REPORT TO COUNCIL AND SUNNYVALE FINANCING AUTHORITY
SUBJECT
Title
City Council Adoption of the Fiscal Year (FY) 2023/24 Budget, Fee Schedule and Appropriations Limit, and Sunnyvale Financing Authority Adoption of the FY 2023/24 Budget
Report
BACKGROUND
The City Manager's FY 2023/24 Recommended Budget was provided to the City Council on May 2, 2023 and made publicly available on the City's website on May 5. On May 18, City Council held a budget workshop to review the recommended budget and twenty-year resource allocation plan in detail. On June 6, the City Council held a public hearing on the FY 2023/24 Recommended Budget, the establishment of the City's Appropriations Limit, and the Fee Schedule. Notification of the hearing was also sent to those who specifically requested notice of fee increases as per the provisions of California Government Code section 66016(a). On June 20, 2023, the City Council has the opportunity to adopt the FY 2023/24 Budget, Fee Schedule, and Appropriations Limit, which by City Charter must be adopted by June 30.
The FY 2023/24 Recommended Budget also includes the annual budget for the Sunnyvale Financing Authority, the governing body established to provide debt service. The only appropriation for the Financing Authority is the annual debt service payment for the new Civic Center bond issuance. The Sunnyvale Financing Authority Board held a public hearing for the Authority's FY 2023/24 Budget on June 6, 2023. On June 20, 2023, the Authority also has the opportunity to adopt the FY 2023/24 Budget.
EXISTING POLICY
The California Constitution Article XIIIB requires that the City annually adopt an appropriations limit for the upcoming fiscal year.
California Government Code Section 6508 requires that any annual budget of the agency to which the delegation is made must be approved by the governing body of the Joint Powers Agency (Sunnyvale Financing Authority).
City Charter, Section 1304 requires the City Council to adopt the budget fo...
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