The Treasury Services Division provides cash management, investment, and treasury services so that the City’s money is managed safely and prudently. Program staff invests the City’s pooled cash portfolio of approximately $260 million in accordance with the Investment Policy, which is reviewed and approved by Council annually. Activities include ensuring that debt service payments are made for all outstanding bond issues and continuing disclosure reports are filed as required by bond covenants. Staff reviews and processes revenues for all departments and administers the local Business License Tax, Utility Users Tax, and Transient Occupancy Tax ordinances. Division staff bill and receive payments centrally for all accounts receivable owed to the City, generating about 6,000 bills for over $3 million in revenue. Treasury Services functions also include providing central cashiering services, maintaining the City’s banking relationships, and managing collections of delinquent receivables.
Division staff reviews and audits all disbursements made through accounts payable, payroll, and purchasing cards to ensure compliance with City policies. The Treasury Services Division is also responsible for properly accounting for approximately 11,500 revenue transactions handled by City staff.
Utility Users Tax (UUT)
The City of Sunnyvale levies the Utility Users Tax (UUT) on electricity, natural gas, and telecommunication services. Sunnyvale’s UUT is substantially lower than surrounding cities’ and applies to fewer utilities than most. Sunnyvale’s current UUT rate is 2.0% on electricity, natural gas, and telecommunication services. The average UUT rate for all cities in Santa Clara County is 3.6%.
Transient Occupancy Tax (T.O.T)