HomeMy WebLinkAbout19E - CRA ANNUAL REPORT FY 2008-2009 REQUEST FOR
COUNCIL ACTION
a
CITY COUNCIL MEETING DATE: CLERK OF COUNCIL USE ONLY:
DECEMBER 7, 2009
TITLE: APPROVED
? As Recommended
COMMUNITY REDEVELOPMENT AGENCY ? As Amended sc
ANNUAL REPORT FOR FY 2 0 0 8- 2 0 0 9 ? Ordinance on 1 Reading
? Ordinance on 2"d Reading
? Implementing Resolution
? Set Public Hearing For
CONTINUED TO
~-t~ FILE NUMBER
CITY MANAGER
RECOMMENDED ACTION
Receive and file the Community Redevelopment Agency Annual Report for FY
2008-2009 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.
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 2008-2009 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 (Exhibit 1). 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.
1. 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
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Community Redevelopment Agency
Annual Report for FY 2008-2009
December 7, 2009
Page 2
and separate opinion on compliance and has determined that
financial accounting and State Controller's guidelines have been
met.
2. Annual Report of Financial Transactions of Community Redevelopment
Agencies
The Annual Financial Report delineates the financial activities for
all funds within the redevelopment fund. Additionally, the report
documents the achievements completed during the fiscal year as a
direct result of the activities of the Community Redevelopment
Agency.
3. Housing and Community Development Report of Housing Activity of
Community Redevelopment Agencies
In addition to general Agency financial transactions, the Housing
and Community Development Annual Report contains information ~
regarding the low and moderate-income housing fund and a
description of the effect of redevelopment activities on housing in
general.
4. Annual Statement of Indebtedness
The Annual Statement of Indebtedness is the annual report filed
with the County Auditor describing Agency indebtedness and a
reconciliation statement.
5. Agency Time and Financial Limits
In 2007, the State Legislature adopted SB437, which included a
provision requiring all redevelopment agencies to incorporate
specific information regarding time limits into the Annual Reports.
The legislation requires the list of the following time limits:
1) The time limit for the commencement for eminent domain
proceedings to acquire property within the project area.
2) The time limit for the establishment of loans, advances, and
indebtedness to finance the redevelopment project.
3) The time limit for the effectiveness of the redevelopment
plan.
4) The time limit to repay indebtedness with the proceeds of
property taxes.
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Community Redevelopment Agency
Annual Report for FY 2008-2009
December 7, 2009
Page 3
In compliance with this new legislation, the redevelopment time and
financial limits are included in the Annual Report.
The Health and Safety Code mandates that the Annual Report be received
by the City Council and filed with the State Controller's office prior
to December 31, 2009.
FISCAL IMPACT
There is no fiscal impact associated with this action.
Cynthia J. Nelson
Deputy City Manager for Development Services
Community Development Agency
CJN/NTE/kcg
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