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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2016 <br /> <br /> <br />NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES <br /> <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 /> <br />A. Financial Reporting Entity <br /> <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 /> <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 /> <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 /> <br />The component units below are included in the City’s basic financial statements using the blended <br />method since the governing body of these component units are substantially the same as the governing <br />body of the City and these component units provide services entirely to the City. <br /> <br /> <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 /> <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 /> <br />43