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6.C. - Page 15 of 196 Administrative Services Department Redwood CityCalifornia Founded 1867 February 22, 2021 Honorable Mayor Diane Howard Members of the City Council, City Manager, and Residents of the City of Redwood City Redwood City, California 1017 Middlefield Road Redwood City, California 94063 Telephone: (650) 780-7070 Fax: (650) 366-2447 E-mail: mail@redwoodcity.org I am pleased to submit for your information and consideration the Comprehensive Annual Financial Report (CAFR) of the City of Redwood City for the fiscal year ended June 30, 2020. This report contains a complete set of audited financial statements, prepared by the City's Finance Division, in accordance with Generally Accepted Accounting Principles (GAAP), as promulgated by the Government Accounting Standards Board (GASB). The responsibility for both the accuracy of the printed data and the completeness and fairness of the presentation, including all disclosures, rests with the management of the City. It is our opinion that the data presented is accurate in all material respects and is presented in a manner designed to set forth the financial positions and results of operations of the City and its related entities as measured by the financial activities of their various funds. Furthermore, all disclosures necessary for the reader to gain a full understanding of their financial activities have been included. To provide a reasonable basis for making those representations, City management has established a comprehensive internal control framework designed both to protect the government's assets from loss, theft, or misuse; and to compile sufficient reliable information for the preparation of the City's financial statements in conformity with GAAP. Maze & Associates, a firm of independent, licensed and Certified Public Accountants, has audited the City's financial statements for the fiscal year ended June 30, 2020. The objective of the independent audit is to provide reasonable assurance that the financial statements of the City and related entities are free of material misstatement. The auditors concluded, based upon their audit, that there was a reasonable basis for rendering an unmodified opinion on the City's basic financial statements as of and for the fiscal year ended June 30, 2020. The independent auditor's report is located at the front of the financial section of this report on page 1. Accounting principles generally accepted in the United States require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in a section titled Management's Discussion and Analysis (MD&A). This transmittal letter is designed to complement the MD&A and should be read in conjunction with it. Redwood City's MD&A can be found immediately following the report of the independent auditors on page 5. The notes to the financial statements are provided in the financial section and are considered essential to fair presentation and adequate disclosure. REPORTING ENTITY AND ITS SERVICES Redwood City is a San Francisco Bay Area community located in Silicon Valley. With a population of more than 86,000, Redwood City is the third largest city within the County of San Mateo. The City of Redwood City was incorporated in 1867 and became a Charter City in 1929. It operates under a council-manager form of 102