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LA PORTE REDEVELOPMENT AUTHORITY MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED SEPTEMBER 30, 2012 GOVERNMENT -WIDE FINANCIAL STATEMENTS (Continued) The first of the government -wide statements is the Statement of Net Assets. This information is found in the Statement of Net Assets column on page 8. The Statement of Net Assets is the Authority -wide statement of its financial position presenting information that inclt'd6s --:all of the Authority's assets and liabilities, with the difference reported as net assets. Overlie increases or decreases in net assets may serve as a useful indicator of whether the financial;pasition of the Authority as a whole is improving or deteriorating. Evaluation of the overall finah ial health of the Authority would extend to other non -financial factors. The government -wide portion of the Statement of Activities ozr:,pagc 10 reports how the Authority's net assets changed during the current fiscal year. lcurrent year revenues and expenses are included regardless of when cash is received or paid: FUND FINANCIAL STATEMENTS The combined statements also include fund firiazac a_,statements. A fund is a grouping of related accounts that is used to maintain control ovef-resources that have been segregated for specific activities or objectives. The Authority. ha's`'cne governmental fund type. The General Fund accounts for resources not accountedw,forin"'`another fund, tax increment revenues, costs and general expenditures. Governmental funds are repo rte , -- each of the financial statements. The focus in the fund statements provides a distiziet 've4 iew of the Authority's governmental funds. These statements report short-term fiscal accountability focusing on the use of spendable resources and balances of spendable resources available at the end of the year. They are useful in evaluating annual financing requir"exrents of the Authority and the commitment of spendable resources for the near -term. Since de.goyernment-wide focus includes the long-term view, comparisons between these two perspectives rciay provide insight into the long-term impact of short-term financing decisions. The adjustrients columns, the Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets on page 9 and the Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities on page 11 explain the differences between the two presentations and assist in understanding the differences between these two perspectives. -4-