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FLORIDA DEVELOPMENT FINANCE CORPORATION <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />JUNE 30, 2017 <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 $1,090,717 representing a decrease in net position for the year of $378,481. 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 />2017 2016 Change <br />Assets <br />Cash $ 1,142 $ 1,575 $ (433) <br />Accounts receivable 183 3 180 <br />Prepaidexpenses - 1 (1) <br />Total assets $ 1,325 $ 1,579 $ (254) <br />Liabilities <br />Accounts payable $ 234 $ 110 $ 124 <br />Net Position <br />Unrestricted 1,091 1,469 (378) <br />Total net position $ 1.091 S 1.469 S (378) <br />Total assets decreased due primarily to cash spent on higher than expected PACE -related expenses, offset <br />by increases in accounts receivable due to timing of All Aboard Florida billings. Total liabilities increased in <br />fiscal 2017 primarily due to the timing of the Enterprise Florida, Inc. invoices for certain administrative <br />functions for seven months being accrued and paid after June 30, 2017. <br />n <br />