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File Number: 15-029 <br />section includes pertinent financial and non-financial demographic data. <br />The format of the CAFR is designed to serve the needs of three primary users. CAFR <br />information serves the City Council and other governmental oversight bodies, the public, and <br />agencies assessing the City's creditworthiness. <br />DISCUSSION <br />The City's independent auditor completed audits of the City's financial statements and the <br />other reports stated earlier. The audits found no exception to conformance with generally <br />accepted accounting standards, the Government Auditing Standards issued by the <br />Comptroller of the United States, or the U.S. Office of Management and Budget Circular <br />A-133 for state and local governments. <br />Maze found the general-purpose financial statements present fairly, in all material ways, the <br />City's financial position as of June 30, 2014. The audited financial statements include the <br />statement of net assets; statements of activities and changes in net assets; balance sheets; <br />statements of revenues, expenditures, and changes in fund balances; and statements of cash <br />flows. <br />The CAFR has been prepared in accordance with generally accepted accounting principles <br />(GAAP). The GASB established this framework for the financial reports of state and local <br />governments. Important financial statement changes highlighted in the CAFR Management <br />Discussion and Analysis include: <br />The net position of the City exceeded its liabilities at fiscal year ending June 30, 2014 <br />by $321 million. Of this amount, $257 million was invested in capital assets, net of <br />related debt. The balance was restricted for capital projects and other purposes <br />totaling $14.4 million and $49.3 million is unrestricted. <br />The City's total net position decreased by $4.7 million; representing a $9.3 million <br />decrease in Governmental and a $4.6 million increase in Business type activities. The <br />net position decrease was largely due to the annual depreciation of assets. Net <br />position decrease was partially offset by sales tax increased by $2.2 million, $900,000 <br />increased property tax and $300,000 increased property transfer tax. <br />The City's business -type activities include the Water Pollution Control Plant, Shoreline, Storm <br />Water Utility and Environmental Services. The net position increased by $4.6 million from the <br />prior fiscal year due to the continuation of the plant expansion thus increasing in capital assets <br />with new machinery and equipment. <br />The City has once again received an unqualified "clean" opinion which is the highest level of <br />assurance that can be rendered by the auditors. This opinion assures that the City's financial <br />statements are in conformity with accounting principles generally accepted in the United <br />States and has been rendered on all of the City's funds, including the Successor Agency to <br />the Redevelopment Agency of the City of San Leandro. <br />The City Council should note that the City was awarded the Certificate of Achievement for <br />Excellence in Financial Reporting for the fiscal year ended June 30, 2013 by the Government <br />City of San Leandro Page 2 Printed on 2111/2015 <br />