Annual Financial Report
Effective February 1, 2012 all Redevelopment Agencies throughout the State ceased to exist and Redwood City Redevelopment Agency was dissolved. Financial information for the former Redevelopment Agency can be located on The Successor Agency page.
The Redevelopment Agency is considered a component unit
of the City of Redwood City for financial reporting purposes.
Although the Redevelopment Agency is a separate legal entity,
the City Council also sits as the Redevelopment Agency Board
of Directors. The Agency’s purpose under California
law is to eliminate urban blight in the City of Redwood City
and it is given certain powers under the law to assist the
City in that endeavor.
The Agency’s financial reports are prepared and audited
by an outside accounting firm annually. This report is prepared
following the guidelines recommended by the Government Finance
Officers Association of the United States and Canada, and
the standards adopted by the Governmental Accounting Standards