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Patel & Associates Certified Public Accountant 266 17"` Street, Suite 200 Oakland, California 94612-4] 24 INDEPENDENT AUDITOR'S REPORT The Members of the Governing Board of the Alameda County Redevelopment Agency -San Leandro Joint Project Area Hayward, California Telephone: (510) 452-SOS l Fax: (510) 452-3432 e-mail: rarnesh@patelcpa.com We have audited the accompanying financial statements of the governmental activities and each major fund of the Alameda County Redevelopment Agency -San Leandro Joint Project Area (the Agency), a component unit of the County of Alameda, as of and for the year ended June 30, 2008 which collectively comprise the Agency's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Agency's management. Our responsibility is to express opinions on these 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 fmancial audits contained in Government Auditing Standards, issued by the Comptroller Genera] 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 misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Agency as of June 30, 2008, and the respective changes in financial position and the respective budgetary comparison for each special revenue fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. As described in notes to the financial statements, the Agency adopted statement of the Governmental Accounting Standards Board No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensia~ts. Tn accordance with Government Auditing Standards, we have also issued our report dated November 17, 2008 on our consideration of the Agency's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements 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 Government Auditing Standards and should be considered in assessing the results of our audit.