California Health and Safety Code

§ 33080.1

HSC § 33080.1 Effective Jan 1, 2008Div. 24 · Part 1 · Ch. 1 · Art. 6

Statute text

Every redevelopment agency shall submit the final report of any audit undertaken by any other local, state, or federal government entity to its legislative body within 30 days of receipt of that audit report. In addition, every redevelopment agency shall present an annual report to its legislative body within six months of the end of the agency’s fiscal year. The annual report shall contain all of the following:

(a)(1) An independent financial audit report for the previous fiscal year. “Audit report” means an examination of, and opinion on, the financial statements of the agency which present the results of the operations and financial position of the agency, including all financial activities with moneys required to be held in a separate Low and Moderate Income Housing Fund pursuant to Section 33334.3. This audit shall be conducted by a certified public accountant or public accountant, licensed by the State of California, in accordance with Government Auditing Standards adopted by the Comptroller General of the United States. The audit report shall meet, at a minimum, the audit guidelines prescribed by the Controller’s office pursuant to Section 33080.3 and also include a report on the agency’s compliance with laws, regulations, and administrative requirements governing activities of the agency, and a calculation of the excess surplus in the Low and Moderate Income Housing Fund as defined in subdivision (g) of Section 33334.12.

(2)However, the legislative body may elect to omit from inclusion in the audit report any distinct activity of the agency that is funded exclusively by the federal government and that is subject to audit by the federal government.

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Legislative history

Amended by Stats. 2007, Ch. 90, Sec. 1. Effective January 1, 2008.