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, 2016 and 2015, and the related consolidated statements of revenues, expenses, and changes in fund net position and of cash flows for the years then ended.

The accompanying condensed financial information of SEDA as of and for the years ended December 31, 2016 and 2015 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 consolidated financial statements.

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

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 Auditing 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
April 24, 2017

Financial statements

Condensed Consolidated Statements of Net Position

 December 31
Assets 2016 2015
Total Assets $38,352,233 $35,159,561
Cash and Cash Equivalents $4,681,348 $4,503,120
Investments $15,626,836 $14,951,035
Capital Assets - Net of Accumulated Depreciation $6,944,378 $7,166,679
Real Property Held for Sale or Development $9,672,414 $7,553,386
Other $1,427,257 $985,341
Deferred Outflows of Resources 2016 2015
$1,372,707 $1,483,214
Liabilities 2016 2015
Total Liabilities $5,598,938 $4,505,353
Current Liabilities $2,218,524 $4,482,466
Noncurrent Liabilities $3,380,414 $22,887
Deferred Inflows of Resources 2016 2015
$242,173 $236,030
Net Position 2016 2015
$33,883,829 $31,901,392

Condensed Consolidated Statements of Revenues, Expenses and Changes in Fund Net Position For the Years Ended December 31, 2016 and 2015
2016 2015
Total Net Position - Beginning of the Year $31,901,392 $29,518,408
Total Net Position - End of the Year $33,883,829 $31,901,392
Operating Revenues $7,689,152 $6,984,703
Operating Expenses ($6,397,914) ($5,272,650)
Nonoperating Revenues (Expenses) $691,199 $670,931
Net Income $1,982,437 $2,382,984