City of Sunnyvale - File #: 21-0125

• File #: 21-0125
• Type: Report to Council
• Status: Passed
• Meeting Body: City Council
• On agenda: 1/12/2021
• Title: Receive and File the FY 2019/20 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, Authorize the City Manager to Enter into Negotiations for a Forgivable Loan of up to $1.5 million with Sunnyvale Community Services, Approve Budget Modification No. 12, and Find that these Actions are Exempt from CEQA Pursuant to CEQA Guidelines Section 15378(b)(4)

REPORT TO COUNCIL

SUBJECT
Title
Receive and File the FY 2019/20 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, Authorize the City Manager to Enter into Negotiations for a Forgivable Loan of up to $1.5 million with Sunnyvale Community Services, Approve Budget Modification No. 12, and Find that these Actions are Exempt from CEQA Pursuant to CEQA Guidelines Section 15378(b)(4)

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, 2020 and recommends approval of Budget Modification No. 12. In addition, the City's audited Comprehensive Annual Financial Report (CAFR), Special Agreed Upon Procedure Reports (AUP) and Sunnyvale Financing Authority Financial Report for FY 2019/20 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 FY 2019/20 in a positive fiscal position over the final position anticipated in the FY 2020/21 Budget, with a net impact of $9.5 million better than planned when sale of property is excluded, and reserves are reconciled. General Fund revenues finished the year approximately $3.2 million to the good. Higher than expected Sales Tax, and Transient Occupancy Tax represented positive variances. In addition, Construction Tax and C...