Independent Auditor’s Report

To the Board of Directors of
Savannah Economic Development Authority

We have audited the consolidated statements of net position of the Savannah Economic Development Authority (SEDA) and affiliates, as of December 31, 2015 and 2014, and the related consolidated statements of revenue, expenses, and changes in fund net position and cash flows for the years then ended. The accompanying condensed financial information of SEDA as of and for the years ended December 31, 2015 and 2014 is not a presentation in conformity with accounting principles generally accepted in the United States of America. Reading the condensed financial statements; therefore, is not a substitute for reading the audited financial statements of SEDA.

Management’s Responsibility
Management is responsible for the preparation and fair presentation of the financial statements.

Auditor’s Responsibility
Our responsibility is to express an opinion on the consolidated financial statements based on our audits.

Opinion
In our opinion, the accompanying condensed financial information is fairly stated, in all material respects, in relation to the portion of the basic financial statements from which it has been derived.

Other Matters
SEDA has not presented the management’s discussion and analysis that the Governmental Accounting Standards Board has determined is necessary to supplement, although not required to be a part of, the basic financial statements.

Holland, Henry & Bromley, LLP
Savannah, Georgia
March 30, 2016

Financial statements

Condensed Consolidated Statements of Net Position

 December 31
Assets 2015 2014
Total Assets $36,642,775 $34,553,606
Cash and Cash Equivalents $4,503,120 $2,513,557
Investments $14,951,035 $14,996,846
Capital Assets - Net of Accumulated Depreciation $7,166,679 $7,404,715
Real Property Held for Sale or Development $7,553,386 $7,635,047
Other $2,468,555 $2,003,441
Liabilities 2015 2014
Total Liabilities and Net Assets $36,642,775 $34,553,606
Current Liabilities $4,718,496 $1,138,820
Noncurrent Liabilities $22,887 $3,896,378
Total Liabilities $4,741,383 $5,035,198
Net Position $31,901,392 $29,518,408

Condensed Consolidated Statements of Revenues, Expenses and Changes in Fund Net Position For the Years Ended December 31, 2015 and 2014
2015 2014
Total Net Position - Beginning of the Year $29,518,408 $29,030,144
Total Net Position - End of the Year $31,901,392 $29,518,408
Operating Revenues $6,984,703 $6,760,545
Operating Expenses ($5,272,650) ($4,504,072)
Nonoperating Revenues (Expenses) $670,931 ($1,768,209)
Net Income $2,382,984 $488,264