The Board of Directors of the Sunnyvale Financing Authority is required to hold an annual meeting. This report summarizes the financial activities of the Authority for the fiscal year ended June 30, 1998.

The Sunnyvale Financing Authority was created on September 29, 1992, by the Joint Exercise of Powers Agreement between the City of Sunnyvale and the Redevelopment Agency of the City of Sunnyvale. It was established to acquire by purchase, lease, contribution, eminent domain or otherwise, real or personal property, and to plan for, develop, contract for, own, acquire, construct, finance, operate, and maintain any systems, plants buildings, works and other facilities for the purpose of the City.

The Authority is administered by a Board of Directors consisting of seven persons, each serving in his or her individual capacity as a Director of the Authority. The sitting members of the City Council constitute the Directors of the Authority until such time as they cease to be members of the City Council.

Additionally, the Authority has four officers as follows:

Chairperson - Mayor of the City
Vice-Chairperson - Vice-Mayor of the City
Executive Director - City Manager
Treasurer - Director of Finance

The City Attorney shall serve as the General Counsel to the Authority and the City Clerk shall serve as Secretary. The Board of the Authority is required to hold at least one regular meeting each year.

Since its inception, the Sunnyvale Financing Authority has issued the following bonds:

As of June 30, 1998, the Authority had total assets of $ 46,080,112, total liabilities of $41,604,230, and retained earnings of $4,475,882. Cash and investments held by the fiscal agent at year end plus accrued interest receivable was $6,449,907, which comprised $1,878,535 held in the Reserve Account and the remainder available for the Water Reuse and the Digested Sludge Disposal project expenses. At June 30, 1998, project expenses to be requisitioned from bond proceeds was $498,080, leaving the amount available for future project spending at $4,073,292.

A copy of the general purpose financial statements of the Sunnyvale Financing Authority for the year ended June 30, 1998 is attached (Attachment A). The Authority’s financial transactions and general purpose financial statements were audited by the City’s independent auditor, C.G. Uhlenberg & Co. and have received an unqualified opinion. Attachment A includes a copy of the independent auditor’s opinion.

Publication of the Council Agenda.

Staff recommends that the Board accept the Sunnyvale Financing Authority’s attached general purpose financial statements.

Prepared by:

Mary Bradley
Treasurer

Approved by:

Robert S. LaSala
City Manager