REPORT TO COUNCIL
SUBJECT
Title
Receive and File the FY 2024/25 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. 10
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 ending on June 30, 2025. In addition, the City's audited Annual Comprehensive Financial Report (ACFR), Agreed Upon Procedure Reports (AUP), and Sunnyvale Financing Authority Financial Report for FY 2024/25 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), which 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 outcome of an independent audit.
In addition, Maze performed three agreed-upon procedures (AUP) related to the Fiscal Administration of Public Funds. No material findings were noted in these reports.
Overall, the General Fund ended FY 2024/25 with a net positive impact of $16.8 million to the General Fund. General Fund revenues finished the year with a favorable variance of $8.3 million. Major revenues, such as Property Tax, Sales Tax, and Transient Occupancy Tax (TOT), accounted for most of the favorable variance. General Fund expenditures ended the year under the budgeted amount at approximately $8.5 million, which represents 2.7% of the General Fund budget net of project carryovers.
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 2024/25.
Staff recommends approval of Budget M...
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