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<br />~ r. `'i INDEPENDENT AUDITORS' REPORT
<br />~_
<br />~ <_,
<br />~ ' :' To the Honorable Mayor, Members of the Urban
<br />Renewal Agency Board and the Administrator of the
<br />I ; ~, Urban Renewal Agency of the City of Eugene, Oregon
<br />We have audited the accompanying financial statements of the governmental activities and each
<br />~ `' ~ major fund of the Urban Renewal Agency of the City of Eugene, Oregon ("Agencyn) (a component
<br />,;° unit of the City of Eugene, Oregon) as of and for the year ended June 30, 2008, which collectively
<br />~ comprise the Agency's basic financial statements, as listed in the table of contents: These
<br />= financial statements are the responsibility of the Agency's management. Our responsibility is to
<br />" ~ express opinions on these financial statements based on our audit.
<br />We conducted our audit in accordance with auditing standards generally accepted in the United
<br />States of America.. Those standards require that we plan and perform the audit to obtain
<br />reasonable assurance about whether the financial statements are free of material misstatement.
<br />An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
<br />the financial statements. An audit also includes assessing the accounting principles used and
<br />significant estimates made by management, as well as evaluating the overall financial statement
<br />presentation. We believe that our audit provides a reasonable basis for our opinions.
<br />In our opinion, the financial statements referred to above present fairly, in all material respects,
<br />the respective financial position of the governmental activities and each major fund of the Agency
<br />as of June 30, 2008, and the respective changes in financial position for the year then ended in
<br />conformity with accounting principles generally accepted in the United States of America.
<br />The management's discussion and analysis and budgetary comparison information on pages 5
<br />through 9 and 31 through 32, are not a required part of the basic financial statements but are
<br />supplementary information required by accounting principles generally accepted in the United
<br />States of America. We have applied certain limited procedures to the management's discussion
<br />and analysis on pages 5 through 9, which consisted principally of inquiries of management
<br />regarding the methods of measurement and presentation of the supplementary information.
<br />However, we did not audit the information and express no opinion on it. The schedules of
<br />revenues, expenditures, and changes in fund balance -budget and actual, on pages 31 and 32
<br />have been subject to the auditing procedures applied in the audit of the basic financial statements
<br />and, in our opinion, are fairly stated in relation to the basic financial statements taken as a whole.
<br />Our audit was conducted for the purpose of forming opinions on the financial statements that
<br />collectively comprise the Agency's basic financial statements. The other supplementary
<br />information is presented for purposes of additional analysis and is not a required part of the basic
<br />financial statements. That information has been subjected to the auditing procedures applied in
<br />the audit of the basic financial statements and, in our opinion, is fairly stated, in all material
<br />respects, in relation to the basic financial statements taken as a whole.
<br />Isler CPA
<br />By:
<br />t P~ ~ ~,~-~._..
<br />(_.;% Paul Nielson, CPA, a member of the firm
<br />~~-~ Eugene, Oregon.
<br />November 14, 2008.
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