City of Sunnyvale - File #: 23-0955

• File #: 23-0955
• Type: Report to Council
• Status: Passed
• Meeting Body: City Council
• On agenda: 12/12/2023
• Title: Receive and File the FY 2022/23 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. 8 in the Amount of $32,787,289

REPORT TO COUNCIL

SUBJECT
Title
Receive and File the FY 2022/23 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. 8 in the Amount of $32,787,289
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, 2023 and recommends approval of Budget Modification No. 8. In addition, the City's audited Annual Comprehensive Financial Report (ACFR), Agreed Upon Procedure Reports (AUP) and Sunnyvale Financing Authority Financial Report for FY 2022/23 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 2022/23 in a positive fiscal position when compared against the final position anticipated in the FY 2022/23 Budget. There is a net positive impact of $19.6M to the Budget Stabilization Fund (BSF) Reserve when Educational Revenue Augmentation Fund (ERAF) funds are excluded. General Fund revenues finished the year with a very favorable variance of $10.4M. Major revenues, such as Property Tax, Sales Tax, and Transient Occupancy Tax (TOT) represented most of the favorable variance with Utility Users Tax and Franchise Fees also contributing to the positive performance. Construction Tax and Real ...