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Attachment 4 6.1 A-5 � t s r� � � -��4". a{,$� x s �� -�j�'��r� �� C j � . s �� r � �� . �'`� `'''�� -�... � `� S"`s2 �F ZtrJ �p's�. '� xs.�* ?sy�,. ,Y,-�,:c�.4'sh`�- .s �•''^ .7 � '� �q'�'�z��' ,��. ,.F� �� - T�: ��,�'i��.y�.�"'S��'SY��.�� 3��"� � �_"�".�,�� . r x' z .c .:� f�e �!�t r'*�,t -�Asv�,a�ei� xr k��/ '�! ��i�! Ai+� �� :; . k �' ' ..iY F : �� �� :,'. . :. ..: . .;. , ..:, : ... �: v . } .. '.. . . .:-. ..._ � .-... . . ..:: � :�.� . . ' :.: .T.. �.. .. .. . .:. . .: ... ..�.:_.._ �,f,.....�^ .�.. ,.. .. .:.._ ..-�' December 17, 2007 SuB�ECr Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2007 BACKGROUND The City's independent auditors, Caporicci and Larson, Certified Public Accounfants, have completed their audit of the City's financial recoras and the City's Comprehensive Annual Financial Repart (CA�R} for the 2006/07 fiscal year (Attachment 2). This report, which is preparecf 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, 2007. Moreover, this report also presents the financia[ pasition af the foregoing entities as of June 30, 2007. The financial sfatements and notes thereto have been prepared in accordance with the standards set forth by the Governmenta! Accounting Standards Board and the guideiines established by the Government Finance Officers Association of the United States and Canada. The 2006 version of Redwaod City's report was awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financia! Reporting. This was the 20th consecutive year that the City received this hflnor. We fulfy expect that the 2007 repart will a(so receive this award. This report is technical in nature; hence our staff is available to meet with yau to answer any questions yau may have concerning the report's contents. You are eneouraged to cal! with any quesfions you may have. Under generally accepted auditing standards, independent auditors are encouraged ta report matters concerning an entity's internai control structure. As a result of an audit, auditors issue a report titled Report to Managemenf and City Council, which addresses areas requiring improvement. This report and staff's responses thereta have been independently reviewed by members of the Audit Cammittee (Attachment 1). 1