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total expenditures of any fund must be approved by the City Council. Transfers between funds must <br />be approved by the City Council. At the end of the fiscal year, encumbered appropriations are carried <br />forward and become part of the following year’s budget while appropriations that have not been <br />encumbered lapse, unless otherwise authorized by the City Council and the City Manager. <br />Accounting System <br />The City’s accounting records for general government operations are maintained on a modified <br />accrual basis, with the revenues being recorded when measurable and available. Expenditures are recorded when the services or goods are received and the liabilities incurred. Accounting records for the City’s proprietary activities are maintained on the full accrual basis, with revenues recorded <br />when earned and expenses when incurred. In maintaining the City’s accounting system, <br />consideration is given to the adequacy of internal controls. Internal controls are designed to <br />provide reasonable assurance regarding the safeguarding of assets and to ensure the reliability of financial records and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of control should not exceed the benefits likely to be derived. The <br />evaluation of costs and benefits requires continuing estimates and judgments by City management. <br />We believe that the City’s system of internal accounting controls continues to adequately safeguard <br />assets and provide reasonable assurance that financial transactions are properly recorded. <br />Risk Management The City maintains a program of commercial insurance combined with self-insurance for substantially <br />all of its governmental operations, except for major construction projects and contractor-supplied <br />services. In such circumstances, insurance to protect the City is provided by each contractor. The City is a member of the Local Agency Workers’ Compensation Excess Joint Powers Authority (LAWCX). The City is also a member of California Joint Powers Risk Management Authority (CJPRMA), which <br />provides annual general liability coverage in an aggregate up to $40 million. Additional information <br />on the City’s risk management activity can be found in the notes to the financial statements. <br />OTHER INFORMATION <br />Certificate of Achievement <br />The Government Finance Officers Association of the United States and Canada (GFOA) awarded a <br />Certificate of Achievement for Excellence in Financial Reporting to the City of San Leandro for its CAFR for the fiscal year ended June 30, 2015. This was the 20th consecutive year that the City of San <br />Leandro has received this prestigious award. In order to be awarded a Certificate of Achievement, a <br />government must publish an easily readable and efficiently organized CAFR. This report must satisfy <br />both generally accepted accounting principles and applicable legal requirements. <br />A Certificate of Achievement is valid for a period of one year. We believe that our current CAFR <br />continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to <br />the GFOA to determine its eligibility for another certificate. <br />x