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Cit 6.1. B. - Page 219 �ity J Single Audit Reports Notes to Schedule of Expenditures of Federal Awards For the year ended June 30, 2011 1. REPORTING ENTITY The financial reporting entity, as defuled by GASB Codification, consists of the prinlary governnlent, fl1e City of Redwood City (City), organizations for which the prinlary government is financially accountable, and other org��izations for which the nature and sib zificance of their relationship with the prinlary governnlent are such that exclusion would cause t11e reporting entity's fulancial statenlents to be nlisleading or inconlplete. The City Council acts as the governing Uody and is aUle to impose its will on the following organizations, establislliilg fulancial accountability: • The Redevelopnlent Agency of the City of Redwood City • Redwood City Facilities and Infrastructure Authority • Redwood City Public Financing Authority 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Bc�sis ofAccountina Funds received under the various grant programs have been recorded within fl1e special revenue funds of the City. The City utilizes the nlodified accrual n1et11od of accounting for the special revenue funds. The acconlpanying Sclledule of Expenditures of Federal Awards (Sclledule) 11as been prepared on t11e nlodified accrual basis of accountiilg. Sclledule o{Expenditu��es o{Fedet�al Az��rzrds T11e accompanyulg Schedule presents the activity of all Federal finailcial assistance progranls of the City. Federal financial assistance received directly fronl Federal ageilcies as well as Federal fulancial assistance passed through the State of Califonlia is ulcluded in the Schedule. The Schedule of Expenditures of Federal Awards was prepared fronl only the accounts of various grant programs and, therefore, does not present the financial position or results of o�erations of the City. �