Laserfiche WebLink
6.1 B <br /> City of Redwood City AT �,��ie�l4� <br /> Single Audit Reports <br /> Notes to Schedule of Expenditures of Federal Awards <br /> For the year ended June 30, 2010 � <br /> 1. REPORTING ENTITY <br /> The financial reporting entity, as defined by GASB Codification, consists of the primary government, the <br /> City of Redwood City (City), organizations for which the primary goverrunent is financially accountable, <br /> and other organizations for which the nature and significance of their relationship with the primary <br /> government are such that exclusion would cause the reporting entity's financial statements to be misleading <br /> or incomplete. <br /> The City Council acts as the governing body and is able to impose its will on the following organizations, <br /> establishing financial accountability: <br /> • The Redevelopment Agency of the City of Redwood City <br /> 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> Basis ofAccounting <br /> Funds received under the various grant programs have been recorded within the special revenue funds of <br /> the City. The City utilizes the modified accrual method of accounting for the special revenue funds. The <br /> accompanying Schedule of Expenditures of Federal Awards (Schedule) has been prepared on the modified <br /> accrual basis of accounting. <br /> Schedule of Expenditures o{Federal Awards <br /> The accompanying Schedule presents the activity of all Federal financial assistance programs of the City. <br /> Federal financial assistance received directly from Federal agencies as well as Federal financial assistance <br /> passed through the State of California is included in the Schedule. The Schedule of Expenditures of Federal <br /> Awards was prepared from only the accounts of various grant programs and, therefore, does not present <br /> the financial position or results of operations of the City. <br /> 8 <br />