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6.B. - Page 50 of 55 Fl. M ACZTE REQUIRED COMMUNICATIONS To the Honorable Mayor and Members of City Council of the City of Redwood City Redwood City, California We have audited the basic financial statements of the City of Redwood City for the fiscal year ended June 30, 2020. Professional standards require that we communicate to you the following information related to our audit under generally accepted auditing standards, Government Auditing Standards and the Uniform Guidance. Significant Audit Findings Accounting Policies Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 of the basic financial statements. No new accounting policies were adopted, and the application of existing policies was not changed during the year, except as indicated below. GASB 95 –Postponement of the Effective Dates of Certain Authoritative Guidance The primary objective of this Statement is to provide temporary relief to governments and other stakeholders in light of the COVID-19 pandemic. That objective is accomplished by postponing the effective dates of certain provisions in Statements and Implementation Guides that first became effective or are scheduled to become effective for periods beginning after June 15, 2018, and later. The effective dates of certain provisions contained in the following pronouncements are postponed by one year: • Statement No. 83, Certain Asset Retirement Obligations • Statement No. 84, Fiduciary Activities • Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements • Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period • Statement No. 90, Majority Equity Interests • Statement No. 91, Conduit Debt Obligations • Statement No. 92, Omnibus 2020 • Statement No. 93, Replacement of Interbank Offered Rates • Implementation Guide No. 2017-3, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting) • Implementation Guide No. 2018-1, Implementation Guidance Update -2018 • Implementation Guide No. 2019-1, Implementation Guidance Update -2019 • Implementation Guide No. 2019-2, Fiduciary Activities. Accountancy Corporation 3478 Buskirk Avenue, Suite 215 Pleasant Hill, CA 94523 T 925.930.0902 F 925.930.0135 E maze@mazeassociates.com w mazeassociates.com 107