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� 6.1 B - Attachment No. 2 �L Caporicci&Larson Certt,f�ed Publtc Accountants � INDEPENDENT AUDITORS'REPORT To the Members of the Board of Directors � of the Redevelopment Agency of the City of Redwood City Redwood City,California We have audited the basic financial statements of the Redevelopment Agency of the City of Redwood City (Agency), a component unit of the City of Redwood City, as of and for the year ended june 30, 2009, as listed in the foregoing table of contents. These basic financial statements are the responsi'bility of the Agency's management. Our responsibility is to express an opinion on these basic financial statements based on our audit. We conducted our aud.it in accordance with generally accepted auditing standards in the United States and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes ex�myning, on a test basis,evidence supporting the amounts and d.isclosures in the financial statements. An audit also indudes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall basic financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. Subsequent to the basic financial statements date of June 30, 2009 and the year then ended, the State of California (State)has proposed taking some redevelopment agency funds from all redevelopment agencies in the State. These redevelopment agency funds are very signifi.cant to the redevelopment agencies and may affect their ongoing operations. Certain lawsuits are in process to stop such State actions. For more detailed information,see Note�10 attached in the Notes to Basic Financial Statements. In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of the governmental activi.ties and each major fund of the Agency as of June 30,2009,and the respective changes in financial position for the year then ended in conformity with generally accepted accounting principles in the United States. As described in Note 1 to the basic financial statements, the Agency adopted Statements of Governmental Accounting Standards Board No.49,Accottnting nnd Financinl Reporting for Poliution IZemedi�ction Obligations, No. 55, The Hiernrch�of Genercrlly Accepted Accounting Principles for State nnd Local Governments and No. 56, Codification of Accounting and Financiat Reporting Gzciclunce Contained in the AICPA Stc�tement on Auditing Standards. . Toll Free Ph:(87�862-2200 Toll Free Fax:(866)436-0927 Oa]claad Orange Cow�ty Saa�udtto S�� 180 Grand Ave.,Suiu 1365 9 Corporate Park,Suite 100 777 Campus Commons Rd.,5uite 200 4858 Mercury,Suite 106 Oakland,Califotnia 94G 12 Irvine,Caiifornia 92606 Sacrdmento,Californla 95825 San Diego,Califoraia 921 i l