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Town budget workshop shows $5.1M fund balance, staff project $675K revenue gain for FY27
Summary
Finance staff told Sunnyvale council the town’s fund balance stood at about $5.1 million with a projected FY27 increase of roughly $675,000 driven mainly by sales tax, permits and fines; final assessed values are due July 25 and will be used to set the tax‑rate proposal in August.
Sunnyvale finance staff reported the town’s current fund balance at about $5,100,000 and a 60‑day reserve of roughly $2,600,000, and said staff currently project unrestricted/unreserved funds to increase by about $675,000 for FY2026–27.
“Mikhail Reit” (finance lead) told council the projected increase is “primarily due to increase in sales tax, increase in building permits, and also increase in fines and fees,” and that the final certified assessed value from the appraisal district will be available July 25. He added that property tax accounts for about 40% of the town’s revenue and remains the largest single source.
Council members asked staff whether the forecasted sales‑tax gains are recurring and how exemptions and new state homestead exemptions were accounted for. Reit said the appraisal district applies exemptions and that staff will confirm whether the recently discussed $40,000 exemption is reflected in the current numbers. The town manager told council she will return July 27 with the full budget package and that an August 10 tax‑rate proposal and a September 8 public hearing are scheduled for the next steps.
