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�pW N 0 <br />MEETING DATE: 12/20/10 <br />ITEM NO: <br />COUNCIL /AGENCY AGENDA REPORT <br />DATE: December 16, 2010 <br />TO: MAYOR AND TOWN COUNCIL /CHAIR AND MEMBERS OF THE <br />REDEVELOPMENT AGENCY <br />FROM: GREG CARSON, TOWN MANAG ER/EXECUTIVE DIRECTOR <br />SUBJECT: ADOPT RESOLUTION APPROVING THE FY 2009/10 LOS GATOS <br />REDEVELOPMENT AGENCY ANNUAL REPORT <br />RECOMMENDATION <br />Adopt resolution approving the FY 2009/10 Los Gatos Redevelopment Agency Annual <br />Report. <br />DISCUSSION <br />Pursuant to the State of California Health and Safety Code 33080.1, a Redevelopment <br />Agency shall present an annual report to its reporting body within six months of the end <br />of the fiscal year. The report shall contain: (1) an independent financial audit report for <br />the previous fiscal year; (2) a fiscal statement for the previous fiscal year including the <br />Agency's revenues, debts, and the amounts of tax increment to be allocated to other <br />districts; (3) a description of the Agency's activities in the previous fiscal year affecting <br />housing; (4) a description of the Agency's progress in alleviating 'blight during the <br />previous fiscal year; (5) information about loans made by the Agency at or exceeding <br />$50,000 that were in default or otherwise not in compliance with the terms of the loan; <br />(6) a description of the total number and nature of properties owned by the Agency and <br />those acquired during the prior fiscal year; and (7) any other useful information to explain <br />the Agency's programs. <br />The required FY 2009/10 financial audit was completed by C.G. Uhlenberg, LLP <br />(Exhibit A). It includes the auditor's opinion of the Agency's operations and financial <br />position, compliance with laws, regulations, and administrative requirements, including <br />all financial activities involving low and moderate income housing funds. Also attached <br />are the Statement of Housing Activity, Financial Transactions, and Statement of <br />Indebtedness (Exhibits B, C and D). <br />PREPARED BY : Stephen D. Conway Wendie R. Rooney <br />Fiscal Officer Deputy Executive Director <br />Reviewed by: Assistant Town Manager /Deputy Director Town Attorney / <br />General Counsel Clerk Administrator /Secretary Finai e <br />Community Development <br />