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<br />AGENDA ITEM 3 <br />ANNUAL AUDIT FOR TIRZ FY ENDING SEPTEMBER 30,2006 <br /> <br />Per Article IV, Section 1 of the Redevelopment Authority Bylaws, the fiscal year of the <br />Authority shall begin October 1 of each year. At the end of each fiscal year the Authority <br />will have at its own expense an audit prepared by an independent Certified Public <br />Accountant for the fiscal year that shall be submitted to the Authority, the zone and the <br />City within 120 days after the end ofthe fiscal. The Authority shall furnish copies ofthe <br />audit without cost to the City and the Zone Board. <br /> <br />Per Section H (3) of the TIRZ Guidelines the funds of the Zone shall be budget, <br />expended and audited in the same general manner as City Bond and tax funds with such <br />changes required by the provisions of state law. The costs of such City financial controls <br />shall be include dint eh costs of administration of the Zone. The Zone budget must be <br />submitted annually to the City Finance Department for approval and a copy ofthe Zone's <br />Annual Audit must be forwarded to the City Secretary after Board approval. <br /> <br />The audit ofthe TIRZ Fund for FY ending September 30,2006 is contained within the <br />City's Comprehensive Annual Financial Report (CAFR). The attached pages are <br />excerpts from the CAFR, which review the TIRZ Fund. <br /> <br />;>.......-:- <br />