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File Number: 21-090 <br />·Financial Section: provides the overall financial information for the City including the <br />report of the independent auditor, management’s discussion and analysis (MD&A), the <br />basic financial statements, notes to the basic financial statements, required supplementary <br />information, and other supplementary statements and schedules. <br />·Statistical Section: provides a broad range of operational, economic, and historical data <br />providing context for assessing the City’s fiscal condition. This section provides <br />information about general financial trends, revenue and debt capacities, economic and <br />demographic trends, and operating information. <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 />Maze & Associates completed audits of the City’s financial statements and Measures B and BB <br />special sales tax revenues. Maze found the general purpose financial statements present fairly, in <br />all material ways, the City’s financial position as of June 30, 2020 (Independent Auditor’s Report, <br />Opinions). The audited financial statements include the statement of net position, statement of <br />activities and changes in net position, balance sheets, statements of revenues, expenditures, and <br />changes in fund balance, and statements of cash flows. <br />Please refer to the Management’s Discussion and Analysis section in the CAFR for detailed <br />discussion regarding the City’s financial performance and position. Key financial highlights for the <br />years ended June 30, 2020 are as follows: <br />·The City’s Assets and Deferred Outflow of Resources exceeded its Liabilities and <br />Deferred Inflow of Resources by $180.2 million (Net Position), a $5.8 million decrease <br />from the prior year. Of the total net position, $189.0 million was invested in capital assets, <br />$64.5 million was restricted for other purposes, and ($73.3) million was unrestricted. <br />Restricted Net Position increased by $1.4 million while Net Investment in Capital Assets <br />and Unrestricted Net Position saw a decrease of $2.2 million and $5.0 million respectively. <br />·Assets and Deferred Outflow of Resources increased by $3.7 million from the prior fiscal <br />year, fully offset by an increase in Liabilities and Deferred Inflow of Resources of $9.5 <br />million. The increase in Liabilities was partly due to the increase in net pension liability of <br />$13.5 million offset by the decrease in debt repayment of $6.0 million and decrease in net <br />OPEB liability of $2.0 million. Unfunded pension liability as of June 30, 2020 was $188.7 <br />million. The City’s total net position decrease of $5.8 million is comprised of a $5.6 million <br />decrease in governmental activities and a $0.2 million decrease in Business-Type <br />activities. <br />·The City’s governmental fund balance increased by $5.9 million for an ending fund balance <br />of $129.0 million. Of this balance, $8.0 million is not spendable because the funds are not <br />available due to advances and loans to other funds. A total of $64.5 million is Restricted <br />due to the constraints placed on the use of resources, such as capital projects and debt <br />service payments. $9.8 million is Assigned, which are General Fund encumbrances from <br />the prior year, a one-time licensing fee set aside for projects, and a reserve to fund <br />Page 2 City of San Leandro Printed on 2/11/2021 <br />83