04-27-11 LPRDA/TIRZ - Laserfiche WebLink

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DRAFT The Statement of Net Assets presents information showing how the Authority's net assets changed during the fiscal year. All changes in net assets are reported when the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g. uncollected taxes). The Authority, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. The Authority's funds are Governmental funds. Governmental fund financial statements focus on current sources and uses of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near -tern financing requirements. The financial statements can be found on pages 5 through 6 of this report. The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in the financial statements. The notes to the financial statements can be found on pages 7 through 10 of this report. Financial Analysis: As noted earlier, net assets may serve over time as a useful indicator of the Authority's financial position. As of September 30, 2010, the Authority's liabilities exceeded assets by $26,180. La Porte Redevelopment Authority's Net Assets 2010 2009 Assets $ 772,519 $ 406,560 Other liabilities 183,673 308,260 Long-term liabilities 615,026 615,026 Total liabilities 798,699 923,286 Net assets (deficit): Unrestricted ( 26,180) ( 516,726) Total net assets (deficit) $( 26,180 $L 6,726 Overall, the Authority had an increase in net assets of $490,546. This increase is primarily related to the increase in property tax collections. 3