Title
Staff Report for a City of San Leandro City Council Resolution to Accept the Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2020
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends that the City Council accept the CAFR for the fiscal year ended June 30, 2020.
BACKGROUND
The City's independent auditor, Maze & Associates, completed the audit of the City's financial statements and provided their auditor's reports for the fiscal year that ended June 30, 2020. The Finance Department prepares the City's financial statements in the form required for the Comprehensive Annual Financial Report (CAFR). The Governmental Accounting Standards Board (GASB) recommends the elements for the CAFR format. The CAFR and the related financial statements fully disclose the financial condition of the City, Successor Agency to the Redevelopment Agency, and other reporting units of the City.
In addition to the Comprehensive Annual Financial Report, the following statements for the year ended June 30, 2020 were also prepared as required by the Alameda County Transportation Commission (ACTC).
* Measure B Program Financial Statements
* Measure BB Program Financial Statements
* Measure F Funds-Alameda County Vehicle Registration Fee
The CAFR shows the total of all financial accounting for the fiscal year. The financial reporting provided in the CAFR is in greater detail than the basic financial statements and is made up of three primary sections:
* Introductory Section: provides general information about the City including the letter of transmittal, list of principal officers, and an organizational chart.
* Financial Section: provides the overall financial information for the City including the report of the independent auditor, management's discussion and analysis (MD&A), the basic financial statements, notes to the basic financial statements, required supplementary information, and other supplementary statements and schedules.
* Stat...
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