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<br />24 <br />City Financial Information <br />Accounting Policies and Financial Reporting. The City Manager employs, at the <br />beginning of each fiscal year, an independent certified public accountant who, at such time or <br />times as specified by the City Manager, at least annually, and at such other times as he or she shall determine, examines the combined financial statements of the City in accordance with <br />generally accepted auditing standards, including such tests of the accounting records and such other auditing procedures as such accountant considers necessary. As soon as practicable after the end of the fiscal year, a final audit and report is submitted by such accountant to the City <br />Manager and a copy of the financial statements as of the close of the fiscal year is published. The accounting policies of the City conform to generally accepted accounting principles. <br />The Governmental Accounting Standards Board (“GASB”) published its Statement No. 34 “Basic Financial Statements – and Management’s Discussion and Analysis – for State and <br />Local Governments” on June 30, 1999. Statement No. 34 provides guidelines to auditors, state <br />and local governments and special purpose governments such as school districts and public utilities, on new requirements for financial reporting for all governmental agencies in the United <br />States. Generally, the basic financial statements and required supplementary information should <br />include (i) Management’s Discussion and Analysis; (ii) financial statements prepared using the economic measurement focus and the accrual basis of accounting; (iii) fund financial statements <br />prepared using the current financial resources measurement focus and the modified accrual method of accounting; and (iv) required supplementary information. <br />Accounts of the City are organized on the basis of funds each of which is considered a <br />separate accounting entity. There are three major groups of funds – governmental funds (which include the General Fund), proprietary funds (which include enterprise funds and internal service funds) and fiduciary funds (which are used to account for resources held for the benefit <br />of parties outside the City). The City maintains 25 individual governmental funds. Information is presented in the governmental statement of revenues, expenditures, and changes in fund balances for the General Fund together with 24 other funds, in a single aggregated <br />presentation. Supplementary information is also presented describing the City’s (1) Non–Major Governmental Funds, (2) Non–Major Enterprise Funds, (3) Internal Service Funds, and (4) <br />Fiduciary Funds. <br />There is significant financial interdependency between the various City funds. The City has no discretely reportable component funds and/or units; the City’s blended component funds <br />and/or units include the operations of the San Leandro Parking Authority and the Authority. <br /> All governmental funds and fiduciary funds use the modified accrual basis of accounting. <br />The proprietary funds use the accrual basis of accounting. The General Fund is the general operating fund of the City and is used to account for all financial resources except those required to be accounted for in another fund. See “APPENDIX A – AUDITED FINANCIAL <br />STATEMENTS OF THE CITY FOR THE FISCAL YEAR ENDED JUNE 30, 2017” for a summary of the City’s accounting policies and practices. <br />Financial Statements. Maze and Associates, Certified Public Accountants (the “Auditor”), audited the financial statements of the City for the fiscal year ended June 30, 2017. <br />The Auditor’s examination was made in accordance with generally accepted auditing standards <br />and Governmental Auditing Standards, issued by the Comptroller General of the United States. See “APPENDIX A – AUDITED FINANCIAL STATEMENTS OF THE CITY FOR THE FISCAL <br />YEAR ENDED JUNE 30, 2017.”