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ATTACHMENT 1 <br /> 6.1.E. - Page 3 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> January 11 , 2016 <br /> SUBJECT <br /> Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2015 <br /> RECOMMENDATION <br /> Accept, by motion, the Fiscal Year Ended June 30, 2015 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 2014-15 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, 2015. Moreover, this <br /> report also presents the financial position of the foregoing entities as of June 30, 2015. <br /> The financial statements and notes thereto have been prepared in accordance with the <br /> standards set forth by the Governmental Accounting Standards Board and the <br /> guidelines established by the Government Finance Officers Association of the United <br /> States and Canada. <br /> The 2014 version of Redwood City's report was awarded the Government Finance <br /> Officers Association Certificate of Achievement for Excellence in Financial Reporting. <br /> This was the 28th consecutive year that the City received this honor. We fully expect <br /> that the 2015 report will also receive 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 /> 2014-15 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 /> $104,080,988 $112,221,685 $8,140,697 7.8% <br /> Page 1 of 7 <br />