2002 AGN JUL 02 I20 - Laserfiche WebLink

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TO: Item #20 REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the Redevelopment Agency and City Council Meeting of July 2, 2002 Honorable Agency Chairperson and Boardmembers Honorable Mayor and Councilmembers FROM: Candace Cassel, Redevelopment SUBJECT DATE: Background Manag�� Receive and File the Agency 2000-2001 Financial Report. June 10, 2002 Section 33080 of the Health and Safety code requires that the Agency submit a financial report to the legislative body within six months after the end of the fiscal year. This report is to include the following items: An independent financial audit, including an opinion regarding the Agency's compliance with laws, regulations and administrative requirements. The fiscal statement for the previous year, which contains information prescribed by the State Department of Housing and Community Development. The description of the Agency's activities affecting housing prescribed by the State Department of Housing and Community Development. In May 2001 the Redevelopment Agency engaged the accounting firm of McGladrey & Pullen to perform the Agency's annual financial audit. The firm completed its assignment on December 31, 2001. The financial audit and the other required elements of the financial report are attached hereto. Discussion/Analvsis McGladrey & Pullen rendered an unqualified opinion. Their audit report indicates that the financial statements present fairly, in all material respects, the financial position of the Redevelopment Agency at June 30, 2001, and the results of operations are presented in conformity with generally accepted accounting principles and methods prescribed by the State Controller's Office and State regulations governing redevelopment agencies. The auditors also tested for compliance with applicable provisions of laws, regulations, contracts and grants as specified in the Guidelines for Compliance Audits of California Redevelopment Agencies, issued by the State Controller. They found no instances of noncompliance that are required to be reported under Government Auditing Standards. Finally the auditors tested the Agency's internal control structure and found no conditions or instances of its functioning that would be considered a material weakness.