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

Browse Search

LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2014 GOVERNMENT -WIDE FINANCIAL STATEMENTS (Continued) The first of the government -wide statements is the Statement of Net Position. This information is found in the Statement of Net Position column on page 8. The Statement of Net Position is the Authority -wide statement of its financial position presenting information that includes all of the Authority's assets and liabilities, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the4f nancial position of the Authority as a whole is improving or deteriorating. Evaluation oflhe overall financial health of the Authority would extend to other non -financial factors. The government -wide portion of the Statement of Activities on pages 10e oils how the Authority's net position changed during the current fiscal year. All c�urrettrevenues and expenses are included regardless of when cash is received or paid. .� Nl� FUND FINANCIAL STATEMENTS r The combined statements also include fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources -tat have been segregated for specific activities or objectives. The Authority has one governmental fund type. The General Fund accounts for resources not accounted for in another f irid tax increment revenues, costs and general expenditures. Governmental funds are reported in each•, ofahe financial statements. The focus in the fund statements provides a distinctive viewAtNllie-Authority's governmental funds. These statements �� gab ..� report short-term fiscal accouniab_#y foci giftg on the use of spendable resources and balances of spendable resources availab ,,6 t The end of the year. They are useful in evaluating annual financing requirements of the A,�tl TAY and the commitment of spendable resources for the near -term. 1 :. Since the government=wide,fibbus includes the long-term view, comparisons between these two ers ectives mayfrov'de insight into the long-term impact of short-term financing decisions. p p Y: g g- p g The adjustments,coluAn , the Reconciliation of the Governmental Funds Balance Sheet to the Statement of Ne4Position on page 9 and the Reconciliation of the Governmental Funds Statement o Revenues, Expenditures and Changes in Fund Balances to the ' Statement of Actiage It explain the differences between the two presentations and assist in understa.;r'i the differences between these two perspectives. 4 - P!! ;£ :' • , sri�rJ.•�.. .. z; a ui . ..