Mayor Sheila Mohan stated that the settlement puts Cupertino in a much better financial position going forward, indicating a positive outcome from the lengthy audit process.
The state audit found some of Apple's local sales tax dollars were misallocated, which led to a $15 million budget shortfall for Cupertino earlier this year.
Despite the audit findings, Cupertino will keep sales tax revenue from Apple for the period audited, likely benefiting the city financially amid service cuts.
Cupertino's longstanding tax-sharing agreement with Apple from 1998 allows the city to allocate sales tax revenue from Apple sales to support local finances.
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