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DRAFT <br />La Porte Redevelopment Authority's Change in Net Assets <br />2010 <br />2009 <br />Revenues: <br />Program revenues: <br />Charges for services - developers <br />$ 89,483 <br />$ 312,437 <br />Total program revenues <br />89,483 <br />312,437 <br />General revenues: <br />Property taxes <br />1,738,188 <br />946,025 <br />Interest <br />910 <br />5,212 <br />Total general revenues <br />1,739,098 <br />951,237 <br />Expenses: <br />General government <br />1,321,416 <br />1,319,499 <br />Interest and fiscal charges <br />16,619 <br />167,054 <br />Total expenses <br />1,338,035 <br />1,486,553 <br />CHANGE IN NET ASSETS <br />490,546 <br />( 222,879) <br />NET ASSETS, BEGINNING <br />( 516,726) <br />( 293,847) <br />NET ASSETS, ENDING <br />$ 26,180 <br />$L 516,72 <br />Annual expenses consist of payments to developers for infrastructure in the City. <br />Budgetary Highlights <br />During the year, the Authority did not amend its budget. Revenues were greater than anticipated <br />primarily due to the additional collection of property taxes. <br />Long-term Debt <br />The Authority owes $615,026 to the City of La Porte. More detailed information about the Authority's <br />long-term debt is presented in the notes to the financial statements. <br />Discussion of Currently Known Facts, Decision or Condition in Fist cal Year 2010. <br />As of January 1, 1999, the property tax base was $7,385,080. As of January 1, 2010, the property tax <br />value is $78,045,860. The tax rate is $.71 on each $100 of taxable value. <br />Requests for Information: <br />This financial report is designed to provide our citizens with a general overview of the Authority's <br />finances. If you have any questions about this report or need any additional information, please contact <br />David Hawes, P. O. Box 22167, Houston, Texas 77227. <br />4 <br />