FY 2021/22 Budgetary Year-End Financial Report,
Annual Comprehensive Financial Report and other
Year-end Financial Reporting
Tim Kirby, Director of Finance
FY 2021/22 Budgetary
Year End Report
• Budgetary Year-End
Report
• Budgetary Basis,
looking at current
resources
• Cash flow – Cash
available for spending
• Accounting Basis –
Recorded when revenues
earned and expenditures
incurred, regardless of
when cash is received or
paid
Major General Fund Revenues
* Excludes Excess ERAF Payment of $13.8 M
**Other Revenue = interfund, transfers, fines and penalties, interest, grants, intergovernmental, etc.; excludes Sale of Property
***May not total exactly due to rounding
Major Revenue Category Budget Actuals Variance
Property Tax* $ 98.5 M $ 99.7 M 1.2%
Sales Tax 30.6 35.8 17.1%
Other Taxes 7.7 10.5 37.1%
Transient Occupancy Tax 8.3 10.6 27.9%
Service Fees 4.9 6.8 37.6%
Utility Users Tax & Franchise Fees 16.3 15.9 (2.9)%
Rents & Concessions 3.6 3.6 2.0%
Other Revenue** 43.1 43.4 0.6%
Total Revenue*** $ 212.9 M $ 226.2 M 6.2%
Net Revenue $ 13.3 M 6.3%
FY 2021/22 General Fund Expenditures and Transfers Out
Final Budget vs. Actuall Fund Expenditures
Description
Final
Budget *
Actual
Expenditures
Variance to
Final Budget
Favorable
(Unfavorable)
Percent
Variance
Equipment 519,855$ 393,139$ 126,716$ 24.4 % Operations 150,378,815 145,738,482 4,640,333 3.1 % Projects 52,886,697 13,982,329 38,904,368 73.6 % Debt Service/Lease Payments 6,303,635 6,340,779 (37,144) (0.6)% Transfers 51,307,815 51,242,446 65,369 0.1 % Total Expenditures 261,396,817 217,697,175 43,699,642 16.7 % Equipment Carryover - 80,368 (80,368) Project Carryover - 21,575,722 (21,575,722) Budget Modification No. 8
Special & Outside Group Funding
Projects Carryover - 13,585,934 (13,585,934) Total Carryovers - 35,242,024 (35,242,024)
Grand Total 261,396,817 252,939,200 8,457,617 3.2 % * Final Budget includes budget modifications that occurred after adoption of the FY 2022/23 Budget Net General Fund Position
Higher than Estimated Revenue* $17,404,102
Lower than Estimated Expenditures $8,457,617
Reserve Reconciliation ($731,448)
Less: ERAF ($13,812,343)
Net Available FY2020/21 Fund Balance
For Re-appropriation $11,317,818
Budget Modification No. 8
General Fund
• $0.4M in revenue and expenditures between Projects 835150 and 835160 for mutual aid and third-party DPS overtime
• $5.8M in General Fund savings
• $13.8M in Excess ERAF to the Infrastructure Fund
Other Funds
• $2.2M as detailed in Fiscal Impact of RTC
Budget Modification No. 8
General Fund - $5.8M
• $50,000 – EAI training
• $50,000 – ADA Transition Plan
• $2.0M in grant matching for transportation, sustainability, GF supported grants, $0.5M for grant writing assistance
• $100,000 for additional power washing downtown
• $1.6M to the Pension Trust
• $1.5M to the ERP implementation project
Remaining $5.5M to General Fund Budget Stabilization Fund Budget Modification No. 8
Other Funds - $2.2M
• $1.0M in grant matching from the Water Fund for potential recycled water grants, $250,000 in grant writing assistance • $0.9M in transfers to the pension trust
Excess ERAF - $13.8M
• $2.0M to inspect, quantify, and bid sidewalk repairs
• $11.8M to the Infrastructure Reserve to fund future projects 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
• Prior Year ACFR received the
Certificate of Achievement for
Excellence in Financial
Reporting
Other Items
• FY 2021/22 Sunnyvale Financing
Authority Financial Report
• Agreed Upon Procedure (AUP)
Reports (FY 2021/22)*:
• Sunnyvale Expense & Audit
Reports
• Sunnyvale Management Medical
Retiree Payments
• Sunnyvale Accounts Receivable
*Results to be presented to Council at a future meeting.
Benjamin Lau, Partner
Macias, Gini & O’Connell, LLP
City Council
Recommendation
• Receive and File the FY 2021/22 Budgetary Year-End Financial Report, Annual Comprehensive Financial Report (ACFR), the Sunnyvale Financing Authority Financial Report and the Report to the City Council Issued by the Independent Auditors
• Approve Budget Modification No. 8 and find that these Actions are Exempt from CEQA Pursuant to CEQA Guidelines
Sunnyvale Financing Authority
• Receive and file the FY 2021/22 Sunnyvale Financing Authority Financial Report