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ONTARIO REDEVELOPMENT AGENCY ANNUAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2008
Meeting Date: January 6, 2009
Section: Consent Calendar
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ONTARIO REDEVELOPMENT AGENCY ANNUAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2008 |
RECOMMENDATION: That the Agency Board accept the Ontario Redevelopment Agency’s Annual Report for Fiscal Year ended June 30, 2008.
COUNCIL GOALS: Operate in a Businesslike Manner
- Develop basic operating systems and controls that ensure sound fiscal management.
FISCAL IMPACT: No fiscal impact.
BACKGROUND: Pursuant to Health and Safety Code Section 33080, the Ontario Redevelopment Agency is required to file a copy of its Annual Report with the State Controller’s Office. The Annual Report contains the following:
- An independent financial audit report for Fiscal Year 2007-08;
- A fiscal statement for FiscalYear 2007-08 which includes outstanding indebtedness of each project area, tax increment revenues generated in each project area, tax increment paid to taxing agencies, and the financial transaction report required pursuant to Section 53891 of the Government Code; and
- A description of the Agency’s activities affecting housing and displacement.
The audit for Fiscal Year 2007-08 was performed in accordance with generally accepted auditing standards by the accounting firm of Lance Soll & Lunghard, LLP. These standards are followed to obtain reasonable assurances that the general purpose financial statements are free from material misstatements. The opinion given in the Independent Audit Report states that the general purpose financial statements presents fairly the financial position of the Agency as of June 30, 2008, and the results of the Agency’s operations are reported in accordance with generally accepted accounting principles. Moreover, the submittal of these reports to the Agency Board for review to understand the Ontario Redevelopment Agency’s internal controls and financial matters is required under new auditing standard SAS No. 112.
A copy of the Annual Report has been filed with the Records Management Department.
STAFF MEMBER PRESENTING: Grant D. Yee, Administrative Services/Finance Director
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