government, as it represents the highest level of opinion a government can receive from its <br />independent auditors. A clean opinion is an important indicator of sound financial management <br />and creditworthiness to the citizens, other governmental jurisdictions (state and federal), credit <br />rating agencies, investment bankers, bond holders, and other private sector entities. <br />In the second report, the auditors address the Agency's compliance with applicable provisions of <br />Oregon Revised Statutes, including requirements related to debt, deposit of public funds, <br />preparation and adoption of the budget, .accounting records and related internal control structure, <br />etc. The auditors noted that nothing came to their attention that caused them to believe that the <br />Agency was not in compliance with state regulations. <br />RELATED POLICY ISSUES <br />Policy B.1 of the City's Financial Management Goals and Policies states that "The, City will <br />maintain an accounting and financial reporting system that allows reporting in conformance with <br />Generally Accepted Accounting Principles and, Oregon Local Budget Law and will issue a <br />Comprehensive Annual Financial Report each fiscal year." This action signifes formal <br />completion of this process for the fiscal year ended June 30, 2008, and demonstrates the <br />Agency's compliance with the Policy. <br />.AGENCY OPTIONS <br />:None.. <br /> <br />AGENCY DIRECTOR'S RECOMMENDATION <br />The Agency Director recommends adoption of the proposed resolution. ~ -_ <br />SUGGESTED MOTION <br />Move to adopt Resolution 1050 acknowledging receipt of the Annual Financial Report for the <br />Urban Renewal Agency of the City of Eugene for the fiscal year.ended June 30, 2008. <br />ATTACHMENTS " <br />A.. Resolution <br />B. Copy of 2008 Report <br />FOR MORE INFORMATION <br />Staff Contact: Fionan Cronin <br />Telephone: 682-5394 <br />Staff E-Mail:. finn.j.cronin@ci.eugene.or.us <br />Z:\CMO\2009 Council Agendas\M090112\50901124.doc <br />City Council Agenda page 138 <br />