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Redevelopment Agency of the City of Redwood City Table of Contents Page Independent Auditors' Report. ...... ........ ..... ....... ...... ........................... .................... ....................... ........... ...............1 Management's Discussion and Analysis......... .... .......... ........~.... ............. .........., ........ ..... ............... ......... .......... ..... 3 Basic Financial Statements: Government-Wide Financial Statements: Sta tement of Net Assets ............. .................... .................................................. ................... ... ...................... ..12 Statement of Activities and Changes in Net Assets........... ...................... .............. ..... ...... ....... .............. ....13 Fund Financial Statemertts: Governmental Funds: Balance Sheet... .................. ............... .................................................... .......................,..........,................. .16 Reconciliation of the Governmental Funds Balance Sheet to the Govemment- Wide Statement of Net Assets ............... .............. ........... ........................ ............. .....17 Statement of Revenues, Expenditures, and Changes in Fund Balances..........................................: 18 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-Wide Statement of Activities and Changes in Net Assets......................................................................19 ' Notes to Basic Financial Statements..........................,.... ............... .......................... ..................................... ......21 Required Supplementary Information: Budgetary Information....................... ........... ............... ......... ................ ................................................ ......... 38 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Redevelopment Agency Fund. ............. ....... ............... .... ..... ..................... ...... ... .... ............. ...... .......39 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Low and Moderate Income Housing Fund............. ..........~....................,..................................... ..40 Supplemental Infoimation: Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - 1997 Tax Allocation Refunding Bonds Fund............... ........... ...................... ..........~............. .........43 Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual- 2003 Tax Allocation Bonds Fund.............................................................. ......... ................. ............. 44 Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards................ ....... ....... ...................... ....... ...... .................. .....45 Sunlnlary of Current Year Compliance Findings ..................................................... ............................................ 47