B) THE CITY OF NASHUA “The Gate City”
Financral Servrces Diwsion
Office of the Chief Financial Officer
April 14, 2022
To the Citizens of the City of Nashua and the Board of Aldermen:
It is our pleasure to present the Annual Comprehensive Financial Report (ACFR) for the City of
Nashua, New Hampshire, for the fiscal year ended June 30, 2021. Responsibility for the accuracy
of the data and the completeness and fairness of the presentation, including all disclosures, rests
with management. To the best of our knowledge and belief, the report accurately presents the
City’s financial position and the results of operations in all material respects in accordance with
the most current generally accepted accounting principles (GAAP). All disclosures necessary to
enable the reader to gain an accurate understanding of the City’s financial activities have been
included. This letter of transmittal is intended to complement and should be read in conjunction
with Management’s Discussion and Analysis (MD&A).
This ACFR presents the City’s financial statements as required by the Governmental Accounting
Standards Board (GASB) Statement No. 34, which established a new financial reporting model for
state and local governments. It also complies with GASB Statement No. 44, which “identified the
specific information required by the statistical section standards and set forth the overarching
objectives of statistical section information. The statistical section provides crucial data to many
different kinds of consumers of governmental financial information, ranging from municipal credit
analysts to state legislators, municipal governing bodies, oversight bodies, and citizen and taxpayer
organizations” (www.gasb.org/news). The ACFR covers all funds that, by law or other fiduciary
obligation, the City administers. These include, but are not limited to, funds for the City of Nashua,
the Nashua School District, and the component units, Pennichuck Corporation and Nashua Airport
Authority.
History and Government
The City of Nashua encompasses an area of thirty-two square miles in Hillsborough County along
the Merrimack River in Southern New Hampshire. It is approximately thirty-four miles northwest
of Boston, Massachusetts, and eighteen miles south of Manchester, New Hampshire. Nashua was
part of the settlement of Dunstable, Massachusetts, until the division line between Massachusetts
and New Hampshire was settled in 1741. It was then known as Dunstable, New Hampshire, until
its name was changed to Nashua in 1836.
Originating from England, the pioneers of Dunstable arrived in the 1600s to settle on grants of
land. The livelihood of the community at that time was farming and mercantile/commercial trade.
