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<br />ix <br />FINANCE DEPARTMENT 1017 Middlefield Road <br />Beth Goldberg, Director Redwood City, California 94063 <br /> Telephone: (650) 780-7070 <br /> Fax: (650) 366-2447 <br /> E-mail: mail@redwoodcity.org <br /> <br /> <br />May 29, 2026 <br /> <br /> <br />Honorable Elmer Martinez Saballos, Mayor <br />Members of the City Council <br />City Manager Patrick Heisinger <br />Residents of the City of Redwood City <br />Redwood City, California <br /> <br /> <br />I submit for your information and consideration the Annual Comprehensive Financial Report (ACFR) of the City <br />of Redwood City (City) for the fiscal year ended June 30, 2025. <br /> <br />This report contains a complete set of audited financial statements, prepared by the City’s Finance Department, <br />in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP), as <br />promulgated by the Government Accounting Standards Board (GASB). The responsibility for both the accuracy <br />of the printed data and the completeness and fairness of the presentation, including all disclosures, rests with <br />the management of the City. It is our opinion that the data presented is accurate in all material respects and is <br />presented in a manner designed to set forth the financial positions and results of operations of the City and its <br />related entities as measured by the financial activities of their various funds. Furthermore, all disclosures <br />necessary for the reader to gain a full understanding of their financial activities have been included. <br /> <br />To provide a reasonable basis for making those representations, City management has established a <br />comprehensive internal control framework designed both to protect the government’s assets from loss, theft, <br />or misuse, and to compile sufficient reliable information for the preparation of the City’s financial statements in <br />conformity with GAAP. <br /> <br />The Pun Group, a firm of independent, licensed and Certified Public Accountants, has audited the City’s financial <br />statements for the fiscal year ended June 30, 2025. The objective of the independent audit is to provide <br />reasonable assurance that the financial statements of the City and related entities are free of material <br />misstatement. The auditors concluded, based upon their audit, that there was a reasonable basis for rendering <br />an unmodified opinion on the City’s basic financial statements as of and for the fiscal year ended June 30, 2025. <br />The independent auditor’s report is located at the front of the financial section of this report on page 1. <br /> <br />U.S. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the <br />basic financial statements in a section titled Management’s Discussion and Analysis (MD&A). This transmittal <br />letter is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be <br />found immediately following the report of the independent auditors on page 5. The notes to the financial <br />statements are provided in the financial section and are considered essential for fair presentation and adequate <br />disclosure. <br /> <br /> <br /> <br />7.C. - Page 21 of 269 <br />40