FY 2023/24 Budgetary Year-End Financial Report,
Annual Comprehensive Financial Report and other
Year-end Financial Reporting
Dennis Jaw, Interim Director of Finance
FY 2023/24
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
City of Sunnyvale – FY 2023/24 Year-End – December 2024 Major General Fund Revenues
*Other Revenue = interfund, transfers in, 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 $ 128.2 M $ 129.1 M 0.7%
Sales Tax 37.0 40.7 10.2%
Other Taxes 6.2 6.5 4.9%
Transient Occupancy Tax 17.3 18.9 9.2%
Service Fees 7.9 7.5 (4.8%)
Utility Users Tax & Franchise Fees 19.0 18.7 (2.1%)
Rents & Concessions 13.1 13.1 0.7%
Other Revenue* 31.2 32.4 3.8%
Total Revenue** $ 259.8 M $ 266.8 M 2.7%
Net Revenue $ 7.0 M 2.7%
FY 2023/24 General Fund Expenditures and Transfers Out
Final Budget vs. Actual
City of Sunnyvale – FY 2023/24 Year-End – December 2024
Budget Modification No. 12 – Clean up items
Public Safety Mutual Aid Response
• $44K to Project 835150 – DPS Reimbursable Mutual Aid (Out of County)
• $56K to Project 835160 – DPS Police Services Contract Overtime Re-appropriation of Grant Funds
• $101K to Project 835710 – 2023 Housing Element Update • $65K from Project 835850 – REAP Housing Strategy
Implementation
• $36K from Project 835690 – Creation of Objective Citywide and Specific Area Plan/Citywide Landscape Design Guidelines City of Sunnyvale – FY 2023/24 Year-End – December 2024 Budget Modification No. 12 – Remaining
Amount to be Allocated
General Fund Net Surplus:
$6.0M Unrestricted by Policy (after Clean-up Items)
$0.4M One-Time* (Excess ERAF and Sale of Property)
$6.4M Total to be Allocated
*by policy, to be used towards one-time costs
City of Sunnyvale – FY 2023/24 Year-End – December 2024 Budget Modification No. 12 – Pension Liabilities
Recommendation: $4M to Address Pension Liabilities – Authorize staff to choose one of the following options:
1. Funding the Section 115 Pension Trust,
2. Making a payment directly to CalPERS to reduce the City’s unfunded liability, or
3. A combination of the two options.
• Pending the completion of an actuarial valuation to determine the most favorable option
City of Sunnyvale – FY 2023/24 Year-End – December 2024 Budget Modification No. 12 – Contribution to BSF
Remaining $2.3M to Budget Stabilization Fund
• Staff is mid-process in preparing the FY 2025/26 Recommended Budget
• Additional “right-sizing” of the organization is needed to address increasing demands for services
• Unhoused Services
• Lakewood Library Branch Staffing
City of Sunnyvale – FY 2023/24 Year-End – December 2024 Annual
Comprehensive
Financial Report
• Independently audited by
Maze and Associates
• 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
City of Sunnyvale – FY 2023/24 Year-End – December 2024 Other Items
• FY 2023/24 Sunnyvale Financing
Authority Financial Report
• Agreed Upon Procedure (AUP)
Reports (FY 2023/24):
• Investment Policy
• Below Market Rate Housing
• Fire and Hazmat Fees
City of Sunnyvale – FY 2023/24 Year-End – December 2024 Grace Zheng, Partner
Maze and Associates
City Council
Recommendation
• Receive and File the FY 2023/24 Budgetary Year-End Financial Report, 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 and Approve Budget Modification No. 12 in the Amount of $6,525,613
Sunnyvale Financing Authority
• Receive and file the FY 2023/24 Sunnyvale Financing Authority Financial Report
City of Sunnyvale – FY 2023/24 Year-End – December 2024