AgdaPkt 2011-01-10 - Laserfiche WebLink

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AT�r'ACH�'►�t�f 1 Page 2 REPORT To the Honorable Mayor and City Council From the Cit Mana er January 10, 2011 SUBJECT Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2010 RECOMMENDATION Accept, by motion, the Fiscal Year Ended June 30, 2010 Comprehensive Annual Financial Report. BACKGROUND The City's independent auditors, Caporicci and Larson, Certified Public Accountants, have completed their audit of the City's financial records and the City's Comprehensive Annual Financial Report (CAFR) for the 2009I10 fiscal year (Attachment 1). This report, which is prepared by the City's Finance Department, summarizes and presents the financial transactions for all funds of the City of Redwood City, the City of Redwood City Redevelopment Agency, and the Port of Redwood City for the fiscal year ended June 30, 2010. Moreover, this report also presents the financial position of the foregoing entities as of June 30, 2010. The financial statements and notes thereto have been prepared in accordance with the standards set forth by the Governmental Accounting Standards Board and the guidelines established by the Government Finance Officers Association of the United States and Canada. The 2009 version of Redwood City's report was awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting. This was the 23rd consecutive year that the City received this honor. We fully expect that the 2010 report will also receive this award. Under generally accepted auditing standards, independent auditors are encouraged to report matters concerning an entity's internal control structure. As a result of an audit, auditors issue a report titled Report on lntemal Control over Financial Reporting and on Comp/iance and Other Matters, which addresses areas requiring improvement. For fiscal year ended June 30, 2010, the auditors found two areas requiring improvement, with one item related to a change in accounting methodology for the City's investment in the South Bayside System Authority, and the other item related to the timing of the draw down of federal grant money. This report is included in the Single Audit Reports (Attachment 3). Staff from the Finance Department is available to respond to any questions you might have concerning the FY 2009/10 CAFR.