REPORT TO COUNCIL AND SUNNYVALE FINANCING AUTHORITY
SUBJECT
Title
Receive and File the FY 2015/16 Budgetary Year-End Financial Report, Comprehensive Annual Financial Report (CAFR) and Approve Budget Modification No. 21 and Sunnyvale Financing Authority Financial Report
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, 2016 and recommends approval of the FY 2016/2017 Budget Modification No. 21. In addition, the City's audited Comprehensive Annual Financial Report (CAFR) and Sunnyvale Financing Authority Financial Report for FY 2015/16 are being presented for Council and the Authority Board's information.
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.
Overall, the City's General Fund ended the year generally as planned in theestimated in the FY 2016/17 Adopted Budget. General Fund revenues finished the year with approximately $4.04 million higher than anticipated. Property Tax, Transient Occupancy Tax, and Construction Tax revenues were also on target and slightly higher than estimated. Expenditures in the General Fund were below budgeted levels, with many departments ending under budget. After accounting for project carryovers, expenditures ended approximately $1.55 million under what was anticipated in the FY 2016/17 Adopted Budget. Much of this was due to staffing vacancies in both the Department of Public Works and the Library and Community Services Department. As such, these savings are one-time and are eliminated once the vacancies are filled. Reserve savings based on actual expenditures totaled $0.34 million. These actions have a positive impact of $5.9 million to the Budget Stabilization Fund (approximately ...
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