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IC&L Caporicci & Larson Certified Public Accountants INDEPENDENT AUDITORS' REPORT The Board of Directors of the Redevelopment Agency of the City of Redwood City Redwood City, California We have audited the basic financial statements of the Redevelopment Agency of the City of Redwood City (Agency), a component unit of the City of Redwood City, as of and for the year ended June 30, 2008, as listed in the foregoing table of contents. These basic financial statements are the responsibility of the Agency's management. Our responsibility is to express an opinion on these basic finandal state.ments based on our audit. We conducted our audit in accordance with ge~rally accepted auditing standards in the United States and the standards applicable to financial audits - contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall basic financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. As explained in Note 10 to the basic financial statements, the Agency's investments in the San Mateo County Investment Pool were impaired as a result of the failure of certain investments held by the Pool. The impairment occurred after the end of the fiscal year and the impact on the Agency was approximately $55,168. In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities and each major fund of the Agency as of June 30,2008, and the respective changes in financial position for the year then ended in conformity with generally accepted accounting principles in the United States. Subsequent to the basic financial statements date of June 30, 2008 and the year then ended, the United States has entered into a Financial Credit Crisis; Although the United States Federal Govemlnent has taken actions which, at least in part, are intended to relieve and correct this Financial Credit Crisis, investments are subject to significant impainnent and losses. To date, the Agency has not been informed and is not aware of any investment losses except for the San Mateo County Investment Pool as discussed in the third paragraph. Accordingly, such investnlent losses, if any, have not been reflected in the accompanying basic financial statements. Toll Free Ph: (Bi7) 862.2200 Toll Free Fax: (866) 436-0927 Oakland. 180 Grand Ave., Suite 1.365 Oakland, California 94612 Orange County 9 Corporate Park, Suite 100 Irvine. California 92606 5acnmlento 7n Campus Commons Rd., Suite 200 Sacramento, California 95825 Sa1l Diego 4858 Mercury,Suite 106 San Diego, Callfornia 92111