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, 2020, 2019 and 2018, respectively. 2020 Current assets Capital assets Other long-term assets Total Assets Deferred Outflow of Resources Current liabilities Other noncurrent liabilities Total Liabilities Deferred Inflow of Resources Net investment in capital assets Total Net Position Unrestricted $ $ 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 $ $ 2018 429,292 1,141,563 27,169 1,598,024 31,746 49,509 74,772 124,281 6,653 1,141,563 357,273 1,498,836 The Authority’s total current assets decreased by $55,890 and increased by $61,435 during fiscal years 2020 and 2019, respectively. Elements to consider related to these changes include: Cash and cash equivalents decreased from $400,706 to $371,498 in fiscal year 2020 and increased from $365,038 to $400,706 in fiscal year 2019, thus resulting in a total increase of $6,460 over the two years. Accounts receivable – trade decreased by $8,986 in fiscal year 2020 and increased by $5,664 in fiscal year 2019. The decrease in fiscal year 2020 was due to COVID-19 business shutdowns. Accounts receivable – non-trade decreased by $6,759 in fiscal years 2020 and increased by $6,997 in fiscal year 2019. The net increase from fiscal year 2018 was due to federal grants activity. Inventories increased by $406 in fiscal year 2020 and increased by $301 in fiscal year 2019, resulting in a $707 increase from fiscal year 2018 due to rubber tire gantry crane and ship-to- shore crane spare parts. Prepaid expenses decreased by $11,343 in fiscal year 2020 and increased by $12,893 in fiscal year 2019. These changes resulted in a total increase of $1,550 due to a construction project deposit with the Georgia Department of Transportation. 6
