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Title:
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Consideration of the Culver City Redevelopment Agency’s Annual State Controller’s Report For Fiscal Year 2006-07.
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City of Culver City, California
Redevelopment Agency Agenda Item Report
RECOMMENDATION:
Staff recommends:
The Culver City Redevelopment Agency review and approve the Annual State
Controller's Report for 2006-07, submit the Annual Report to the City Council and
authorize its transmittal to the State; and
The City Council receive the Annual Report and file it with the City Clerk.
BACKGROUND/DISCUSSION:
Health and Safety Code Section 33080 requires the Agency to file a report that
includes an independent financial 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 or not the Agency’s financial statements
have fairly presented, in all material respects, its financial position and that the
Agency has complied with applicable laws, regulations, and administrative
requirements. The annual audit is conducted by a licensed independent Certified
Public Accountant and is performed in accordance with Government Auditing
Standards.
Meeting Date: 12/17/07 Item Number: J-3
AGENDA ITEM: JOINT ITEM of the City Council and Redevelopment Agency:
Consideration of the Culver City Redevelopment Agency’s Annual State
Controller’s Report For Fiscal Year 2006-07.
Contact Person/Dept.: John Fisanotti
Lillian Ikeda
Phone Number: (310) 253-5767
(310) 253-5797
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [X] Attachments: [X]
Public Notification: Master Notification List (12/12/07)
Department Approval:
Sol Blumenfeld (12/05/07)
Executive Director Approval:
Jerry Fulwood (12/12/07)
Fiscal Impact Review:
Jeff Muir (by M. Noller) (12/11/07)
City of Culver City, California
Redevelopment Agency Agenda Item Report
The financial statements identify the Agency’s indebtedness, the amount of tax
revenue received, the amount of tax increment paid to taxing entities and other
information required by Section 33080.5 of the California Community
Redevelopment Law (i.e. Health and Safety Code §33000 et. seq.). The financial
statements are prepared by the Agency Treasurer’s office.
The housing information reports on data specified by the State such as: the number
of elderly and non-elderly households, the number of lower income households, and
the number of Agency assisted households, the number of rehabilitated units, the
status of the Low- and Moderate-Income Housing Fund and other information that
explains the Agency’s housing activities.
In performing its financial and legal audit, the independent auditor found no major
reportable violations of California Redevelopment Law.
Pursuant to Sections 33080.1 (d), (e) and (f) of the California Redevelopment Law,
Attachments 5, 6 and 7 to this report are transmitted to the City Council to receive
and file.
Section 33080.2 of the California Redevelopment Law reserves to the City Council
the right to take any action it deems appropriate on these materials up to and
including the first meeting of the City Council which occurs more than 21 days from
the receipt of these materials.
FISCAL ANALYSIS:
There are no additional costs associated with the discussion of this agenda item.
ATTACHMENTS:
1. Housing and Community Development Department Annual Report Forms
(HCD Schedules) for Fiscal Year 2006-07
2. Financial Transactions Report for Fiscal Year 2006-07
3. Audit Compliance Letter from Lance, Soll & Lunghard, LLP
4. Financial Audit For Fiscal Year 2006-07
5. Blight Progress Report
6. Loan Report
7. Property Report
MOTION:
That the Culver City Redevelopment Agency: City of Culver City, California
Redevelopment Agency Agenda Item Report
1. Receive and file Culver City Redevelopment Agency Annual State
Controller’s Report for Fiscal Year 2006-07 in accordance with Health and
Safety Code Section 33080; and
2. Direct staff to submit to the City Council the Annual State Controller’s Report
required by Health and Safety Code Section 33080.1; and
3. Direct staff to transmit the Annual Report to the State Controller; and
That the Culver City City Council:
1. Receive the Culver City Redevelopment Agency Annual Report for Fiscal
Year 2006-07 in accordance with Health and Safety Code Section 33080; and
2. File the Annual Report, with the City Clerk; and
3. Receive and file the Blight Progress Report, Loan Report and Property
Report.