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Pag <br />1 t4) 6 lurv"rkv V I % KASSOCIATES <br />CERTIFIED PUBLIC ACCOUNTANTS <br />INDEPENDENT AUDITORS' REPORT <br />To the Honorable Mayor and Members of City Council <br />of the City of Redwood City <br />Redwood City, California <br />Report on the Financial Statements <br />We have audited the accompanying financial statements of the governmental activities, the business - <br />type activities, each major fund, and the aggregate remaining fund information of the City of Redwood <br />City, California (City), as of and for the fiscal year ended June 30, 2016, and the related notes to the <br />financial statements, which collectively comprise the City's basic financial statements as listed in the <br />table of contents. <br />Management's Responsibility for the Financial Statements <br />Management is responsible for the preparation and fair presentation of these financial statements in <br />accordance with accounting principles generally accepted in the United States of America; this includes <br />the design, implementation, and maintenance of internal control relevant to the preparation and fair <br />presentation of financial statements that are free from material misstatement, whether due to fraud or <br />error. <br />Auditor's Responsibility <br />Our responsibility is to express opinions on these financial statements based on our audit. We did not <br />audit the City's investment in the Silicon Valley Clean Water Authority, which represents 40 percent, <br />43 percent and 10 percent, respectively, of the City's assets, net position, and revenues of the Sewer <br />Utility Fund and 12 percent, 17 percent, and 5 percent, respectively, of the assets, net position, and <br />revenues of the business -type activities. The City's investment in the Silicon Valley Clean Water <br />Authority was audited by other auditors whose report has been furnished to us, and our opinion, <br />insofar as it relates to the amount included for the City's investment in the Silicon Valley Clean Water <br />Authority, is based solely on the report of the other auditors. We conducted our audit in accordance <br />with auditing standards generally accepted in the United States of America and the standards <br />applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller <br />General of the United States. Those standards require that we plan and perform the audit to obtain <br />reasonable assurance about whether the financial statements are free from material misstatement. <br />An audit involves performing procedures to obtain audit evidence about the amounts and disclosures <br />in the financial statements. The procedures selected depend on the auditor's judgment, including the <br />assessment of the risks of material misstatement of the financial statements, whether due to fraud or <br />error. In making those risk assessments, the auditor considers internal control relevant to the entity's <br />preparation and fair presentation of the financial statements in order to design audit procedures that <br />are appropriate in the circumstances, but not for the purpose of expressing an opinion on the <br />effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also <br />includes evaluating the appropriateness of accounting policies used and the reasonableness of <br />significant accounting estimates made by management, as well as evaluating the overall presentation of <br />the financial statements. <br />Address: 180 Grand Avenue, Suite 1500 Oakland, CA 94612 • Phone: 510.768.8251 • Fax: 510.768.8249 <br />