CC 04-16-2024 Oral CommunicationsCC 4-16-2024
Written Communications
Oral
Communications
Date 2023 ACFRs
Delivered Posted on
EMMA emma.msrb.org
Number of Consecutive Years
This City Received a
Certificate of Achievement for Excellence
City Date
Cupertino TBD 2018 and 2020
Campbell 01/03/2024 34 years (and 30 years for Distinguished Budget Award)
ACFR dated 12/29/2023
https://www.campbellca.gov/ArchiveCenter/ViewFile/Item/3071
Los Gatos 04/02/2024 28 years
ACFR dated 12/27/2023
TOWN OF LOS GATOS (losgatosca.gov)
Milpitas 01/15/2024 27 years
ACFR dated 11/15/2023
https://www.milpitas.gov/ArchiveCenter/ViewFile/Item/1193
Morgan
Hill
12/07/2023 Last year (number of consecutive years unknown)
ACFR dated 11/15/2023
https://www.morganhill.ca.gov/DocumentCenter/View/47021/Morgan-Hill-Annual-
Comprehensive-Financial-Report-Year-Ended-June-30-2023-PDF
Mountain
View
n/a 33 years
ACFR dated 11/27/2023
Annual Comprehensive Financial Report FY2022-2023 by City of Mountain View
Recreation Division - Issuu
From:Rhoda Fry
To:City Clerk; City Council
Subject:4/16/2024 City Council Oral Communications - ACFR late again, why?
Date:Sunday, April 7, 2024 1:51:52 PM
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Dear City Council,
Here are some comments for the 4/16/2024 City Council Oral Communications - ACFR late again, why?
GAAP recommends completing the ACFR, the City’s Annual Cumulative Financial Report, within 6 months of year
end, which is 12/31.
The ACFR is required to be posted by 3/31 (9 months after year end) for our Certificates of Participation (debt that is
similar to Muni Bonds).
You can find data on Cupertino’s Certificates of Participation on the Electronic Municipal Market Access website:
https://emma.msrb.org/
1. In FY2019/2020, the City overstated its sales-tax revenue by approximately $9M. A donation from Apple
appears to have been credited to sales-tax revenue rather than elsewhere, which creates a false impression of the
City’s actual net sales tax revenue. Net-sales tax revenue was listed as $35,657,214, 34% higher than the
actual $26,651,250. This needs to be fixed.
2. For FY2021/2022 the final ACFR was posted 13 months after year-end.
3. For FY2022/2023 the AFCR is yet to be posted and is late.
Other cities in Santa Clara County and the County itself are able to post their ACFRs timely, why not
Cupertino?
Other cities in Santa Clara County have consistently received awards, why not Cupertino?
Palo Alto 11/30/2023 Last year (number of consecutive years unknown)
ACFR dated 11/09/2023
https://www.cityofpaloalto.org/files/assets/public/v/1/administrative-services/city-
budgets/fy-2023-city-budget/fy-2023-annual-comprehensive-financial-report.pdf
Santa
Clara
01/24/2024 31 years
ACFR dated 11/30/2023
https://www.santaclaraca.gov/home/showpublisheddocument/82591/638380626172200000
Santa
Clara
County
03/21/2024 22 years
ACFR dated 12/28/2023
https://controller.sccgov.org/sites/g/files/exjcpb511/files/report/FY2023_SCC_ACFR_0.pdf
Saratoga 03/11/2024 28 Years (and 12 years for Distinguished Budget Award)
ACFR dated 12/08/2024
https://www.saratoga.ca.us/ArchiveCenter/ViewFile/Item/2084
San Jose 12/19/2023 35 years (and 33 years for Distinguished Budget Award)
ACFR dated 11/17/2023
https://www.sanjoseca.gov/home/showpublisheddocument/107521/638372784259670000
Sunnyvale 03/09/2024 37 years (and 34 years for Distinguished Budget Award)
ACFR dated 12/04/2023
https://www.sunnyvale.ca.gov/home/showpublisheddocument/4912/638375543324900000
Cupertino should do better.
Sincerely,
Rhoda Fry
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