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LA PORTE REDEVELOPMENT AUTHORITY <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />FOR THE YEAR ENDED SEPTEMBER 30,2013 <br />GENERAL FUND BUDGETARY HIGHLIGHTS <br />The Board of Directors did not amend the budget for the fiscal year ending September 30, 2013. <br />Actual revenues were $68,199 less than budgeted and actual expenditures were $14,193 more <br />than budgeted. See the budget to actual comparison on page 23. <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, $934,355 was paid to the Developer for projects <br />including interest. See Note 4 for additional information. <br />LONG-TERM DEBT ACTIVITY <br />As of September 30, 2013, the Authority had no bond debt payable. <br />As of September 30, 2013, the Authority owed $662,000 to the City of La Porte, Texas plus <br />interest of $194,910. See Note 8 for more information. <br />The Sylvan Beach Restoration Project amount due to Harris County, Texas at September 30, <br />2013 is $531,590, including interest of $13,955. See Note 9 for more information. <br />CONTACTING THE AUTHORITY'S 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. O. <br />Box 22167, Houston, TX 77227. <br />-7- <br />