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City of Redwood City <br />Single Audit Reports <br />Notes to Schedule of Expenditures of Federal Awards <br />For the fiscal year ended June 30, 2017 <br /> <br /> <br />8 <br />1. REPORTING ENTITY <br /> <br />The financial reporting entity, as defined by GASB Codification, consists of the primary government, the <br />City of Redwood City (City), organizations for which the primary government is financially accountable, <br />and other organizations for which the nature and significance of their relationship with the primary <br />government are such that exclusion would cause the reporting entity’s financial statements to be <br />misleading or incomplete. <br /> <br />The City Council acts as the governing body and is able to impose its will on the following organizations, <br />establishing financial accountability: <br /> <br /> Redwood City Facilities and Infrastructure Authority <br /> Redwood City Public Financing Authority <br /> <br /> <br />2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> <br />Basis of Accounting <br /> <br />Funds received under the various grant programs have been recorded within the general funds, capital <br />project funds, special revenue funds and enterprise funds of the City. The City utilizes the modified <br />accrual method of accounting for the general, capital project and special revenue funds and the full accrual <br />method of accounting for enterprise funds. The accompanying Schedule of Expenditures of Federal <br />Awards (Schedule) is presented in accordance with the requirements of U.S. code of Federal Regulations <br />Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal <br />Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from <br />amounts presented in, or used in, the preparation of the City’s basic financial statements. <br /> <br />Schedule of Expenditures of Federal Awards <br /> <br />The accompanying Schedule presents the activity of all Federal financial assistance programs of the City. <br />Federal financial assistance received directly from Federal agencies as well as Federal financial assistance <br />passed through the State of California, Redwood City School District, City of Daly City, Alameda County <br />Sheriff’s Department, and City of Menlo Park are included in the Schedule. The schedule of expenditures <br />of federal awards was prepared from only the accounts of various grant programs and, therefore, does not <br />present the financial position or results of operations of the City. <br /> <br />Pass-Through Entities’ Identifying Number <br /> <br />When federal awards are received from a pass-through entity, the Schedule shows, if available, the <br />identifying number assigned by the pass-through entity. <br /> <br />Indirect Costs <br /> <br />The City did not elect to use the 10% de minimis indirect cost rate. <br /> <br />6.1.C. - Page 13