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INDEPENDENT AUDITORS’ REPORT <br />REQUIRED BY OREGON STATE REGULATIONS <br />To the Honorable Mayor, Members of the Urban <br />Renewal Agency Board and the Administrator <br />City of Eugene, Oregon <br />We have audited the basic financial statements of the Urban Renewal Agency (Agency) of the <br />City of Eugene, Oregon as of and for the year ended June 30, 2012, and have issued our report <br />thereon dated December 7, 2012. We conducted our audit in accordance with auditing standards <br />generally accepted in the United States of America and Government Auditing Standards. <br />Compliance <br />As part of obtaining reasonable assurance about whether the Agency’s financial statements are <br />free of material misstatement, we performed tests of its compliance with certain provisions of <br />laws, regulations, contracts and grants including provisions of Oregon Revised Statutes as <br />specified in Oregon Administrative Rules 162-10-000 to 162-10-320 of the Minimum Standards <br />for Audits of Oregon Municipal Corporations, noncompliance with which could have a direct and <br />material effect on determination of financial statements amounts. However, providing an opinion <br />on compliance with those provisions was not an objective of our audit, and accordingly, we do not <br />express such an opinion. <br />We performed procedures to the extent we considered necessary to address the required <br />comments and disclosures which included, but were not limited to the following: <br /> Deposit of public funds with financial institutions (ORS Chapter 295). <br /> Indebtedness limitations, restrictions and repayment. <br /> Budgets legally required (ORS Chapter 294). <br /> Insurance and fidelity bonds in force or required by law. <br /> Programs funded from outside sources. <br /> Highway revenues used for public highways, roads, and streets. <br /> Authorized investment of surplus funds (ORS Chapter 294). <br /> Public contracts and purchasing (ORS Chapters 279A, 279B, 279C). <br />In connection with our testing nothing came to our attention that caused us to believe City of <br />Eugene was not in substantial compliance with certain provisions of laws, regulations, contracts, <br />and grants, including the provisions of Oregon Revised Statutes as specified in Oregon <br />Administrative Rules 162-10-000 through 162-10-320 of the Minimum Standards for Audits of <br />Oregon Municipal Corporations. <br />43 <br />