19C - COMM. REDEV. AGENCY ANNUAL REPORT

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CITY COUNCil MEETING DATE: ~ ~ REQUEST FOR COUNCIL ACTION CLERK OF COUNCil USE ONLY: DECEMBER 19, 2005 TITLE: APPROVED COMMUNITY REDEVELOPMENT AGENCY ANNUAL REPORT FOR FY 2004-2005 o As Recommended o As Amended o Ordinance on 15t Reading o Ordinance on 2nd Reading o Implementing Resolution o Set Public Hearing For CONTINUED TO '~~N.~ )k CITY MANAGER FILE NUMBER RECOMMENDED ACTION Receive and file the Community Redevelopment Agency Annual Report for FY 2004-2005 consisting of: 1. The Annual Audit Report as prepared by Conrad & Associates, LLP. 2. The Annual Report of Financial Transactions. 3. Housing and Community Development Report of Housing Activity of Community Redevelopment Agencies. 4. Annual Statement of Indebtedness. DISCUSSION The California Health and Safety Code, which defines the powers and duties of redevelopment agencies, requires the submittal of an annual report to the legislative body within six months of the end of the fiscal year. The 2004-2005 Annual Report must contain three major components: an independent audit report, a fiscal statement for the year, and a description of the Agency's activities affecting housing and displacement. The reports are available in the Clerk of the Council's office for review (Exhibit 1). Following receipt of these documents by the City Council, the report will be submitted to the State Controller's office pursuant to California Redevelopment Law. 1. Audit Report The firm of Conrad & Associates, LLP, has completed the Audit Report, with a separate opinion on compliance. The Executive Director of Finance and Management Services has reviewed the audit and separate opinion and has determined that financial accounting and State Controller's guidelines have been met. 19C-1