CC 07-09-2024 Item No. 2 Annual Comprehensive Financial Report_Late CommunicationsCC 07-09-2024
#2
Annual Comprehensive
Financial Report
(ACFR)
Written Communications
From:Rhoda Fry
To:City Clerk; City Council; City Attorney"s Office; Cupertino City Manager"s Office
Subject:Agenda Item 2 7/9/2024 - ACFR - the Sales Tax Revenue for 2019/2020 is not accurate
Date:Tuesday, July 9, 2024 6:41:52 PM
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Dear City Council,
Agenda Item 2 7/9/2024 - ACFR - the Sales Tax Revenue for 2019/2020 is not accurate when
compared with income reported by the CDTFA and rebates paid to Insight and Apple.
Nor is it accurate as compared with the initial paperwork to refinance the bond.
It is somewhat misleading to mention the 2 hotels that have yet to break ground. It should be
mentioned that the plans are yet to be completed.
Thank You for fixing page viii with the Citizens of Cupertino at the top of the org chart.
In my opinions, the city’s financial situation should have been reported regarding our debt.
Additionally, the ACFR should have been reported by 3/30/2024 – most other cities get theirs
posted in December.
The ACFR was posted today in advance of approval by City Council and that is not right – it
needs to be approved by council first.
On page 177, to my knowledge we do not have an Alo hotel, but we do have an Aloft hotel.
Nor do we have a Hya House but we do have a Hyatt House.
Regards,
Rhoda Fry
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