Laserfiche WebLink
Community Redevelopment Agency <br /> Annual Report for FY 2008-2009 <br /> December 7, 2009 <br /> Page 2 <br /> and separate opinion on compliance and has determined that <br /> financial accounting and State Controller's guidelines have been <br /> met. <br /> 2. Annual Report of Financial Transactions of Community Redevelopment <br /> Agencies <br /> The Annual Financial Report delineates the financial activities for <br /> all funds within the redevelopment fund. Additionally, the report <br /> documents the achievements completed during the fiscal year as a <br /> direct result of the activities of the Community Redevelopment <br /> Agency. <br /> 3. Housing and Community Development Report of Housing Activity of <br /> Community Redevelopment Agencies <br /> In addition to general Agency financial transactions, the Housing <br /> and Community Development Annual Report contains information ~ <br /> regarding the low and moderate-income housing fund and a <br /> description of the effect of redevelopment activities on housing in <br /> general. <br /> 4. Annual Statement of Indebtedness <br /> The Annual Statement of Indebtedness is the annual report filed <br /> with the County Auditor describing Agency indebtedness and a <br /> reconciliation statement. <br /> <br /> 5. Agency Time and Financial Limits <br /> In 2007, the State Legislature adopted SB437, which included a <br /> provision requiring all redevelopment agencies to incorporate <br /> specific information regarding time limits into the Annual Reports. <br /> The legislation requires the list of the following time limits: <br /> 1) The time limit for the commencement for eminent domain <br /> proceedings to acquire property within the project area. <br /> 2) The time limit for the establishment of loans, advances, and <br /> indebtedness to finance the redevelopment project. <br /> 3) The time limit for the effectiveness of the redevelopment <br /> plan. <br /> 4) The time limit to repay indebtedness with the proceeds of <br /> property taxes. <br /> 19E-2 <br /> <br />