(1,165,770) (1,240,770) (1.240,770) -
- - 286,987 286,987
4,500,000 4,500,000 4,500,000 -
250,000 250.000 250,000 -
4,287,839 4,863,255 5,168,928 305,673
$ - $ 8,705,978 § 8,705,978

The accompanying notes are an integral part of these financial statements

39

Assets

Current
Cash and short-term investments
Investments
User fees, net of allowance for uncollectibles
Intergovernmental receivable
Due from other funds
Other assets

Total Current Assets

Noncurtent:
Capital assets being depreciated, net
Capital assets not being depreciated

Total Noncurrent Assets
Total Assets

Deferred Outflows of Resources
Related to pensions
Related to OPEB

Total Deferred Qutflows of Resources

Liabilities
Current
Accounts payable
Due to other funds
Salanes payable
Accrued liabilities
Notes payable
Other habilities
Current portion of long-term habilities
Bonds and notes payable
Compensated absences

Total Current Liabilities

Noncurent
Bonds and notes payable
Compensated absences
Net and total OPEB liability
Net pension hability - Board of Public Works
Landfill closure and post closure

Total Noncurrent Liabilities
Total Liabilities

Deferred Inflows of Resources
Related to pensions
Related to OPEB

Total Deferred Inflows of Resources

Net Position
Net investment in capital assets
Restricted for capital projects
Unrestncted

Total Net Position

CITY OF NASHUA, NEW HAMPSHIRE

PROPRIETARY FUNDS
STATEMENT OF NET POSITION
JUNE 30, 2021
Business-Type Activities Govemmental
Enterprise Funds Activities
Waste Solid Intemal
Water Waste Service
Fund Fund Tatal Funds
$ 14,931,271 $ = 2,186,371 $ 17,117,642 $ -
- 4,829,365 4,829,365 .
4,110,353 326,164 4,436,557 -
250,974 : 250.974 :

- 8,918,707 8,918,707 17,646,534

- a - 2,583,055
19,292,598 16,260,607 35,553,205 20,229,589

140,156,845 17,430,472 157,587,317 :
19,904,076 616,229 30,520,305 -
160,060,921 18,046,701 178,107,622 -
179,353,519 34,307,308 213,660,827 20,229,589
430,036 325,568 755,604 :
110,967 86,307 197,274 :
$41,003 411,875 952.878 -

100 94 194 -

[2,522,847 - 12,522,847 -
$5,043 46,064 101,107 11,354
1,044,055 222,920 1,266,975 8,503,940
11,191,480 . 11,191,480 -
- 5 - 889.042
3,849,057 2,496,447 6,345,504 ;
26,141 36,033 62,174 -
28,688,723 2,801,558 31,490,281 9,464,336
43,574,136 11,756,884 55,331,020 -
235,269 324,296 559,565 -
990,146 778,113 1,760,259 -
66,421 50,285 116,706 -

: 9,840,185 9,840,185 :
44,865,972 22,741,763 67,607,735 -
73,554,695 25,543,321 99,098,016 9,464,336

1,965,307 1,487,877 3,453,184 -
101,508 78,951 180.459 -
2,066,815 1,566,828 3,633,643 -
101,446,248 5.290, 764 106,737,012 .
354,657 7,073,028 7,427,685 -
2,472,107 (4,754,758) (2,282,651) 10,765,253
$ 104,273,012 $ 7,609,034 $ 111,882,046 $ 10,765,253

The accompanying notes are an integral part of these financial statements

40

CITY OF NASHUA, NEW HAMPSHIRE
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION

FOR FISCAL YEAR ENDED JUNE 30, 2021

Business-Type Acttvities Governmental
Enterprise Funds Activities
Waste Solid Intemal
Water Waste Service
Fund Fund Total Fund
Operating Revenues
Charges for services 14,240,003 $ 4,140,134 18,380,137 $ 2
Employer contributions . . - 38,976,218
Employee and retiree contributions . - : 12,192,953
Other 18,624 284,061 302,685 2,803,423
Total Operating Revenues 14,258,627 4,424,195 18,682,822 $3,972,594
Operating Expenses
Salaries and benefits 3,685,376 2,927,257 6,612,633 941,87]
Other operating expenses 4,017,195 2,995,907 7,013,102 366,086
Depreciation 6,461,810 2,267,213 8,729,023 -
Claums and policy costs - - - 52,509,713
Total Operating Expenses 14,164,381 8,190,377 22,354,758 53,817,670
Operating Income (Loss } 94,246 (3,766, 182) (3,671,936) 154,924
Nonoperating Revenues (Expenses)
Intergovernmental 1,364,985 149.643 1,514,628 o
Investment income 13,649 23.098 36,747 17,057
Interest expense (1,424,399) (507,078) (1,931,477) =
Total Nonoperating Revenues (Expenses }, Net (45,765) (334,337) (380,102) 17,057
Gain (Loss) Before Contributions and Trans fers 48.481 (4.100.519) (4,052,038) 171.981
Capital contributions 888,291 - 888,291 -
Transfers in - 6,235,231 6,235,231 150,000
Transfers out (150,000) - (150,000) -
Change in Net Position 786,772 2,134,712 2,921,484 321.981
Net Position at Beginning of Year 103,486,240 § 474,322 108,960,562 10,443,272
Net Position at End of Year 104,273,012 $ 7,609,034 111,882,046 $10,765,253

The accompanying notes are an integral part of these financial statements

4]

CITY OF NASHUA, NEW HAMPSHIRE
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS

FOR FISCAL YEAR ENDED JUNE 30, 2021

Business-Type Activities Govemmental
Enterpnse Funds Activities
Waste Solid Internal
Water Waste Service
Fund Fund Total Fund
Cash Flows From Operating Activities
Receipts from customers and users § 13,673,829 $ 4,388,939 B 18,062,768 $ 14,996,376
Receipts frominterfund services provided - - - 38,976,218
Payments to vendors (4,132,821) (1,701,618) (5,834,439) (52,824,305)
Payments te employees (4,017,195) (3,327,358) (7,344,553) (940,273)
Net Cash Provided By (Used for} Operating Activities $523,813 (640,037) 4,883,776 208,016
Cash Hows From Noncapital Financing Activities
Proceeds from{payments for) interfund loan agreements 2,588,176 (1,958,972) 629,204 (375,073)
Transfers (150,000) 6,235,231 6,085,231 150,000
Intergovernmental subsidy 1,364,985 149.643 1,514,628 -
Net Cash Provided By (Used for) Noncapital Financing Activities 3,803,161 4,425,902 8,229,063 (225,073)
Cash Flows From Capital and Related Financing Activities
Acquisition and construction of capital assets (8,171,199) (1,547,848) (9,719,047) .
Contnbutions 1,069,781 - 1,069,781 -
Proceeds premiums frombonds and notes 4,803,488 1,495,000 6,798 488 -
Pnncipal payments on bonds (4,183,258) (2,666,201) (6,849,459) -
Pnncipal payments on notes (759,000) - (759,000) -
Interest expense _ (1,551,293) (678,414) (2,229,707) -
Net Cash (Used For} Capital and Related Financing Activities (8,791,481) (3,397,463) (12,188,944) -
Cash Flows From Investing Activities
Purchase of investments - (64,825) (64,825) -
Investment income 13,649 23,008 36,747 17,057
Net Cash Provided By Investing Activities 13,649 (41,727) (28,078) 17,057
Net Change mn Cash and Short-Term Investments 549, 142 346,675 895,817 -
Cash and Short-Term Investments, Beginning of Year 14,382,129 1,839,696 16,221,825 -
Cash and Short-Term Investments. End of Year $14,931,271 $2,186,371 $17,117,642 § -
Reconciliation of Operating Income (Loss) to Net Cash
Provided by (Used For) Operating Activities
Operating income (loss } $ 94,246 $ (3,766,182) $ (3,871,936) $ $54,924
Adjustinents to reconcile operating income (loss) to net
cash provided by (used for) operating activities
Depreciation 6,461,810 2,267,213 8,729,023 :
Changes in assets, liabilities, and deferred outflows/inflows
User fees (600,727) (35.256) (635,983) -
Deferred outflows - related to pensions (326,359) (245,332) (571,691) .
Deferred outflows - related to OPEB (18,941) (14,732) (33,673) -
Other assets “ - - 238,960
Accounts payable - 94 94
Accmed liabilities 11,962 (30,104) (18,142) (224,418)
Net pension liability (1,864,642) (1,397,754) (3,202,396) .
Net and Total OPEB liability 11,882 9,241 21,123 -
Landfill closure and postclosure - 1,294,195 1,294,195 .
Other habiities - - - 18,550
Deferred inflows - related to pensions 1,637,527 1,234,204 2,871,731 -
Deferred inflows - related to OPEB $7,055 44.376 101,431 -
Net Cash Provided By (Used for) Operating Activities $5,523,813 $ (640,037) $ 4,883,776 $ 208,016

The accompany ing notes are an integral part of these financial statements

42

CITY OF NASHUA, NEW HAMPSHIRE

FIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITION

JUNE 30, 2021
Private
Pension Purpose
Trust Trust Custodial
Fund Funds Funds
Assets
Cash and short-term investments $ 3,087,084 $ 144,116 $ -
Investments:
Fixed income securities 16,357,437 2,411,841 -
Equities 33,531,828 4,241,672 -
Mutual funds 653,500 1,418,363 -
Total Investments §0.542.765 8,071,876 -
Total Assets $ 53,629,849 $ 8,215,992 $ -
Liabilities
Other liabilities - escrow deposits $ - $ a $ o
Due to extemal parties 314.719 154,717 -
Total Liabilities 314,719 154,717 -
Net Position
Total net position restricted for
pensions and other purposes 53.315,130 8,061.275 -
Total Liabilities and Net Position $ 53.629.849 $ 8,215,992 -

The accompanying notes are an integral part of these financial statements.

43

CITY OF NASHUA, NEW HAMPSHIRE

FIDUCIARY FUNDS

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

FOR FISCAL YEAR ENDED JUNE 30, 2021

Additions

Employer contributions

Plan member contributions

Property taxes collected for County

Fees collected for State of New Hampshire

Other

Investment Income:
Dividend, interest and investment income
Less: management fees

Total Additions

Deductions
Benefit payments to plan members and beneficiaries
Administrative expenses
Pay ment of taxes to County
Payment of fees to State of New Hampshire

Total Deductions
Net Change
Net Position restricted for pensions and other purposes
Beginning of year

End of year

The accompany ing notes are an integral part of these financial statements.

44

Private
Pension Purpose
Trust Trust
Fund Funds
$ 907,292 $ -
907,292 -
- 44,671
11,333,176 1,390,512
(231,838) -
12,917,922 1,435,183
3,179,286 157,746
61,626 43,396
3,240,912 201.142
9,677,010 1,234,041
43,638,120 6,827,234
$ 53,315,130 $ 8.061.275

Custodial
Funds

11,993,150
5,226,836

17,219,986

11,993,150

3,226,836
17.219,986