AgdaPkt 2012-01-09 - Laserfiche WebLink

Browse Search

ATTACHMENT1 6.1. B. - Page 3 REPORT To the Honorable Mayor and City Council From the City Manager January 9, 2012 SUBJECT Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2011 RECOMMENDATION Accept, by motion, the Fiscal Year Ended June 30, 2011 Comprehensive Annual Financial Report. BACKGROUND The City's independent auditors, Caporicci & Larson, Certified Public Accountants, have completed their audit of the City's financial records and the City's Comprehensive Annual Financial Report (CAFR) for the 2010/11 fiscal year (Attachment 1). This report, which is prepared by the City's Finance Department, summarizes and presents the financial transactions for all funds of the City of Redwood City, the City of Redwood City Redevelopment Agency, and the Port of Redwood City for the fiscal year ended June 30, 2011. Moreover, this report also presents the financial position of the foregoing entities as of June 30, 2011. The financial statements and notes thereto have been prepared in accordance with the standards set forth by the Governmental Accounting Standards Board and the guidelines established by the Government Finance Officers Association of the United States and Canada. The 2010 version of Redwood City's report was awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting. This was the 24 consecutive year that the City received this honor. We fully expect that the 2011 report will also receive this award. Under generally accepted auditing standards, independent auditors are encouraged to report matters concerning an entity's internal control structure. As a result of an audit, auditors issue a report titled Report on Internal Control over Financial Reporting and on Compliance and Other Matters, which addresses areas requiring improvement. In FY 2010/11 staff received final notification of the award of a federal grant that was intended to reimburse the City for expenditures incurred in prior years in connection with the recycled water project. The grant revenues should have been recognized in FY 2009/10, but staff was unable to do so because the final grant document, and the actual cash receipt were not received by the City until FY 2010/11. This report is included in the CAFR (Attachment 1). Staff from the Finance Department is available to respond to any questions you might have concerning the FY 2010/11 CAFR.