Item 5: URA Resolution Acknowledging Receipt of Annual Financial Report

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state and local governments is promulgated by the Governmental Accounting Standards Board (GASB) to ensure consistency in accounting and comparability in financial reporting among state and local governments. A clean opinion is a fundamental financial goal for every government, as it represents the highest level of opinion a government can receive from its independent auditors. A clean opinion is an important indicator of sound financial management and creditworthiness to the citizens, other governmental jurisdictions (state and federal), credit rating agencies, investment bankers, bond holders, and other private sector entities. In the second report, the auditors state that nothing came to their attention that caused them to believe that the agency was not in compliance with appropriate state regulations. RELATED POLICY ISSUES Policy B.1 of the City’s Financial Management Goals and Policies states that “The City will maintain an accounting and financial reporting system that allows reporting in conformance with Generally Accepted Accounting Principles and Oregon Local Budget Law and will issue a Comprehensive Annual Financial Report each fiscal year.” This action signifies formal completion of this process for the fiscal year ended June 30, 2006, and demonstrates the agency’s compliance with the Policy. OPTIONS None. AGENCY DIRECTOR’S RECOMMENDATION The Agency Director recommends adoption of the resolution. SUGGESTED MOTION Move to adopt Resolution 1041 acknowledging receipt of the Annual Financial Report for the Urban Renewal Agency of the City of Eugene for the fiscal year ended June 30, 2006. ATTACHMENTS A.Resolution B.2006 Annual Financial Report FOR MORE INFORMATION Staff Contact: Fionan Cronin Telephone: 682-5394 Staff E-Mail: finn.j.cronin@ci.eugene.or.us L:\CMO\2007 Council Agendas\M070108\S0701085.doc