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N M ACZTE <br />REQUIRED COMMUNICATIONS <br />To the City Council of <br />the City of San Leandro, California <br />We have audited the basic financial statements of the City of San Leandro for the year ended June 30, <br />2014. Professional standards require that we communicate to you the following information related to <br />our audit under generally accepted auditing standards and, Government Auditing Standards and OMB <br />Circular A-133. <br />Significant Audit Findings <br />Accounting Policies <br />Management is responsible for the selection and use of appropriate accounting policies. The <br />significant accounting policies used by City of San Leandro are described in Note 1 to the financial <br />statements. No new accounting policies were adopted and the application of existing policies was not <br />changed during the year except for the following: <br />• GASB 65 -Items Previously Reported as Assets and Liabilities <br />This Statement establishes accounting and financial reporting standards that reclassify, as <br />deferred outflows of resources or deferred inflows of resources, certain items that were <br />previously reported as assets and liabilities and recognizes, as outflows of resources or <br />inflows of resources, certain items that were previously reported as assets and liabilities. This <br />Statement also provides other financial reporting guidance related to the impact of the <br />financial statement elements deferred outflows of resources and deferred inflows of <br />resources, such as changes in the determination of the major fund calculations and limiting <br />the use of the term deferred in financial statement presentations. <br />For the fiscal year ended June 30, 2014, the Successor Agency to the Redevelopment Agency <br />Private -purpose Trust Fund is required to implement the provisions of GASB No. 65, Items <br />Previously Reported as Assets and Liabilities. The implementation resulted in the write-off <br />of the previously outstanding unamortized bond issuance costs. As a result, beginning net <br />position of the Private -purpose Trust Fund was reduced by $608,831. <br />Accountancy Corporation <br />3478 Buskirk Avenue, Suite 215 <br />Pleasant Hill, CA 94523 <br />11 <br />T 925.930.0902 <br />F 925.930.0135 <br />E maze@mazeassociates.com <br />w mazeassociates.com <br />