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LA PORTE REDEVELOPMENT AUTHORITY <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />FOR THE YEAR ENDED SEPTEIVIBER 30, 2012 <br />GENERAL FUND BUDGETARY HIGHLIGHTS <br />The Board of Directors did not amend the budget for the fiscal year ending September 30, 2012. <br />Actual revenues were $148,689 less than budgeted and actual expenditures were $109,430 less <br />than budgeted, primarily due to Developer payments being less than budgeted. See the budget <br />to actual comparison on page 21. <br />CAPITAL ASSETS <br />When capital projects are completed, the costs of the projects are recorded as a transfer to the <br />City since the maintenance and operations of the facilities will not be the responsibility of the <br />Authority. During the current fiscal year, $1,095,875 was paid to the Developer for projects <br />including interest. See Note 4 for additional information. <br />LONG-TERM DEBT ACTIVITY <br />Bond Debt <br />As of September 30, 2012, the Authority had no bond debt payable. <br />As of September 30, 2012, the Authority owed $662,000 to the City of La Porte, Texas plus <br />interest of $231,194. See Note 8 for more information. <br />CONTACTING THE AUTHORITY'S FINANCIAL MANAGEMENT <br />This financial report is designed to provide a general overview of the Authority's finances. <br />Questions concerning any of the information provided in this report or requests for additional <br />information should be addressed to La Porte Redevelopment Authority, c/o David Hawes, P. a. <br />Box 22167, Houston, TX 77227. <br />WE <br />