AgdaPkt 2014-01-13 Interview, Closed and Regular

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ATTACHMENT 1 7.1.G. - Page 3 REPORT To the Honorable Mayor and City Council From the City Manager January 13, 2014 SUBJECT Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2013 RECOMMENDATION Accept, by motion, the Fiscal Year Ended June 30, 2013 Comprehensive Annual Financial Report. BACKGROUND The City's independent auditors, Badawi & Associates, Certified Public Accountants, have completed their audit of the City's financial records and the City's Comprehensive Annual Financial Report (CAFR) for the 2012/13 fiscal year (Attachment 1). This report, which is prepared by the City's Finance Department, summarizes and presents the financial transactions for all funds of the City of Redwood City including the Successor Agency and the Port of Redwood City for the fiscal year ended June 30, 2013. Moreover, this report also presents the financial position of the foregoing entities as of June 30, 2013. 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 2012 version of Redwood City's report was awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting. This was the 26 consecutive year that the City received this honor. We fully expect that the 2013 report will also receive this award. Under generally accepted auditing standards, independent auditors are encouraged to report matters concerning an entity's internal control structure. As a result of an audit, auditors issue a report titled Report on Internal Control over Financial Reporting and on Compliance and Other Matters, which addresses areas requiring improvement. In FY 2012/13 this audit did not result in any reportable findings. This report is included in the CAFR (Attachment 1). Staff from the Finance Department is available to respond to any questions you might have concerning the FY 2012/13 CAFR.