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��. Capar�.c��Laxson . Certifiec�Pu�lic Accaz�rttaaxts INDEPENDENT AUDIT�IZS'REP�IZ.T The Bnard af Directors nf the I�edevelapment Agenc�r�f th��ity�f Red-wa�d�ity I��dwa�d�it�,�aliforr�.a We ha�r� audited the basi� financial stat�me�ts of the Redevelopm�r�t Ager�cy of th� �ity of R�dw�od �it�r �Agency}, a co�np��er�t unit�f the �it�r of Red3nrood�ity, as �f ar�d f ar the year ended june 3D, ��7, as]isted ir� the f or�g�i�g table �f cor�t�r�ts, These basic financial state�ner�ts a.re the resp�nsibilit� �f the Age��'s managemer�t. �t1r respor�sibillt�r is t� express an �pinion an these basi� financial statements bas�d an �ur au�lit. Vlre c�nducted our auc�it in acco�rdance with genera�.1�accepte�.aud.iting standards in the Uru.tecl States. Th�se standards require that w� p1a�atzd perf orm the audit t� obtairi reas�nable assurance about whether the basi� financial statemer�.ts a�re fr�e of mat�rial misstatement. An aud.it iri�ludes �x ' g, on a test basis, eviden�e supparti�n.g the amour�ts ar�d clis�lasures ir�the basic financial state�ner�ts. Ar�.audit als�includes ass�ssir��the ac��unti�g pri-�.�iples us��1 arLd significarLt estimat�s made b�r mar�agement, as well as evaluating the vverall �basi�finar��ial statemer�t pres�r�tatiort. �Ve believe that our audit pr�vides a reasonable basis f�r aur opi�ion. Iri our o�inion, the �asi� finar��ia1 statements referred ta above pr�sent fairlyr lI1 al�. �YlatE.'�'1� �`�S�7�Ct5� the net ass�ts of the A�ency as of J�u�n.e 3�, ��7, and r�s�ults �f its activlties and changes in net assets foar the year then e�ded in c�nf�rmit�v�rith generally a�cept�d accaunting prir��iples in the United Stat�s. The accomp an�ring I�equired Suppl�mentar� Inf�rmatian, s�xCh as management'S �15��55I�11. a11.C� a.I1�.�TS15 15 nat a requ�.red part �f the basic financial statements but are supplementary irif��mation required by the �overnmental Acc�unting Standards �aa.rd. �Ve have applied certain limited pra�e�lures, �nrhich c�nsisted prirtcipally of inquiries �f managem�nt regarding the methods of �neasurem�nt a�d presentation �f the I��uired 5upple�nentar� Information. H�wev�r, w� did not audit the iriformatiarl and express na apinion �n lt. �ur aud.it was made f or the purpose of f orming an�pinion�n t�i.e basi�fir�a��ia1 statements taken as a�nrh�le. Th� schedules 1is-�ed in the�f oreg�ing table of car�tents as Supplemental IrLf armatian are presented f or the p�xrpose�f ad�iti�na.1 analysis and are n�t a requirec�part�f the basic fir�ari�ial statements of the Ag�nc�. This ad�itional ir�f�rmatian is the responsibility �f the .Agenc�r's mar�ag�me�t. Such additr.onal inf�rmation has been sub�e�t�d to the auciitin�; pr�c�dures applied in the audit af th� basic financial statem�r�ts, arid, iri o�.r Q�ir�ion,ls fairl�r stated irt a11 material resp�cts i-�relatian ta the basi�firiar�.�ia1 statements talc�n as a�nrh�le. . . �� _ � �akland, �a1if ornia ��tabe� 7.9,��7 Toll Free Ph:[877]S�2W�� Toll Free Fax:�BGG�43G--�9z7 �ak1�c�. �ra�age Co�ty 5a�ra�entv San�Diego IS❑Grar�dAve.,Suite�3G5 9 Corparate Park,Suite 1�❑ 777 Campus Cammans Rd.,Suite�00 �858 Mer�ury,Suite��G �a.kland,C�.li.�'orni�94G12 Irvine,Ca.li.farnia 92�OG 5acramento,California 9�8�5 San Diegv,Califvrnia 92�1 I