03/13/2017 City Council Agenda - Laserfiche WebLink

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City of Eugene Street Bonds - agreed-upon procedures Page 2 (2) We reviewed bids and contracts related to two of eight new construction projects during 2016. The bidding and contracting process for the two projects complied with the City's procurement policies and procedures. (3) We recalculated the amount of unspent bond proceeds and compared that amount to the actual amount of bond proceeds remaining. The following is a summary of the 2012 bond proceeds and project expenditures from inception of the Street Bond project to December 31, 2016: Issuance to 1/1/2015 1/1/2016 12/31/2014 12/31/2015 12/31/2016 Total Bond proceeds $ 8,500,000 6,289,700 $ 6,690,000 $ 21,479,700 Project expenditures 8,445,638 6,355,849 6,378,148 21,179,635 As of December 31, 2016, the City had $1,500,000 outstanding on the line of credit facility. From January 1, 2016 through December 31, 2016, the City received $6,690,000 in bond proceeds and was charged interest of $18,818; the City repaid $6,908,818 during the same period. At December 31, 2016, the City had $21,520,300 in authorized borrowing remaining on the bonds ($43,000,000 authorized less $21,479,700 in proceeds received to date). Based on our limited testing, we noted that the City followed the purpose and limitation of the City Council Resolution 5063. We were not engaged to and did not conduct an audit, the objective of which would be the expression of an opinion on the financial records. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of the City Manager of the City of Eugene, and is not intended to be and should not be used by anyone other than this specified party. Isler CPA JkJ,, COA Eugene, Oregon January 27, 2017