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public funds, preparation and adoption of the budget, accounting records and related <br />internal control structure, etc. The auditors noted that nothing came to their attention that <br />caused them to believe that the Agency was not in compliance with state regulations. <br />The auditors conduct the audit of the Agency’s basic financial statements in accordance <br />with generally accepted auditing standards and the Minimum Standards for Audits of <br />Oregon Municipal Corporations. <br /> <br />Management is responsible for the information contained in, and the preparation of, the <br />Agency’s financial statements. To effectively fulfill this responsibility and to contain the <br />cost of auditor services, staff devotes significant effort to the closing of accounting records, <br />the preparation of schedules and audit work papers, and the production of the Annual <br />Financial Report. This also results in staff expertise being developed on specific financial <br />and service issues that can then be used to assist departments and other pertinent parties. <br /> <br /> <br />RELATED POLICY ISSUES <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 <br />conformance with Generally Accepted Accounting Principles and Oregon Local Budget Law <br />and will issue a Comprehensive Annual Financial Report each fiscal year.” This action <br />signifies formal completion of this process for the fiscal year ended June 30, 2012, and <br />demonstrates the Agency’s compliance with the Policy. <br /> <br /> <br />AGENCY OPTIONS <br />None. <br /> <br /> <br />AGENCY DIRECTOR’S RECOMMENDATION <br />The Agency Director recommends adoption of the Resolution. <br /> <br /> <br />SUGGESTED MOTION <br />Move to adopt a resolution 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, 2012. <br /> <br /> <br />ATTACHMENTS <br />A.Resolution <br /> <br />B.Copy of the 2012 Report <br /> <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\2013 Council Agendas\M130114\S1301145.doc <br />