05-27-09 Meeting of the La Porte Redevelopment Authority Minutes

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The Statement of Net Assets presents information showing how the Authority's net assets changed during the fiscal year. All changes in net assets are reported when the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g. uncollected taxes). The Authority, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. The Authority's funds are Governmental funds. Governmental fund financial statements focus on current sources and uses of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-tern financing requirements. - The financial statements can be found on pages 5 through 6 of this report. - The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in the financial statements. The notes to the financial statements can be found on pages 7 through 10 of this report. .. - Financial Analysis: As noted earlier, net assets may serve over time as a useful indicator of the Authority's financial position. As of September 30, 2008, the Authority's liabilities exceeded assets by $293,847. Only one year of government-wide information is available. - La Porte Redevelopment Authority's Net Assets - 2008 - Assets Long-term liabilities $ 321,179 615,026 Net assets: Unrestricted - ( 293,847) Total net assets (deficit) - $( 293,847) Overall, the Authority had a decrease in net assets of $293,847. This decrease is primarily related to the Authority constructing capital assets on behalf of the City. 3