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<br /> <br /> <br /> <br /> <br />January 31, 2013 <br /> <br />Honorable Mayor and Members of the City Council <br />City of San Leandro <br />San Leandro, CA 94577 <br /> <br />Dear Mayor and Members of the City Council: <br /> <br />It is a pleasure to submit for your consideration the City of San Leandro’s Comprehensive Annual <br />Financial Report (CAFR) for the fiscal year ended June 30, 2012. Responsibility for both the <br />accuracy of the data and the completeness and fairness of the presentation, including all disclosures, <br />rests with the City’s management. To the best of my knowledge and belief, the enclosed information <br />is accurate in all material respects and is reported in a manner designed to present fairly the financial <br />position and results of operations of the various activities of the City. All disclosures necessary to <br />enable the reader to gain an understanding of the City’s financial activities have been included. <br /> <br />The City’s Charter requires an annual audit by an independent audit firm selected by the City <br />Council of the books of account and financial records and reports of the City and that the City <br />publish a complete set of audited financial statements after the close of each fiscal year. This report <br />is published to fulfill this requirement for the fiscal year ended June 30, 2012. <br /> <br />This report presents management’s representations concerning the finances of the City. <br />Consequently, management assumes full responsibility for the completeness and reliability of all of <br />the information presented in this report. To provide a reasonable basis for making these <br />representations, management has established a comprehensive internal control framework that is <br />designed both to protect the City’s assets from loss, theft, or misuse and to compile sufficient reliable <br />information for the preparation of the City’s financial statements in conformity with generally <br />accepted accounting principles (GAAP). Because the costs of internal controls should not outweigh <br />the benefits, the City’s comprehensive framework of internal controls has been designed to provide <br />reasonable rather than absolute assurance that the financial statements will be free from material <br />misstatement. <br /> <br />Maze & Associates, a public accounting firm fully licensed and qualified to perform audits of local <br />governments within California, has audited the City’s basic financial statements. The goal of the <br />independent audit is to provide reasonable assurance that the basic financial statements for the fiscal <br />year ended June 30, 2012 are free of material misstatement. The independent audit involved <br />examining, on a test basis, evidence supporting the amounts and disclosures in the financial <br />statements, assessing the accounting principles used and significant estimates made by management, <br />and evaluating the overall financial statement presentation. The independent auditors concluded, <br />based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that the <br />City’s basic financial statements for the fiscal year ended June 30, 2012 are fairly presented in