@ MELANSON
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
contral-related matters that we identified during the audit.
MoDanser
Merrimack, New Hampshire
March 23, 2022
800.282.2440 | melansoncpas.com
& MELANSON
In preparing the consolidated financial statements, management is required to evaluate whether
there are conditions or events, considered in the aggregate, that raise substantial doubt about
Pennichuck Corporation and Subsidiaries’ ability to continue as a going concern for one year after
the date that the consolidated financial statements are available to be issued.
Auditors’ Responsibilities for the Audit of the Financial Statements
@ MELANSON
INDEPENDENT AUDITORS’ REPORT
Board of Directors and Stockholder
Pennichuck Corporation and Subsidiaries
Opinion
CONTENTS
Independent Auditors’ Report
Consolidated Balance Sheets
Consolidated Statements of Income (Loss)
Consolidated Statements of Comprehensive Income (Loss)
Consolidated Statement of Changes in Stockholder’s Equity (Deficit) Current Year
Consolidated Statement of Changes in Stockholder’s Equity Prior Year
Consolidated Statements of Cash Flows
Notes to the Consolidated Financial Statements
at]
12
V2 PENNICHUCK:
PENNICHUCK CORPORATION AND SUBSIDIARIES
Consolidated Financial Statements
December 31, 2021 and 2020
(With Independent Auditors’ Report Thereon)
PENNICHUCK:?
VIA HAND DELIVERY
March 30, 2022
Ms. Lori Wilshire, President
Board of Aldermen
City of Nashua
229 Main Street
Nashua, NH 03060
Dear President Wilshire:
25 WALNUT STREET
PO BOX 428
NASHUA, NH 03061-0428
(603) 882-5191
FAX (603) 913-2305
WWW. PENNICHUCK.COM
Enclosed, for your information, is a copy of Pennichuck’s Audited Consolidated Financial
Statements for the years ended December 31, 2021 and December 31, 2020.
Please contact me if you have any questions.
-13-
e Continued roll-out and implementation of company-wide Customer Security Program, to the
benefit and safety of customers and employees
e Continued training, mentoring and succession planning throughout the organization, including
impending retirements occurring in 2022 and 2023 for certain key roles
e Continue to promote customer education through newsletters and social media
e Complete upgrades to the Bowers Dam spillway, including replacement of the spillway gate
and the construction of an auxiliary spillway
-|12-
Bedford. This project was initiated in 2018, and was completed during 2019, bringing water to
approximately 90 new customers in that community.
-1ll-
from all its customers based on their actual bills incurred between April 1, 2021 and the final
effective date of the Order.
-10-
December 17, 2020. The overall rate increase is subject to the normal regulatory filing process
with the NHPUC, as followed for all prior rate case filings, and as such, the final permanent rate
increase granted will be effective retroactive back to the filing date.
On November 9, 2021, the NHPUC issued Order No. 26,544 approving a permanent rate
increase of 5.45%, becoming effective with services rendered back to December 17, 2020.
Financing
