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<br />The appropriation limit for Redwood City for the fiscal year 2004/05 is at $246,942,560 while the actual <br />appropriations subject to the limit amounted to $51,518,825. The following graph indicates the trend in <br />appropriations subject to limitation: <br /> <br />APPROPRIATION LIMIT <br />All Funds Subject to Appropriation <br /> <br />Excluding General Improvement and Proprietary Funds <br /> <br />$250,000,000 <br />$225,000,000 <br />$200,000,000 <br />$175,000,000 <br />$150,000,000 <br />$125,000,000 <br />$100,000,000 <br />$75,000,000 <br />$50,000,000 <br />$25,000,000 <br />$0 <br /> <br /> <br />FY 2002-03 <br /> <br />FY 2003-04 <br />,- Limit. Sub. to Limit I <br /> <br />FY 2004-05 <br /> <br />OTHER INFORMATION <br /> <br />Annual Independent Audit <br />The annual audit of the books and financial records of Redwood City was completed by Caporicci & Larson, <br />certified public accountants appointed by the City Council. The independent auditor's report has been made a part <br />of this report. <br /> <br />Awards <br />The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of <br />Achievement for Excellence in Financial Reporting to the City of Redwood City for its Comprehensive Annual <br />Financial Report (CAFR) for the fiscal year ended June 30, 2004. This is the 18th consecutive year that Redwood <br />City has received this prestigious award. In order to be awarded a certificate of achievement, a government must <br />publish an easily readable and efficiently organized comprehensive annual financial report. This report must <br />satisfy both generally accepted accounting principles and applicable legal requirements. <br /> <br />A certificate of achievement is valid for a period of one year only. We believe that our current CAFR continues to <br />meet the certificate of achievement program's requirements and we are submitting it to the GFOA to determine its <br />eligibility for another certificate. <br /> <br />The City was also awarded the California Society of Municipal Finance Officers (CSMFO) Outstanding Financial <br />Reportingcertificate for its CAFR for the fiscal year ended June 30, 2004. This was the 19th consecutive award to <br />Redwood City from CSMFO. <br /> <br />Acknowledgements <br />The preparation of this report could not have been achieved without the efficient and dedicated services of the <br />entire staff of the Finance Department. Special thanks are extended to Alison Freeman for her leadership in <br />overseeing this process, Irv Weinstock for his diligent proofreading, Kyi Khin, Araceli Fierro, and Rajesh Sewak <br />for their important contributions, and to Sandy Jennings for her relentless dedication to assembling and publishing <br />this document. <br /> <br />IV <br />