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Honorable Peter Buttigieg,Mayor <br />Mr.Daniel Parker,Controller <br />June 4,2019 <br />Page 2 <br />(4)We inspected the 2017 CAFR for the City,which is the most recent CAFR containing <br />audited financial statements of the City as of the date of this report,and found that the <br />State Board of Accounts issued an unqualified opinion on the City’s financial <br />statements.The City follows accounting principles generally accepted in the United <br />States of America (GAAP)as applicable to governmental units. <br />(5)We compared the City’s cash and marketable securities to the total expenditures (as <br />defined under part B(i)(DD))and found that the ratio exceeds the 0.05 minimum under <br />Part B(i)(AA)(bb)(1).(See Exhibit A.) <br />(6)We compared the City’s annual debt service to total expenditures and found that the <br />ratio does not exceed the 0.20 maximum under Part B(i)(AA)(bb)(2).(See Exhibit A.) <br />(7)We inspected the City’s operating deficit/income for the two most recent calendar years <br />and found that the City had an income for calendar year 2016 and 2017,therefore <br />during both years the City did not have a deficit exceeding the calculated maximum <br />under Part B(i)(CC)(cc).(See Exhibit A.) <br />(8)We calculated the amount of costs the City may assure for closure,post closure,and <br />corrective action costs under Part C (ii)and found that the City can assure up to <br />$100,141,012 of these costs as of the calendar year ended December 31,2017.(See <br />Exhibit A.) <br />We were not engaged to,and did not perform an examination,the objective of which would be <br />the expression of an opinion on the financial assurance tests.Accordingly,we do not express <br />such an opinion.Had we performed additional procedures,other matters might have come to our <br />attention that would have been reported to you. <br />This report is issued solely for the information of,and assistance to,the addressees of this report. <br />Additionally,this report should not be used by those who have not agreed to the procedures and <br />taken responsibility for the sufficiency of the procedures for their purposes.Under the terms of <br />our engagement,we have no obligation to update this report because of events or transactions <br />occurring subsequent to the date of this report. <br />f?JIL T4 ~J~kLL~,LLP <br />Baker Tilly Virchow Krause,LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd.,the <br />members of which are separate and independent legal entities.©2019 Baker Tilly Virchow Krause,LLP