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q. P-55 A final budget for fiscal year 2003 -04 was adopted in August 2003. Set forth in the following table is a summary of the adopted budget for fiscal year 2003 -04. Actual results for fiscal year 2003 -04 could vary significantly from the adopted budget for such year. (: N OF REDWOOD CITY Geixial Fund Budget Summary Dollars in thousands Source: City ofRedwood City. Summary Financial Information GASB Statement No. 34. The Governmental Accounting Standards Board ( "GASB ") published its Statement No. 34 "Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments" ( "GASB 34 ") on June 30, 1999. GASB 34 established a new framework or "financial reporting model" for state and local governments by requiring them to issue annual basic financial statements preceded and followed by required supplementary information. This required information replaces the general purpose financial statements previously required and provides for financial statements prepared using an economic measurement focus and accrual basis of accounting. The basic financial statements consist of (i) government -wide financial statements displaying information about the reporting government as a whole, (ii) fund financial statements prepared using the current financial resources measurement focus and the modified accrual method of accounting, which report information about major funds individually and nonmajor funds in the aggregate, and (iii) notes to the financial statements. The basic financial statements are followed by the required supplementary information and preceded by a management's discussion and analysis of the financial activities. The requirements of Statement No. 34 are effective in three phases based on the governmental entity's total annual revenues for the fiscal year ending after June 30, 1999. The City implemented Statement No. 34 for the fiscal year 2001 -02 audited financial statement Set forth below is a balance sheet for the City's General Fund as of June 30 of the years 1999 through 2002 (audited), together with unaudited figures for 2003. Also set forth below is a table summarizing the City's statement of revenues and expenditures for the fiscal years ended June 30, 1999 through 2002 (audited) and 2003 (unaudited). These results were compiled based on the City's audited financial statements for the years ended June 30, 1998 through 2002, and the City's records for 2003. The City's audited financial statements for the year ended June 30, 2002 are included as Appendix B attached hereto and should be read in their entirety. -29- 2003 -04 Adopted Budget Beginning Balance 22,046,354 Estimated Revenues 59,460,974 Transfer In/Out (1,208,636) Total Available 72,791,030 Total Expenditure 64,732,832 Ending Balance 10,631,000 Source: City ofRedwood City. Summary Financial Information GASB Statement No. 34. The Governmental Accounting Standards Board ( "GASB ") published its Statement No. 34 "Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments" ( "GASB 34 ") on June 30, 1999. GASB 34 established a new framework or "financial reporting model" for state and local governments by requiring them to issue annual basic financial statements preceded and followed by required supplementary information. This required information replaces the general purpose financial statements previously required and provides for financial statements prepared using an economic measurement focus and accrual basis of accounting. The basic financial statements consist of (i) government -wide financial statements displaying information about the reporting government as a whole, (ii) fund financial statements prepared using the current financial resources measurement focus and the modified accrual method of accounting, which report information about major funds individually and nonmajor funds in the aggregate, and (iii) notes to the financial statements. The basic financial statements are followed by the required supplementary information and preceded by a management's discussion and analysis of the financial activities. The requirements of Statement No. 34 are effective in three phases based on the governmental entity's total annual revenues for the fiscal year ending after June 30, 1999. The City implemented Statement No. 34 for the fiscal year 2001 -02 audited financial statement Set forth below is a balance sheet for the City's General Fund as of June 30 of the years 1999 through 2002 (audited), together with unaudited figures for 2003. Also set forth below is a table summarizing the City's statement of revenues and expenditures for the fiscal years ended June 30, 1999 through 2002 (audited) and 2003 (unaudited). These results were compiled based on the City's audited financial statements for the years ended June 30, 1998 through 2002, and the City's records for 2003. The City's audited financial statements for the year ended June 30, 2002 are included as Appendix B attached hereto and should be read in their entirety. -29-