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7.1.A. - Page 15 <br /> Office of Director of Finance allk 1017 Middlefield Road <br /> Redwood Redwood City, California 94063 <br /> Oily caiiiornia Telephone: (650) 780 -7070 <br /> l Faua8e01801 <br /> / Fax: (650) 366 -2447 <br /> E -mail: mail @redwoodcity.org <br /> December 22, 2014 <br /> Honorable Mayor Jeff Gee <br /> Members of the City Council, <br /> City Manager, and Citizens of the <br /> City of Redwood City <br /> Redwood City, California <br /> Submitted for your information and consideration is the Comprehensive Annual Financial Report of the City of <br /> Redwood City for the fiscal year ended June 30, 2014. <br /> This report has been prepared by the City's Finance Department. The responsibility for both the accuracy of the <br /> printed data and the completeness and fairness of the presentation including all disclosures rests with the City. It <br /> is our opinion that the data presented is accurate in all material respects and that it is presented in a manner <br /> designed to fairly set forth the financial positions and results of operations of the City and its related entities as <br /> measured by the financial activities of their various funds, and that all disclosures necessary for the reader to gain <br /> a full understanding of their financial activities have been included. The financial statements have been prepared <br /> following the guidelines recommended by the Government Finance Officers Association and the standards <br /> adopted by the Governmental Accounting Standards Board. <br /> Badawi and Associates, Certified Public Accountants, has issued an unmodified opinion of the City's financial <br /> statements for the fiscal year ended June 30, 2014. The independent auditor's report is located at the front of the <br /> financial section of this report. <br /> Generally accepted accounting principles require that management provide a narrative introduction, overview, <br /> and analysis to accompany the basic financial statements in the form of a Management's Discussion and Analysis <br /> (MD &A). This letter of transmittal is designed to complement the MD &A and should be read in conjunction with <br /> it. Redwood City's MD &A can be found immediately following the report of the independent auditors. <br /> REPORTING ENTITY AND ITS SERVICES <br /> Redwood City is a full service City, which was incorporated in 1867 and became a Charter City in 1929. The City <br /> operates under a council- manager form of government and provides a range of services that include police and <br /> fire protection, recreation and parks, libraries, street maintenance and construction, infrastructure improvements, <br /> planning and zoning, water delivery, port facilities, and storm drains. Although the City maintains sewer lines and <br /> pump stations, the sewer plant and treatment services are provided by Silicon Valley Clean Water (formerly the <br /> South Bayside System Authority), a joint powers authority of which Redwood City is an equity holder. <br /> This report includes all funds of Redwood City. The City Council serves in separate session as the governing bodies <br /> of the Successor Agency to the Redevelopment Agency of Redwood City, the Redwood City Facilities and <br /> Infrastructure Authority, and the Public Financing Authority although these agencies are legal entities apart from <br /> the City. Under the City Charter, the City Council appoints the Board of Port Commissioners who oversees the <br /> operations of the Port of Redwood City, which is considered a department of the City of Redwood City. Debt <br />