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Urban renewal agency presents annual statement; auditor issues unmodified opinion
Summary
The urban renewal agency reported minimal activity and $1,925 in expenditures; the independent auditor delivered an unmodified opinion, noted GASB updates, and highlighted a few budget overexpenditures and a roughly $3 million business reserve reclassification.
At the start of the meeting the urban renewal agency reported limited activity in the fiscal year with $1,925 in expenditures and projected use of growth funds for future projects. Staff highlighted that incremental tax revenue is being diverted to taxing districts; the packet showed example amounts diverted in the current fiscal year (e.g., Wayne County $93,000; Lane Fire Authority $145,627; the city $410,587; school district roughly $351,000).
The independent auditor told the board the financial statements received an unmodified opinion and that the city has now incorporated GASB 75 (other postemployment benefits) and GASB 100 into the financials. The auditor flagged three overexpenditures (law‑enforcement contract, community center, building inspection) and recommended monitoring to avoid repeated budget violations. The agency’s scorecard of historical projects showed most items complete, with several projects still in progress (examples: Tanglewood sewer pump station, middle‑mile fiber partnership), and staff said they will produce a fuller accounting by the end of the fiscal closeout period.
