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7.1.G. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> And Successor Agency Board <br /> From Audit Committee <br /> January 13, 2014 <br /> SUBJECT <br /> Fiscal Year 2012/13 Financial Report of the City of Redwood City <br /> RECOMMENDATION <br /> Accept, by motion, the City's FY 2012/13 Comprehensive Annual Financial Report. <br /> BACKGROUND <br /> On December 9, 2013 an Audit Committee meeting was held with the Finance staff and <br /> the City's independent auditors, Badawi & Associates, to review the general fund <br /> financial results for FY 2012/13 and the results of the audit. <br /> ANALYSIS <br /> Both Audit Committee members, Mayor Gee and Council member Bain, reviewed and <br /> are recommending that the City Council acknowledge acceptance of the City's <br /> Comprehensive Annual Financial Report which is attached to the accompanying staff <br /> 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 & <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 /> Ian Bain Jeff Gee <br /> Audit Committee /Council Member Audit Committee /Mayor <br />