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MAZE is Q & ASSOCIATES REQUIRED COMMUNICATIONS To the Honorable Mayor and Members of the City Council of City of Pleasanton,California We have audited the basic fmancial statements of the City of Pleasanton or the year ended June 30,2016. Professional standards require that we communicate to you the following information related to our audit under generally accepted auditing standards and Government Auditing Standard and the Uniform Guidance. Significant Audit Findings Accounting Policies Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the City are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during the year, except as follows: The following Governmental Accounting Standards Board (GASB) pronouncements became effective, but did not have a material effect on the financial statements: GASB Statement No. 76—The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments GASB Statement No.79—Certain External Investment Pools and Pool Participants The following pronouncement became effective and is disclosed in Note 1Q to the financial statements: GASB Statements No.72—Fair Value Measurement and Application This Statement addresses accounting and financial reporting issues related to fair value measurements. The definition of fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This Statement provides guidance for determining a fair value measurement for financial reporting purposes. This Statement also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements. The requirements of this Statement enhance comparability of financial statements among governments by requiring measurement of certain assets and liabilities at fair value using a consistent and more detailed definition of fair value and accepted valuation techniques. This Statement also enhances fair value application guidance and related disclosures in order to provide information to financial statement users about the impact of fair value measurements on a government's financial position. T 925.930.0902 Accountancy Corporation F 925.930.0135 3478 Buskirk Avenue,Suite 215 5 E maze @mazeassociates.com Pleasant Hill,CA 94523 w mazeassociates.com