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<br />51 ß'I <br /> <br />REPORT <br /> <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />January 24, 2005 <br /> <br />Subject <br />Comprehensive Annual Financial Report for Fiscal Year Ended June 30,2004 <br /> <br />Recommendation <br />Acknowledge receipt of and accept the Comprehensive Annual Financial Report for fiscal <br />year ended June 30, 2004. <br /> <br />Background <br />The City's independent auditors, Caporicci and Larson and Associates, have completed <br />their audit of the City's financial records and the City's Comprehensive Annual Financial <br />Report (CAFR) for the 2003/04 fiscal year. This report (Attachment I), which is prepared by <br />the City's Finance Department, summarizes and presents the financial transactions for all <br />funds and account groups of the City of Redwood City, the City of Redwood City <br />Redevelopment Agency, and the Port of Redwood City for the fiscal year ended June 30, <br />2004. Moreover, this report also presents the financial position of the foregoing entities as <br />of June 30, 2004. <br /> <br />The financial statements and notes thereto have been prepared in accordance with the <br />standards set forth by the Governmental Accounting Standards Board and the guidelines <br />established by the Government Finance Officers Association of the United States and <br />Canada. <br /> <br />The 2003 version of Redwood City's report was awarded the Government Finance Officers <br />Association Certificate of Excellence in Financial Reporting. This was the 17th <br />consecutive year the City received this honor. We fully expect that the 2004 report will also <br />receive this award. <br /> <br />This report is technical in nature; hence our staff is available to meet with you to answer <br />any questions you may have concerning the report's contents. You are encouraged to call <br />with any questions you may have. <br /> <br />Under generally accepted auditing standards, independent auditors are encouraged to <br />report matters concerning an entity's internal control structure. As a result of an audit, <br />auditors issue a report titled Recommendations to Managemen~ which addresses areas <br />requiring improvement. The Audit Committee reviewed this report with a representative <br />from Caporicci & Larson along with the City's Finance Director. This report, along with <br />staff's responses, is attached for your review (Attachment II). <br /> <br />1 <br />