Laserfiche WebLink
ATTACHMENT 1 <br /> 7.1.A. - Page 2 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> January 12, 2015 <br /> SUBJECT <br /> Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2014 <br /> RECOMMENDATION <br /> Accept, by motion, the Fiscal Year Ended June 30, 2014 Comprehensive Annual <br /> Financial Report. <br /> BACKGROUND <br /> The City's independent auditors, Badawi & Associates, Certified Public Accountants, <br /> have completed their audit of the City's financial records and the City's Comprehensive <br /> Annual Financial Report (CAFR) for the 2013 -14 fiscal year. This report, which is <br /> prepared by the City's Finance Department, summarizes and presents the financial <br /> transactions for all funds of the City of Redwood City including the Successor Agency <br /> and the Port of Redwood City for the fiscal year ended June 30, 2014. Moreover, this <br /> report also presents the financial position of the foregoing entities as of June 30, 2014. <br /> The financial statements and notes thereto have been prepared in accordance with the <br /> standards set forth by the Governmental Accounting Standards Board (GASB) and the <br /> guidelines established by the Government Finance Officers Association (GFOA) of the <br /> United States and Canada. <br /> The 2013 version of Redwood City's report was awarded the GFOA Certificate of <br /> Achievement for Excellence in Financial Reporting. This was the 27 consecutive year <br /> that the City received this honor. We fully expect that the 2014 report will also receive <br /> this award. <br /> Under generally accepted auditing standards, independent auditors are encouraged to <br /> report matters concerning an entity's internal control structure. As a result of an audit, <br /> auditors issue a report titled Report on Internal Control over Financial Reporting and on <br /> Compliance and Other Matters, which addresses areas requiring improvement. In FY <br /> 2013 -14 this audit did not result in any reportable findings. This report is included in the <br /> CAFR. <br /> ANALYSIS <br /> General Fund Highlights <br /> Revenues <br /> Budgeted Revenue Actual Revenue Variance -$- Variance - %- <br /> $96,234,214 $105,082,019 $8,847,805 9.2% <br /> Page 1 of 7 <br />