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6.A. - Page 5 of 191 <br />The Capital Outlay Fund, Enterprise Funds, Special Revenue Funds, Debt Service Fund, Internal Service <br />Funds, and Capital Project Funds are also included in the CAFR and are highlighted in the Management's <br />Discussion and Analysis section of the CAFR. <br />Self -Insurance Fund Highlights <br />The Self -Insurance Internal Service Fund (liability and workers' compensation) had a positive change in <br />net position of $43 thousand, due to revenues slightly exceeding expenses. Due to sufficient revenue, it <br />was not necessary for the General Fund to transfer money to this fund in FY 2018-19. The City maintains <br />funding at a confidence level of 80 percent as recommended by Sedgwick, the City's risk pool <br />administrator. The Self -Insurance Fund ended up with a net position of $2.2 million as of June 30, 2019. <br />New Accounting Standards <br />Two new accounting standards issued by the Governmental Accounting Standards Board (GASB) <br />Statement were implemented in FY 2018-19. Only GASB Statement No. 88, Certain Disclosures Related to <br />Debt, Including Direct Borrowings and Direct Placements had an impact on the CAFR (see Note 6 and Note <br />7 of the CAFR). <br />FISCAL IMPACT <br />There is no fiscal impact to the City as a result of this action. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public Notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting <br />ALTERNATIVES <br />The City Council could request additional information from staff or the City's audit firm, or not accept <br />the CAFR at this time. Any delay in accepting the CAFR could result in unbudgeted costs, as additional <br />fieldwork would be required by the City's auditors, which would likely delay the submittal of the CAFR to <br />outside agencies that require the document by December 31, 2019. <br />Page 5 of 6 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />12 <br />