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F LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2013 Management's discussion and analysis of La Porte Redevelopment Authority's (the "Authority") financial performance provides an overview of the Authority's financial activities for the fiscal year ended September 30, 2013. Please read it in conjunction with the Authority's financial statements, which begin on page 8. FINANCIAL HIGHLIGHTS • The Authority's liabilities exceeded its assets by $8,701,513 for the year ended September 30, 2013. This compares to the previous year, when liabilities exceeded assets by $9,325,403, The total net position deficit of $8,701,513 results primarily from the Authority having recorded an amount due to a Developer of $8,230,071 for the facilities the Developer constructed and conveyed to the City. The Authority anticipates that with continued development in the area tax increment revenues will be sufficient to cover operating costs, and to reimburse the Developer. The Authority's obligations to the Developer are contingent upon the availability of tax increment for such as described in Note 4. + The Authority's governmental funds reported a total ending fund balance of $917,058 this year. This compares to the prior year fund balance $1,178,981, showing a decrease of $261,923 during the current fiscal year. USING THIS ANNUAL REPORT This annual report consists of a series of financial statements. The basic financial statements include: (1) combined fund financial statements and government -wide financial statements and (2) notes to the financial statements. The combined fund financial statements and government - wide financial statements combine both: (1) the Statement of Net Position and Governmental Funds Balance Sheet and (2) the Statement of Activities and Governmental Funds Revenues, Expenditures, and Changes in Fund Balances. This report also includes other supplementary information in addition to the basic financial statements. GOVERNMENT -WIDE FINANCIAL STATEMENTS The Authority's annual report includes two financial statements combining the government - wide financial statements and the fund financial statements. The government -wide portion of these statements provides both long-term and short-term information about the Authority's overall status. Financial reporting at this level uses a perspective similar to that found in the private sector with its basis in full accrual accounting and elimination or reclassification of internal activities. -3-