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CITY OF SAN LEANDRO MEMORANDUM DATE: January 20, 2012 TO: Finance Committee FROM: Lianne Marshall, Interim City Manager BY: Jim O'Leary, Interim Finance Director SUBJECT: Receive City's Comprehensive Annual Financial Report (CAFR) for the Year Ended June 30, 2011 SUMMARY AND RECOMMENDATION Staff recommends that the Finance Committee review and approve the City's Comprehensive Annual Financial Report (CAFR) for the Year Ended June 30, 2011. BACKGROUND The City's independent auditor, Maze & Associates, has completed the audit of the City's financial statements and provided their auditor's reports for the year ended June 30, 2011. The Finance Department prepared the City's financial statements in the form required of the Comprehensive Annual Financial Report (CAFR) for the year ended June 30, 2011. The Government Accounting Standards Board (GASB) recommends the elements for the CAFR format. The CAFR and the related financial statements fully disclose the financial condition of the City, Redevelopment Agency, and other reporting units of the City. Other financial statements for the year ended June 30, 2011 are reviewed and prepared by the City's external auditor: 1. Alameda County Transportation Authority- Measure B Funds 2. Redevelopment Agency of San Leandro (Component Unit Report) 3. Transportation Development Act Article III Fund 4. Appropriations Limit Schedule and Independent Accountant's Report 5. Single Audit of Federal Grant Expenditures in accordance with U.S. Office of Management and Budget Circular A -133 The primary report, the CAFR, contains three sections. The first is the introductory section, which provides general information on the City's structure, personnel, economic condition, and finances. The financial section includes the independent auditor's report, the general - purpose financial statements and related notes, and supplementary information. Finally, the statistical section includes pertinent financial and non - financial demographic data.