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Vavrinek, Trine, Day & Co., LLP Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Board of Directors Of the Redevelopment Agency of San Leandro San Leandro, California We have audited the accompanying financial statements of the governmental activities and each major fund of the Redevelopment Agency of San Leandro (Agency), a component unit of the City of San Leandro, as of and for the yeaz ended June 30, 2007, 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 require that we plan and perform the audit to obtain reasonable assurance about whether the basic financial statements are free of material misstatements. An audit includes exan»'ning, on a test basis, evidence supporting the amounts and disclosures in the basic financial statements. 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 believe that our audit provides a reasonable 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, 2007, and the results of its operations and changes in fund balance for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated December 24, 2007, on our consideration 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 financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over fmancial 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 contents 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 Information. However, we did not audit the information and express no opinion on it. Pleasanton, California December 24, 2007 / ~ c ~ ~~ ~ ~ 1 5000 Hopyard Road, Suiie 335 Pleasanton, CA 94588-3351 Tel: 925734.6600 Fax: 925.734.6611 v/ww,~ttlcpa.com FR@SN6 LAGUNA HILLS PALO ALTO PLEASANTON RANCHO CUCAMONGA