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�, 6.1 B <br /> age 1 <br /> ��PC��T <br /> . To the Mc�nr�r�bfe Mayor and Cit�y �ouncil <br /> �r�d �ted°eve�topment Agency Boa�d <br /> � �rom A�di# Cornmi#tee <br /> December 14, 2009 <br /> SUBJECT <br /> Fiscal Year 2008/09 Financial Reports of the City of Redwood City and the <br /> Redevelopment Agency of the City of Redwood City <br /> RECOMMENDATION <br /> Accept, by motion, the City's FY 2008/09 Comprehensive Annual Financial Report and <br /> the Redevelopment Agency's Basic Financial Statements. <br /> BACKGROUND <br /> On December 7, 2009 the Audit Committee members met with the Finance Director and <br /> the City's independent auditors, Caporicci and Larson, to review the general fund <br /> �nancial resufts for FY 2008/09 and review the results of the audit. <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 /> Also attached is a report from the auditors on the City's internal control which is <br /> no#ewor�hy in that the auditors made no findings or observations of "significant <br /> deficiencies" or"material weaknesses" (Attachment 3). <br /> ALTERNATIVES <br /> Council could elect not to accept the financial reports which would result in additional <br /> costs associated with additional field work required to be completed by Gaporicci & <br /> Larson. The additional field work is required to comply with auditing guidelines which <br /> require that financial reports be publis�ed soon after field work is complsted. <br /> FISCAL IMPACT <br /> The costs associated with not accepting the financial reports would range from $2,000 <br /> to $3,000 depending on how much additiona( field work is required. These amounts are <br /> currently not budgeted; a budget amendment would be required. <br />