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The Board of Directors of the Redevelopment Agency of the City of Redwood City Redwood City, California Page 2 As described in Note 1 to the basic financial statements, the Agency adopted Statement of Govermnental Accounting Standards ~oard No. 45, Accounting and Finandal Reporting by Employers for Postemployment Benefits (OPEB) other than Pensions, No. 48, Sales and Pledge~ of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues and No. 50, Pension Disclosures, an Amendment of GASB Statements No. 25 and No. 27. The accompanying Required Supplementary Informatiop, such as Management's Discussion and Analysis and budgetary comparison information as listed in the table of contents, is not a required part of the basic financial statements but is supplementary information required by the Goverrunental Accounting Standards Board of the United States. We have applied certain limited procedures, which consist principally of inquiries of management regarding the methods of measurement and presentation of the Required Supplementary Information. However, we did not audit tile information and express no opinion ooa . Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules listed in the foregoing table of contents as Supplemental Information are presented for the purpose of additional analysis and are not a required part of the basic financial statements of the Agency. This additional information is the responsibility of the Agency's management. Such additional information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. ~e.w. f ~ Oakland, California December 3, 2008 2