19D - CRA ANNUAL REPORT 2010-2011

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: DECEMBER 19, 2011 TITLE: COMMUNITY REDEVELOPMENT AGENCY ANNUAL REPORT FOR FY 2010-2011 1 CITY MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ? As Recommended ? As Amended ? Ordinance on 15t Reading ? Ordinance on 2nd Reading ? Implementing Resolution ? Set Public Hearing For CONTINUED TO FILE NUMBER Receive and file the Community Redevelopment Agency Annual Report for FY 2010-2011 consisting of: 1. The Annual Audit Report as prepared by Macias Gini & O'Connell, 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; and 5. All other information as required pursuant to California Redevelopment Law. 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 2010-2011 Annual Report must contain five major components: an independent audit report, a fiscal statement for the year, a description of the Agency's activities affecting housing and displacement, a Statement of Indebtedness, and Agency Time and Financial Limits. 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 (CRL). Audit Report The firm of Macias Gini & O'Connell, 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 on compliance and has determined that financial accounting and State Controller's guidelines have been met. 19D-1