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ALAMEDA COUNTY REDEVELOPMENT AGENCY - SAN LEANDRO JOINT PROJECT AREA MANAGEMENT'S DISCUSSION AND ANALYSIS JUNE 30.2008 This section of the Alameda County Redevelopment Agency -San Leandro Joint Project Area (the Agency) annual financial report presents a discussion and analysis of the Agency's financial performance during the fiscal year ended June 30, 2008. Please read it in conjunction with the Agency's basic financial statements following this section. Financial Highlights • The assets of the Agency exceeded liabilities at the close of the 2007-2008 fiscal year by $18,365,729 (net assets). Of this amount, $5,695,411 is restricted for low and moderate-income housing activities, and $921,939 is invested in capital assets, net of related debt, $11,748,379 will be used to meet ongoing obligations to citizens and creditors. • As of June 30, 2008, the Agency governmental funds reported combined fund balances of $17,386,407, an increase of $3,136,311 from the prior year. Approximately 68 percent of the combined fund balances, $11,751,137 is available to meet the Agency's current and future needs. Overview of the Financial Statements This discussion and analysis are intended to serve as an introduction to the Agency's basic financial statements. The Agency's basic financial statements comprise three components (1) Government-wide financial statements; (2) Fund financial statements, and (3) Notes to the basic financial statements. Supplementary information is included in addition to the basic financial statements. Government-wide financial statements are designed to provide readers with a broad overview of the Agency's finances, in a manner similar to aprivate-sector business. The statement of net assets presents information on all of the Agency's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the Agency is improving or deteriorating. The statement of activities presents information showing how net assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g. uncollected taxes and earned but unused vacation leave). 3