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pool. Bay Cities belongs to the California Affiliated Risk Management Authority (CARMA) which is an excess
<br /> liability pool comprised of Bay Area cities and five other local government insurance pools. CARMA provides
<br /> coverage from $1,000,001 to $20,000,000. The layer from$1,000,001 to $5,000,000 is self-insured by CARMA,
<br /> while the layer from$5,000,001 to $20,000,000 is insured by commercial insurers.
<br /> Appropriation Limit
<br /> Article XIIIB of the California State Constitution, which became effective in the 1979/80 fiscal year, and which
<br /> was modified (by Proposition 111) in November 1989, establishes, by formula, an appropriation limit for
<br /> governmental agencies. Using the appropriations of fiscal year 1978/79 as the base year, the limit is modified by
<br /> the change in the composite consumer price index, population, and the value of commercial property development
<br /> within the City limits during each fiscal year. Article XIIIB also sets the guidelines as to what is to be included in
<br /> the appropriation limits.
<br /> The appropriation limit for Redwood City for the fiscal year 2006/07 is at $273,586,214 while the actual
<br /> appropriations subject to the limit amounted to $54,017,601. The following graph indicates the trend in
<br /> appropriations subj ect to limitation:
<br /> APPROPR/AT/ON L/M/T
<br /> All Funds Subject to Appropriation
<br /> Excluding General Impro�ement and Proprietary Funds
<br /> $275,000,000
<br /> $250,000,000
<br /> $225,000,000
<br /> $200,000,000
<br /> $175,000,000
<br /> $150,000,000
<br /> $125,000,000
<br /> $100,000,000
<br /> $75,000,000
<br /> $50,000,000
<br /> �
<br /> $25,000,000
<br /> $0
<br /> FY 2003-04 FY 2004-05 FY 2005-06 FY 2006-07
<br /> Limit Sub.to Limit
<br /> OTHER INFORMATION
<br /> Annual Independent Audit
<br /> The annual audit of the books and financial records of Redwood City was completed by Caporicci & Larson,
<br /> certified public accountants appointed by the City Council. The independent auditor's report has been made a part
<br /> of this report.
<br /> Awards
<br /> The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certlf cate of
<br /> Achlevement for Excellence In Flnanclal Reporting to the City of Redwood City for its Comprehensive Annual
<br /> Financial Report (CAFR) for the fiscal year ended June 30, 2006. This is the 20th consecutive year that Redwood
<br /> City has received this prestigious award. In order to be awarded a certificate of achievement, a government must
<br /> publish an easily readable and efficiently organized comprehensive annual financial report. This report must
<br /> satisfy both generally accepted accounting principles and applicable legal requirements.
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