12-10-14 Meeting of the La Porte Redevelopment Authority minutes

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LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30,2014 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, 2014. 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 $8,238,406 for September 30, 2014. This compares to the previous year, when lip assets by $8,701,513, e total net position deficit of $8,238,406 results primarily fro rn hc-uthority having recorded an amount due to Developers of $7,715,193 for,the T`'�c,fl'ties the Developer constructed and conveyed to the City. The Authority aziticipates that with continued development in the area tax increment revenues will Be,, suf£ient to cover operating costs, and to reimburse the Developer. The Authorrii o'lig bons to the Developer are contingent upon the availability of tax increment fir such as described in Note 4. b� 1 The Authority's governmental funds repoxtecl a` total ending fund balance of $661,210 this year. This compares to the prior year fund balance $917,058, showing d decrease of $255,848 during the current fiscal,:3iear."� USING THIS ANNUAL REPORT , This annual report consists of aeries" of financial statements. The basic financial statements include: (1) combined fund fijii �al'sa'ements and government -wide financial staterraents and (2) notes to the financial statemdnts The combined fund financial statements and government - wide financial statemboth: (1) the Statement of Net Position and Governmental Funds Balance Sheet and (2tlie Statement of Activities and Governmental Funds Revenues, Expenditures, and ,Cklanges -,,,irf Fund Balances. This report also includes other supplementary information in add tOW.to the basic financial statements. FINANCIAL STATEMENTS The A xl ox tye -s annual report includes two financial statements combining the govel ent- wid- Ifingnp al., statements and the fund financial statements. The government -wide portion of it s ifor A ,N; provides both long-term and short-term inforr' ation about he Authority's overdk! h us. ,{Financial reporting at this level uses a perspective similar to that 'T and in the prlvg f�.. with its basis in full accrual accounting anal elimination or reclassification of inLo—r 2a,l activities. -