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Cayuga County Development Corporation – CCDC FY2012 Audited Financial Statements as a Component Unit of CCIDA CCDC Audited Financial Statements FY2012 Page 1 Cayuga County Development Corporation FY 2012 Audited Financial Statements as a Component Unit of the Cayuga County IDA MANAGEMENT DISCUSSION AND ANALYSIS Introduction The Cayuga County Development Corporation (CCDC) annually conducts a financial audit as a component unit of the Cayuga County Industrial Development Agency (or the “CCIDA”). This CCIDA Annual Independent Financial Audit looks closely at the finance, internal controls and investments of the CCDC as a component unit of the CCIDA and reports its findings in the CCIDA financial audit report. The FY2012 Management Discussion & Analysis, with the CCDC audited as a component unit is presented herein. ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK---