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C&L Caporicci & Larson Certified Public Accountants INDEPENDENT AUDITORS' REPORT To the Honorable Mayor and Members of City Council of the City of Redwood City Redwood City, California We have audited the accompanying financial statements of the governmental activities, the business- type activities, each major fund, and the aggregate remaining fund information of the City of Redwood City, California (City), as of and for the year ended June 30, 2005, which collectively comprise the City's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards in the United States and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the 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 opinions. In our opinion, the basic financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of June 30, 2005, and the respective changes in financial position and cash flows, where applicable, thereof for the year then ended in conformity with generally accepted accounting principles in the United States. In accordance with Government Auditing Standards, we have also issued our report dated October 20, 2005 on our consideration of the City's internal conh'ol over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Governmental Auditing Standards and should be read in conjunction with this report in considering the results of our audit. As described in Note 1 to the basic financial statements, the City adopted statement of the Governmental Accounting Standards Board No. 40, Deposit and hwestl11ent Risk Disclosures (Amendment ofGASB 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. Toll Free Ph: (877) 862.2200 Toll Free Fax: (866) 436-0927 Oakland 180 Grand Ave.. Suite 1365 Oakland, California 94612 Orange County 3184.DAirwayAvenue Costa Mesa, California 92626 Sacramento 777 Campus Commons Rd., Suite 200 1 Sacramento, California 95825 San Diego 4858 Mercury, Suite 105 San Diego, California 92111