JOINT ITEM (1) Redevelopment Agency Review and Approval of the Culver City Redevelopment Agency s Annual State Controller s Report for Fiscal Year 2007 08 and (2) City Council Receipt and Filing of Said Report with the City Clerk. City of Culver City California City Council Agenda Item Report Meeting Date: 12/15/08 AGENDA ITEM: JOINT ITEM (1) Redevelopment Agency Review and Approval of the Culver City Redevelopment Agency s Annual State Controller s Report for Fiscal Year 2007 08 and (2) City Council Receipt and Filing of Said Report with the City Clerk. Contact Person/Dept.: John Fisanotti Phone Number: (310) 253 5767 Item Number: J 2 Fiscal Impact: Yes No X General Fund: Yes No X Public Hearing: Action Item: X Attachments: X Public Notification: Master E Mail Notification List (12/10/08). Department Approval: Sol Blumenfeld (12/09/08) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (12/10/08) City Attorney Approval: Carol Schwab (by H. Baker) (12/10/08) City Manager Approval: Jerry Fulwood (12/10/08) RECOMMENDATION: Staff recommends: For the Redevelopment Agency: The Culver City Redevelopment Agency review and approve the Annual State Controller s Report for Fiscal Year 2007 08 (the Annual Report ) submit the Annual Report to the City Council and authorize its transmittal to the State; and For the City Council: The City Council receives the Annual Report and files it with the City Clerk. BACKGROUND/DISCUSSION: California Community Redevelopment Law (i.e. Health and Safety Code 33000 et. seq.) requires the Agency to file a report that includes an independent audit financial statements and housing information with the State Controller s Office annually within six months of the end of the Agency s fiscal year. In Culver City that submission deadline is December 31 of each year. The financial audit determines whether the Agency s financial statements have fairly presented in all material respects its financial position and that the Agency has complied with...
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