Redevelopment Agency Meeting: December
5, 2006
Agenda Item: 8-B
To: Mayor and City Council
Chairperson
and Redevelopment Agency
From:
Subject: Annual Report for Fiscal Year 2005-2006 for the Redevelopment Agency of
the City of
Recommended
Action
Staff recommends
that the City Council:
1)
Receive and file the Annual Report for Fiscal Year
2005-2006 for the Redevelopment Agency of the City of
Staff recommends that the Redevelopment
Agency:
1) Direct the
Executive Director of the Redevelopment Agency to transmit the report to the
Controller of the State of
.
Executive
Summary
The purpose of
the Annual Report of the Redevelopment Agency is to comply with California Health & Safety Code 33080.1
which requires that the Redevelopment Agency present an annual report to the
City Council and file such report with the Controller of the State of
1)
Annual Report Summary which summarizes the Agency’s
programs and activities for Fiscal Year 2005-2006 (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).
Discussion
The accounting firm of Mayer
Hoffman and McCann completed an independent financial audit for the financial
year from July 1, 2005 to June 30, 2006, in compliance with standards set out
in Section 33080.1 of the California Health and Safety Code. Mayer Hoffman and McCann
issued an unqualified audit report, which means the basic financial statements
of the Agency present fairly, in all material aspects, the financial position
of the Redevelopment Agency as of June 30, 2006. Additionally, Mayer Hoffman and McCann performed
tests of the Agency’s compliance with certain provisions of laws, regulations,
contracts, and grants, the results of which disclosed no instances of noncompliance
under government auditing standards.
The attached
annual report provides specific information on housing and other activities
of the
Redevelopment Agency in Fiscal Year 2005-2006. Presentation of the annual
report to the City Council is required prior to its transmittal to the State
Controller.
Additionally, in FY 05-06, the Agency, in accordance with Chapter 610, Statutes of 2004 (which requires redevelopment agencies to shift property tax revenues to K-12 schools and community colleges), and subdivision (d) of Health and Safety Code Section 33681.9, forwarded $2,941,553.59 from available tax increment to the County of Los Angeles for the Education Revenue Augmentation Fund (ERAF) shift.
Budget/Financial Impact
There is no
budget/fiscal impact resulting from the approval of the Redevelopment Agency’s
Annual Report of Fiscal Year 2005-2006.
Prepared by:
|
Approved: |
|
Forwarded to Council: |
|
|
|
|
|
Martin Kennerly, Acting Director, Resource
Management Department |
|
P. City Manager |
Attachment A - Annual Report Summary
Attachment B - Mayer Hoffman and McCann Independent Auditor’s Report
Attachment
C - State
Auditor Controller’s Report of Financial Transactions
Attachment D - State Housing and Community Development Department Annual Report of Housing Activity of Community Redevelopment Agencies