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REDEVELOPMENT AGENCY OF SAN LEANDRO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2006 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) This Statement also specifies the accounting and financial reporting requirements if new enabling legislation replaces existing enabling legislation or if legal enforceability is reevaluated. Finally, this Statement requires governments to disclose the portion of total net assets that is restricted by enabling legislation. The requirements of this Statement are effective for financial statements for periods beginning after June 15,2005. The Agency has implemented this statement and it did not have a significant impact on the financial statements. 2. CASH AND INVESTMENTS Cash and investments at June 30, 2006, consisted of the following: Cash and investments pooled with the City Restricted cash and investments Total cash and investments $ 12,540,102 10,013,026 22,553,128 $ The Agency has pooled its cash and investment with the City in order to achieve a higher rcturn on investment. Certain restricted funds, which are hcld and invested by independent outside custodians through contractual agreements, are not pooled. These restricted funds include cash with fiscal agents. The investments made by the City are limited to those allowable under State status and include the following types of investments: U.S. Government Securities Bankers' Acceptance Commercial Paper Medium- Tenn Notes Repurchases Agreements Deposits with Banks State of California Local Agency Investment Fund Passbook savings account demand deposits Mutual funds investing in securities of the U.S. government or its agencies The Agency does not have specific cash or investment accounts. See the City's Comprehensive Annual Financial Report for disclosures related to cash and investments and the related custodial risk categorization. As prescribed by Governmental Accounting Standards Boards Statement No. 40. 22