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c. General Fund reserves have been used and need to be replenished in order to maintain a reserve equal to 20 percent of General Fund expenditures. d. Paying off specific pension liabilities that will result in interest savings greater than interest earnings on the Trust Fund. These prefunding contributions and the establishment of the Section 115 Pension Trust Fund demonstrate the City’s commitment to address its pension related liabilities. Awards The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Pleasanton for its Annual Comprehensive Financial Report for the fiscal year ended June 30, 2021. This was the twenty-fifth consecutive year that the City has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that this current annual comprehensive financial report continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to determine its eligibility for a certificate. Acknowledgments The preparation of the ACFR was made possible through the dedicated work of all members of the Finance Department. We would like to extend special thanks and acknowledgment to Diane Punzo and Thinh Lucerowho wereprimarily responsible for managing the year-end closing of the City’s books and preparing the Annual Comprehensive Financial Report. Other contributing staff include Christina Crosby, Annette Gibson, Erika Newsome, Rebecca Perry, Tam Thai, Chris Yi, and Raquel Zegarra. The City Council should be acknowledged and thanked for its leadership and commitment to ensuring the long-term fiscal health of the City. Respectfully submitted, Susan Hsieh Gerry Beaudin Director of Finance City Manager ix