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of opinion a government can receive from its independent auditors. A clean opinion is an important <br />indicator of sound financial management and creditworthiness to the citizens, other governmental <br />jurisdictions (state and federal), credit rating agencies, investment bankers, bond holders, and other <br />private sector entities. <br /> <br />In the second report, the auditors state that nothing came to their attention that caused them to believe <br />that the agency was not in compliance with appropriate state regulations. <br /> <br />RELATED POLICY ISSUES <br />Policy B. 1 of the City's Financial Management Goals and Policies states that "The City will maintain an <br />accounting and financial reporting system that allows reporting in conformance with Generally <br />Accepted Accounting Principles and Oregon Local Budget Law and will issue a Comprehensive Annual <br />Financial Report each fiscal year." This action signifies formal completion of this process for the fiscal <br />year ended June 30, 2004, and demonstrates the agency's compliance with the policy. <br /> <br />OPTIONS <br />Not applicable. <br /> <br />AGENCY DIRECTOR'S RECOMMENDATION <br />The Agency Director recommends adoption of the proposed resolution. <br /> <br />SUGGESTED MOTION <br />Move to adopt Resolution 1034 acknowledging receipt of the Annual Financial Report for the Urban <br />Renewal Agency of the City of Eugene for the fiscal year ended June 30, 2004. <br /> <br />ATTACHMENTS <br />A. Resolution <br />B. Copy of the 2004 Report <br /> <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 /> <br /> L:\CMO\2005 Council Agendas\M050124\S0501243.doc <br /> <br /> <br />