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FLORIDA DEVELOPMENT FINANCE CORPORATION <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />JUNE 30, 2015 <br />Financial Analysis <br />Net Position <br />Net position may serve over time as a useful indicator of FDFC's financial position FDFC's assets exceeded <br />liabilities by $1,223,822, representing an increase in net position for the year of $194,838 The largest portion of <br />FDFC's net position reflects cash received from bond issuance fees <br />TABLE A-1: <br />Statements of Net Position <br />(In thousands of dollars) <br />Fiscal Year Fiscal Year Dollar <br />2015 2014 Change <br />Assets <br />Cash and cash equivalents $ 1,242 $ 1,039 $ 203 <br />Prepaid expenses 2 2 <br />Total assets <br />Liabilities <br />Liabilities <br />Accounts Payable <br />Total liabilities <br />1,244 1,041 203 <br />20 12 8 <br />20 12 8 <br />Net Position <br />Unrestricted 1.224 1.029 195 <br />Total net position $ 1,224 $ 1,029 $ 195 <br />Total assets increased in fiscal 2015 primarily due to the receipt of issuance fees on newly issued conduit debt. <br />Total liabilities remained relatively the same for accounts payable <br />4 <br />13 <br />