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