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To the Honorable Mayor and Menlbers of City Council 6.1. B. - Page 28 of the City of Pedwood City Redwood City, California Page Two Accounting principles generally accepted u1 t11e United States of America require that the management's discussion and analysis and budgetary comparison ulformation on pages 3 through 13 and 67 through 69 be presented to supplement flze basic financial statements. Such information, altllough not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of fulancial reporting for placing the basic financial statements u1 an appropriate operational, economic, or historical context. We 11ave applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the n1et11ods of preparing the information and comparing $Ze ulformation for consistency wit11 management's responses to our inquiries, the basic financial statements, and other knowledge we obtained durulg our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Our audit was conducted for the purpose of forming opinions on the financial statements t11at collectively comprise the City's financial statements as a whole. The introductory section, combuzuzg and individual nonmajor fund financial statements, and statistical section, are presented for purposes of additional analysis and are not a required part of the financial statements. The combining and individual nonmajor fund financial statements are the responsibility of management and were derived from and relate directly to the underlyulg accounting and other records used to prepare the financial statements. The information 11as been subjected to the audituzg procedures applied in the audit of the financial statements and certain additional procedures, includuzg comparing and reconcilulg such information directly to t11e underlying accowzting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opulion, the information is fairly stated in all material respects in relation to the financial statements as a whole. The uztroductory and statistical sections have not been subjected to the auditing procedures applied uz the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on it. � �c, � �'�, ,��- • � Caporicci & Larson, Inc. A Subsidiarv of Marcunl LLP Certified Public Accountants San Francisco, California Decenlber 7, 2011 2