Agda Pkt 2026.07.27 Joint SA PFA

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2121 North California Blvd., Suite 290 Walnut Creek, California 94596 INDEPENDENT AUDITOR’S REPORT To the Honorable Mayor and Members of the City Council of the City of Redwood City Redwood City, California Report on the Audit of the Financial Statements Opinions 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 (the “City”), as of and for the year ended June 30, 2025, and the related notes to the basic financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2025, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphasis of Matter Change in Accounting Principle As discussed in Note 19 to the financial statements, the City implemented Governmental Accounting Standards Board (“GASB”) Statement No. 101, Compensated Absences, effective July 1, 2024. The implementation of this standard required the City to change its method of accounting for compensated absences and resulted in a restatement of beginning net position as of July 1, 2024. Our opinion is not modified with respect to this matter. Correction of Errors As discussed in Note 19 to the financial statements, during the current fiscal year, we found several errors that required correction. The correction of these errors resulted in a restatement of beginning net position as of July 1, 2024. Our opinion is not modified with respect to this matter. 7.C. - Page 33 of 269 52