MANAGEMENT’S DISCUSSION AND ANALYSIS Financial Statements Net Position: The following table reflects the overall financial condition of the Authority as of the last three fiscal years ended June 30, 2021, 2020 and 2019, respectively. 2021 Current assets Capital assets Other long-term assets Total Assets Deferred Outflows of Resources Current liabilities Other noncurrent liabilities Total Liabilities Deferred Inflows of Resources Net investment in capital assets Total Net Position Unrestricted $ $ 567,227 1,589,653 24,988 2,181,868 37,449 89,048 82,067 171,115 2,707 1,589,653 455,842 2,045,495 $ $ 2020 434,837 1,460,779 23,032 1,918,648 53,264 41,579 94,943 136,522 2,605 1,460,779 372,006 1,832,785 $ $ 2019 490,727 1,310,360 31,244 1,832,331 29,728 71,619 89,652 161,271 4,622 1,310,360 385,806 1,696,166 The Authority’s total current assets increased by $132,390 and decreased by $55,890 during fiscal years 2021 and 2020, respectively. Elements to consider related to these changes include: • Cash and cash equivalents increased from $371,498 to $469,359 in fiscal year 2021 and decreased from $400,706 to $371,498 in fiscal year 2020, thus resulting in a total increase of $68,653 over the two years. • Accounts receivable – trade increased by $28,262 in fiscal year 2021 and decreased by $8,986 in fiscal year 2020. The increase in fiscal year 2021 was due to a rebound in economic activity from the COVID-19 low in fiscal year 2020. • Accounts receivable – non-trade increased by $7,477 in fiscal years 2021 and decreased by $6,759 in fiscal year 2020. The net increase from fiscal year 2019 was due to federal grants activity. • Inventories decreased by $329 in fiscal year 2021 and increased by $406 in fiscal year 2020, resulting in a $77 increase from fiscal year 2019 due to rubber tire gantry crane spare parts. • Prepaid expenses decreased by $881 and by $11,343 in fiscal years 2021 and 2020 respectively. These changes resulted in a total decrease of $12,224 due to a construction project deposit with the Georgia Department of Transportation. 6
