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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />DECENMER 15, 2008 <br />TITLE: <br />COMMUNITY REDEVELOPMENT AGENCY <br />ANNUAL REPORT FOR FY 2007-2008 <br />,- a,? , G?? <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Ordinance on 1 s` Reading <br />? Ordinance on 2nd Reading <br />? Implementing Resolution <br />? Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Receive and file the Community Redevelopment Agency Annual Report for FY <br />2007-2008 consisting of: <br />1. The Annual Audit Report as prepared by Macias Gini & O'Connell, LLP. <br />2. The Annual Report of Financial Transactions. <br />3. Housing and Community Development Report of Housing Activity of <br />Community Redevelopment Agencies. <br />4. Annual Statement of Indebtedness. <br />5. All other information as required pursuant to California <br />Redevelopment Law. <br />DISCUSSION <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 <br />fiscal year. The 2007-2008 Annual Report must contain five major <br />components: an independent audit report, a fiscal statement for the <br />year, a description of the Agency's activities affecting housing and <br />displacement, a Statement of Indebtedness, and Agency Time and Financial <br />Limits (Exhibit 1). Following receipt of these documents by the City <br />Council, the report will be submitted to the State Controller's office <br />pursuant to California Redevelopment Law. <br />1. Audit Report <br />The firm of Macias Gini & O'Connell, LLP 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 />19C-1