Item 4: Resolution on Receipt of the FY09 Annual 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 $331,021. (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, 2009: Deposits with banks $1,230,193 Investments 9,871,213 $11,101,406 Detailed information for the Agency’s pooled cash and investments can be found in the City of Eugene’s FY09 Comprehensive Annual Financial Report (Notes to Basic Financial Statements). (B) Deferred Revenue Governmental funds report deferred revenue in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period, and for resources that have been received but not yet earned. At June 30, 2009, the deferred revenue reported in the Balance Sheet for governmental funds consist of the following: Total Property taxes receivable: Debt Service $174,122 Riverfront Special Revenue 40,403 Notes receivable: General 1,441,170 Other: Debt Service 48,357 Riverfront Special Revenue 9,379 Total deferred revenue $ 1,713,431 continued