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ALAMEDA COUNTY REDEVELOPMENT AGENCY - SAN LEANDRO JOINT PROJECT AREA NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2008 The Agency is an integral part of the County of Alameda and, accordingly, the accompanying basic financial statements are included as a blended component unit of the general purpose financial statements prepared by the County. B. Measurement Focus and Basis of Accounting and Presentation The govemment-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flaws. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available within the current period or soon enough thereafter to pay liabilities of the current period. The Agency considers property taxes as available if they are collected within 60 days after year-end. The Agency uses a 30-day availability period for revenue recognition for all other governmental fund revenues. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when due. All revenues are considered susceptible to accrual. When both restricted and unrestricted resources are available for use, it is the Agency's policy to use restricted resources first. Description of Funds -The accounts of the Agency are organized on the basis of funds each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund balance, revenues and expenditures. The Agency uses the following governmental fund: Special Revenue Funds are used to account for proceeds of specific revenue sources (other than major capital projects), which by law or administrative action are designated to finance particular functions or activities of government. The Agency has the following special revenue funds: 1. Commercial Improvement Fund is used to account for proceeds of revenue sources which by law as administered action are designated for redevelopment activities other than housing activities. 2. Low Moderate Housing Fund is used to account for revenue sources which by law are designated to finance housing development for low and moderate-income persons. 21