Agency Member Valerio moved, and Agency Member Howe seconded, approval of the consent calendar. The motion carried unanimously.

Nasi Raissian, Finance Manager, presented a year end financial report. She detailed the revenues, expenditures, and basic financial statements of the Redevelopment Agency. She noted this report is the first one issued by the agency in compliance with the requirements of the Governmental Accounting Standards Board (GASB) Statement no. 34, 37 and 38.

Agency Member Fowler inquired why only $48 thousand was spent out of the budgeted $650 thousand for the Town Center Parking Structure Maintenance. Agency Director Paternoster responded improvements, which were anticipated to be made to the parking decks, were not made pending a new plan or sale for the Sunnyvale Mall.

In response to Agency Chair Miller, Agency Treasurer Bradley stated the property tax rolls overcharged the Mall Operator by $385 thousand because when the parking structure changed hands, the County mistakenly thought there had been not previous taxes paid by the developer and raised their tax charge. She stated Finance has been working with the County to correct the error.

Agency Chair Miller opened the Public Hearing at 10:34 p.m. and, there being no public comments, closed the Public Hearing.

Agency Vice Chair Risch moved, and Agency Member Walker seconded, to receive and file the Basic Financial Statements of the Redevelopment Agency of the City of Sunnyvale. The motion carried unanimously.

There were no comments.

There were no comments.

Agency Chair Miller declared the meeting adjourned at 10:35 p.m.

Respectfully submitted:
Susan Kitchens, Agency Secretary