Laserfiche WebLink
6.G. - Page 14 of 187 <br />Administrative Services Department Isi-ilk <br />Redwood <br />CityCalifornia <br />lif1861 <br />4W <br />December 10, 2018 <br />Honorable Mayor Ian Bain <br />Members of the City Council, <br />City Manager, and Citizens of the <br />City of Redwood City <br />Redwood City, California <br />1017 Middlefield Road <br />Redwood City, California 94063 <br />Telephone: (650) 780-7070 <br />Fax: (650) 366-2447 <br />E-mail: mail@redwoodcity.org <br />I am pleased to submit for your information and consideration the Comprehensive Annual Financial Report (CAFR) <br />of the City of Redwood City for the fiscal year ended June 30, 2018. <br />This report contains a complete set of audited financial statements, prepared by the City's Finance Division, in <br />accordance with Generally Accepted Accounting Principles (GAAP), as promulgated by the Government <br />Accounting Standards Board (GASB). The responsibility for both the accuracy of the printed data and the <br />completeness and fairness of the presentation including all disclosures rests with the management of the City. It <br />is our opinion that the data presented is accurate in all material respects and is presented in a manner designed to <br />set forth the financial positions and results of operations of the City and its related entities as measured by the <br />financial activities of their various funds. Furthermore, all disclosures necessary for the reader to gain a full <br />understanding of their financial activities have been included. <br />To provide a reasonable basis for making those representations, City management has established a <br />comprehensive internal control framework designed both to protect the government's assets from loss, theft, or <br />misuse, and to compile sufficient reliable information for the preparation of the City's financial statements in <br />conformity with GAAP. <br />Badawi and Associates, a firm of independent, licensed and Certified Public Accountants, has audited the City's <br />financial statements for the fiscal year ended June 30, 2018. The objective of the independent audit is to provide <br />reasonable assurance that the financial statements of the City and related entities are free of material <br />misstatement. The auditors concluded, based upon their audit, that there was a reasonable basis for rendering an <br />unmodified opinion on the City's basic financial statements as of and for the fiscal year ended June 30, 2018. The <br />independent auditor's report is located at the front of the financial section of this report on page 1. <br />Accounting principles generally accepted in the United States of America require that management provide a <br />narrative introduction, overview, and analysis to accompany the basic financial statements in the form of a <br />Management's Discussion and Analysis (MD&A). This transmittal letter is designed to complement the MD&A and <br />should be read in conjunction with it. Redwood City's MD&A can be found immediately following the report of <br />the independent auditors on page 4. The notes to the financial statements are provided in the financial section <br />and are considered essential to fair presentation and adequate disclosure. <br />193 <br />