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<br />57 <br />Financial Information <br /> <br />Budgetary Process. The operating budget takes the form of a two-year financial plan <br />which is adopted in its entirety by the City Council. The operating budget is presented on a <br />program basis, with an emphasis on matching services with the cost of providing those services. <br />A mid-period review is conducted and appropriations are adjusted accordingly. The operating <br />budget is subject to supplemental appropriations throughout its term in order to provide flexibility <br />to meet changing needs and conditions. <br /> <br />Financial Statements. Excerpts of the most recent audited financial statements of <br />Pleasanton (the “Pleasanton Financial Statements”) are included in Appendix A of this Official <br />Statement. The Pleasanton Financial Statements include a letter from Maze & Associates (the <br />“Pleasanton Auditor”), which concludes that the Pleasanton Financial Statements present fairly, <br />in all material respects, the financial position of the City as of June 30, 2020 and the results of its <br />operations and cash flows for the year then ended in conformity with generally accepted <br />accounting principles. The excerpts from the Pleasanton Financial Statements should be read in <br />their entirety. The Pleasanton Auditor has not reviewed or audited this Official Statement and has <br />not been asked to consent nor has it consented to the inclusion of the Pleasanton Financial <br />Statements in this Official Statement. <br /> <br />The summary operating results contained under “Summary of Historical Operating <br />Results” are derived from the Pleasanton Financial Statements (excluding certain non-cash items <br />and after certain other adjustments) and are qualified in their entirety by reference to such <br />statements, including the notes thereto. <br />