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Honorable Peter Buttigieg, Mayor <br />Mr. John H. Murphy, Controller <br />October 19, 2015 <br />Page 2 <br />(4) We analyzed the most recent CAFR for the City and found that the State Board of <br />Accounts issued an unqualified opinion on the City's Financial Statements. The City <br />follows accounting principles generally accepted in the United States of America <br />(GAAP) as applicable to governmental units. <br />(5) We calculated the City's cash and marketable securities as compared to the total <br />expenditures (as defined under part B(i)(DD)) and found that the ratio exceeds the 0.05 <br />minimum under Part B(i)(AA)(bb)(1). <br />(6) We calculated the City's ratio of annual debt service as compared to total expenditures <br />and found that the ratio does not exceed the maximum under Part B(i)(AA)(bb)(2). <br />(7) We calculated the City's operating deficit /income for the two most recent calendar <br />years and found that the City had income in both years and therefore did not have a <br />deficit exceeding the maximum under Part B(i)(CC)(cc). <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 />$88,608,730 of these costs as of the calendar year ended December 31, 2014. <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 />