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6.1 B - Attachment No. 4 C�L � Caporicci&Larson � CerMfted Public Accourzt��zts INDEPENDENT AUDTTORS'REPOIZT To the Honorable Mayor and Members of City CounciJ. � of the City of Redwood City Redwood City,California We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Redwood City, California (City), as of and for the year ended June 30, 2009, which colleciively comprise the City's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards in the United States and the standards applicable to financial audits contained in Government Aicditing Stancicirds, 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 fxee of matexial misstatement. An audit in�ludes ex�mining,on a test basis,evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 borrowed, deferred paying certain revenues and proposed taking other#unds from Iocal governments including cities,counties,districts and agencies.These actions by the State include: • 8°�6 of Property Taxes borrowed — to be repaid in 3 years • Gas Tax payments deferred — to be paid after January 1,201� • Redevelopment Agency funds — prepared to be taken for fiscal year 2010 These above amounts are very significant to the local governments and may affect their ongoing operations. Certain lawsuits are in pxocess to stop such State actions.The State legislation is also in process to aid 1oca1 governments to be able to sell the 8% of property taxes borrowed by the State to a joint Powers Authority.For more detailed information,see Note 19 attached in the Notes to Basic Financial Statements. In our opinion, the financial statements referred to above present fairly, in all material respects, fi1i.e respective financial position of the governmental activities, fihe business-type activities, each rnajor fund, and the aggregate remaining fund information of the City as of June 30,2009,and the respective changes in financial position, and where applicable, cash flows thereof for the year then ended in conformity with generally accepted accounting principles in the United States. Toll Free Ph:�87'n 862-2200 1bll Free Fax:(8G6�436-0927 Oa)claad Oras�e Cou�fy Saarameal�u Sas Die�o 180 GrandAve.,Suite 13b5 9 Corporjete Partc,Suite 100 � 777 Cazapus Commons Rd.,Svlte 200 S�aD� o Califo�Srnia 92111 Oakland,Cali�ornla 94612 itvit►o,California 92606 Sacramrnto,California 95825 � �