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CITY OF SAN LEANDRO MEMORANDUM DATE: January 9, 2008 TO: Finance Committee FROM: Perry Carter, Interim Finance Director /~^ BY: Carla Rodriguez, Deputy Finance Director ~~:~--~ SUBJECT: Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2007 Attached for the Committee's review is the City's Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2007, (CAFR). Staff recommends that the Committee review the report and upon completion of its review refer the report to the City Council. Background The Finance Department annually prepares the City's Comprehensive Annual Financial Report which reports the financial activity of all City funds for the fiscal year. The report is prepared in accordance with Generally Accepted Accounting Principles (GAAP) and is audited by an independent auditing firm, as required by City Charter. Both the CAFR and the annual audit have been completed for fiscal year 2006-07 and staff is pleased to submit them to the Committee. As noted above, the City's independent auditors have completed their audit of the City's financial statements and have issued their opinion on those statements (the CAFR). Staff is happy to report that the auditor's opinion on the financial statements contains no reservations or qualifications. That is, the City has received, as in past years, a "clean opinion" from the auditors, which is the highest level of assurance. With respect to the CAFR, staff would like to note for the Committee that there are three major sections; Introductory, Financial and Statistical. In the Introductory section, staff is proud to point to the Certificate of Achievement for Excellence in Financial Reporting awarded to the City for fiscal year 2005-06 by the Government Finance Officers Association. The Introductory section also contains a transmittal letter, which provides important information about the City in general and the financial statements. The Financial ,section reports on the financial activity of the City's funds and also reports on the combined Governmental and "Business-Type" activities of the City such as the Water Pollution Control Plant. This section also compares budget to actual results for various funds. Another key component of this section is the Management Discussion and Analysis element, which provides a narrative overview of the financial activities of the City. Finally, the Statistical section contains a wide array of data with respect to the City. In particular, information about financial trends, revenue capacity and demographic information can be found in this section. G:\FINCOMM\2007-08 Minutes & Items staff reports\07CAFR.doc