FY 2024/25 Budgetary Year-End Financial Report,
Annual Comprehensive Financial Report and
other Year-end Financial Reporting
Matt Paulin, Director of Finance
Sunnyvale, December 9, 2025
2City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 *Other Revenue = interfund, transfers in, fines and penalties, interest, grants, intergovernmental, etc.; excludes Sale of Property **May not total exactly due to rounding
Major General Fund Revenues
Major Revenue Category Budget Actuals Variance
Property Tax $ 134.4 M $ 136.6 M 1.6%
Sales Tax 40.8 44.2 8.3%
Other Taxes 6.1 6.8 11.5%
Transient Occupancy Tax 20.2 20.9 3.5%
Service Fees 7.7 7.7 0.0%
Utility Users Tax & Franchise Fees 19.9 19.8 (0.5%)
Rents & Concessions 11.6 11.8 1.7%
Other Revenue* 31.7 31.9 0.6%
Total Revenue** $ 272.4 M $ 279.7 M 2.7%
Revenue Carryover $ 1.0 M
Net Revenue $ 8.3 M 3.0%
3City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 FY 2024/25 General Fund Expenditures and Transfers Out
Final Budget vs. Actual
4City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 Net General Fund Position
Higher than Estimated Revenue $8,310,833
Lower than Estimated Expenditures $8,525,932
Net Available FY 2024/25 Fund Balance
For Re-appropriation $16,836,765
5City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 Public Safety Mutual Aid Response
• $446K to Project 835150 – DPS Reimbursable Mutual Aid (Out of County)
Redevelopment Agency Council Fees
• $4K to Project 831320 – RDA Counsel Fees
Administrative Support for Cities Association of Santa Clara County • $10K to New Project – Cities Association of Santa Clara County Fiscal Services
Budget Modification No. 10 – Clean up items
6City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 Budget Modification No. 10 – Major Funding Recommendations $8.0M to Address Pension
Liabilities by Funding the
Section 115 Pension Trust
$5.0M towards Civic
Center Phase II – Main
Library project (Project
834710)
$2.0M contribution to the
Infrastructure Fund (Fund
3201) to repair and
replace existing City assets
Remaining $1.4M to the
Budget Stabilization Fund
7City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 Council Policy 7.1.1, Fiscal - Long Range Goals and Financial Policies E.4.3: in years where there are one-time savings in the General Fund operating budget, a portion of those savings shall be prioritized to pay for unfunded Pension and OPEB Liabilities except when replenishing the Budget Stabilization Fund to maintain fiscal sustainability is needed.
Policies and Strategic Priorities
8City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 • 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
Annual Comprehensive Financial Report
9City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 Grace Zheng, Partner
Maze and Associates
10City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 Other Items
FY 2024/25 Sunnyvale
Financing Authority
Financial Report
Agreed Upon Procedure
(AUP) Reports (FY 2024/25):
• Accounts Payable
• ACH & Wire Transfers
• Department of Public Safety
Change Funds
11City of Sunnyvale – FY 2024/25 Budgetary Year-End Report/ACFR – December 2025 Recommendation
City Council
Receive and File the FY 2024/25 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. 10 in the Amount of $16,836,735
Sunnyvale Financing Authority
Receive and file the FY 2024/25 Sunnyvale Financing Authority Financial Report