Seda Annual Report 2022
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, 2022 and 2021, and the related consolidated statements of revenues, expenses, and changes in fund net position and of cash flows for the years then ended. Our opinion on the audited consolidated financial statements was dated May 1, 2023.
The accompanying condensed financial information of SEDA as of and for the years ended December 31, 2022 and 2021 is not a presentation in conformity with accounting standards generally accepted in the United States of America or government auditing standards. Reading the condensed financial information; 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 and the condensed financial information.
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, Bromley, Barnhill & Brett, LLP
Savannah, Georgia
May 1, 2023
|
Condensed Consolidated Statements of Net Position |
December 31 |
December 31 |
|---|---|---|
|
Assets |
2022 |
2021 |
|
Cash and Cash Equivalents |
$19,416,196 |
$25,355,183 |
|
Restricted Cash |
$8,646,583 |
$22,730,873 |
|
Investments |
$22,339,095 |
$26,333,695 |
|
Capital Assets – Net of Accumulated Depreciation |
$9,289,532 |
$9,552,338 |
|
Real Property Held for Sale or Development |
$11,636,021 |
$11,230,171 |
|
Other |
$8,896,075 |
$1,933,476 |
|
Total Assets |
$80,223,502 |
$97,135,736 |
|
Deferred Outflows of Resources |
2022 |
2021 |
|---|---|---|
|
$3,697,224 |
$934,609 |
|
Liabilities |
2022 |
2021 |
|
Current Liabilities |
$3,762,030 |
$4,489,198 |
|
Noncurrent Liabilities |
$4,184,188 |
$440,952 |
|
Total Liabilities |
$7,946,218 |
$4,930,150 |
|
Deferred Inflows of Resources |
2022 |
2021 |
|---|---|---|
|
$10,766,141 |
$25,914,849 |
|
Net Position |
2022 |
2021 |
|---|---|---|
|
$65,208,367 |
$67,225,346 |
|
Condensed Consolidated Statements of Revenues, Expenses and Changes in Fund Net Position For the Years Ended December 31, 2022 and 2021 |
||
|---|---|---|
|
2022 |
2021 |
|
|
Operating Revenue |
$8,513,831 |
$9,253,428 |
|
Operating Expenses |
($6,896,028) |
($7,131,420) |
|
Nonoperating Revenue (Expenses) |
($3,634,782) |
$1,965,289 |
|
Net Income |
($2,016,979) |
$4,087,297 |
|
Total Net Position – Beginning of the Year |
$67,225,346 |
$63,138,049 |
|
Total Net Position – End of the Year |
$65,208,367 |
$67,225,346 |