City of Port St . Lucie Community Redevelopment Agency Management ' s Discussion and Analysis For the Year Ended September 30 , 2021
The City of Port St . Lucie Community Redevelopment Agency ( the " CRA ") Management ' s Discussion and Analysis ( the " MD & A ") presents an overview and analysis of the financial activities of the CRA for the fiscal year ended September 30 , 2021 . Readers are encouraged to consider this overview and analysis in combination with the CRA ' s financial statements and notes .
FINANCIAL HIGHLIGHTS
At the end of fiscal year 2021 , the CRA ' s assets were less than its liabilities at the close of the most recent fiscal year by $( 0.9 ) million ( net position ).
Real Property was acquired for $ 0.1 million for the purpose of providing additional connectivity to the North Fork of the St . Lucie River as well as additional trail connections within The Port District .
The CRA ' s total net position increased by $ 2.4 million over the course of this year ' s operations primarily from the reduction of debt .
The CRA ' s revenues increased by $ 0.2 million or approximately 12 % over the prior fiscal year , as a result of increased taxable values in the CRA .
The CRA ' s revenue bond balance decreased during the fiscal year by $( 3.6 ) million or ( 13 )%.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the CRA ' s Basic Financial Statements . The Basic Financial Statements are comprised of three components : 1 ) the government-wide financial statements , 2 ) fund financial statements , and 3 ) notes to the financial statements . This report also contains other supplementary information in addition to the Basic Financial Statements .
1 ) Basic Financial Statements - Government-Wide Financial Statements
The Government-Wide Financial Statements are designed to provide readers with a broad overview of the CRA ' s finances , in a manner similar to a private-sector business . The summarized version of these statements are included in the Management Discussion & Analysis ( MD & A ).
The Statement of Net Position presents information on all the CRA ' s assets and liabilities and the difference between the components as net position . Over time , increases or decreases in net position may serve as a useful indicator of changes in the CRA ' s financial position .
The Statement of Activities presents information showing how the CRA ' s net position changed during the fiscal year . All changes in net position are reported as soon as the underlying event giving rise to the change occurs , regardless of the timing of related cash flows . This is the accrual basis of accounting . Thus , revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods .
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