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6.1.F. - Page 20 Appropriation Limit Article XIIIB of the California State Constitution, which became effective in FY 1979/80, and which was modified (by Proposition 111) in November 1989, establishes, by formula, an appropriation limit for governmental agencies. Using the appropriations of FY 1978/79 as the base year, the limit is modified by the change in the composite consumer price index, population, and the value of commercial property development within the City limits during each fiscal year. Article XIIIB also sets the guidelines as to what is to be included in the appropriation limits. The appropriation limit for Redwood City for FY 2011/12 was at $374,820,769 while the actual appropriations subject to the limit amounted to $65,674,960. The following graph indicates the trend in appropriations subject to limitation: Appropriation Limit All Funds Subject to Appropriation 400 350 300 � 250 0 - 200 � 150 100 50 FY 2008-09 2009-10 2010-11 2011-12 Excluding General lmprovement and Proprietary Funds ■ Limit ■Sub. to Limit OTHER INFORMATION Annual Independent Audit The annual audit of the books and financial records of Redwood City was completed by Badawi and Associates, certified public accountants appointed by the City Council. The independent auditor's report has been made a part of this report. Awards The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Redwood City for its Comprehensive Annual Financial Report (CAFR) for the FY ended June 30, 2011. This is the 25t" consecutive year that Redwood City has received this prestigious award. In order to be awarded a certificate of achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A certificate of achievement is valid for a period of one year only. We believe that our current CAFR continues to meet the certificate of achievement program's requirements and are submitting it to the GFOA to determine its eligibility for another certificate. Acknowledgements The preparation of this report could not have been achieved without the efficient and dedicated services of the entire staff of the Finance Department. Special thanks are extended to Alison Freeman for her leadership in overseeing this process, Kyi Khin, Toni Saldou, Gita Mehirdel, Jennifer Chang, and Rajesh Sewak for their important contributions, and to Sylvia Peters for her relentless dedication to assembling this document. vi