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7 I- cZ <br />The fund level perspective continues to present the financial data under the modified <br />accrual basis of accounting that was previously used for the general fund, special revenue <br />funds, debt service funds, and capital projects funds. <br />The 2001 version of Redwood City's report was awarded the Government Finance Officers <br />Association Certificate of Excellence in Financial Reporting. This was the 15th consecutive <br />year the City received this honor. We fully expect that the 2002 report will also receive this <br />award. <br />This report is technical in nature, hence our staff is available to meet with you to answer <br />any questions you may have concerning the report's contents. You are encouraged to call <br />with any questions you may have. <br />Under generally accepted auditing standards, auditors are encouraged to report matters <br />concerning an entity's internal control structure. As a result of an audit, auditors issue a <br />Memorandum on the Internal Control Structure, which addresses areas requiring <br />improvement. For fiscal year ended June 30, 2002, Maze and Associates did not identify <br />any areas of weakness (Attachment 2). <br />2 <br />