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1 b r L ■ LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEM 3ER 30, 2015 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, 2015. Please read it in conjunction with the Authority's financial statements. FINANCIAL HIGHLIGHTS era • The Authority's liabilities exceeded its assets by $6,789,320 for the year`ended September 30, 2015. This compares to the previous year, when liabilities exceeded assets by $8,238,406. - • The total net position deficit of $6,789,320 results primarily from t1 &,Authority having recorded an amount due to Developers of $6,786,852 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 suff dent 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 $540,282 this year. This compares to the prior year fund balance $661,210, showing a decrease of $120,928 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-