Legislative Public Meetings

File #: 19-0781   
Type: Report to Council Status: Passed
Meeting Body: City Council
On agenda: 12/10/2019
Title: Receive and File the FY 2018/19 Budgetary Year-End Financial Report, Comprehensive Annual Financial Report (CAFR), the Sunnyvale Financing Authority Financial Report, Agreed Upon Procedure Reports, the Report to the City Council Issued by the Independent Auditors, and Approve Budget Modification No. 13
Attachments: 1. Year-End Budgetary Report by Fund, 2. Administrative Budget Modifications Summary, 3. FY 2018/19 Sunnyvale Parking Citations & Cash AUP, 4. FY 2018/19 Sunnyvale Property Rental & Cash AUP, 5. FY 2018/19 Sunnyvale Workers Comp & Cash AUP, 6. Auditor's Report to the City Council, 7. Comprehensive Annual Financial Report, 8. Sunnyvale Financing Authority Financial Report
REPORT TO COUNCIL AND SUNNYVALE FINANCING AUTHORITY

SUBJECT
Title
Receive and File the FY 2018/19 Budgetary Year-End Financial Report, Comprehensive Annual Financial Report (CAFR), the Sunnyvale Financing Authority Financial Report, Agreed Upon Procedure Reports, the Report to the City Council Issued by the Independent Auditors, and Approve Budget Modification No. 13

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 ended June 30, 2019 and recommends approval of Budget Modification No. 13. In addition, the City's audited Comprehensive Annual Financial Report (CAFR), Special Agreed Upon Procedure Reports and Sunnyvale Financing Authority Financial Report for FY 2018/19 are being presented for Council and the Authority Board's information.

The City's CAFR and Sunnyvale Financing Authority Financial Report were independently audited by the firm of Macias Gini & O'Connell (MGO) who rendered unmodified opinions and found no material weaknesses during the financial audit of the City. Receiving an unmodified opinion is the optimal result from the independent audit.

In addition, MGO performed three agreed upon procedures (AUP) related to Fiscal Administration of Public Funds. No material findings were noted in these reports.

Overall, the General Fund ended the FY 2018/19 year in a positive fiscal position, with a net impact of $13.1 million better than planned. General Fund revenues finished the year approximately $8.2 million to the good. Higher than planned Property Tax, Sales Tax, and Transient Occupancy Tax represented positive variances. In addition, Construction Tax and Community Development Fees performed well reflecting the City's robust development activity. Permits and Licenses also collected revenue greater than planned due to permits associated with Hazardous Material, Fire Prevention, and Public Safety. General Fund expenditures ended the year favorably at ap...

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