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Office of Director of Finance and Financial Planning ~ RedWOOd Gltv === ~ 1017 Middlefield Road Redwood City, California 94063 Telephone: (650) 780-7070 Fax: (650) 366-2447 E-mail: mail@redwoodcity.org December 19,2005 Honorable Mayor, Members of the City Council, City Manager, and Citizens of the City of Redwood City Redwood City, California In accordance with the Charter of the City of Redwood City, we are submitting for your information and consideration the Comprehensive Annual Financial Report ofthe City for the fiscal year ended June 30, 2005. This report has been prepared by the City's Finance Department. The responsibility for both the accuracy of the printed data and the completeness and fairness of the presentation including all disclosures rests with the City. It is our opinion that the data presented is accurate in all material respects and that it is presented in a manner designed to fairly set forth the financial positions and results of operations of the City and its related entities as measured by the financial activities of their various funds, and that all disclosures necessary for the reader to gain a full understanding of their financial activities have been included. The financial statements have been prepared following the guidelines recommended by the Government Finance Officers Association of the United States and Canada, and the standards adopted by the Governmental Accounting Standards Board. In accordance with these guidelines, the accompanying report consists of three parts: 1. Introductory Section - Letter of Transmittal, GFOA and CSMFO Certificates of Achievement, Names of Principal Officials, and Organization Charts ll. Financial Section - Independent Auditor's Report, Government-wide Financial Statements, Notes to Financial Statements followed by Combining and Individual Fund Statements Ill. Statistical Section - Presenting ten year historical trends of financial and non-financial data Generally accepted accounting principles require that management provide a naITative introduction, overview, and analysis to accompany the basic financial statements in the form of a Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. Redwood City's MD&A can be found immediately following the report of the independent auditors. REpORTING ENTITY AND ITS SERVICES Redwood City is a full service City, which was incorporated in 1867 and became a Charter City in 1929. The City operates under a council-manager form of government and provides services such as police, fire, recreation and parks, library, highways and streets, public improvements, planning and zoning, water, port facilities, and general administrative services. Although the City maintains the sewer lines and pump stations, the sewer plant and treatment services are provided by the South Bayside System Authority, a Joint Powers Authority of which Redwood City is an equity holder. This report includes all funds of Redwood City. The City Council serves in separate session as the governing bodies of the Redwood City Redevelopment Agency, the Redwood City Facilities and Infrastructure Authority, and the Public Financing Authority although these agencies are legal entities apart from the City. Under the City