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<br /> <br />6.1C <br />age 1 <br /> <br />January 12, 2009 <br /> <br />SUBJECT <br />Fiscal Year 2007/08 Financial Reports of the City of Redwood City and the <br />Redevelopment Agency of the City of Redwood City <br /> <br />RECOMMENDATION <br />Accept the City's fiscal year 2007/08 Comprehensive Annual Financial Report and the <br />Redevelopment Agency's Basic Financial Statements. <br /> <br />BACKGROUND . <br />On December 15, 2008 the Audit Committee members met with the Finance Director <br />and the City's independent auditors, Caporicci and larson, to review the general fund <br />financial results for FY 2007/08 and review the results of the audit. <br /> <br />The Audit Committee recommends that the City Council and the Redevelopment <br />Agency Board acknowledge acceptance of the City's Comprehensive Annual Financial <br />Report (Attachment 1) and the Redevelopment Agency's Basic Financial Statements <br />(Attachment 2). <br /> <br />ALTERNATIVES <br />Council could elect not to accept the financial report which would result in additional <br />costs associated with additional field work required to be completed by Caporicci & <br />larson. The additional field work is required to comply with new auditing guidelines <br />which require that financial reports be published soon after field work is completed. <br /> <br />FISCAL IMPACT <br />The cost~ associated with not accepting the financial report will range from $2,000 to <br />$3,000 depending on how much additional field work is required. These amounts are <br />currently not budgeted; a budget amendment would be required. <br />.II) <br /> <br /> <br /> <br />..,.,.."'. <br /> <br />ATTACHMENTS <br />1. Comprehensive Annual Financial Report for Year Ended June 30, 2008 <br />2. Redevelopment Agency's Basic Financial Statements and Independent Auditor's <br />Reports <br />3. Staff Report prepared by the Director of Finance <br /> <br />RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br />None <br />