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vi GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statement in the form of the Management’s Discussion and Analysis (MD&A). The MD&A complements this transmittal letter and should be read in conjunction with it. CITY PROFILE The City was incorporated in 1872 and is one of the older communities in the San Francisco Bay Area. The City occupies fifteen square miles between the cities of Oakland and Hayward and is bordered on the west by the San Francisco Bay. San Leandro offers its 87,300 residents the charm and character of a community that has been established for 149 years. Once an agricultural community, the City has been successful in attracting significant residential, industrial, manufacturing, and retail development. City Structure The City functions under a council-manager form of government and is governed by a seven- member council elected by City residents. Municipal services include public safety, streets and roads, recreation and cultural services, library, health services, public infrastructure improvements, planning and zoning, and general administrative services. The scope of the City Council’s power and influence includes the following:  Authority to set policy and enact legislation that facilitates those policies,  Authority to establish and modify operating and capital budgets,  Power to appoint voting members to other governing authorities,  Power to appoint the City Manager and City Attorney, and  Authority to veto, modify, and overrule decisions previously enacted. Component Units The City’s blended component units include operations of the San Leandro Parking Authority and the San Leandro Public Financing Authority. As of June 30, 2021, there were no discrete reportable component units. The CAFR for the year ending June 30, 2021, provides a financial account of these units, organizational elements, and the City functions for which the City Council provides policy direction and general oversight. It presents financial information on the activities of the City itself and the component units of the City upon which the City Council is authorized to impose its will. The operating nature of the City’s component units determines how they are reported in the financial statements. The activities of component units that provide financial benefit or create financial burden for the City are blended within the City’s general financial statements. ECONOMIC CONDITION OF THE CITY The City has a diverse business community, which is comprised of varied businesses ranging from neighborhood coffee houses and fine restaurants, large food processing centers, regional shopping opportunities, to cutting edge technology. While the economic base has dramatically changed from its agricultural early years, San Leandro continues to expand on its sound business base with the ongoing development of such projects as a multi-family housing development, high-rise offices, and the continuing revitalization of downtown. 251