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BACKGROUND The City's independent auditors, Caporicci & Larson, Certified Public Accountants, have completed the audit of the City's financial transactions for the fiscal year 2006-2007. The following reports, prepared by the City of Pleasanton and audited by the City's independent auditors are as follows: • The City of Pleasanton Comprehensive Annual Financial Report (CAFR) is the overall financial report for the entire City organization and provides information about the financial results of operations and numerous required disclosures. This is the financial report prepared by the City and audited by independent auditors to provide reasonable assurance that the financial statements are fairly presented in accordance with generally accepted accounting principles (GAAP) in the United States. This report contains the Independent Auditors' Report, which is prepared by the auditors based on their examination of the City's financial transactions for the fiscal year ending June 30, 2007. • The City of Pleasanton 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, 2007. • The City of Pleasanton Community Transit Services, Senior Citizen, and Handicapped Transportation Program Financial Statements and Independent Auditors' Reports is the audit report required by the Transportation Development Act (TDA) for Article 4.5 funds received in fiscal years 2006 and 2007. TDA funds are used to support the transportation program for senior and handicapped citizens of Pleasanton. This program is provided through the Dial-A-Ride program in the Parks and Community Services Department. Copies of the report are submitted to the Metropolitan Transportation Commission for their review. The City of Pleasanton Measure B Funds Financial Statements and Independent Auditors' Reports is required by the Alameda County Transportation Improvement Authority (ACTIA). Measure B funds, the one-half cent sales tax approved by Alameda County voters in 2000, provide funding for City transportation related projects. Copies of the report are submitted to ACTIA to show that the City is in compliance with the requirements governing expenditures of Measure B funds for the year ending June 30, 2007. Page 2 of 3