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<br /> <br /> <br />Opinions <br /> <br />In our opinion, the financial statements referred to above present fairly, in all material respects, the <br />respective financial position of the governmental activities, the business-type activities, each major fund, <br />and the aggregate remaining fund information of the City as of June 30, 2015 and the respective changes in <br />financial position and, where applicable, cash flows thereof for the year then ended in conformity with <br />accounting principles generally accepted in the United States of America. <br /> <br />Change in Accounting Principles <br /> <br />Management adopted the provisions of the following Governmental Accounting Standards Board <br />Statements, which became effective during the year ended June 30, 2015, and required a prior period <br />adjustment to the financial statements, as discussed in Note 10D and Note 14: <br /> <br /> <br />Statement No. 68 – Accounting and Financial Reporting for Pensions <br /> <br />Statement No. 71 – Pension Transition for Contributions Made Subsequent to the Measurement <br />Date <br /> <br />In addition, the City also restated deferred revenues and loans receivable as discussed in Note 10D. <br /> <br />The emphasis of these matters does not constitute a modification to our opinions. <br /> <br />Other Matters <br /> <br />Required Supplementary Information <br /> <br />Accounting principles generally accepted in the United States of America require that Management’s <br />Discussion and Analysis and other Required Supplementary Information, as listed in the Table of Contents, <br />be presented to supplement the basic financial statements. Such information, although not a part of the basic <br />financial statements, is required by the Governmental Accounting Standards Board, who considers it to be <br />an essential part of financial reporting for placing the basic financial statements in an appropriate <br />operational, economic or historical context. We have applied certain limited procedures to the required <br />supplementary information in accordance with auditing standards generally accepted in the United States of <br />America, which consisted of inquiries of management about the methods of preparing the information and <br />comparing the information for consistency with management’s responses to our inquiries, the basic financial <br />statements, and other knowledge we obtained during our audit of the basic financial statements. We do not <br />express an opinion or provide any assurance on the information because the limited procedures do not <br />provide us with sufficient evidence to express an opinion or provide any assurance. <br /> <br />Other Information <br /> <br />Our audit was conducted for the purpose of forming opinions on the financial statements that collectively <br />comprise the City’s basic financial statement. The Introductory Section, Supplemental Information, and <br />Statistical Section as listed in the Table of Contents are presented for purposes of additional analysis and are <br />not required parts of the basic financial statements. <br /> <br />2