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LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2019 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, 2019. Please read it in conjunction with the Authority's financial statements. FINANCIAL HIGHLIGHTS • The Authority's liabilities exceeded its assets by $776,563 for the y�r Winded September 30, 2019. This compares to the previous year, when liabilities �-eeded assets by $4,430,045. i • The total net position deficit of $776,563 results primarily from. the/A� t`i having recorded an amount due to Developers of $2,624,661 for to ciltes the Developers constructed and conveyed to the City. The Authority ariticipaltd$�'that with continued development in the area tax increment revenues will b `�suf�pient 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§&h as described in Note 4. J e, • The Authority's governmental funds reported a total=fending fund balance of $1,848,098 this year. This compares to the prior year fund balance $1,292,746, showing an increase of $555,352 during the current f(cal, year. USING THIS ANNUAL REPORT This annual report consists of a sefiolo-f',fiijilicial statements. The basic financial statements include: (1) combined fund financial statements and government -wide financial statements and (2) notes to the financial stfe-ihenik ;'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) tirAtatement of Activities and Governmental Funds Statement of Revenues, Expenditurese,,and Changes in Fund Balances. This report also includes other supplementary information in addition to the basic financial statements. GOVERNMENT�W, DE FINANCIAL STATEMENTS 1�1/ _a The AutNrity's annual report includes two financial statements combining the government - wide financial statements and the fund financial statements. The government -wide financial stateme�n,`ts provide 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-