FY 2020/21 Annual Comprehensive
Financial Report and other Year-end
Financial Reporting
Tim Kirby, Director of Finance
Dennis Jaw, Assistant Director of Finance
Annual
Comprehensive
Financial Report
• Independently audited by
Macias Gini & O’Connell (MGO)
• Prepared based on the format
prescribed by the Governmental
Accounting Standard Board
(GASB)
• Received an unmodified
(“clean”) opinion which is the
ideal result from the
independent audit
• Management’s Discussion &
Analysis (MD&A) provides a
narrative introduction, overview
and analysis of the basic
financial statements
FY 2020/21 Annual
Comprehensive
Financial Report
• FY 2019/20 GFOA Certificate of
Achievement award
• Name Change from prior years
Other Items
• Agreed Upon Procedure (AUP) Reports
(FY 2020/21):
• Sunnyvale Procurement Card
Purchases & Cash
• Sunnyvale Gas and Diesel
Reconciliation & Cash
• Sunnyvale Monthly Golf
Membership Card & Cash
• FY 2020/21 Sunnyvale Financing
Authority Financial Report
Benjamin Lau, Partner
Macias, Gini & O’Connell, LLP
Net General Fund Position
Higher than Estimated Revenue* $8,949,539
Lower than Estimated Expenditures $6,301,609
Contingency Fund Adjustment $1,441,719
Capital Improvement Project Reserve
Committed Funds
($4,660,561)
Accounting Reclassifications and
Reconciliations
$896,853
Net Available FY2020/21 Fund Balance
For Re-appropriation
$12,929,159
*Excludes Sale of Property
Budget Modification No. 15
• $12.9M General Fund available for reappropriation:
• $0.8M General Fund portion of Pension Trust payment
(total to pension trust is $1.0M; remaining $0.2M from
other major funds)
• $0.5M for Temporary Housing for Unhoused Individuals
project
• $1.0M for Lakewood Branch Library Facility Project
• $0.5M for Recruitment and Training for Sworn Officers • $4.2M to Infrastructure Reserve
• $5.9M to Budget Stabilization Reserve
• $109,862 for Code Enforcement Activities to Address
Substandard Residential Properties (received via reimbursement) City Council
Recommendation
• Receive and File the FY 2020/21 Annual Comprehensive Financial Report (ACFR), the Sunnyvale Financing Authority Financial Report, Agreed Upon Procedure Reports, and the Report to the City Council Issued by the Independent Auditors
• Approve Budget Modification No. 15 and find that these Actions are Exempt from CEQA Pursuant to CEQA Guidelines
Sunnyvale Financing Authority
• Receive and file the FY 2020/21 Sunnyvale Financing Authority Financial Report