Comprehensive Annual Financial Report
This report is prepared by the City's Finance Department in accordance with generally accepted accounting principles (GAAP) and is intended to provide sufficient information to permit the assessment of stewardship and accountability, to demonstrate legal compliance, and to provide management control.
The report includes all funds, account groups, agencies, and boards and commissions that are controlled by, or dependent on, the City's executive and legislative departments. Included as part of the reporting entity is the Redmond Public Corporation, over which the City Council has control. For earlier reports, view the financial CAFR Year index table.
Click the link to view the Washington State Auditor's Official Report.
Monthly Financial Report
The City of Redmond adopts a biennial budget which is reflected in a Monthly Financial Report prepared by the Finance Department. This report focuses on the larger operating funds and accounts of the City. A summary of all City funds is provided on the last page of the report.
Quarterly Investment Profile Summary
The City invests temporarily idle cash in accordance with council direction in the form of the city’s Investment Policy. The priorities identified in the policy are (in order) the safety of principal, liquidity so that cash is available to meet needs and maximizing the rate of return. The policy calls for the investments to be managed consistent with oversight provided by the Investment Committee (made up of the Mayor, Council Finance Committee Chair and Finance Director). The Quarterly Investment Profile Summary Report is a snapshot of the quarterly statistics for the city’s portfolio as of the last quarter. Questions about the city’s investments and cash management program can be directed to Kelley Wood, Treasury Manager.
Debt Manual
The Debt Manual provides information on the City’s outstanding debt, authority to issue debt and the policies and procedures that guide the City in the debt issuance process. Included in the Manual are listings of current outstanding debt, maturity schedules, policies and other miscellaneous information regarding the City’s debt position.
Long Range Financial Strategy
The City Council sets the policy framework for future city budgets through its "Long Range Financial Strategy" (LRFS). The LRFS was first developed in 2005 and helped the council analyze and determine how to best meet the community's needs given the various resource options available. As a result of this analysis the city has:
- proposed and voters approved changes to the property tax
- implemented a priority based budgeting system
- implemented a capital investment strategy focused on the future vision of the community as determined in the comprehensive plan
- implemented a performance management system to improve and document performance
- implemented a long-term financial plan with a budget that is balanced for the six year view
Council reviewed and updated the LRFS in November of 2011.