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INDEPENDENT AUDITORS’ REPORT <br />To the Honorable Mayor and Members of the City Council <br />City of Eugene, Oregon <br />We have audited the accompanying financial statements of the governmental activities, the <br />business-type activities, each major fund, and the aggregate remaining fund information of City of <br />Eugene, Oregon (“the City”) as of and for the year ended June 30, 2011, which collectively <br />comprise the City’s basic financial statements as listed in the table of contents. These financial <br />statements are the responsibility of the City’s management. Our responsibility is to express <br />opinions on these financial statements based on our audit. <br />We conducted our audit in accordance with auditing standards generally accepted in the United <br />States of America and the standards applicable to financial audits contained in Government <br />Auditing Standards, issued by the Comptroller General of the United States. Those standards <br />require that we plan and perform the audit to obtain reasonable assurance about whether the <br />financial statements are free of material misstatement. An audit includes examining, on a test <br />basis, evidence supporting the amounts and disclosures in the financial statements. An audit <br />also includes assessing the accounting principles used and the significant estimates made by <br />management, as well as evaluating the overall financial statement presentation. We believe that <br />our audit provides a reasonable basis for our opinions. <br />In our opinion, the financial statements referred to above present fairly, in all material respects, <br />the respective financial position of the governmental activities, the business-type activities, each <br />major fund, and the aggregate remaining fund information of the City, as of June 30, 2011, and <br />the respective changes in financial position, and cash flows, where applicable, thereof for the <br />year then ended in conformity with accounting principles generally accepted in the United States <br />of America. <br />In accordance with Government Auditing Standards, we have also issued our report dated <br />December 15, 2011, on our consideration of the City’s internal control over financial reporting and <br />on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant <br />agreements and other matters. The purpose of that report is to describe the scope of our testing <br />of internal control over financial reporting and compliance and the results of that testing, and not <br />to provide an opinion on the internal control over financial reporting or on compliance. That report <br />is an integral part of an audit performed in accordance with Government Auditing Standards and <br />is important for assessing the results of our audit. <br />11 <br />