8G Consent 2008 0107 - Laserfiche WebLink

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projects, $1.3 million is reserved for low and moderate income housing programs, and $2.4 million is reserved for debt reserves and repayment. OVERVIEW OF THE BASIC FINANCIAL STATEMENTS This report is in three parts: 1) Management's Discussion and Analysis (this part), 2) The Basic Financial Statements, which include the Agency-wide and the Fund financial statements, along with the Notes to these financial statements, 3) Unaudited Supplementary Information THE BASIC FINANCIAL STATEMENTS The Basic Financial Statements comprise the Agency-wide Financial Statements and the Fund Financial Statements. These two sets of financial statements provide two different views of the Agency's financial activities and financial position -long-teen and short-term. The Agency-wide Financial Statements provide alonger-term view of the Agency's activities as a whole, and comprise the Statement of Net Assets and the Statement of Activities. The Statement of Net Assets provides information about the financial position of the Agency as a whole, including all its capital assets and long-term liabilities on the full accrual basis, similar to that used by corporations. The Statement of Activities provides information about all the Agency's revenues and all its expenses, also on the full accrual basis, with the emphasis on measuring net revenues or expenses of each the Agency's programs. The Statement of Activities explains in detail the change in Net Assets for the year. The Fund Financial Statements report the Agency's operations in more detail than the Agency- wide statements and focus primarily on the short-term activities of the Agency's Major Funds. The Fund Financial Statements measure only current revenues and expenditures, current assets, liabilities and fund balances; they exclude capital assets, long-term debt, and other long-term amounts. Together, all these statements are called the Basic Financial Statements. The Agency-wide Financial Statements All of the Agency's basic services are considered to be governmental activities, including general government and community development. These services are supported by general Agency revenues such as property tax increments, and by program revenues such as lease revenues. Agency-wide financial statements are prepared on the accrual basis, which means they measure the flow of all economic resources of the Agency as a whole. 3