Item 4: Resolution on Receipt of FY11 URA Annual Financial Report

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Urban Renewal Agency Revenues by Source Taxes - 32.0% Fines, fees, and charges for services - 16.3% Investment earnings - 1.8% Capital grants and contributions - 49.9% Fund-based Financial Analysis As previously discussed, the Agency uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements. The focus of the Agency’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Agency’s financing requirements. In particular, spendable fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the Agency reported combined ending fund balances of $8,135,206. Approximately 77% of this total amount ($6,267,974) is available for spending at the Agency’s discretion. The remainder of fund balance ($1,867,232) is not available for new spending because it includes nonspendable assets held for resale. The General Fund is the chief operating fund of the Agency. At the end of the current fiscal year, the total fund balance was $678,776, all of which was available to spend. General Fund Budgetary Highlights The difference between the original budget and the final amended budget was an increase of $3.1 million. This increase was funded by unspent resources from the prior year and current year resources. Capital Assets and Debt Administration Capital assets. The Agency’s investment in capital assets for its governmental activities as of June 30, 2011 amounted to $4,736,470 (net of accumulated depreciation). This investment in capital assets includes land, construction in progress, improvements, and infrastructure. Urban Renewal Agency's Capital Assets, Net of Accumulated Depreciation 20112010 Land$2,215,4592,215,459 Improvements1,350,5871,513,903 Infrastructure1,170,4241,271,584 Total capital assets$ 4,736,4705,000,946 Additional information on the Agency’s capital assets can be found in note (4)(C) of this report. 8