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8e Page 89 EXHIBIT B ANNUAL REPORT $ CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, WATER REVENUE BONDS, SERIES 2007 A Date of this Annual Report: For Fiscal Year: This Annual Report is hereby submitted under Section 4 of the Continuing Disclosure Certificate (the "Disclosure Certificate") dated March 1, 2006, executed by the undersigned (the "City") for and on behalf of itself and the City of Redwood City Public Financing Authority (the "Authority") in connection with the issuance of the above-captioned bonds by the Authority. Capitalized terms used in this Annual Report but not otherwise defined have the meanings given to them in the Disclosure Certificate. Any or all of the items listed below may be included by specific reference to other documents, including official statements of debt issues of the City or related public entities, which have been submitted to each of the Repositories or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the Municipal Securities Rulemaking Board. The City shall clearly identify each such other document so included by reference. I. Audited Financial Statements Attached are audited financial statements of the City, which include financial statements of the City's municipal water system enterprise (the "Enterprise") prepared in accordance with Generally Accepted Accounting Principles as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standards Board. II. Existing Water Supply and Demand The table below sets forth the average daily demand and maximum daily demand on the Enterprise for the prior Fiscal Year. Average Daily Demand (million Qallons per day) Maximum Daily Demand (million Qallons per day) Current Demand Current Supply Regional Water System Current Supply Recycled Water Current Capacity Surplus D-10