AgdaPkt 2012-01-09 - Laserfiche WebLink

Browse Search

C 6.1. B. - Page 27 L Caporicci & Larson, Inc. ASubsidiary ofMarcum ITP Cert�ed Public Accountants INDEPENDENT AUDITORS' REPORT To the Honorable Mayor and Members of City Council of the City of Pedwood City Redwood City, California We have audited the acconlpanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remainuzg fwld information of the City of Redwood City, California (City), as of and for the year ended June 30, 2011, which collectively comprise the City's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to e�ress an opinion on these fuzancial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and t11e standards applicable to financial audits contained in Goz�ernnient Ailc�iting St�anc�«rds, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance abotrt whether the financial statements are free of material nusstatement. An audit includes consideration of uzternal control over financial reporting as a basis for designuzg audit procedures that are appropriate in the circumstances, but not for the purpose of e�ressing an opulion on the effectiveness of the City's internal control over financial reportulg. Accordingly, we e�ress no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures u1 the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, t11e fulancial statements referred to above present fairly, in all material respects, the respective fuzancial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of t11e City of Redwood City as of June 30, 2011, and the respective cllanges in financial position, and cash flows, where applicable, thereof for the year then ended in conformity with accowzting prulciples generally accepted in t11e United States of America. As explained further in note 14 to the basic fulancial statements, the California State Legislature has enacted legislation that is intended to provide for the dissolution of redevelopment agencies in the State of California. The effects of this legislatioil are wlcertain pending the result of certaul lawsuits that have been initiated to challenge tlle constitutionality of flzis legislation. In accordance wifll Governnlent Auditing Standards, we 11ave also issued our report dated Decenlber 7, 2011, on our consideration of the City's uzternal control over fuzancial reporting and on our tests of its conlpliance with certaul provisions of laws, regulations, contracts, and grant agreenlents and otller nlatters. The purpose of fllat report is to describe fl1e scope of our testing of internal control over fuzancial reporting and conlpliance and the results of t11at testiilg, and not to provide an opinion on iilternal control over financial reportulg or on conlpliance. That report is an uztegral part of an audit perfornled in accordance wifll Government Auditulg Standards and sllould be considered in assessiilg t11e results of our audit. 1 www olcpa.com