REPORT TO COUNCIL
SUBJECT
Title
Receive and File the FY 2023/24 Budgetary Year-End Financial Report, Annual Comprehensive Financial Report (ACFR), the Sunnyvale Financing Authority Financial Report, Agreed Upon Procedure Reports, and the Report to the City Council Issued by the Independent Auditors, and Approve Budget Modification No. 12
Report
REPORT IN BRIEF
This report provides the year-end financial condition of the City of Sunnyvale on a budgetary basis for the fiscal year ended June 30, 2024. In addition, the City's audited Annual Comprehensive Financial Report (ACFR), Agreed Upon Procedure Reports (AUP) and Sunnyvale Financing Authority Financial Report for FY 2023/24 are being presented for Council and the Authority Board's information.
The City's ACFR and Sunnyvale Financing Authority Financial Report were independently audited by the firm of Maze & Associates (Maze) who rendered an unmodified (or "clean") opinion and found no material weaknesses in internal control during the financial audit of the City. Receiving an unmodified opinion is the optimal result from the independent audit.
In addition, Maze performed three agreed upon procedures (AUP) related to Fiscal Administration of Public Funds. No material findings were noted in these reports.
Overall, the General Fund ended FY 2023/24 in a positive fiscal position when compared against the final position anticipated in the FY 2023/24 Budget. There is a net positive impact of $6.1M to the Budget Stabilization Fund (BSF) Reserve when Educational Revenue Augmentation Fund (ERAF) funds are excluded. General Fund revenues finished the year with a favorable variance of $6.6M. Major revenues, such as Property Tax, Sales Tax, and Transient Occupancy Tax (TOT), represented most of the favorable variance with Construction Tax and Real Property Transfer Tax also contributing to the positive performance. Utility Users Tax and Franchise Fees came in just under final revised estimates as did Service Fees. Ge...
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