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• Independent Accountants' Report on Agreed-Upon Procedures Applied to Appropriations Limit Schedule is required by the State of California in Section 1.5 of Article XIIIB of the California Constitution. 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. The appropriation limit for the FY 2017/18 was approved by Council by resolution in June 2017. • Alameda County Transportation Commission — Measure F Funds Financial Statements and Independent Auditors' Reports is required by the Alameda County Transportation Commission (ACTC). Under Measure F, approved by the voters of Alameda County in November 2010, the City receives a portion of the proceeds of the $10 per year vehicle registration fee for funding transportation related projects. Copies of the report are submitted to ACTC to show that the City is in compliance with the requirements governing expenditures of Measure F funds for the year ending June 30, 2017. • 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 if any, 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. Similar to last year, the auditors conducted the fieldwork required for the City to issue the Single Audit Report in January of 2018. We expect the auditors to issue the Single Audit Report towards the end of February 2018. The 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, 2017. The auditors will also issue an updated version of The City of Pleasanton Auditors' Communication with those Charged with Governance report, if necessary, when they issue the Single Audit Report. DISCUSSION The Audit Committee met on January 24, 2018 to review the FY 2016/17 CAFR and related audit reports. Council members Karla Brown and Arne Olson serve on the Audit Committee along with the City Manager and the Director of Finance. The Audit Committee discussed the audit reports. The Audit Committee recommended that the reports be formally accepted by City Council. Page 3 of 4