AgdaPkt 2012-01-09 - Laserfiche WebLink

Browse Search

C 6.1. B. - Page 157 L Caporicci & Larson, Inc. ASubsidiary ofMarcum ITP Cert�ed Public Accountants INDEPENDENT AUDITORS' REPORT To the Board of Directors of the City of Pedwood City Pedevelopment Agency Pedwood City, California We have audited the accompanyulg financial statements of the governmental activities, and eacll major fund of the City of Redwood City Redevelopment Agency (Agency), as of and for the year ended June 30, 2011, wllicll collectively conlprise tlle Agency's basic financial stateinents as listed in the table of contents. T11ese financial statenlents are the responsibility of the Agenc�s nlanagenlent. Our responsibility is to express an opinion on tllese financial statenlents based on our audit. We conducted our audit in accordance with generally accepted auditing standards uz the United States of Anlerica and the standards applicable to financial audits contained in Goz�ernment Auditing Stanc�«��ds, issued by the Comptroller General of the United States. Those standards require t11at we plan and perform t11e audit to obtain reasonable assurance abotrt wllether the financial statements are free of nlaterial nusstatenlent. An audit ulcludes coilsideration of ultenlal control over fulancial reporting as a basis for designing audit procedures that are appropriate u1 fl1e circunlstances, but not for the purpose of expressing an opinion on the effectiveness of the Agency's uzternal control over financial reportulg. Accordulgly, we express no such opinion. An audit also includes exanlining, on a test basis, evidence supportulg fl1e amounts and disclosures in the fulancial statenlents, assessing the accounting principles used and fl1e significant estinlates nlade by nlanagenlent, as well as evaluating t11e overall fulancial statenlent presentation. We believe that our audit provides a reasonable basis for our opulions. In our opinion, t11e fulancial statenlents referred to above present fairly, in all nlaterial respects, fl1e respective financial position of the governmental activities, and each nlajor fund of the Agency's as of June 30, 2011, and $Ze respective changes in financial position thereof for the year then ended in conformity with generally accepted accountuzg principles u1 the United States of America. As e�lained further in note 11 to the basic fulailcial statements, the California State Legislature has enacted legislation tllat is intended to provide for t11e dissolution of redevelopineilt agencies in the State of California. The effects of tllis legislation are uncertain pending fl1e result of certain lawsuits that have been initiated to challenge the constitutionality of t11is legislation. In accordance with Goz�ernment Aiaditing Stc�ndards, we have also issued our report dated Decenlber 7, 2011, on our consideration of the Agency's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grailt agreenlents and other matters. The purpose of that report is to describe fl1e scope of our testing of internal control over fulancial reportulg and coinpliance aild t11e results of that testing, and not to provide an opinion on the internal control over financial reportulg or on conlpliance. That report is an integral part of an audit performed u1 accordance wifll Goz�ernment Auditing St�znd�zrc�s and should be considered in assessing the results of our audit. www olcpa.com