Item 4: Resolution on Receipt of the FY09 Annual Financial Report

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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 address the Agency’s compliance with applicable provisions of Oregon Revised Statutes including, requirements related to debt, deposit of public funds, preparation and adoption of the budget, accounting records and related internal control structure, etc. The auditors noted that nothing came to their attention that caused them to believe that the Agency was not in compliance with 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, 2009, and demonstrates the Agency’s compliance with the policy. AGENCY OPTIONS None. AGENCY DIRECTOR’S RECOMMENDATION The Agency Director recommends adoption of the resolution. SUGGESTED MOTION Move to adopt Resolution 1054 acknowledging receipt of the Annual Financial Report for the Urban Renewal Agency of the City of Eugene for the fiscal year ended June 30, 2009. ATTACHMENTS A.Resolution B.Copy of 2009 Report FOR MORE INFORMATION Staff Contact: Fionan Cronin Telephone: 682-5394 Staff E-Mail: finn.j.cronin@ci.eugene.or.us Z:\CMO\2010 Council Agendas\M100111\S1001114.doc