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<br />Redevelopment Agency of the City of Redwood City <br />Management's Discussion and Analysis, Continued <br />For the fiscal year ended June 30,2008 <br /> <br />FINANCIAL 2008 FINANCIAL HIGHLIGHTS, Continued <br /> <br />The Basic Financial Statements, Continued <br /> <br />Fund Financial Statements, Continued <br /> <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 /> <br />Comparisons of Budget and Actual financial information are presented for the Redevelopment Agency <br />Fund, the Low and Moderate Housing Fund, the 1997 Tax Allocation Refunding Bonds Fund and the 2003 <br />Tax Allocation Bonds Fund. <br /> <br />FINANCIAL ACTIVITIES OF THE AGENCY AS A WHOLE <br /> <br />This analysis focuses on the net assets and changes in net assets of the Agency's Governmental Activities in <br />the Agency-wide Statement of Net Assets and Statement of Activities that follow. <br /> <br />Redevelopment Agency's Net Assets (in Millions) <br /> <br /> 2008 2007 Variance <br /> $ $ <br />Cash and investments 12.005 10.071 19.204% <br />Other assets 11.119 10.746 3.471% <br />Capital assets 20.493 41.404 -50.505% <br />Total assets 43.617 62.221 -29.900% <br />Long-term debt outstanding 46.210 46.132 0,169% <br />Other liabilities 5.002 5.507 -9.170% <br />Totalliabililies 51,212 51.639 -.827% <br />Net assets: <br />Invested in capital assets, <br />net of d.ebt (14.485) 3.144 -560.719% <br />Restricted 17.077 14.521 17.602% <br />Unrestricted <br />Other unrestricted net assets (1.0.187) (7.083) 43.823% <br />Total net assets (7.595) 10.582 -171.773% <br /> <br />5 <br />