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TABLE 2
<br />Activities
<br />Governmental Activities
<br />2007 2006
<br />Revenues:
<br />General revenues:
<br />Incremental property taxes
<br />Other
<br />Investment earnings
<br />Total general revenues
<br />Expenses:
<br />Community development
<br />Interst on long-term debt
<br />Total expenses
<br />Increase in net assets before transfers
<br />Transfers (net)
<br />Increase in net assets
<br />Net assets (deficit) beginning
<br />Net assets (deficit) ending
<br />$ 9,426,640 $ 7,566,125
<br />1,076,826 776,079
<br />910,131 761,079
<br />11,413,596 9,103,283
<br />
<br />5,126,989 6,812,758
<br />1,393,326 1,854,069
<br />6,520,315 8,666,827
<br />4,893,282 436,456
<br />(loo,ooo) (loo,ooo)
<br />4,793,282 336,456
<br />(7,735,705) (8,072,161)
<br />$ (2,942,423) $ (7,735,705)
<br />Downtown development and capital improvements in the Plaza. Redevelopment Project. Area
<br />account for approximately $4.0 million of the $11.2 million reserved for redevelopment projects.
<br />These improvements will complete the nearly 45-year transformation of the downtown from a
<br />declining post-war agricultural-based retail area to a successful regional center for financial
<br />services and healthcaze administration and community serving dining and retail. West San
<br />Leandro Redevelopment Project Area accounts for $5.4 million or 48.7% of the amount
<br />designated for redevelopment capital projects. These reserves reflect remaining bond proceeds
<br />that will be used to complete the MacArthur Streetscape project and Doolittle Drive/Airport
<br />Gateway improvements to be completed in the future.
<br />Tax increment revenue increased by 24.6% in fiscal year 2006-07, to $9.4 million from $7.6
<br />million in the previous fiscal year. This increase primarily reflects net increment increase of
<br />49.7% in the West San Leandro Project Area resulting from several large business properties that
<br />were reassessed at current value upon sale, an increase of 20.7% in the Low and Moderate
<br />Housing, a 8.1% increase in the Plaza Project Area's, and a increase of 23.6% in the Joint Project
<br />Area.
<br />Twenty percent of tax increment revenue, close to $2.4 million in fiscal year 2006-07, is set
<br />aside in the Low and Moderate Housing Fund for affordable housing prof ects.
<br />Fiscal Year 2003-04 2004-OS 2005-06 2006-07
<br />Tax Increment
<br />$ 7,355 $
<br />7,189 $ 7,566 $ 9,427
<br />
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