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Community Redevelopment Agency <br />Annual Report for FY 2007-2008 <br />December 15, 2008 <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 />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 />19C-2