AgdaPkt 2007-12-17 - Laserfiche WebLink

Browse Search

1017 Middlefield Road R dW d . e o0 ' Galifornia Redwood City, California 94063 I u Founded 1861 _ Office of Director of Finance Telephone. (650) 780 7070 and Financial Planning Fax: (650) 366-2447 E-mail: mail @ redwoodcity.org November 9, 2007 Honorable Mayor Pierce, Members of the City Council, City Manager, and Citizens of the City of Redwood City Redwood City, California In accordance with the Charter of the City of Redwood City, we are submitting for your information and consideration the Comprehensive Annual Financial Report of the City for the fiscal year ended June 30, 2007. This report has been prepared by the City's Finance Department. The responsibility for both the accuracy of the printed data and the completeness and fairness of the presentation including all disclosures rests with the City. It is our opinion that the data presented is accurate in all material respects and that it is presented in a manner designed to fairly set forth the financial positions and results of operations of the City and its related entities as measured by the financial activities of their various funds, and that all disclosures necessary for the reader to gain a full understanding of their financial activities have been included. The financial statements have been prepared following the guidelines recommended by the Government Finance Officers Association of the United States and Canada, and the standards adopted by the Governmental Accounting Standards Board. Generally accepted accounting principles require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of a Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. Redwood City's MD&A can be found immediately following the report of the independent auditors. REPORTING ENTITY AND ITS SERVICES Redwood City is a full service City, which was incorporated in 1867 and became a Charter City in 1929. The City operates under a council-manager form of government and provides services such as police, fire, recreation and parks, library, highways and streets, public improvements, planning and zoning, water, port facilities, and general administrative services. Although the City maintains the sewer lines and pump stations, the sewer plant and treatment services are provided by the South Bayside System Authority, a joint powers authority of which Redwood City is an equity holder. This report includes all funds of Redwood City. The City Council serves in separate session as the governing bodies of the Redwood City Redevelopment Agency,the Redwood City Facilities and Infrastructure Authority, and the Public Financing Authority although these agencies are legal entities apart from the City. Under the City Charter, the City Council appoints the Board of Port Commissioners who oversees the operations of the Port of Redwood City, which is considered a department of the City of Redwood City. The general fund of the Redevelopment Agency and the agency's low and moderate income housing fund are shown as special revenue funds. Debt service paid during the year is shown under debt service funds. The Port of Redwood City is an enterprise activity and is presented as an enterprise fund. i