CC 07-16-2024 Item No. 1 FY 2022-23 ACFR (consent calendar)_Written CommunicationsCC 7-16-2024
#1
Consent Calendar - FY
2022-23 ACFR
Written Comments
From:Rhoda Fry
To:City Clerk; City Council
Subject:Please pull ACFR Agenda Item #1 off consent
Date:Monday, July 15, 2024 10:15:11 AM
Attachments:P11745887-P11342371-P11777825 (1).pdf
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Please pull ACFR Agenda Item #1 off consent
Please explain the reason for the late changes.
Please explain why the ACFR was posted last week to the federal website on 7/9/2024 prior
to council approval.
Note that:
The ACFR is late per our debt agreement of a March 30 deadline.
The only notice provided by UFI was on March 30, stating that “The City anticipates the
Audited Financial Statements will be complete and available for posting no later than April
30, 2024.”
We are now July 15. Why wasn’t a supplemental message posted?
Why hasn’t UFI posted information about the CDTFA audit as this is a major material change
to the City’s finances?
Being late impacts the City’s reputation and credit-worthiness.
Separately, the 2020 sales-tax income in the ACFR is incorrect and inflated by about $10M.
This is evidenced by comparing CDTFA records and rebates to Apple and Insight.
Regards,
Rhoda
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NOTICE TO MUNICIPAL SECURITIES RULEMAKING BOARD
FAILURE TO FILE FINANCIAL STATEMENTS
$22,040,000
CITY OF CUPERTINO
2020A Certificates of Participation
NOTICE IS HEREBY GIVEN that City of Cupertino (“City”) has not provided the Audited
Financial Statements for the Fiscal Year ending June 30, 2023, as required by the applicable
Continuing Disclosure Agreement/Certificate for the above-captioned Bonds. The City
anticipates the Audited Financial Statements will be complete and available for posting no later
than April 30, 2024.
Dated: March 30, 2024 Urban Futures, Inc., as Dissemination Agent
on behalf of City