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6.1. B. - Page 1 <br /> RE PO RT <br /> To the Honorable Mayor and City Council <br /> And Redevelopment Agency Board <br /> From the Audit Committee <br /> January 9, 2012 <br /> SUBJECT <br /> Fiscal Year 2010/11 Financial Reports of the City of Redwood City and the <br /> Redevelopment Agency of the City of Redwood City <br /> RECOMMENDATION <br /> Accept, by motion, the City's FY 2010/11 Comprehensive Annual Financial Report and <br /> the Redevelopment Agency's Basic Financial Statements. <br /> BACKGROUND <br /> On December 12, 2011 the Audit Committee members met with the Finance Director <br /> and the City's independent auditors, Caporicci and Larson, to review the general fund <br /> financial results for FY 2010/11 and review the results of the audit. <br /> The Audit Committee recommends that the City Council and the Redevelopment <br /> Agency Board acknowledge acceptance of the City's Comprehensive Annual Financial <br /> Report and the Redevelopment Agency's Basic Financial Statements which are <br /> attached to the accompanying staff report. <br /> Also attached to the staff report is a report from the auditors on the City's internal <br /> controls which included two findings that were thoroughly discussed with the audit <br /> committee. <br /> ALTERNATIVES <br /> Council could elect not to accept the financial reports which would result in additional <br /> costs associated with additional field work required to be completed by Caporicci & <br /> Larson. The additional field work is required to comply with auditing guidelines which <br /> require that financial reports be published soon after field work is completed. <br /> FISCAL IMPACT <br /> The costs associated with not accepting the financial reports would range from $2,000 <br /> to $3,000 depending on how much additional field work is required. These amounts are <br /> currently not budgeted; a budget amendment would be required. <br />