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'Pi Vavrinek, Trine, Day & Co., LlP Certified Public Accountants VALUE- THE" IJIFFFRENCl- INDEPENDENT AUDITORS' REPORT To the Board of Directors Of the Redevelopment Agency of San Leandro San Leandro, California We have audited the accompanying financial stalements of the governmental activities and each major fundofthe Redevelopment Agency of San Leandro (Agency), a component unit of the City of San Leandro, as of and for the year ended June 30, 2006, which collectively comprise the basic financial statements of the Agency, as listed in the table of contents. These basic financial statements are the responsibility of the Agency's management. Our responsibility is to express opinions on these basic financial statements based on our audit. We conducted our audit in accordance with auditing standards, generally accepted in the United States of America and the standards applicable to financial audits contained in Governmental Accounting Standards, issued by the Comptroller General of the United States. Those standards requirc that we plan and perform the audit to obtain reasonable assurancc about whether the basic financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the basic financial statcments_ An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall basic financial statement presentations. We belicvc that our audit providcs a n:asonablc basis for our opinions_ In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the Agency as of June 30, 2006, and the results of its operations and changes in fund balance for the year then ended in confonnity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we havc also issued our report dated November 30,2006, on our considcration of the Agency's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants and other matters. The purpose of that report is to describe the scope of our testing of internal control over [maneiaI reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Governmental Auditing Standards and should be read in conjunction with this report in considering the results of our audit. The accompanying Required Supplementary Information, such as management's discussion and analysis and budgetary comparison as listed in the table of content') are not a required part of the basic financial statements but are supplementary information required by accounting principles, generally accepted in the United States of America, We have applied certain limited procedures, which consisted principally of inquires of management regarding the methods of measurements and presentation of the Required Supplementary Infonnation. However, we did not audit the infonnation and express no opinion on it. V;;.,I> ~ '1 e.- / ~( . ,.r I '" ~ ! 0,,'( I f Co. / L- Cr? . Pleasanton, California November 30,2006 I 1 5000 Hopyard Road, Suito 335 Pleasanton, CA 94588.3351 Tel: 925.734.6600 Fa~: 925;734.6611 www.vtdcpa.com 'Re5NO . LAGUNA HILLS . 'ALO ALTO . PLEASANTON . RANCHO CUCAMONGA