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IC&L Caporicci & Larson Cet'tified Public ACCOtmtantG REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MAITERS BASED ON AN AUDIT OF FINANOAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 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 Oty (Agency), a component unit of the City of Redwood City (City), as of and for the year ended June 30, 2008, and have issued our report thereon dated December 3,2008. We conducted our audit in accordance with generally accepted auditing standards in the United States and the standards applicable to financial audits contain~d in Government Auditing Standards, issued by the Comptroller General of the U~ted States. Internal Control over Financial Reporting In planning and performing our audit, we considered the Agency's internal control over financial reporting as a basis for designing our audit procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Agency's internal control over ,_., Ji11ancial reporting. Accordingly, we do not express an opinion on the effectiveness of the Agency's internal , control over financial reporting. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affeCts the entity's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity's financial statements that is more than inconsequential will not be prevented or detected by the entity's internal control. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material lnisstatement of the financial statements will not be prevented or detected by the entity's internal control. Our consideration of internal control over financial reporting was for the limited purpose described ~ the first paragraph and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. However, we did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. ToU Free Ph: (877) 862-2200 ToU'Free Fax: (866) 436-0927 OakJlUld 180 GrandAve.,Sultc 1365 Oakland, Californl.a 94612 Ckaaae County 9 Corporate Park, Suite 100 Irvine, California 92606 Saaamento 777 Campus C".ommons Rd.. Suite 200 Sacramento, CaJifornia 95825 SIUl Diego 4858 Mercury,Suite 106 San Diego, California 92111