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ATTACHMENT 1 <br /> R�F�4RT � <br /> To the Honorabi� Mayor ar�d City CQu�ci�t <br /> . Fr��n #�e �i :�ll�na er <br /> December 14, 2009 <br /> SUBJECT <br /> Comprehensive Annuai Financial Report for Fiscal Year Ended June 30, 2009 <br /> RECOMMENDATION <br /> Accept, by motion, the Fiscal Year Ended June 30, 2009 Comprehensive Annual <br /> Financial Report. <br /> BACKGROUND <br /> The City's independent auditors, Caporicci and Larson, Certified Public Accountants, <br /> have completed their audit of the City's financial records and the City's Comprehensive <br /> Annual Financial Report (CAFR} for the 2008/09 fiscal year {Attachment 1). This report, <br /> which is prepared by the City's Finance Department, summarizes and presents the <br /> financial transactions for all funds of the City of Redwood City, the City of Redwvod City <br /> Redevelopment Agency, and the Port of Redwood City for the fiscal year ended June <br /> 30, 2�09. Moreover, this report also presents the financial position of the foregoing <br /> entities as of June 30, 2409. <br /> The frnancial statements and notes thereto have been prepared in accordance with the <br /> standards set forth by the Governmental Accounting Standards 8oard and the <br /> guidelines established by the Government Finance Officers Association of the United <br /> States and Canada. <br /> The 24Q8 version of Redwood City's report was awarded the Government Finance <br /> Officers Association Certificate of Achievement for Excellence in Financia( Reporting. <br /> This was the 22"d consecutive year that the City received this honor. We fully expect <br /> that the 2009 report will also receive this award. <br /> Under generally accepted auditing standards, independent auditors are encouraged ta <br /> report matters concerning an entity's internal control structure. As a result of an audit, <br /> auditors issue a report titled Repart to Management and Cify Council, which addresses <br /> areas requiring improvement. For fiscal year ended June 3�, 2009, the auditors found <br /> no areas requiring improvement, and therefore, there is no report. <br /> Staff from the Finance Department is available to respond to any questions you might <br /> have conceming the FY 2008/09 CAFR. <br /> General Fund Highlights <br /> Revenues <br /> Bud eted Revenue Actual Revenue Variance - � - Variance -% - <br /> $85,274,859 $82,190,918 $3,083,941 3.6% <br />