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Letter of Transmittal i Letter of Transmittal November 13, 2020 To the Residents of the Town of Los Altos Hills, Honorable Mayor and Members of the City Council We are pleased to submit the Comprehensive Annual Financial Report (CAFR) for the Town of Los Altos Hills, California (Town), for the fiscal year ended June 30, 2020. This report was prepared in accordance with accounting principles generally accepted in the United States of America and contains information to help readers gain a reasonable understanding of the Town’s financial activities. The responsibility for the accuracy of the information and the completeness and fairness of the presentation, including all disclosures, rests on the Town’s management. To the best of our knowledge, we believe that the information reported is accurate in all material respects and its presentation fairly shows the financial position and the results of the Town’s operations. In providing a reasonable basis for making these representations, management has established a thorough internal control system designed to protect the government’s assets from loss, theft, or misuse and to compile necessary information for preparing the Town’s financial statements. The CAFR is presented in three major sections that provide introductory, financial as of June 30, 2019, and statistical information about the Town. The introductory section includes this transmittal letter, the Town's organizational chart and a list of the Town's principal officials. The financial section includes the independent auditor's report, basic financial statements, notes to basic financial statements, required supplementary information and supplementary information on nonmajor funds. The statistical section, which is unaudited, includes selected financial and demographic information. Maze & Associates, a firm of licensed certified public accountants, has issued an unmodified (“clean”) opinion on the Town’s financial statements for the fiscal year ended June 30, 2019. The independent auditor’s report is presented as the first component of the financial section of this report. Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A presents a comparative analysis of current and prior year results, changes in financial position, financial highlights, trends and disclosure of any known significant events or decisions that affect the financial condition of the Town. This transmittal letter complements the MD&A and should be read in conjunction with it. Resolution 60-20 Page 10