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6.1.D. - Page 14 <br />Office of Administrative Services <br />Redwood <br />California <br />City <br />December 12, 2016 <br />Honorable Mayor John Seybert <br />Members of the City Council, <br />City Manager, and Citizens of the <br />City of Redwood City <br />Redwood City, California <br />1017 Middlefield Road <br />Redwood City, California 94063 <br />Telephone: (650) 780-7070 <br />Fax: (650) 366-2447 <br />E-mail: mail@redwoodcity.org <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, 2016. <br />This report contains a complete set of audited financial statements, prepared by the City's Finance Division 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, 2016. 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, 2016. 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 85,000, 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 />