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PIEDMONT AREA MENTAL HEALTH,
<br />DEVELOPMENTAL DISABILITIES AND SUBSTANCE ABUSE AUTHORITY
<br />MANAGEMENT'S DISCUSSION AND ANALYSIS
<br />JUNE 30, 2006
<br />Financial Analysts of the Authority
<br />The Statement of Net Assets and the Statement of Activities report the net assets of the Authority and
<br />the changes in them. The Authority's net assets. -the difference between assets and liabilities -are a
<br />way to measure financial tieaith or financial position. Over time, increases or decreases in the
<br />Authority's net assets are one indicator of whether its financial health is improving or deteriorating.
<br />However, one will need to consider other non-financial factors such as changes in economic
<br />conditions, population growth, and new or changed governmental legislation.
<br />Statement of Net Assets
<br />A summary of the Authority's Statements of Net Assets at June 30, 2006 and 2005 is presented in
<br />Table A~~1.
<br />Table A-1
<br />Condensed Statements of Net Assets
<br />June 30, 2006 and 2005
<br /> 2006
<br />Current Assets $ 41,732,197
<br />Capital Assets 3,139,216
<br />Total Assets 44,871,413
<br />Current Liabilities 12,257,780
<br />Long-Term Liabilities 718,993
<br />Total Liabilities 12,976,773
<br />Net Assets
<br />Invested in Capital Assets, Net of Related Debt 2,868,387
<br />Restricted - Medicaid Risk Reserve 2,356,371
<br />Unrestricted Net Assets 26,889,882
<br />Total Net Assets $ 31,894,640
<br />2005
<br />$ 32,406,040
<br />3,297,211
<br />35,703,251
<br />11,598,469
<br />1,008,100
<br />12,606,569
<br />2,875,745
<br />437,124
<br />19,783,813
<br />$ 23,096,682
<br />Total Liabilities and Net Assets $ 44,871,413 $ 35,703,251
<br />The net assets of the Authority increased to $31,892,640 during 2006, a $8,795,958 increase from
<br />2005, primarily due to favorable operations and because there was a full year of income under the
<br />Medicaid Waiver award that began April 1, 2005.
<br />(5)
<br />G-'~
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