New Search
EUGENE URBAN RENEWAL AGENCY <br />- AGENDA ITEM SUMMARY <br />Action: Resolution 1050 Acknowledging Receipt of the Annual Financial Report <br />of the Urban Renewal Agency of the City of Eugene, Oregon, for the Fiscal Year <br />Ended June 30, 2008 <br />Meeting Date: January 12, 2009 Agenda Item Number: 4 <br />Department: Central Services Staff Contact: Fionan Cronin <br />www.eugene-or.gov Contact Telephone Number: 682-5394 <br />' ' ISSUE STATEMENT <br />This is a resolution acknowledging receipt of the Annual Financial Report (Report) of the Urban <br />Renewal Agency (Agency) of the City of Eugene for the fiscal year ended June 30, 2008. This <br />resolution demonstrates compliance with ORS 297.465(2), which requires that a copy of the <br />Agency's financial report, containing a signed expression of opinion, be furnished to each <br />member of the. governing body. <br />BACKGROUND <br />Under Oregon Municipal Audit-Law, the Agency is required each fiscal year to contract with an <br />authorized accounting firm for the audit of its accounts and fiscal affairs (ORS 297.425). The <br />regional firm of Isler CPA (auditors) has completed the audit of the Agency's annual financial <br />report for the fiscal year ended June 30, 2008, and issued an unqualified opinion on the basic <br />financial statements. <br />.The auditors conduct the audit of the Agency's basic financial statements in accordance with <br />generally accepted auditing standards and the Minimum Standards for Audits of Oregon <br />Municipal Corporations. <br />Management is responsible for the information contained in, and the preparation of, the <br />Agency's financial statements. To effectively fulfill this responsibility and to cgntain the cost of <br />. auditor services, City staff devotes significant effort to the closing of accounting records, the <br />preparation of schedules and audit workpapers, and. the production of the Annual Financial <br />Report. This also results in staff expertise being developed on specific financial and service. <br />. issues that can then be used to assist departments and other pertinent parties. <br />The key pages of the Report, which you may wish to review, are page 3 and pages 45-46, where <br />the two auditors' reports are found. In the first report, the auditors have issued a "clean opinion" <br />on the Agency's basic financial statements, indicating that the Agency has prepared these <br />statements in conformity with generally accepted accounting principles (GAAP). GAAP for <br />state-and local governments is promulgated by the Governmental Accounting.Standards Board <br />(GASB) to ensure consistency.in accounting and comparability in financial reporting among <br />state and local governments. A clean opinion is a fundamental financial goal for every <br />Z:\CMO\2009 Council Agendas\M090112\50901124.doc <br />City Council Agenda page 137 <br />