Laserfiche WebLink
City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2013 <br />NOTE 1- SIGNIFICANT ACCOUNTING POLICIES <br />The basic financial statements of the City of San Leandro, California, (City) have been prepared in <br />conformity with generally accepted accounting principles (GAAP) as applied to governmental agencies in <br />the United States. The Governmental Accounting Standards Boards (GASB) is the accepted standard <br />setting body for establishing governmental accounting and financial reporting principles. The more <br />significant of the City's accounting policies are described below. <br />A. Financial Reporting Entity <br />The City of San Leandro, California (City) was incorporated in 1872 and is situated between the cities of <br />Oakland and Hayward in the East Bay of the San Francisco Bay Area. The City operates under the <br />Mayor -Council -Manager form of government created by charter in 1978 and provides the following <br />services: public safety (police, fire, disaster preparedness and hazardous waste disposal), highways and <br />streets, sanitation, health services, public improvements, planning and zoning and general administration <br />services. <br />The City is governed by a seven -member council elected by City residents. The City is legally separate <br />and fiscally independent, which means it can issue debt, set and modify budgets and fees and sue or be <br />sued. As required by generally accepted accounting principles, the financial statements include the <br />financial activities of the City - the primary government - and its component units. <br />Component units are legally separate organizations for which the elected officials of the primary <br />government are financially accountable. In addition, component units can be other organizations for <br />which the primary government's exclusion would cause the reporting entity's financial statements to be <br />misleading or incomplete. <br />The blended component units discussed below are included in the City of San Leandro's basic financial <br />statements in which the City Council functions as the governing board: <br />The City of San Leandro Parking Authority (Parking Authority) was established to issue debt for <br />downtown parking structures and lots. There are no financial activities to be accounted for in the <br />Parking Authority Debt Service Fund in this fiscal year. <br />The San Leandro Public Financing Authority (Financing Authority) was established to issue debt <br />for the Seismic Retrofitting capital project and other community related financing programs. The <br />financial activities are accounted for in the San Leandro Public Financing Authority Debt Service <br />Fund in the accompanying basic financial statements. <br />The above component units are included in the City's basic financial statements using the blended method <br />since the governing body of these component units are substantially the same as the governing body of <br />the City and these component units provide services entirely to the City. <br />45 <br />