REPORT TO COUNCIL AND SUNNYVALE FINANCING AUTHORITY
SUBJECT
Title
Receive and File the FY 2016/17 City and Sunnyvale Financing Authority Budgetary Year-End Financial Report and Approve Budget Modification No. 32
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, 2017 and recommends approval of Budget Modification No. 32.
Overall, the General Fund ended the year above the final budget, however, slightly below planned estimates assumed in the development of the FY 2017/18 Adopted Budget in Spring 2017. General Fund revenues finished the year approximately $0.6 million above budgeted amounts. Higher than budgeted Transient Occupancy Tax, Construction Tax, Real Property Transfer Tax, Community Development Fees and Public Safety Fees represented the largest positive variances. Property and Sales Tax performed below levels estimated in the FY 2017/18 Adopted Budget. General Fund expenditures ended the year approximately $0.4 million below budgeted levels primarily due to vacancy savings in the Department of Public Safety and the Department of 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 2016/17.
Adjustments to General Fund revenue, Capital Improvement Projects Reserve and the Budget Stabilization Fund are recommended through Budget Modification No. 32. In addition, the carryover of Special Projects and corresponding revenues as detailed in Attachment 1 is recommended in this report.
BACKGROUND
Each year, staff provides a report to the Council detailing the year-end financial condition of the City on a budgetary basis. The results are compared with the most recent projection. As part of development of the FY 2017/18 Recommended Budget, the revenue projection for FY 2016/17 is updated in the Feb...
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