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i CITY OF SAN LEANDRO STAFF REPORT DATE: November 18, 1996 TO: Wandzia Grycz, Interim City Manager via John Jermanis, Interim Assistant City Manager/ Finance Director FROM: Joseph J Arch, Assistant Finance Director C)!% SUBJECT: 1995/96 Comprehensive Annual Financial Report SUMMARY AND RECOMMENDATION APPROVED AND FORWARDED TO CITY COUNCIL Wandzia c Interim Ci Attached is the Comprehensive Annual Financial Report (CAFR) for the fiscal year 1995/96. We are pleased to inform you that the City has received a clean bill of health on this report from the audit firm of Caporicci and Larson, Certified Public Accountants. The report will be submitted to the City Council at its December 2, 1996 meeting for acceptance. DISCUSSION The Finance Department's goal for external financial reporting is to deliver to you and the City Council an award winning and understandable financial report each year. This report has been submitted for a Certificate of Achievement for Excellence in Financial Reporting award from the Governmental Finance Officers Association (GFOA) and the California Municipal Finance Officers Association (CSMFO) to determine its eligibility for these certificates. The report includes information at both a consolidated (combined) and individual fund (combining) level to provide the reader with additional information on the City's operations and the way it reports certain activities. Issuance of an expanded CAFR, which includes the statistical section, qualifies the City to submit the report for award, which can lead to a higher bond rating for future debt financing and increase public awareness of City finances. CONCLUSION I would like to take this opportunity to acknowledge both Finance Department staff and Caporicci and Larson, Certified Public Accountants, for their efforts towards the preparation of these reports. 11