8D Consent Calendar 2019 0603 - Laserfiche WebLink

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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2018 I NOTE 9 -NET POSITION AND FUND BALANCES (Continued) ! E. Net Position Restatement Management adopted the provisions of the following Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions (OPEB), which became effective during the year ended June 30, 2018. In June 2015, GASB issued Statement No. 75 and the intention of this Statement is to improve the usefulness of information for decisions made by the various users of the financial reports of governments whose employees -both active employees and inactive employees -are provided with postemployment benefits other than pensions by requiring recognition of the entire net OPEB liability and a more comprehensive measure of OPEB expense. The implementation of the Statement required the City to make a prior period adjustment. As a result, the beginning net position of the Governmental Activities was restated and reduced by $13,294,858. I NOTE 10-STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY I A. Fund Deficits At June 30, 2018, the Storm Water Utility Enterprise Fund had a net position deficit of $290,439. B. Expenditures in Excess of Appropriations Excess of expenditures over appropriations approved by the City Council occurred in individual funds during the fiscal year 2017-18 as follows: Fund/Department Special Revenue Funds Affordable Housing Community Development Heron Bay Interest and Fees Special Grants Public Safety Measure B Paratransit Engineering and Transportation Business Improvement District Community Development Asset Seizure Public Safety $ Expenditure 2,996 3,400 476,292 256,057 698,000 130,405 72 Appropriation $ 242,221 634,000 50,000 $ Excess (2,996) (3,400) (234,071) (256,057) (64,000) (80,405) 537