5A Consent - Laserfiche WebLink

Home

City of San Leandro Civic Center, 835 E. 14th Street San Leandro, California 94577 www.sanleandro.org January 10, 2025 To the Honorable Mayor and Members of the City Council and Residents of the City of San Leandro: I am pleased to submit the Annual Comprehensive Financial Report (ACFR) for the City of San Leandro for the fiscal year ended June 30, 2024. Section 555 of the City Charter requires an annual independent audit of the City’s fiscal affairs. This ACFR is published to fulfill this requirement. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed information is accurate in all material respects and is reported in a manner designed to fairly present the City’s financial position and results of operations of all funds. All disclosures necessary to understand the City’s financial activities are included. This report consists of management’s representations concerning the finances of the City. To provide a reasonable basis for making these representations, management established a comprehensive internal control framework designed to protect the City’s assets from loss, theft, or misuse; compiled sufficient reliable information for the preparation of the City’s financial statements in conformity with Generally Accepted Accounting Principles (GAAP); and complied with applicable laws and regulations. The City contracted with Maze & Associates (Maze), a public accounting firm licensed to perform local government audits in California, to complete the annual audit. Maze concluded that the financial statements fairly present the respective financial position of the government activities, the businesstype activities, each major fund, and the aggregate remaining fund information of the City, and the respective changes in the City’s financial position, and where applicable, cash flows for the year ended June 30, 2024, in accordance with GAAP. This is a favorable conclusion and is commonly referred to as an unmodified opinion. 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. The audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. In addition to the ACFR, the City prepares a mandated Single Audit designed to meet requirements related to major program expenditures of Federal funds. The standards governing Single Audit engagements require the independent auditor to report on the audited government’s internal controls and compliance with legal requirements, emphasizing administration of Federal awards. These reports are separately issued in the City’s Single Audit Report. 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 east by the unincorporated community of Castro Vall ey and the west by the San v