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IC&L Caporicci & Larson Certified Public Accountants INDEPENDENT AUDITORS' REPORT The Board of Directors of the Redevelopment Agency of the City of Redwood City Redwood City, California We have audited the basic financial statements of the Redevelopment Agency of the City of Redwood City (Agency), a component unit of the City of Redwood City, as of and for the year ended June 30, 2005, as listed in the foregoing table of contents. These basic financial statements are the responsibility of the Agency's management. Our responsibility is to express an opinion on these basic financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the basic financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall basic financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the basic financial statements referred to above present fairly, in all material respects, the net assets of the Agency as of June 30, 2005, and results of its activities and changes in net assets for the year then ended in conformity with generally accepted accounting principles in the United States. As described in Note 1 to the basic financial statements, the Agency adopted statement of the Governmental Accounting Standards Board No. 40, Deposit and Investment Risk Disclosures (Amendment of GASB No.3). The accompanying Required Supplementary Information, such as management's discussion and analysis is not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the Required Supplementary Information. However, we did not audit the information and express no opinion on it. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The combining financial statements listed in the foregoing table of contents as Supplemental Information are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Agency. This additional information is the responsibility of the Agency's management. Such additional information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. ~.~. 1- ¿'¿u~ Oakland, California October 20, 2005 Toll Free Ph: (877) 862-2200 Toll Free Fax: (866) 436-0927 Oakland 180 Grand Ave. , Suite 1365 Oakland, California 94612 Orange County 3184-DAirway Avenue Costa Mesa, California 92626 Sacramento 777 Campus Commons Rd., Suite 200 Sacramento, California 95825 San Diego 4858 Mercury, Suite 105 San Diego, California 92111