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To the Board of Directors 6.1. B. - Page 158 of the City of Pedwood City Pedevelopnlent Agency Pedwood City, California Page2 Accounting principles generally accepted in t11e United States of America require that t11e nlanagenlent's discussion and analysis and budgetary conlparison ulfornlation on pages 3 through 8 and 40 tllrougll 42 be presented to supplenlent t11e basic financial statements. Such information, although not a part of t11e basic financial statenlents, is required by the Governnlental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic fiilancial statenlents u1 an appropriate operational, econonuc, or historical context. We have applied certain linuted procedures to the required supplementary i�lformation in accordance with auditing staildards generally accepted in the United States of Ainerica, which consisted of ulquiries of management about the methods of preparulg the information and comparing tlle infornlation for consistency wit11 management's responses to our ulquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statenlents. We do not express an opinion or provide any assurance on the infornlation because the lu7uted procedures do not provide us with sufficient evidence to express an opulion or provide any assurance. Our audit was conducted for the purpose of fornlulg opulions on the fulancial statements fllat collectively conlprise the Agency's financial statenlents as a wllole. T11e budgetary conlparison infornlation for the 2003 Tax Allocation Bonds fund and excess surplus calculation are presented for purposes of additional analysis and are not a required part of tlle fulancial statements. The budgetary conlparison infornlation for fl1e 2003 Tax Allocation Bonds fund and excess surplus calculation are the responsibility of nlanagenlent and were derived from and relate directly to the underlying accounting and otller records used to prepare t11e financial statements. T11e uzformation has been subjected to the auditing procedures applied in the audit of the financial statements aild certauz additional procedures, including conlparing and reconciling such information directly to the underlyuzg accounting and other records used to prepare tlle fiilancial statenlents or to the financial stateineilts themselves, and other additional procedures in accordance wit11 auditing standards generally accepted u1 the United States of America. In our opinion, tlle ulformation is fairly stated in all nlaterial respects in relation to fl1e fulancial statenlents as a whole. � �c�. � f��'�-`� �'� . � Caporicci & Larson, Inc. A Subsidiary of Marcum LLP Certified Public Accountants San Francisco, California December 7, 2011 �