AgdaPkt 2011-01-10 - Laserfiche WebLink

Browse Search

6.1 B Page 12 Office of Director of Finance - 1017 Middlefield Road Red Redwood City, California 94063 , C�tVcalirornie Telephone: (650) 780-7070 roun��a reei ,� Fax: (650) 366-2447 � __ E-mail: mail@redwoodcity.org December 3, 2010 Honorable Mayor Ira, Members of the City Council, City Manager, and Citizens of the City of Redwood City Redwood City, California Submitted for your information and consideration is the Comprehensive Annual Financial Report of the City for the fiscal year ended June 30, 2010. This report has been prepared by the City's Finance Department. The responsibility for both the accuracy of the printed data and the completeness and fairness of the presentation including all disclosures rests with the City. It is our opinion that the data presented is accurate in all material respects and that it is presented in a manner designed to fairly set forth the financial positions and results of operations of the City and its related entities as measured by the financial activities of their various funds, and that all disclosures necessary for the reader to gain a full understanding of their financial activities have been included. The financial statements have been prepared following the guidelines recommended by the Government Finance Officers Association and the standards adopted by the Governmental Accounting Standards Board. Caporicci & Larson, a firm of licensed certified public accountants, has issued an unqualified ("clean") opinion of the City's financial statements for the fiscal year ended June 30, 2010. The independent auditor's report is located at the front of the financial section of this report. Generally accepted accounting principles require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of a Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. Redwood City's MD&A can be found immediately following the report of the independent auditors. REPORTING ENTITY AND ITS $ERVICES Redwood City is a full service City, which was incorporated in 1867 and became a Charter City in 1929. The City operates under a council-manager form of government and provides a range of services that include police and fire protection, recreation and parks, libraries, street maintenance and construction, infrastructure improvements, planning and zoning, water delivery, port facilities, and storm drains. Although the City maintains sewer lines and ' pump stations, the sewer plant and treatment services are provided by the South Bayside System Authority, a I joint powers authority of which Redwood City is an equity holder. ' This report includes all funds of Redwood City. The City Council serves in separate session as the governing bodies of the Redwood City Redevelopment Agency, the Redwood City Facilities and Infrastructure Authority, and the ', Public Financing Authority although these agencies are legal entities apart from the City. Under the City Charter, � the City Council appoints the Board of Port Commissioners who oversees the operations of the Port of Redwood City, which is considered a department of the City of Redwood City. � I