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� 6.1 B REPORT To the Honorable Mayor and City Council And Redevelopment Agency Board From Audit Committee January 10, 2011 S UBJ ECT Fiscal Year 2009/10 Financial Reports of the City of Redwood City and the Redevelopment Agency of the City of Redwood City RECOMMENDATION Accept, by motion, the City's FY 20Q9/10 Comprehensive Annual Financial Report and the Redevelopment Agency's Basic Financial Statements. BACKGROUND On December 13, 2010 the Audit Committee members met with the Finance Director and the City's independent auditors, Caporicci and Larson, to review the general fund financia! results for FY 2009/10 and review the results of the audit. The Audit Committee recommends that the City Council and the Redevelopment Agency Board acknowiedge acceptance of the City's Comprehensive Annual Financial Report and the Redevelopment Agency's Basic Financial Statements which are attached to the accompanying staff report. Also attached to the staff report is a report from the auditors on the City's internal controls which included two findings that were thoroughly discussed with the audit committee. ALTERNATIVES Council could elect not to accept the financial reports which would result in additional costs associated with additional field work required ta be compieted by Caporicci 8� Larson. The additional field work is required to comply with auditing guidelines which require that financial reports be published soon after field work is compfeted. FISCAL IMPACT The costs associated with not accepting the financial repo�ts would range from $2,000 to $3,000 depending on how much additional field work is required. These amounts are currently not budgeted; a budget amendment would be required. Jeff Ira Jeff Gee Audit Committee Memher/Mayor Audit Committee Member/Council� Member ATTACHMENTS 1. Staff Report prepared by the Director of Finance RELATED DOCUMENTS IN CITY CLERK'S OFFICE None