REPORT TO COUNCIL
SUBJECT
Title
Receive and File the FY 2014/15 Budgetary Year-End Financial Report, Comprehensive Annual Financial Report, and Sunnyvale Financing Authority Financial Report and Approve Budget Modification No. 18
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, 2015. In addition, the City's audited Comprehensive Annual Financial Report (CAFR) and Sunnyvale Financing Authority Financial Report for FY 2014/15 are being presented for Council's information.
Overall, the City's General Fund ended the year in a more favorable financial position from that estimated in the FY 2015/16 Adopted Budget by approximately $7.4 million. General Fund revenues finished the year strong. Property Tax, Business License Tax, and Transient Occupancy Tax revenues all ended higher than estimated.
Expenditures in the General Fund performed better than expected, ending under budget. After accounting for project carryovers, expenditures ended approximately $2.4 million under what was anticipated in the FY 2015/16 Adopted Budget. Much of this was due to staffing vacancies in both the Department of Public Safety and the Library and Community Services Department. As such, these savings are one-time and are eliminated once the vacancies are filled. As a result of higher than estimated revenue and under spending of expenditures, there was no drawdown on the Budget Stabilization Fund, compared to a $7.4 million drawdown that was projected in the budget.
The City's CAFR was independently audited by the firm of Macias Gini & O'Connell (MGO) who rendered an unmodified opinion and found no material weaknesses during the audit of the City's CAFR. Receiving an unmodified opinion is the optimal result from the independent audit.
As part of this report, staff recommends Council approval of Budget Modification No. 18 to close out items from t...
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