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6.1.E. - Page 16 <br /> Office of Director of Finance Aimilliiii 1017 Middlefield Road <br /> Redwood Redwood City, California 94063 <br /> Cih,CeAt�la Telephone: (650) 780-7070 <br /> ``��1 bum mil <br /> Fax: (650) 366-2447 <br /> E-mail: mail @redwoodcity.org <br /> December 15, 2015 <br /> Honorable Mayor Seybert <br /> Members of the City Council, <br /> City Manager, and Citizens of the <br /> City of Redwood City <br /> Redwood City, California <br /> I am pleased to submit for your information and consideration the Comprehensive Annual Financial Report of the <br /> City of Redwood City for the fiscal year ended June 30, 2015. <br /> This report contains a complete set of audited financial statements, prepared by the City's Finance Department in <br /> accordance with Generally Accepted Accounting Principles (GAAP) as promulgated by the Government <br /> Accounting Standards Board (GASB). The responsibility for both the accuracy of the printed data and the <br /> completeness and fairness of the presentation including all disclosures rests with the management of the City. It <br /> is our opinion: that the data presented is accurate in all material respects; 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. To provide a reasonable basis for making <br /> those representations, City management has established a comprehensive internal control framework that is <br /> designed both to protect the government's assets from loss, theft or misuse and to compile sufficient reliable <br /> information for the preparation of the City's financial statements in conformity with GAAP. <br /> Badawi and Associates, a firm of independent, licensed and Certified Public Accountants, has audited the City's <br /> financial statements for the fiscal year ended June 30, 2015. The objective of the independent audit is to provide <br /> reasonable assurance that the financial statements of the City and related entities are free of material <br /> misstatement. The auditors concluded, based upon the audit, that there was a reasonable basis for rendering an <br /> unmodified opinion on the City's basic financial statements as of and for the year ended June 30, 2015. The <br /> independent auditor's report is located at the front of the 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. The notes <br /> to the financial statements are provided in the financial section and are considered essential to fair presentation <br /> and adequate disclosure. <br /> REPORTING ENTITY AND ITS SERVICES <br /> Redwood City is a San Francisco Bay Area community located in the heart of Silicon Valley. With a population of <br /> over 82,000, Redwood City is the third largest city within the County of San Mateo. The City of Redwood City was <br /> incorporated in 1867 and became a Charter City in 1929. It operates under a council-manager form of <br /> government and is a full service City, providing a range of services that include police and fire protection, <br />