Item C: Review of Implementation of Street Bond Measure

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[gut INDEPENDENT ACCOUNTANT'S REPORT McQ!L REYALL - ;, E �McGladrey ON APPLYING AGREED -UPON PROCEDURES To Jon Ruiz, City Manager City of Eugene Eugene, Oregon We have performed the procedures enumerated below, which were agreed to by the City of Eugene ( "City "), solely to assist you in connection with the determination of whether the expenditure of general obligation bond funds approved for issuance through voter's approval of Ballot Measure 20 -145 were expended in accordance with the purposes and limitations outlined in City Council Resolution No. 4953; namely that such expenditures were: a) used only for costs related to street preservation projects, off- street bicycle and pedestrian path preservation projects and payment of bond issuance costs and not to expand the capacity of the street system; and b) limited to projects included in Exhibit A to the Resolution unless upon completion of all of the projects listed in Exhibit A the Council adds other street preservation projects to the list in order to utilize unspent bond proceeds. This agreed -upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in this report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. All procedures were performed for expenditures incurred between December 1, 2011 and November 30, 2012. All procedures we performed were limited to documentation and information supplied to us by the City, as follows: • An Excel spreadsheet detailing all payments made, charges allocated and /or invoices received by the City for expenditures related to the use of the bond proceeds • Copies of Resolution No. 4953 and Ballot Measure 20 -145 • Copies of bids and contracts issued by the City for any projects to be completed using the bond proceeds • Copies of supporting documentation including, but not limited to, invoices, cancelled checks, payroll records, certifications of payments and bank statements; and • Copies of the City's general ledger detail for the bond fund accounts, as needed The procedures we performed and the associated findings are as follows: (1) Expenditure testing. From December 1, 2011 through November 30, 2012, total expenditures for the projects funded by the bond proceeds were $7,492,730 per the City's general ledger detail of the bond fund. We tested $3,712,383, or 50 %, of those expenditures. All tested expenditures were supported by appropriate documentation such as invoices from vendors, certifications of payment, payroll records, signed contracts, and photographs of the work in progress. All tested expenditures were recorded in the proper account, fund and period and were spent on street projects included in Exhibit A of City Council Resolution No. 4953 or other street preservation projects approved by City Council, as permitted under Resolution 4953. No exceptions were noted. 2012 SRRP REPORT