Financial Statements and Management’s Discussion and Analysis

Years Ended June 30, 2017 and 2016 with Independent Auditor’s Report

This report identifies the Pease Development Authority’s (“PDA”) financial position and describes PDA’s financial activities over the past three fiscal years. This section of PDA’s annual financial report is known as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”) and presents our discussion and analysis of PDA’s consolidated financial performance during the fiscal years ended June 30, 2017, 2016 and 2015.

The MD&A is an analysis of the financial condition and operating results of PDA and is intended to introduce the basic financial statements and notes to those statements. The MD&A must be presented in every financial report that includes basic financial statements prepared in accordance with accounting principles generally accepted in the United States of America. It is intended to provide an objective and easily readable analysis of PDA’s financial activities based on currently known facts, decisions, or conditions. This MD&A should be read in conjunction with PDA’s financial statements and accompanying notes.

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