Agda Pkt 2026.07.27 Joint SA PFA

Browse Search

xviii Appropriation Limit Article XIIIB of the California State Constitution, which became effective in FY 1979-80, and which was modified (by Proposition 111) in November 1989, establishes, by formula, an appropriation limit for governmental agencies. Using the appropriations of FY 1978-79 as the base year, the limit is modified by the growth in inflation and population during each fiscal year. Inflation is measured as the year-over-year growth in per capita personal income, while population growth is based on a weighted growth measure that blends growth in the civilian population with growth in K-12 and community college average daily attendance. Article XIIIB also sets the guidelines as to what is to be included in the appropriation limits. The appropriation limit for Redwood City for FY 2024-25 was $974,331,999; the City’s actual appropriations subject to the limit were $132,784,269, far below the limit. The FY 2024-25 appropriation limit increased from FY 2023-24 due primarily to the increase of 3.62 percent in state-wide per capita personal income, one of the factors used in calculating the change in the appropriation limit. Other Information Annual Independent Audit The annual audit of the books and financial records of the City was completed by The Pun Group, certified public accountants appointed by the City Council. The independent auditor’s report is part of this report, starting on page 1. Awards The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Redwood City for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2024. This is the 38th consecutive year that Redwood City has received this prestigious award. To be awarded a certificate of achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both accounting principles generally accepted in the United States of America and applicable legal requirements. A certificate of achievement is valid for a period of one year only. We believe our current ACFR continues to meet the certificate of achievement program’s requirements and are submitting it to the GFOA to determine its eligibility for another certificate. Acknowledgements Special recognition is extended to the staff of the Finance Department for their dedication to their colleagues throughout the City organization and to the community of Redwood City. I would also like to thank and commend the City Council, Finance and Audit Sub-Committee members, and City Manager for their ongoing interest and unwavering support in planning and conducting the financial operations of the City in a responsible and progressive manner in service to the continued best interests of the residents of Redwood City. Respectfully submitted, Beth Goldberg Finance Director City of Redwood City Redwood City, California 7.C. - Page 30 of 269 49