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Exhibit 5 <br />Urban Renewal Agency of the City of Eugene, Oregon <br />Reconciliation of the Statement of Revenues, Expenditures, and Changes <br /> in Fund Balances of Governmental Funds to the Statement of Activities <br />For the fiscal year ended June 30, 2011 <br />(amounts in dollars) <br />Net change in fund balances - total governmental funds(4,520,822) <br />Amounts reported for governmental activities in the Statement of Activities are <br /> different because: <br />Governmental funds do not report expenditures for unpaid compensated absences, interest <br /> expense, or arbitrage since they do not require the use of current financial resources. <br /> However, the Statement of Activities reports such expenses when incurred, regardless of <br /> when settlement ultimately occurs. <br />(42,221) <br />Capital outlays are reported as expenditures in governmental funds. However, the Statement of <br /> Activities allocates the cost of capital outlays over their estimated useful lives as depreciation <br /> expense.(264,476) <br />Governmental funds defer revenues that do not provide current financial resources. However, the <br /> Statement of Activities recognizes such revenues at their net realizable value when earned, <br /> regardless of when received.1,020,177 <br />Proceeds from the issuance of long-term debt provide current financial resources to governmental <br /> funds and are reported as revenues. In the same way, repayments of long-term debt use <br /> current financial resources and are reported as expenditures in governmental funds. However, neither <br /> the receipt of debt proceeds nor the payment of debt principal affect the Statement of Activities, <br /> but are reported as increases and decreases in noncurrent liabilities in the Statement of Net Assets. <br />(7,900,000) <br />Change in net assets of governmental activities.(11,707,342) <br />The accompanying notes are an integral part of the financial statements. <br />17 <br />