AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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ATTACHMENT 3 January 12, 2009 SUBJECT Comprehensive Annual Financial Report for Fiscal Year Ended June 30,2008 BACKGROUND The City's independent auditors, Caporicci and Larson, Certified Public Accountants, have completed their audit of the City's financial records and the City's Comprehensive Annual Financial Report (CAFR) for the 2007/08 fiscal year (Attachment 1). This report, which is prepared by the City's Finance Department, summarizes and presents the financial transactions for all funds of the City of Redwood City, the City of Redwood City Redevelopment Agency, and the Port of Redwood City for the fiscal year ended June 30, 2008. Moreover, this report also presents the financial position of the foregoing entities as of June 30,2008. The financial statements and notes thereto have been prepared in accordance with the standards .set forth by the Governmental Accounting Standards Board and the guidelines established by the Government Finance Officers Association of the United States and Canada. The 2007 version of Redwood City's report was awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting. This was the 21st consecutive year that the City received this honor. We fully expect that the 2008 report will also receive this award. Under generally accepted auditing standards, independent auditors are encouraged to report matters concerning an entity's internal control structure. As a result of an audit, auditors issue a report titled Report to Management and City Council, which addresses areas requiring improvement. For fiscal year ended June 30, 2008, the auditors found no areas requiring improvement, and therefore, there is no report. Staff from the Finance Department is available to respond to any questions you might .. have concerning the FY 2007/08 CAFR. Geneoral Fund Highlights Revenues Actual Revenue $84,487,452 Variance $2,264,531 0/0 Chan e 2.75