AgdaPkt 2014-01-13 Interview, Closed and Regular

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7.1.G. - Page 19 increase (35.8 %) in the amount of the increase in assessed valuation of real property that is attributable to non- residential new construction, one of the factors used in calculating the change in the appropriation limit. The following graph indicates the trend in appropriations subject to limitation: Appropriation Limit All Funds Subject to Appropriation 600 500 - 400 c 0 300 200 - 100 2009 -10 2010 -11 2011 -12 2012 -13 Excluding General lmprovementand 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, 2012. This is the 26 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, Rajesh Sewak, and Carolyne Kerans for their important contributions, and to Sylvia Peters for her relentless dedication to assembling this document. I would also like to thank and commend Mayor Alicia Aguirre and the Redwood City Council, and City Manager Robert Bell for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner in the best interests of the residents of Redwood City. v