AgdaPkt 2017-01-09 Closed and Joint

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ATTACHMENT 6.1.D. - Page 3 REPORT To the Honorable Mayor and City Council From the City Manager January 9, 2017 SUBJECT Comprehensive Annual Financial Report and Single Audit Report for Fiscal Year Ended June 30, 2016 RECOMMENDATION Accept, by motion, the Fiscal Year Ended June 30, 2016 Comprehensive Annual Financial Report and Single Audit Report. BACKGROUND The City's independent auditors, Badawi & Associates, Certified Public Accountants, have completed their audit of the City's financial records and have prepared the City's Comprehensive Annual Financial Report (CAFR) and Single Audit Report for the 2015- 16 fiscal year. This CAFR summarizes and presents the financial transactions for all funds of the City of Redwood City including the Successor Agency and the Port of Redwood City for the fiscal year ended June 30, 2016. Moreover, this report also presents the financial position of the foregoing entities as of June 30, 2016. The financial statements and notes thereto have been prepared in accordance with the standards set forth by the Governmental Accounting Standards Board and the guidelines established by the Government Finance Officers Association of the United States and Canada. The 2015 version of Redwood City's report was awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting. This was the 29th consecutive year that the City received this honor. We fully expect that the 2016 report will also receive this award. The Single Audit Report is an audit of the City's expenditures of federal grants during the 2015-16 fiscal year, and is required if the City has $750,000 or more in federal grant expenditures. Staff from the Finance Division are available to respond to any questions you might have regarding the FY 2015-16 CAFR or Single Audit Report. Page 1 of 6