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Page 7 of 8 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />The City takes these findings seriously and has already strengthened Finance Department staffing by <br />converting a contract Accounting Technician position to a permanent position and hiring an additional <br />Accountant. The Finance Department is also implementing enhanced year-end closing procedures, <br />including earlier completion of reconciliations, improved tracking of audit deliverables, more formalized <br />management review of financial statements and supporting schedules, enhanced documentation <br />standards, and ongoing evaluation of staffing and training needs. In addition, the City devoted significant <br />effort during the FY 2024-25 audit to resolving historical accounting issues, prior period adjustments, and <br />improving supporting documentation. Although these efforts contributed to delays in completing the <br />audit, they have significantly improved the accuracy and reliability of the City's financial records and are <br />expected to result in a more efficient and timely financial reporting process in future years. <br />Upcoming Accounting Standards <br />New accounting standards for financial statements effective FY 2025-26 include new requirements <br />associated with GASB 103 – Financial Reporting Model Improvements and GASB 104 –Disclosure of <br />Certain Capital Assets. <br />New accounting standards for financial statements effective FY 2026-27 include new requirements <br />associated with GASB 105 – Subsequent Events. <br />EQUITY IMPACT STATEMENT <br />All City actions are assessed for impact. Because this item is on the consent calendar, this section indicates <br />assessment process, not findings. The anticipated impact of this policy, program, or action has been <br />assessed in the following ways: <br />Reviewed from similar or relevant past program or policy in Redwood City <br />FISCAL IMPACT <br />There is no fiscal impact to the City as a result of this action. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />7.C. - Page 7 of 269 <br />26