Item 4: URA - Resolution on Receipt of FY09 CARF

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INDEPENDENT AUDITORS’ REPORT To the Honorable Mayor, Members of the Urban Renewal Agency Board and the Administrator of the Urban Renewal Agency of the City of Eugene, Oregon We have audited the accompanying financial statements of the governmental activities and each major fund of the Urban Renewal Agency of the City of Eugene, Oregon (“Agency”) (a component unit of the City of Eugene, Oregon) as of and for the year ended June 30, 2008, which collectively comprise the Agency’s basic financial statements, as listed in the table of contents. These financial statements are the responsibility of the Agency’s management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Agency as of June 30, 2008, and the respective changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. The management’s discussion and analysis and budgetary comparison information on pages 5 through 9 and 31 through 32, are not a required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures to the management’s discussion and analysis on pages 5 through 9, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. The schedules of revenues, expenditures, and changes in fund balance - budget and actual, on pages 31 and 32 have been subject to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in relation to the basic financial statements taken as a whole. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Agency’s basic financial statements. The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. That information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. Isler CPA By: Paul Nielson, CPA, a member of the firm Eugene, Oregon. November 14, 2008.