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<br />until the project's completion for the entire project amount. For further information concerning <br />the City's budgetary procedures, see the City's audited financial statements attached hereto as <br />Appendix B. <br /> <br />A final budget for fiscal year 2006-07 was adopted in July 2006. The 2006-07 Adopted <br />Budget includes two additional sources of revenue. The Measure I business license tax <br />measure adopted June 2006 modifies existing tax rates and provides an additional $2 million in <br />General Fund revenue while still keeping San Leandro's business license rates lower than most <br />neighboring cities. The City's new Oro Loma Sanitary District solid waste franchise fee effective <br />September 2006 includes a 12% charge on solid waste/refuse disposal services conducted in <br />the southwestern part of the city. <br /> <br />Set forth in the following table is the 2006-07 Adopted Budget. Actual results for fiscal <br />year 2006-07 could vary significantly from the adopted budget for such year. <br /> <br />CITY OF SAN LEANDRO <br />General Fund Budget Summary <br /> <br />2006-07 <br />Adopted Budqet <br /> <br />Revenues: <br />Property tax <br />Utility tax <br />Sales tax <br />Licenses <br />Interdepartmental <br />Service charges & other revenue <br />Intergovernmental <br />Use of money and property <br />Other taxes <br />Use of Reserve <br />Total Revenues <br /> <br />$ 15,010,728 <br />10,342,400 <br />22,766,255 <br />5,401,670 <br />1,746,385 <br />6,312,744 <br />973,225 <br />2,091 ,461 <br />8,946,140 <br />569,943 <br />74,160,951 <br /> <br />Expenditures: <br />General Government <br />Public safety <br />Recreation and human services <br />Library <br />Public works <br />Community development <br />Operating interfund transfers <br />Non-departmental <br />Total Expenditures <br /> <br />6,474,139 <br />41,056,475 <br />4,995,239 <br />5,167,318 <br />4,931,659 <br />6,144,111 <br />153,257 <br />5,238.754 <br />74,160,951 <br /> <br />Source: City of San Leandro. <br /> <br />Summary Financial Information <br /> <br />GASB Statement No. 34. The Governmental Accounting Standards Board ("GASB") <br />published its Statement No. 34 "Basic Financial Statements - and Management's Discussion <br />and Analysis - for State and Local Governments" ("GASB 34") on June 30, 1999. GASB 34 <br />established a new framework or "financial reporting model" for state and local governments by <br />requiring them to issue annual basic financial statements preceded and followed by required <br />supplementary information. This required information replaces the general purpose financial <br /> <br />-17- <br />