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Redevelopment Agency of the City of Redwood City <br /> Management's Discussion and Analysis, Continued <br /> For the fiscal year ended June 30, 2007 <br /> FINANCIAL 2007 FINANCIAL HIGHLIGHTS,Continued <br /> The Basic Financial Statements, Continued <br /> Fund Financial Statements, Continued <br /> All the Agency's Funds are Governmental Funds;financial statements for these Funds are prepared on the <br /> modified accrual basis,which means they measure only current financial resources and uses. Capital assets <br /> and other long-lived assets, along with long-term liabilities, are not presented in the Governmental Fund <br /> Financial Statements. <br /> Comparisons of Budget and Actual f inancial inf ormation are presented f or the Redevelopment Agency Fund, <br /> the Low and Moderate Housing Fund, the 1997 Tax Allocation Refunding Bonds Fund and the 2003 Tax <br /> Allocation Bonds Fund. <br /> FINANCIAL ACTIVITIES OF THE AGENCY AS A WHOLE <br /> This analysis focuses on the net assets and changes in net assets of the Agency's Governmental Activities in the <br /> Agency-wide Statement of Net Assets and Statement of Activities that f ollow. <br /> Redevelopment Agency's Net Assets (in Millions) <br /> 2007 2006 Variance <br /> Cash and investments $10.071 $12.417 -18.893% <br /> Other assets 10.746 9.683 10.978% <br /> Capital assets 41.404 36.754 12.652% <br /> Total assets 62.221 58.854 5.721% <br /> Long-term debt outstanding 46.132 46.076 0.122% <br /> Other liabilities 5.507 5.283 4.240% <br /> Total liabilities 51.639 51.359 0.545% <br /> Net assets: <br /> Invested in capital assets, <br /> net of debt 3.144 0.099 3075.758% <br /> Restricted 14.521 16.005 -9.272% <br /> Unrestricted <br /> Other unrestricted net assets (7.083) (8.609) -17.726% <br /> Total net assets $10.582 $7.495 41.187% <br /> 5 <br />