Laserfiche WebLink
File Number: 18-276 <br />The financial section includes the independent auditor's report, the general-purpose financial <br />statements and related notes, and supplementary information. Finally, the statistical section <br />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 Council <br />and other governmental oversight bodies, the public, and agencies assessing the City's <br />creditworthiness. <br />DISCUSSION <br />The City's independent auditor completed audits of the City's financial statements and the other <br />reports stated earlier. The audits found no exception to conformance with generally accepted <br />accounting standards, the Government Auditing Standards issued by the Comptroller of the <br />United States, or the U.S. Office of Management and Budget Uniform Guidance for state and <br />local governments. <br /> <br />Maze found the general-purpose financial statements present fairly, in all material ways, the City's <br />financial position as of June 30, 2017. The audited financial statements include the statement of <br />net assets; statements of activities and changes in net assets; balance sheets; statements of <br />revenues, expenditures, and changes in fund balances; and statements of cash 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 /> <br />·The City’s assets exceeded its liabilities by $206.3 million (net position) at fiscal year <br />ending June 30, 2017, an increase of $11.4 million from the prior year. Of the net <br />position, $221.6 million was invested in capital assets, $31.6 million is restricted for <br />other purposes, and ($46.9) million is unrestricted. Net Investment in Capital Assets <br />saw a decrease of $9.4 million while Restricted and Unrestricted fund balance <br />increased by $8.0 million and $12.8 million, respectively. Assets and Deferred Outflow <br />of Resources saw an increase of $34.1 million from the prior fiscal year, offset by an <br />increase in Liabilities and Deferred Inflow of Resources of $22.7 million. <br />·The City’s governmental fund balance increased by $11.9 million for a fiscal year ending <br />balance of $82.6 million. Of the balance, $12.6 million is nonspendable because the <br />funds are not available or spendable due to advances and loans to other funds. $32.4 <br />million is Restricted due to the constraints placed on the use of resources. This includes <br />capital projects and debt service payments. $4.6 million is Assigned, which are General <br />fund encumbrances from the prior year and a reserve to fund anticipated Other <br />Post-Employment Benefit costs resulting from the City’s contract for Fire Services with <br />Alameda County. Lastly, $33.0 million is Unassigned and available for spending in the <br />future. <br /> <br />·The City's business-type activities include the Water Pollution Control Plant, Shoreline, <br />Storm Water Utility, and Environmental Services. The total net position for all four funds <br />Page 2 City of San Leandro Printed on 6/12/2018 <br />454