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I •...-,. P- r <br />LA, PORTS REDEVELOPMENT AUTHORITY <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />FOR THE YEAR ENDED SEPTEMBER 30, 2012 <br />NOTES TO THE BASIC FINANCIAL STATEMENTS <br />The accompanying notes to the basic (financial statements provide information essential to a full <br />understanding of the government -wide and fund financial statements. The notes to the basic <br />financial statements can be found on pages 12 through 19 in this report. <br />GOVERNMENT -WIDE FINANCIAL ANALYSIS <br />Net assets may serve over time as useful indicator of the Authority's financial position. In the <br />case of the Authority, liabilities exceeded assets by $8,594,987 as of September 30, 2012. <br />The following table provides a summary of the Authority's net assets as of September 30, 2012, <br />and September 30, 2011: <br />Summary of Changes in the Statement of Net Assets <br />Change <br />Positive <br />2012 <br />2011 <br />(Negative) <br />Current and Other Assets <br />$ 1 178 981 <br />$ 1,020,944 <br />$ 158,037 <br />Long -Term. Liabilities <br />$ 662,000 <br />$ 662,000 <br />$ <br />Due to Developer <br />8,880,774 <br />9,665,811 <br />(785,037) <br />Accrued Interest <br />231,194 <br />194,228 <br />36.966 <br />Total Liabilities <br />$ 9,773,968 <br />$ 10,522,039 <br />$ (748.071) <br />Net Assets: <br />Unrestricted <br />$ (8.594,987) <br />$ (9 501.095) <br />S 906,108 <br />Total Net Assets <br />$ (8.5) <br />501 095� <br />90610E <br />-5- <br />