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<br />CITY COUNCIL MEETING DATE: <br /> <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />DECEMBER 3, 2007 <br />TITLE: <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 1 st Reading <br />o Ordinance on 2nd Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />COMMUNITY REDEVELOPMENT AGENCY <br />ANNUAL REPORT FOR FY 2006-2007 <br /> <br />~ <br /> <br />{2;J;fZ <br /> <br />CITY MANAGER <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Receive and file the Community Redevelopment Agency Annual Report for FY <br />2006-2007 consisting of: <br /> <br />1. The Annual Audit Report as prepared by Moreland & Associates Inc. <br />2. The Annual Report of Financial Transactions. <br />3. Housing and Community Development Report of Housing Acti vi ty of <br />Community Redevelopment Agencies. <br />4. Annual Statement of Indebtedness. <br /> <br />DISCUSSION <br /> <br />The California Health and Safety Code, which defines the powers and <br />duties of redevelopment agencies, requires the submittal of an annual <br />report to the legislative body within six months of the end of the fiscal <br />year. The 2006-2007 Annual Report must contain three maj or components: <br />an independent audit report, a fiscal statement for the year, and a <br />description of the Agency's activities affecting housing and <br />displacement. The reports are available in the Clerk of the Council's <br />office for review (Exhibit 1). Following receipt of these documents by <br />the City Council, the report will be submitted to the State Controller's <br />office pursuant to California Redevelopment Law. <br /> <br />1. Audit Report <br /> <br />The firm of Moreland & Associates Inc. has completed the Audit <br />Report, with a separate opinion on compliance. The Executive <br />Director of Finance and Management Services has reviewed the audit <br />and separate opinion and has determined that financial accounting <br />and State Controller's guidelines have been met. <br /> <br />19C-1 <br />