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6.A. - Page 21 of 191 Appropriation Limit Article XIIIB of the California State Constitution, which became effective in FY 1979-80, and which was modified (by Proposition 111) in November 1989, establishes, by formula, an appropriation limit for governmental agencies. Using the appropriations of FY 1978-79 as the base year, the limit is modified by the change in the composite consumer price index, population, and the value of commercial property development within the City limits during each fiscal year. Article XIIIB also sets the guidelines as to what is to be included in the appropriation limits. The appropriation limit for Redwood City for FY 2018-19 was $707,019,533, while the actual appropriations subject to the limit amounted to $106,522,402. The FY 2018-19 appropriation limit increased from FY 2017-18 due primarily to the increase of 4.03 percent in assessed valuations attributable to growth in non-residential new construction in the City, one of the factors used in calculating the change in the appropriation limit. OTHER INFORMATION Annual Independent Audit The annual audit of the books and financial records of the City was completed by Maze and Associates, certified public accountants appointed by the City Council. The independent auditor's report is part of this report, starting on page 1. Awards The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Redwood City for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2018. This is the 32nd consecutive year that Redwood City has received this prestigious award. In order to be awarded a certificate of achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both accounting principles generally accepted in the United States of America and applicable legal requirements. A certificate of achievement is valid for a period of one year only. We believe that our current CAFR continues to meet the certificate of achievement program's requirements and are submitting it to the GFOA to determine its eligibility for another certificate. Acknowledgements The preparation of this report could not have been achieved without the skillful, dedicated, and efficient services of the entire staff of the Finance Division. I would like to extend special recognition to Derek Rampone, Financial Services Manager, for his professionalism and leadership in overseeing this process. Special thanks must also be expressed to Jennifer Chang, Molly Flowerday, Carolyne Kerans, Jun Nguyen, and Sylvia Peters for their important contributions, and to Nancy Murguia for her support with the publication of this document. I would also like to thank and commend the City Council and City Manager for their ongoing interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner in the best interests of the residents of Redwood City. vii 28