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INDEPENDENT AUDITORS' REPORT ON COMPLIANCE AND <br />ON INTERNAL CONTROL OVER FINANCIAL REPORTING <br />BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN <br />ACCORDANCE WITH OREGON AUDITING STANDARDS <br />To the Honorable Mayor, Members of the Urban <br />Renewal Agency Board and the Administrator <br />City of Eugene, Oregon <br />We have audited the basic financial statements of the Urban Renewal Agency (Agency) of the <br />City of Eugene, Oregon as of and for the year ended June 30, 2008 and have issued our report <br />thereon .dated November 14, 2008. We conducted our audit in accordance with auditing <br />standards generally accepted in the United States of America and the provisions of the Minimum <br />Standards for Audits of Oregon Municipal Corporations, prescribed by the Secretary of State. <br />Those standards require that we plan and perform the audit to obtain reasonable assurance <br />about whether the basic financial statements are free of material misstatement. <br />Internal Control Over Financial Reporting <br />In planning and performing our audit, we considered the Agency's internal control over financial <br />reporting as a basis for designing our auditing procedures for the purpose of expressing our <br />„) opinion on the financial statements, but not for the purpose of expressing an opinion on the <br />effectiveness of the Agency's internal control over financial reporting. Accordingly, we do not <br />`` -' express an opinion on the effectiveness of Agency's internal control over financial reporting. <br />A control deficiency exists when the design or operation of a control does not allow management <br />or employees, in the normal course of performing their assigned functions, to prevent or detect <br />misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of <br />control deficiencies, that adversely affects the Agency's ability to initiate, authorize, record, <br />process, or report financial data reliably in accordance with generally accepted accounting <br />principles such that there is more than a remote likelihood that a misstatement of the Agency's <br />financial statements that is more than inconsequential will not be prevented or detected by the <br />Agency's internal control. <br />A material weakness is a significant deficiency, or combination of significant deficiencies, that <br />results in more than a remote likelihood that a material misstatement of the financial statements <br />will not be prevented or detected by the Agency's internal control. <br />Our consideration of internal control over financial reporting was for the limited purpose described <br />in the first paragraph of this section and would not necessarily identify all deficiencies in internal <br />control that might be significant. deficiencies or material weaknesses. We did not identify any <br />deficiencies in internal control over financial reporting that we consider to be material <br />weaknesses, as defined above. <br />Compliance <br />As part of obtaining reasonable assurance about whether the Agency's financial statements are <br />free of material misstatement, we performed tests of its compliance with certain provisions of <br />laws, regulations, contracts, grants, including provisions of Oregon Revised Statutes as specified <br />in Oregon administrative Rules OAR 162-10-000 to 162-10-330, as set forth below, <br />noncompliance with which could have a direct and material effect on the determination of <br />financial statement amounts: <br />• The accounting records and related internal control structure. <br />45 <br />