PURPOSE

The purpose of this report is to present to the City Council and Redevelopment Agency Board the Annual Report of Financial Transactions of the Burbank Redevelopment Agency (Annual Report) and to ratify the transmittal of the Annual Report to the State Controller's Office.

BACKGROUND

As required by California Redevelopment Law (Health and Safety Code Section 33080), staff presented for its legislative body's review the Annual Report of Financial Transactions of the  Burbank Redevelopment Agency on December 19, 2006 (Exhibit A).  The City Council requested staff return with the item at a later date in order to allow additional time to review the documents provided.  In the meantime, in order to meet filing deadline obligations, the Annual Report was submitted to the State Controller�s Office on December 22, 2006. 

ANALYSIS

The Annual Report contained the following essential elements:

Fiscal Statement of Previous Year's Achievements

The Annual Report includes information about the amount of tax increment generated by each project area, the amount of indebtedness and other fiscal information.

Independent Financial Audit Report

The Annual Report had attached an independent financial audit report.  The City engaged an independent certified public accounting firm, Mayer, Hoffman, McCann, P.C. (formerly Conrad and Associates), to perform the annual audit of the City of Burbank and its components; including the Redevelopment Agency.  The results of the audit performed are formally published in the Fiscal Year End 2005-2006 Comprehensive Annual Financial Report (CAFR).  On December 12, 2006, the CAFR was formally submitted to the City Council.  The Redevelopment Agency Audit is an extract from the CAFR, and includes additional information such as an independent auditor�s opinion of the Agency�s operation, conformance with laws and administrative standards of the Agency, as well as the Agency's financial position.

The Auditor found the Agency met all compliance and internal control obligations. 

Activities Affecting Housing and Displacement 

The Annual Report identifies Agency activities during the reporting period that affect housing affordable to elderly and non-elderly households, who are very low-, lower or moderate-income.  In summary, the Agency met all of its obligations of the Low and Moderate Income Housing Fund and has not accumulated any surplus housing funds. 

A copy of the Annual Report was available a second time for public review beginning January 8, 2007 at the Burbank Redevelopment Agency public counter at 141 North Glenoaks Boulevard.

FISCAL IMPACT

There is no fiscal impact associated with this report or the transmittal of the Agency�s Annual Report.

RECOMMENDATION

Staff recommends that the City Council and Redevelopment Agency Board adopt the proposed resolution accepting the Fiscal Year 2005-06 Annual Report of Financial Transactions of the Burbank Redevelopment Agency and ratifying the transmittal of the Annual Report with the State Controller's Office.

EXHIBITS

Exhibit A -      Annual Report for Fiscal Year 2005-2006 Staff Report (December 19, 2006)

go to the top