REPORT TO COUNCIL AND SUNNYVALE FINANCING AUTHORITY
SUBJECT
Title
Receive and File the FY 2017/18 Budgetary Year-End Financial Report, Comprehensive Annual Financial Report (CAFR), the Sunnyvale Financing Authority Financial Report, the Report to the City Council Issued by the Independent Auditors, and Approve Budget Modification No. 13 and the list of Proposed Closed Projects
Report
REPORT IN BRIEF
This report is intended to provide the year-end financial condition of the City of Sunnyvale on a budgetary basis for the fiscal year ended June 30, 2018 and recommends approval of Budget Modification No. 13. In addition, the City's audited Comprehensive Annual Financial Report (CAFR) and Sunnyvale Financing Authority Financial Report for FY 2017/18 are being presented for Council and the Authority Board's information.
The City's CAFR and Sunnyvale Financing Authority Financial Report were independently audited by the firm of Macias Gini & O'Connell (MGO) who rendered unmodified opinions and found no material weaknesses during the financial audit of the City. Receiving an unmodified opinion is the optimal result from the independent audit.
Overall, the General Fund ended the FY 2017/18 year in a much better fiscal position than expected. General Fund revenues finished the year approximately $7.0 million to the good. Higher than planned Transient Occupancy Tax, Property Tax, Sales Tax, Community Development Fees and Public Safety Fees represented the largest positive variances. Real Property Transfer Tax and Construction Tax performed below projections. General Fund expenditures ended the year approximately $7.1 million below budgeted levels primarily due to vacancy savings in the Departments of Public Safety and Library and Community Services.
A budgetary summary of the Sunnyvale Financing Authority is also included in this report as is a summary of approved Administrative Budget Modifications made in FY 2017/18 and a list of six projects staff is recommending...
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