AgdaPkt 2003-12-15 - Laserfiche WebLink

Browse Search

M 51f)--i REPORT To the Honorable Mayor and City Council From the City Manager December 15, 2003 Subject Comprehensive Annual Financial Report For Fiscal Year Ended June 30, 2003 Recommendation Acknowledge receipt of and accept the Comprehensive Annual Financial Report for fiscal year ended June 30, 2003. Background The City's auditors, Caporicci and Larson and Associates, have completed their audit of the City's financial records and the City's Comprehensive Annual Financial Report (CAFR) for the 2002/03 fiscal year. This report (Attachment 1), which is prepared by the City's Finance Department, summarizes and presents the financial transactions for all funds and account groups of the City of Redwood City, the City of Redwood City Redevelopment Agency, and the Port of Redwood City for the fiscal year ended June 30, 2003. Moreover, this report also presents the financial position of the foregoing entities as of June 30, 2003. The financial statements and notes thereto have been prepared in accordance with the standards set forth by the Governmental Accounting Standards Board and the guidelines established by the Government Finance Officers Association of the United States and Canada. The 2002 version of Redwood City's report was awarded the Government Finance Officers Association Certificate of Excellence in Financial Reporting. This was the 16th consecutive year the City received this honor. This was also the first time the City published this report in the new format as prescribed by the Governmental Accounting Standards Board. We fully expect that the 2003 report will also receive this award. This report is technical in nature; hence our staff is available to meet with you to answer any questions you may have concerning the report's contents. You are encouraged to call with any questions you may have. The Council audit committee has met with the City's independent auditors and the Finance Director and has approved submitting this report to you for approval. Under generally accepted auditing standards, auditors are encouraged to report matters concerning an entity's internal control structure. As a result of an audit, auditors issue a Memorandum on the Internal Control Structure, which addresses areas requiring improvement. The audit committee will review this report when it becomes available and it will be sent to the City Council for approval.