AgdaPkt 2007-01-08 - Laserfiche WebLink

Browse Search

Attachment I January 8, 2007 Subject Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2006 Background The City's independent auditors, Caporicci and Larson and Associates, have completed their audit of the City's financial records and the City's Comprehensive Annual Financial Report (CAFR) for the 2005/06 fiscal year. This report (Attachment II), which is prepared by the City's Finance Department, summarizes and presents the financial transactions for all funds of the City of Redwood City, the City of Redwood City Redevelopment Agency, and the Port of Redwood City for the fiscal year ended June 30, 2006. Moreover, this report also presents the financial position of the foregoing entities as of June 30, 2006. The financial statements and notes thereto have been prepared in accordance with the standards set forth by the Governmental Accounting Standards Board and the guidelines established by the Government Finance Officers Association of the United States and Canada. The 2005 version of Redwood City's report was awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting. This was the 19th consecutive year the City received this honor. We fully expect that the 2006 report will also receive this award. This report is technical in nature; hence our staff is available to meet with you to answer any questions you may have concerning the report's contents. You are encouraged to call with any questions you may have. Under generally accepted auditing standards, independent auditors are encouraged to report matters concerning an entity's internal control structure. As a result of an audit, auditors issue a report titled Recommendations to Management, which addresses areas requiring improvement. This report and staff's responses thereto have been independently reviewed by members of the Audit Committee (Attachment III).