Item 8-A
Council Meeting: December 17, 2002 Santa Monica, California
To: Mayor and City Council
Chairperson and Redevelopment Agency
From: City Staff
Subject: Annual
Report for Fiscal Year 2001-2002 for the
Redevelopment
Agency of the City of Santa Monica
The
California Health & Safety Code requires that the Redevelopment Agency
present an annual report to the City Council and file such annual report with
the Controller of the State of California no later than December 31, 2002. This staff report presents the attached
Santa Monica Redevelopment Agency Annual Report for Fiscal Year 2001-2002,
which includes an independent financial audit, pursuant to Section 33080.1 of
the California Health and Safety Code.
The purpose of the Annual
Report of the Redevelopment Agency is to provide financial and housing data to
the state legislature and interested parties regarding the Agency and its
activities. The attached report includes the following:
1)
Annual Report Summary for Fiscal Year 2001-2002, which includes
information which the Agency believes useful in explaining its programs and
activities (Attachment A);
2)
An independent financial audit and report conducted in accordance with
generally accepted auditing standards (Attachment B);
3)
A fiscal statement that provides information on the outstanding
indebtedness and the amount of tax increment revenue generated by the Agency in
total and by each project area (Attachment C); and
4)
A description of the Agency’s activities including those affecting
housing and displacement (Attachment D)
The accounting firm of KPMG completed an independent financial
audit for the financial year from July 1, 2001 to June 30, 2002, in compliance
with standards set out in Section 33080.1 of the California Health and Safety
Code. KPMG issued an unqualified audit report which means that the Agency’s
records accurately and fairly represent the financial position of the various
funds and account groups of the Redevelopment Agency as of June 30, 2002.
The attached annual report
provides specific information on housing and other activities of the
Redevelopment Agency in Fiscal Year 2001-2002. Presentation of the annual
report to the City Council is required prior to its transmittal to the State
Controller.
The Agency will be
conducting a public hearing early in the 2003 calendar year to review and
evaluate the progress of the Agency’s 1999 Implementation Plan.
There is no budget/fiscal impact resulting from the
approval of the Redevelopment Agency’s Annual Report of Fiscal Year 2001-2002.
It is recommended that the
City Council receive and file the Annual Report for Fiscal Year 2001-2002 for
the Redevelopment Agency of the City of Santa Monica and that the Redevelopment
Agency direct the Executive Director of the Redevelopment Agency to transmit
the report to the Controller of the State of California.
Prepared by: Jeff
Mathieu, Director of Resource Management
Mike
Dennis, Director of Finance/Agency Controller
Robert
Moncrief, Housing and Redevelopment Manager
Tina
Rodriguez, Redevelopment Administrator
Martin
Kennerly, Administrative Services Officer
Bill
Jias, Senior Account
Attachment A - Annual Report Summary for Fiscal Year 2001-2002
Attachment B -
KPMG
Independent Auditor’s Report for 2001-2002
Attachment C
- State Auditor Controller’s
Report of Financial Transactions and Statement of Indebtedness for Tax Year
2001-2002