12/18/2001 RA RPT 19 - Laserfiche WebLink

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m CITY OF RIVERSIDE AGENCY/COUNCIL MEMORANDUM i' People Senling People HONORABLE MAYOR, CITY COUNCIL AND AGENCY MEMBERS DATE: December 18, 2001 ITEM NO: 19 SUBJECT: REQUEST FOR APPROVAL AND ACCEPTANCE OF REDEVELOPMENT AGENCY'S 200t FINANCIAL STATEMENTS BACKGROUND: In accordance with Section 33080 of the State Health and Safety Code, redevelopment agencies are required to file annual reports with their legislative bodies and the State Controller's Office. Attached are the 2001 financial statements for the Redevelopment Agency of the City of Riverside. The Report is required to contain an audit of the Redevelopment Agency that includes an opinion on the Agency's compliance with laws, regulations, and administrative requirements governing activities of the Agency: a fiscal statement concerning the amount of indebtedness, tax increment revenues and pass- through agreement expenditures; a description of the Agency's activities affecting housing; and any other pertinent information describing the Agency's program. Other reports required by Section 33080 of the State Health and Safety Code are: a description of the agency's progress in alleviating blight; a list of all loans of $50,000 or more that were in default or not in compliance with the terms of the agreement; and a description of the properties the agency owns, including those acquired during the fiscal year. Reports concerning blight alleviation and properties owned by the agency are attached for fiscal year 2001. No loans of $50,000 or more were in default or noncompliance with the terms of the agreement for fiscal year 2001, so no loan report is attached. All fiscal year 2001 financial reports for the City of Riverside and its component units, including the Redevelopment Agency, reflect the implementation of four new statements from the Governmental Accounting Standards Board (GASB). These GASB statements (33, 34, 37 and 38) substantially changed the accounting guidelines and reporting presentations included in the statements. Development staff and the City Finance Director will attend the Council/Agency meeting to answer any questions that arise on the General Purpose Financial Statements of the Agency. FISCAL IMPACT: There is no fiscal impact. COMMITTEE RECOMMENDATIONS: Staff presented this item to the Finance Committee on December 10, 2001. All three Committee members were present and concurred in the suggested recommendations and then moved this item forward for consideration by the City Council and Agency Board. 19'1