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6.1 B C� T Page 24 L Caporlcci & I.arson, Inc. A Subsldlary of Marcum LLP Certffied Public Atrountants INDEPENDENT AUDITORS' REPORT To the Honorable Mayor and Members of City Council of the City of Redwood City Redwood City, Califomia We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Redwood Gty, California (City), as of and for the year ended June 30, 2010, which collectively rnmprise the Gt}�s basic financial statements as listed in the table of contents. These financiai statements are the responsibility of the Cit�s management. Our responsibility is to express an opinion on these financial statements i�ased on our audit, We conducbed our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, isss�ed by the Comptroller General of the United States. Those standards require that we plan and perform the avdit to obtain reasonable assnrance about whether the financial statements are free of material , misstatement. An audit inclvdes rnnsideration of internal control over financial reporting as a basis Eor designing audit procedures that aze appropriate in the circumstances, but not for the pnrpose of expressing an opinion on the effectiveness of the City's internal control over financial reporting. Accordingly, we express no such opinion. An avdit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial stabement , presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the bus'rness-type activities, each majar fund, and the aggregate remaining fund information of the City of Redwood City as of June 30, 2010, and the respecfive changes in financial positior�, and cash flows, where applicable, thereof for the yeaz then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated December 3, 2010, on our consideration of the City's internal control over financial reporting and on ovr tests of its rnmpliance with certain pmvisions of iaws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and rnmpliance and the results of that testing, and not to provide an opinion on internal control over finar►rial reporting or on compliance. That report is an integral part of an audit performed in accardance with Government Auditing Standazds and should be considered in assessing the results of our audit. The Management Discussion and Analysis and the Required Snpplementary Information are not a required part of the basic financial statements, but aze supplementary information required by accoeutting principles generally accepted in the United States of America. We have applied certain limited prooednres, which rnnsisted principally of inquiries of management regarding the methods of ineasurement and presentation of the required snpplementary information. However, we did not audit the information and express no opinion on it. www.c•Icpa.com