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6.1A <br /> age 1 <br /> f�EPC��T <br /> To#he I�orabaa 1Ul�yor and city��r�t; <br /> ; ' ; � <br /> �ede�+e�pmerrt A�e�►Bvar!d: <br /> C �ee <br /> December 17, 2007 <br /> Sus�c� <br /> Fiscal Year 2aQ6/07 Financia{ Reports of the City of Redwood City at�d the <br /> Redevelopment Agency af the City o# Redwood City <br /> �EClJMMEPiDAT10N <br /> Aceept the City's fiscal year 2006/07 Comprehensive Annua! Financial Report and the <br /> Redevelopment Agency's Basic Financiai Statements. <br /> BACKGROUND <br /> On December 10, 2007 the Audit Committee members met with the Finance Director <br /> and the City's independent auditors, Caporicci and Larson, to review the generai fund <br /> financial results for FY 2006/07 and review the Recomrnendations to Management <br /> �Attachment 1) prepared by the auditors. <br /> The Audi# Committee recammends that the City Council and ttte Redeveiopment <br /> Agency Board acknowledge acceptance of the City's Comprehensive Annuaf Financial <br /> Report (Attachment 2} and the Redevelopment Agency's Basic Financiaf Statements <br /> (Attachment 3). <br /> A�..��Anv�s <br /> Council c4uld elect not to accept the financial report which would result in additiana! <br /> costs associated with additional field work required to be completed by Caporicci & <br /> Larson. The additi�nal fieid work is required to comply with new auditing guidelines <br /> which require that financial reports be published soon after field work is completed. <br /> FiSCa..I�Pac�r <br /> The costs assoCiated with not accepting the financiat repart will range from $2,000 to <br /> $3,OQ0 depending on how much additional tield work is required. Th�se amounts are <br /> currently not budgeted; a budget amendment would be r uired. <br /> �.__ � • <br /> J�ff tra/�-�l���'"��R���s� Jim H ett <br /> Atrdit`Committee Member/Council Member Audit mittee Member/Council Member <br /> ATTACHMENTS <br /> 1 - Report to Management and City Council and Staff Responses <br /> 2 - Comprehensive Annua! Financiai Report for Year �nded June 30, 2007 <br /> 3 - Redevelapment Agency's Basic Fnancial Sfatemenfis and independent Auditor's <br /> Reports <br /> 4 - Staff Report prepared by the Director of Finance <br /> REW'i'ED DOCUMENTS tN CRY CLERK'S OFFICE <br /> None <br />