Audit Best of Knowlege Ltr 2008,. j i
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Boldt, Carlisle & Smith, LLC Incorporated 1 8 8 9
480 Church St SE
Salem, OR 97301
We are providing this letter in connection with your audit of the financial statements of the
WOODBURN URBAN RENEWAL AGENCY as of 3une 30, 2008 and for the year then ended for the
purpose of expressing opinions as to whether the financial statements present fairly, in all material
respects, the respective financial position of the governmental activities and major fund of the
WOODBURN URBAN RENEWAL AGENCY and the respective changes in financial position thereof
in conformity with U.S. generally accepted accounting principles.
We confirm that we are responsible for the fair presentation of the previously mentioned financial
statements in conformity with U.S. generally accepted accounting principles. We are also responsible for
adopting sound accounting policies, establishing and maintaining internal control, and preventing and
detecting fraud.
We confirm, to the best of our knowledge and. belief, as of the date of this letter, the following
representations made to you during your audit.
1) The financial statements referred to above are fairly presented in conformity with U.S. generally
accepted accounting principles and include all properly classified funds and other financial
information of the primary government and all component units required by generally accepted
accounting principles to be included in the financial reporting entity.
2) We have made available to you all-
ay Financial records and related data.
b) Minutes of the meetings of board of directors or summaries of actions of recent meetings for
which minutes have not yet been prepared.
3) There have been no communications from regulatory agencies concerning noncompliance with, or
deficiencies in, financial reporting practices.
4) There are no material transactions that have not been properly recorded in the accounting records
underlying the financial statements.
5) We believe there are no uncorrected financial statement misstatements which are material to the
financial statements taken as a whole.
6) We acknowledge our responsibility for the design and implementation of programs and controls to
prevent and detect fraud.
Finance Department
z70lViontgomery Street • Woodburn, Oregon 8707?
Ph.503-98z-Sz17 • Fax 503-98z-SZ44
7) We have no knowledge of any fraud or suspected fraud affecting the entity involving:
a) Management,
b) Employees who have significant roles in internal control, or
c) Others where the fraud could have a material effect on the financial statements.
8) We have no knowledge of any allegations of fraud or suspected fraud affecting the entity received in
communications from employees, former employees, analysts, regulators, or others.
9) We have identified to you any previous financial audits, attestation engagements, performance audits,
or other studies related to the objectives of the audit being undertaken and the corrective actions
taken to address significant findings and recommendations.
10) The Agency has no plans or intentions that may materially affect the carrying value or classification
of assets, liabilities, or equity.
l l) The following, if any, have been properly recorded or disclosed in the financial statements:
a) Related party transactions, including revenues, expenditures/expenses, loans, transfers, leasing
arrangements, and guarantees, and amounts receivable from or payable to related parties.
b) Guarantees, whether written or oral, under which the Agency is contingently liable.
c) All accounting estimates that could be material to the financial statements, including the key
factors and significant assumptions underlying those estimates and measurements. We believe
the estimates and measurements are reasonable in the circumstances, consistently applied, and
adequately disclosed.
12) We are responsible for compliance with the laws, regulations, and provisions of contracts and grant
agreements applicable to us, including tax or debt limits and debt contracts; and we have identified
and disclosed to you all laws, regulations and provisions of contracts and grant agreements that we
believe have a direct and material effect on the determination of financial statement amounts, or
other financial data significant to the audit objectives, including legal and contractual provisions for
reporting specific activities in separate funds.
13) As part of your audit, you prepared the draft financial statements and related notes. We have
designated a competent management-level individual to oversee your services and have made all
management decisions and performed all management functions. We have reviewed, approved, and
accepted responsibility for those financial statements and related notes.
14) There are no
a) Violations or possible violations of budget ordinances, laws and regulations (including those
pertaining to adopting, approving, and amending budgets), provisions of contracts and grant
agreements, tax or debt limits, and any related debt covenants whose effects should be
considered for disclosure in the financial statements, or as a basis for recording a loss
contingency, or for reporting on noncompliance.
b) Unasserted claims or assessments that our lawyer has advised us are probable of assertion and
must be disclosed in accordance with Financial Accounting Standards Board (FASB) Statement
No. S, Accounting for Contingencies.
c) Other liabilities or gain or loss contingencies that are required to be accrued or disclosed by
FASB Statement No. 5.
d) Reservations or designation of fund equity that were not properly authorized and approved.
15) The Agency has satisfactory title to all owned assets, and there are no liens or encumbrances on such
assets nor has any asset been pledged as collateral.
16) The Agency has complied with all aspects of contractual agreements that would have a material
effect on the financial statements in the event of noncompliance.
17) The financial statements include all component units as well as joint ventures with an equity interest,
and properly disclose all other joint ventures and other related organizations.
18) The financial statements properly classify all funds and activities.
19) All funds that meet the quantitative criteria in GASB Statement Nos. 34 and 37 for presentation as
major are identified and presented as such and all other funds that are presented as major are
particularly important to financial statement users.
20) Net asset components (invested in capital assets, net of related debt; restricted; and unrestricted) and
fund balance reserves and designations are properly classified and, if applicable, approved.
21) Provisions for uncollectible receivables have been properly identified and recorded.
22) Expenses have been appropriately classified in or allocated to functions and programs in the
statement of activities, and allocations have been made on a reasonable basis.
23) Revenues are appropriately classified in the statement of activities within program revenues, general
revenues, contributions to term or permanent endowments, or contributions to permanent fund
principal.
24) Interfund, internal, and intra-entity activity and balances have been appropriately classified and
reported.
25) Deposits and investment securities are properly classified as to risk, and investments are properly
valued.
26) Capital assets, including infrastructure assets, are properly capitalized, reported, and, if applicable,
depreciated.
27) Required supplementary information (RSI) is measured and presented within prescribed guidelines.
No events, including instances of noncompliance, have occurred subsequent to the balance sheet date
and through the date of this letter that would require adjustment to or disclosure in the aforementioned
TRANSMISSION VERIFICATION REPORT
TIME 12/26/2008 09:55
NAME CITY OF WOODBURN
FAX 5039825244
TEL 5039825222
SER.# BROB5J221275
DATE,TIME 12126 09:53
FAX N0./NAME 915033703781
DURATION 00:01:24
PAGE{S) 03
RESULT OK
MODE STANDARD
ECM