5A Consent - Laserfiche WebLink

Home

City of San Leandro Civic Center, 835 E. 14th Street San Leandro, California 94577 www.sanleandro.org Accounting System The City’s accounting records for general government operations are maintained on a modified accrual basis, with revenues recorded when measurable and available. Expenditures are recorded when the services or goods are received and the liabilities incurred. Accounting records for the City’s proprietary activities are maintained on the full accrual basis, with revenues recorded when earned and expenses when incurred. In maintaining the City’s accounting system, consideration is given to the adequacy of internal controls. Internal controls are designed to provide reasonable assurance regarding the safeguarding of assets and to ensure the reliability of financial records and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of control should not exceed the benefits likely to be derived. The evaluation of costs and benefits requires continuing estimates and judgments by City management. The City’s system of internal accounting controls continues to adequately safeguard assets and provide reasonable assurance that financial transactions are properly recorded. Risk Management The City maintains commercial insurance combined with self-insurance for all its governmental operations. The City is a member of the Local Agency Workers’ Compensation Excess Joint Powers Authority (LAWCX). The City is also a member of California Joint Po wers Risk Management Authority (CJPRMA), providing general liability coverage in an aggregate up to $40 million. Additional information on the City’s risk management activity can be found in Note 13 to the basic financial statements. OTHER INFORMATION Certificate of Achievement The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its ACFR for the year ended June 30, 2023. The City received this award for 26 of the past 27 years— the City did not apply one year due to staff changes. The City is planning to apply for the award for the fiscal year 2023-24 ACFR. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements. The current ACFR continues to meet the Certificate of Achievement Program’s requirements and the Department will submit it to the GFOA for the current award. x