DRAFT MINUTES*
SUNNYVALE FINANCING AUTHORITY
APRIL 8, 2003

CONSENT CALENDAR

Director  Fowler moved, and Vice Chair Risch seconded, approval of the minutes of March 26, 2002.  The motion carried unanimously.

PUBLIC HEARINGS/GENERAL BUSINESS

Naisi Raissian, Accounting Officer, presented the report.

Director Fowler inquired about a net loss of $830 thousand.  Ms. Raissian responded the City pays a lease to the Financing Authority in an amount of the debt service and because of a new debt issuance cost, they did not recuperate the costs.  She added the costs would be recuperated throughout the life of the debt.

Mayor Miller inquired about the timing of the report coming before the Authority.  Ms. Raissian responded the audit was performed in October, and because of the complex nature of implementing GASB 34, there was a delay in producing all the reports. 

*Pending Authority approval

Chair Miller opened the Public Hearing at 9:25 p.m. and, there being no public comments, closed the Public Hearing.

Vice Chair Risch moved, and Director Walker seconded, to accept the Sunnyvale Financing Authority’s Basic Financial Statements and Independent Auditors Report for the year ended June 30, 2002.   The motion carried unanimously.

CITIZENS TO BE HEARD

There were no comments.

NON-AGENDA ITEMS & COMMENTS

FINANCING AUTHORITY

There were no comments

STAFF

There were no comments

ADJOURNMENT

At  9:28 p.m., on a motion by Vice Chair Risch, the meeting was adjourned with a moment of silence in recognition and respect for the life and contributions of Robert Beltramo, Chair of the Board of Building Code of Appeals.

Respectfully submitted,

Susan Kitchens, Agency Secretary