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 (3) Stewardship, Compliance, and Accountability, continued (A) Budgetary Information, continued Unexpected additional resources, or appropriations may be added to the budget through the use of a supplemental budget. A supplemental budget requires hearings before the public, publications in newspapers and approval by the Agency. Original and supplemental budgets may be modified by the use of appropriation transfers between the levels of control. Such transfers require approval by passing an Agency resolution authorizing the transfer. All budget amendments are subject to the limitations put forth in the Oregon Revised Statutes Chapters 294.305 through 294.565 (Oregon Budget Law). The net effect of amending resolutions passed during the fiscal year was an appropriation increase of $4,816,843. (B) Overexpenditures of Appropriations For the year ended June 30, 2007, the General Fund and Debt Service Fund had budget-basis expenditures in excess of legal appropriations of $72,443 and $72,425, respectively. (4) Detailed Notes on All Funds (A)Equity in Pooled Cash and Investments The City maintains a common cash and investments pool that is available for use by all funds including the Agency. The Agency’s portion of this pool is displayed in the Statement of Net Assets and the Balance Sheet as "Equity in pooled cash and investments.” Cash and investments are comprised of the following at June 30, 2007: Deposits with banks $960,280 Investments9,158,761 $10,119,041 Deposits At June 30, 2007, the Agency’s proportionate share of deposits with various financial institutions have a bank value of $1,147,041. For deposits in excess of federal depository insurance, Oregon Revised Statutes require the depository institution to maintain on deposit with a custodian, in a collateral pool, securities having a value not less than 25% of the outstanding certificates of participation which are issued by the collateral pool manager. The certificates of participation are issued in the City’s name and are held by the City. Custodial Credit Risk Custodial credit risk is the risk that in the event of a bank failure, the government’s deposits may not be returned to it. At June 30, 2007, the Agency has deposits of $734,664 insured by federal depository insurance and $247,099 which is collateralized by a minimum of 25% of the certificates of participation (per Oregon Revised Statutes). The remaining $165,278 is uncollateralized. continued îë