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State of California in Section 1.5 of Article XIIIB of the California Constitution (Proposition 4 Limit). Article XIIIB of the California Constitution limits the amount that governmental agencies can annually appropriate from proceeds of taxes. An annual calculation, factoring in population and inflation changes, is performed each year to determine the new appropriation limit. For the 2009/10FY the Proposition 4 Limit was $378,502,427 and the City received taxes subject to the Proposition 4 Limit of $69,468,682. Therefore, the City's spending of tax revenues was well within the Proposition 4 Limit. • The City of Pleasanton Single Audit Report is the audit report required by the Single Audit Act of 1984. This report contains a schedule of Federal Financial Assistance that summarizes Federal grant activity in the City of Pleasanton for the fiscal year ending June 30, 2011. • The Pleasanton Joint Powers Financing Authority Basic Financial Statements and Independent Auditors' Report is the financial report prepared by the City and audited by independent auditors to provide reasonable assurance the financial statements are fairly presented in accordance with generally accepted accounting principles in the United States. The Pleasanton Joint Powers Financing Authority (Authority) is a blended component unit of the City; accordingly, the Authority's financial statements are also included in the basic financial statements of the City. The Authority was established in 1993 for the purpose of providing assistance to the City and the Housing Authority of the City in the financing and refinancing of public capital improvements. • The Housing Authority of the City of Pleasanton Basic Financial Statements and Independent Auditor's Reports is the financial report prepared by the City and audited by independent auditors to provide reasonable assurance the financial statements are fairly presented in accordance with generally accepted accounting principles in the United States. The Housing Authority is a blended component unit of the City; accordingly, its financial statements are also included in the basic financial statements of the City. The Housing Authority was established in 1943 for the purpose of providing and maintaining affordable housing within the City. • The City of Pleasanton Auditors' Communication with Those Charged with Governance report includes the auditors' letter, addressed to the City, communicating their responsibilities in performing the audit and significant findings and issues detected during the course of the audit. The report also includes the City of Pleasanton Management Representation Letter, addressed to the auditors, communicating management's opinion of the City's financial condition, internal controls, and adherence with laws and regulations. Page 3 of 4