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ensure consistency in accounting and comparability in financial reporting among state and local <br />governments. A clean opinion is a fundamental financial goal for every government, as it <br />represents the highest level of opinion a government can receive from its independent auditors. <br />A clean opinion is an important indicator of sound financial management and creditworthiness to <br />the citizens, other governmental jurisdictions (state and federal), credit rating agencies, <br />investment bankers, bond holders, and other private sector entities. <br /> <br />In the second report, the auditors address the Agency’s compliance with applicable provisions of <br />Oregon Revised Statutes including, requirements related to debt, deposit of public funds, <br />preparation and adoption of the budget, accounting records and related internal control structure, <br />etc. The auditors noted that nothing came to their attention that caused them to believe that the <br />Agency was not in compliance with state regulations. <br /> <br /> <br />RELATED POLICY ISSUES <br /> <br />Policy B.1 of the City’s Financial Management Goals and Policies states that “The City will <br />maintain an accounting and financial reporting system that allows reporting in conformance with <br />Generally Accepted Accounting Principles and Oregon Local Budget Law and will issue a <br />Comprehensive Annual Financial Report each fiscal year.” This action signifies formal <br />completion of this process for the fiscal year ended June 30, 2011, and demonstrates the <br />Agency’s compliance with the Policy. <br /> <br /> <br />AGENCY OPTIONS <br />None. <br /> <br /> <br />AGENCY DIRECTOR’S RECOMMENDATION <br /> <br />The Agency Director recommends adoption of the Resolution. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to adopt Resolution 1063 acknowledging receipt of the Annual Financial Report for the <br />Urban Renewal Agency of the City of Eugene for the fiscal year ended June 30, 2011. <br /> <br /> <br />ATTACHMENTS <br /> <br /> <br />A.Resolution <br /> <br />B.Copy of the 2011 Report <br /> <br /> <br />FOR MORE INFORMATION <br />Staff Contact: Fionan Cronin <br />Telephone: 541-682-5394 <br />Staff E-Mail: finn.j.cronin@ci.eugene.or.us <br /> <br /> <br />S:\CMO\2012 Council Agendas\M120109\S1201094.doc <br />