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6.1.F. - Page 1 <br /> RE PO RT <br /> To the Honorable Mayor and City Council <br /> From the Audit Committee <br /> January 28, 2013 <br /> SUBJECT <br /> Fiscal Year 2011/12 Financial Report of the City of Redwood City <br /> RECOMMENDATION <br /> Accept, by motion, the City's FY 2011/12 Comprehensive Annual Financial Report. <br /> BACKGROUND <br /> On December 17, 2012 an Audit Committee meeting was held with the Finance staff <br /> and the City's independent auditors, Badawi and Associates, to review the general fund <br /> financial results for FY 2011/12 and review the results of the audit. <br /> ANALYSIS <br /> Both Audit Committee members have read and are recommending that the City Council <br /> acknowledge acceptance of the City's Comprehensive Annual Financial Report which is <br /> attached to the accompanying staff report. <br /> ALTERNATIVES <br /> Council could elect not to accept the financial reports which would result in additional <br /> costs associated with additional field work required to be completed by Badawi and <br /> Associates. The additional field work is required to comply with auditing guidelines <br /> which require that financial reports be published soon after field work is completed. <br /> FISCAL IMPACT <br /> The costs associated with not accepting the financial reports would range from $2,000 <br /> to $3,000 depending on how much additional field work is required. These amounts are <br /> currently not budgeted; a budget amendment would be required. <br /> ENVIRONMENTAL REVIEW <br /> This is not a project under CEQA as defined in CEQA guidelines. <br /> ��. ��_ �� � ' <br /> lan Bain Jeff Gee <br /> Audit Committee/Council Member Audit Committee/Vice Mayor <br />