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Sunnyvale CFO presents unaudited 2023–24 results and revised 2024–25 budget; trustees approve report
Summary
Chief Business Officer Martha Cuffey reviewed unaudited FY23–24 results and proposed revisions to 24–25, noting rising expenditures, high personnel share (over 80%) and unexpected assessed‑value increases that improved reserves; the board voted to approve the unaudited report.
Martha Cuffey, the district's chief business officer, presented the unaudited actuals for fiscal year 2023–24 and the revised budget for 2024–25, explaining major variances and urging caution as one‑time revenues slow.
Cuffey highlighted that district expenditures have risen (actuals referenced in the presentation showed general‑fund expenditures moving from roughly $116 million to about $142 million over recent years) and that "well over 80% of our expenditures go to our people," underscoring personnel as the main cost driver.
She noted revenue variances were affected by timing and by two commercial assessed‑value increases related to Google projects; those assessments unexpectedly added to the roll and improved the district's reserves this year. Trustees moved and seconded a motion to approve the unaudited FY23–24 financial report and approved it by voice vote.
Cuffey told the board the budget assumptions assume no salary raises beyond adopted amounts in projections, and staff will return with quarterly updates and more refined forecasting as new data arrives.
