Agda Pkt 2026.07.27 Joint SA PFA

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Page 2 of 8 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org RECOMMENDATION By motion, accept the Annual Comprehensive Financial Report for Fiscal Year ended June 30, 2025. STRATEGIC PLAN GUIDING PRINCIPLE Excellence in Government Operations BACKGROUND The City’s independent auditor, The Pun Group, Certified Public Accountants, has completed its audit of the City’s financial records and the City’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025. Unlike the City’s budget, which looks ahead to provide a financial plan for the coming fiscal year, the City’s ACFR looks back over the previous fiscal year to review and account for the City’s financial performance. This report, prepared by The Pun Group, summarizes and presents the financial transactions for all funds of the City of Redwood City including the Successor Agency and the Port of Redwood City, for the fiscal year ended June 30, 2025. The financial statements and notes have been prepared in accordance with the standards established by the Governmental Accounting Standards Board (GASB) and the guidelines established by the Government Finance Officers Association (GFOA) of the United States and Canada. The City continues to adhere to high financial governance standards and has received the prestigious GFOA Certificate of Achievement for Excellence in Financial Reporting award for 37 consecutive years. We expect the FY 2024-25 ACFR will also receive this award. ANALYSIS The ACFR was filed with the State Controller’s Office on June 12, 2026. It was also submitted to GFOA on June 01, 2026. Andrew Roth of the City’s independent audit firm, The Pun Group, oversaw the FY 2024- 25 ACFR and the results of the City’s audit. The Finance/Audit Subcommittee reviewed the FY 2024-25 ACFR and the results of the independent audit on July 2, 2026. Members posed several clarifying questions regarding the audit results and the City's corrective actions to strengthen financial reporting processes, which were addressed by staff and the City's independent auditor. The Subcommittee expressed appreciation for the substantial efforts made to improve the City's financial records and supported forwarding the ACFR to the City Council. The Letter of Transmittal, found in the Introductory Section of the ACFR, discusses the factors affecting the City’s financial condition during FY 2024-25. The Financial Section of the ACFR provides readers with additional analysis of the City’s financial condition. The Management’s Discussion and Analysis, 7.C. - Page 2 of 269 21