Item 5: URA - Resolution Acknowledging Receipt of FY07 Financial Report

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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON Notes to Basic Financial Statements (1)Summary of Significant Accounting Policies, continued (D)Measurement Focus, Basis of Accounting, and Financial Statement Presentation, continued Debt Service Fund The Debt Service Fund is used to account for the accumulation of tax increment resources and the payment of intergovernmental expenditures to the City for payment of principal and interest on the Library Certificates of Participation. Capital Projects Fund The Capital Projects Fund is used to account for the financial resources to be used for the acquisition or construction of major capital facilities within the Downtown District. The following are the Agency's Riverfront District governmental funds: Riverfront Special Revenue Fund The Riverfront Special Revenue Fund is used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for the Riverfront District. Riverfront Debt Service Fund The Riverfront Debt Service fund is used to account for the proceeds of debt issued to pay for the construction of a new parking structure. This project was cancelled and the fund will close in FY08. Riverfront Capital Projects Fund The Riverfront Capital Projects Fund is used to account for the financial resources to be used for the acquisition or construction of major capital facilities within the Riverfront District. When both restricted and unrestricted resources are available for use, it is the Agency’s practice to use restricted resources first, then unrestricted resources as they are needed. (E)Equity in Pooled Cash and Investments The Agency invests cash through the City into various investment programs. Policies adopted by the Investment Advisory Board and the Eugene City Council authorize the City to invest in obligations of the U.S. Treasury and its agencies, time certificates of deposit, bankers’ acceptances, municipal bonds, corporate bonds, commercial paper, repurchase agreements, reverse repurchase agreements, and the Oregon Local Government Investment Pool (LGIP). It is the City’s policy to report at amortized cost all short-term, highly-liquid money market investments (including corporate bonds, commercial paper, bankers’ acceptances, municipal bonds, and U.S. Treasury and agency obligations) and participating interest-earning investment contracts with a remaining maturity at time of purchase of one year or less. Such investments are stated at cost, increased by accretion of discounts and reduced by amortization of premiums, both computed by the straight-line method. Callable investments purchased at a discount are amortized to the maturity date, and callable investments purchased at a premium are amortized to the first call date. Investments with a remaining maturity at time of purchase of more than one year are valued at fair value. continued îï