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  2. Finance Committee - Agenda - 8/17/2022 - P160

Finance Committee - Agenda - 8/17/2022 - P160

By dnadmin on Sun, 11/06/2022 - 21:45
Document Date
Fri, 08/12/2022 - 13:02
Meeting Description
Finance Committee
Document Type
Agenda
Meeting Date
Wed, 08/17/2022 - 00:00
Page Number
160
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/fin_a__081720…

NASHUA AIRPORT AUTHORITY
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
For the Year Ended June 30, 2021

contribution rate and that employer contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the member rate. For purposes of the projection, member
contributions and employer contributions are projected based on the expected payroll of current members
only. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to
make all projected future benefit payments of current plan members. Therefore, the long-term expected rate
of return on pension plan investments was applied to all periods of projected benefit payments to determine
the collective pension liability.

Sensitivity of the Authority’s Proportionate Share of the Net Pension Liability to Changes in the Discount
Rate

The following presents the Authority's proportionate share of the net pension liability calculated using the
discount rate of 6.75 percent, as well as what the Authority's proportionate share of the net pension liability
would be if it were calculated using a discount rate that is 1-percentage-point lower or |-percentage-point
higher than the single discount rate:

Current
1% Decrease Discount Rate 1% Increase
(5.75%) (6.75%) (7.75%)
Authority's proportionate share
of the net pension liability g 535,007 $ 413,263 $ 313,782

NOTE 6—LONG-TERM OBLIGATIONS
Changes in Long-Term Obligations

The changes in the Authority’s long-term obligations for the year ended June 30, 2021 are as follows:

Amounts
Balance Balance Due Within
Type 7/1/2020 Additions Reductions 6/30/2021 One Year
Compensated absences $ 18,187 § 6,051 § (959) $§$ 23,279 = § -

NOTE 7—OPERATING LEASES

The Authority leases land from the City of Nashua, New Hampshire under a master lease commencing
October 8, 1974. The lease expires December 31, 2115. The rent for the term of the lease is $1.

The Authority subleases a portion of this land pursuant to twenty-year operating leases. The base rent is
adjusted biannually by the consumer price index. The Authority also leases the control tower under terms
of a lease, which expires July 31, 2024. The base rent for the control tower is adjusted annually at a rate of
2.25%. For the year ended June 30, 2021, lease income was $415,153.

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Finance Committee - Agenda - 8/17/2022 - P160

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