Finance Highlights 2011 0218 - Laserfiche WebLink

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CITY COUNCIL FINANCE COMMITTEE February 18, 2011 8:15 a.m. — 9:45 p.m. San Leandro City Hall 835 E. 14 Street San Leandro, California (Sister Cities Gallery) HIGHLIGHTS Committee Members: Mayor Cassidy, Councilmember Gregory, Councilmember Souza City Staff Present: City Manager Hollister, Assistant City Manager Marshall, Finance Director Vesely, Deputy Finance Director Rodriguez, Budget & Compliance Manager Perini, Accountant II Galvin, Administrative Assistant III Perez Public Present: A.J. Major III, Al Frates, Kathe Frates, Kathy Ornelas, Michael Bakaldin, Dave Johnson, DJ Evans, Mia Ouslie The meeting was called to order at 8:17 a.m. 1. Presentation by City's Outside Auditor Vavrinek, Trine, Day & Company(VTD) and Finance Committee Discussion: a. Comprehensive Annual Financial Report (CAFR) for Year Ending June 30, 2010 b. Fund Balance Designation and New GASB Statement No. 54 AJ Majors, auditor for VTD, presented to the Finance Committee a brief summary of the Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2010. Majors informed the Committee that the City of San Leandro has again received a "clean" opinion letter. In addition, Majors provided an outline of the new reporting requirements, Statement No. 54, for the year ending June 30, 2011 in which his auditing firm has already begun working with City staff. Majors explained to the Finance Committee, Statement 54 redefines terms and definitions and provides for additional classifications of fund balances as restricted, committed, assigned, and unassigned. Mayor Cassidy has asked for a more detailed presentation of the new requirements after the budget document has been completed. Mayor Cassidy has also requested that staff review the language of the Notes section and ask that they include more detail. Mayor Cassidy also asked for clarification of Note 14, Employee Retirement in which Finance Director Vesely was able to provide. 1