AgdaPkt 2017-12-18 Special Joint SA PFA

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REPORT To the Honorable Mayor and City Council From the City Manager December 18, 2017 SUBJECT Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2017 RECOMMENDATION By Motion, accept the City’s Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2017 BACKGROUND The City’s independent auditors, Badawi & Associates, Certified Public Accountants, have completed their audit of the City’s financial records and the City’s Comprehensive Annual Financial Report (CAFR) for the 2016-17 fiscal year. This report, prepared by Badawi & Associates, 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, 2017. Moreover, this report also presents the financial position of the foregoing entities as of June 30, 2017. 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 City was awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for the 2016 CAFR. This was the 30th consecutive year that the City received this honor. Staff anticipates that the 2017 report will also receive this award. The Finance and Audit Council Subcommittee (Subcommittee) met on December 4 to review and approve the draft CAFR. At that time, City staff and the independent auditors presented the results of the audit and the City’s financial status as of June 30, 2017. The Subcommittee reviewed the draft CAFR and recommended formal acceptance by the full Council. 6.1.E. - Page 1