Laserfiche WebLink
File Number: 16-071 <br />financial statements and related notes, and supplementary information. Finally, the statistical <br />section includes pertinent financial and non-financial demographic data. <br /> <br />The format of the CAFR is designed to serve the needs of three primary users: the City <br />Council and other governmental oversight bodies, the public, and agencies assessing the <br />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 /> <br />Maze found the general-purpose financial statements present fairly, in all material ways, the <br />City's financial position as of June 30, 2015. 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 /> <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, 2015 <br />by $180 million. Of this amount, $245 million was invested in capital assets. $21.2 <br />million is restricted for other purposes; leaving ($86.3) million unrestricted. Unrestricted <br />fund balance changed from $49.3 million at the end of FY 2013-14 to ($86.3) million at <br />the end of FY 2014-15 mainly due to the requirement of Governmental Accounting <br />Standard Board (GASB) Statement Number 68 to record Net Pension Liability in the <br />amount of $116.2 million. <br />·The City’s total net position increased by $7.8 million; representing a $2.6 million <br />increase in governmental activities and a $5.3 million increase in Business Type <br />activities. The net position increase was largely due to the rise of $5.8 million in <br />Property and Other Taxes and $ 2.8 million in Intergovernmental Revenues. <br /> <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 $5.3 million from prior <br />fiscal year due to the continuation of the Water Pollution Control Plant expansion project <br />funded by a loan from the State Water Resource Control Board. <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 />Page 2 City of San Leandro Printed on 2/10/2016