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<br />'Office of Director of Finance
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<br />1017 Middlefield Road .,
<br />Redwood City, California 94063
<br />. Telephone:: (650) 780-7070
<br />Fax: (650) 366-2447
<br />E-mail: mail@redwoodcity .org
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<br />.: : December 3, 2008"
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<br />, Honorable MaY9f Foust,
<br />Members of the City CouncH;
<br />. . City Manager. .and Citi7..ens of-the
<br />City of Redwood City . .
<br />Redwdod City,. California.
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<br />.Submitted for: yout infonnation. and consideration is the Comprehensive Annu~I.,.Financial Report of the City fo~
<br />the fiscal year ended, June ~O, 2008~ ..., . . ...
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<br />This. report has been: prepared'..by ih:e.City's ..Fjn~nce Department. The'resj,bn.sibility for both the accuraey of the
<br />. printed data and the: completeness and; faimessofthe presentation including all disclosures restS with the City. it,is.
<br />our opinion that the .data presented is accurate 'in.altmaterial. respects andthat.ifis:presented.iin a manner designed
<br />. .: to fairly s.et f()rth the..fmanciill positions and results. of operations of the .City and'- its related entities as .measured by
<br />:, the finaTlCial i'actIvitles' of. their various funds, and 'that. ,all discloslires.: necessa.ry.: for. the. reader to gain .a.: full. .
<br />und.ersta."ilding . of their . financial . activ~ties have. been included. The financial statements have been prepared '.
<br />. :..:' following..the.guidelines recommended by the Government Finance Offi~ers Association. of the: United States and
<br />.,. Canada, a,nd.the standards a~optedby the Governmental. Accountfng Standards Board. . . .. .
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<br />Generaily .accepted accounting brinciples 'r~quire. tl~at m.anagement provide a'narratlve intio~uhtjon. 'ove~,iew, and
<br />.' analysis to.. iaccompany, the basic financial : statements . itl the.. fom1 of a Managemenf s Discussion and Atlaly.sis
<br />.. (MD&A). :This letter of transmittal is designed to cdmplernent the.! MD&A : and .should.be read :in conjunction with. :
<br />it. RedWood Cjty~S! MD&A can be fo~nd immediately Jollowing the report of the independent auditors. .
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<br />. :. . REPORTING ENTITY AND ITS SERVICES
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<br />Redwood City is' a full seryice City~ which was incorporat:eil in 1867 and, ~e aCbnrter City in 1929. The City
<br />. operates under a council~m~ager fo~:.of government and. provides services su~h as police~ fire, recreation .and
<br />parks,. library" highways . and.' streets;.i public fmp.rove~enis~ planning:and zoni~g,:water,port facilities, and :general
<br />administrative: services. . Although the. City maintains . the ~ewer lines and pump :stations~ the sewer plant and .
<br />. treatment services are. provided by the SO~lth Bayside "System Authority. a: joint: powers authority of which
<br />Redwood ~ity is ar,t equity holder,' ...: .. . .. ...'
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<br />Thi~'''~eport.indudesall ftinds. of Redwood City.: The City Council. serves in separate session as the governing
<br />.:. bOdies of the Redwood.CityRedevelopment,Agency, the .Redwood City Facilities and Infrastructure Authority. and
<br />the Public. .Financin.g, Authority .although these :agencies are legal entities apart from the City. Under the City
<br />Charter, the City Council appoints.:the Board of Port Commissioners who oversees the operations of the, Port.of
<br />Redwood City,'whi,ch;isconsidered.a departme~t of the Ci~ of:Redwood Ci~(:
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<br />The general fund of ,lheRedevelopment Af!CJIcy~ild the ~gen~y;s low and moderate ineo';", housing fund are
<br />'. ~hown ,as spe~ial revenue funds. Del>~ service :paid'during the. year is shown:.:1Jtt~er debt serviCe funds. The Port of
<br />Redwood .City is an enterprise activity and is preseiltedas an .enterprise. fund.'.;. .. .
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<br />,Financial 'infom1ati~n ,for separate; legal ~tities related; to the City including the RedwoOd' City Facilities and ·
<br />. Infrastructure Authority, Redwood City ,Public F~nancing Authority, and ~edwood'City.Redevelopment Agency is
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