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7, <br /> <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> <br />January 14, 2002 <br /> <br />Subject <br />Comprehensive Annual Financial Report For Fiscal Year Ended June 30, 2001 <br /> <br />Recommendation <br />Acknowledge receipt of and accept the Comprehensive Annual Financial Report for <br />fiscal year ended June 30, 2001. <br /> <br />Background <br />The City's auditors, Maze and Associates, have completed their audit of the City's financial <br />records and the City's Comprehensive Annual Financial Report (CAFR) for the 2000/01 <br />fiscal year. This report (Attachment 1), which is prepared by the City's Finance <br />Department, summarizes and presents the financial transactions for all funds and account <br />groups of the City of Redwood City, the City of Redwood City Redevelopment Agency, and <br />the Port of Redwood City for the fiscal year ended June 30, 2001. Moreover, this report <br />also presents the financial position of the foregoing entities as of June 30, 2001. The <br />financial statements and notes thereto have been prepared in accordance with the <br />standards set forth by the Government Accounting Standards Board and the guidelines <br />established by the Government Finance Officers Association of the United States and <br />Canada. <br /> <br />The 2000 version of Redwood City's report was awarded the Government Finance Officers <br />Association Certificate of Excellence in Financial Reporting. This was the 14th consecutive <br />year the City received this honor. We fully expect that the 2001 report will also receive this <br />award. <br /> <br />This report is technical in nature, hence our staff is available to meet with you to answer <br />any questions you may have concerning the report's contents. You are encouraged to call <br />with any questions you may have. <br /> <br />Under generally accepted auditing standards, auditors are encouraged to report matters <br />concerning an entity's internal control structure. As a result of an audit, auditors issue a <br />Memorandum on the Internal Control Structure, which addresses areas requiring <br />improvement. For fiscal year ended June 30, 2001, Maze and Associates did not identify <br />any areas of weakness (Attachment 2). <br /> <br /> <br />