HomeMy WebLinkAbout2016-11-15 Finance Committee Action Minutes FINANCE COMMITTEE
ACTION MINUTES
Special Meeting
Tuesday, November 15, 2016
Chairperson Filseth called the meeting to order at 6:06 P.M. in the
Community Meeting Room, 250 Hamilton Avenue, Palo Alto, California.
Present: Filseth (Chair), Holman, Schmid, Wolbach
Absent:
Oral Communications
None.
Action Items
1. Macias Gini & O'Connell's Audit of the City of Palo Alto's Financial
Statements as of June 30, 2016 and Management Letter.
MOTION: Chair Filseth moved, seconded by Council Member Schmid to
recommend the City Council approve the City of Palo Alto’s audited financial
statements for the Fiscal Year ended June 30, 2016, and the accompanying
reports provided by Macias Gini & O’Connell LP.
MOTION PASSED: 4-0
2. Recommendation to Approve the FY 2016 Comprehensive Annual
Financial Report (CAFR) and Approve Budget Amendments in Various
Funds.
MOTION: Council Member Holman moved, seconded by Council Member
Schmid to recommend the City Council:
A. Amend the Fiscal Year 2016 Budget Appropriation Ordinance for
various funds as identified in Attachment B – Exhibit 1 and various
capital projects as identified in Attachment B – Exhibit 2 of the Staff
Report; and
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Finance Committee Action Minutes
November 15, 2016
ACTION MINUTES
B. Approve the City’s FY 2016 Comprehensive Annual Financial Report
(CAFR) (Attachment C of Staff Report)
C. Increase funding for the Quarry Road Improvements and Transit
Center Access Project (PL-16000) by $40,000 as a result of an
encumbrance that was incorrectly booked to another project.
D. Remove the recommended transfer to the Capital Improvement Fund
of the Investment Return from the former City Manager Real Estate
Sale so that those funds remain in the Budget Stabilization Reserve.
MOTION PASSED: 4-0
3. Development Services Cost of Services Study Including Fiscal Year
2017 Fee Proposals.
MOTION: Council Member Schmid moved, seconded by Chair Filseth to
recommend the City Council adopt an Ordinance amending the Development
Services Municipal Fees as described in Attachment A of the Staff Report,
based on the completion of a Cost of Services Study (Attachment B) and
adjusted by the annual inflator applied to Municipal Fees from Fiscal Year
2016 to Fiscal Year 2017.
MOTION PASSED: 4-0
Future Meetings and Agendas
Lalo Perez, Chief Financial Officer, reviewed the proposed items for the
upcoming meeting, which will be the Finance Committee’s last meeting of
the year.
James Keene, City Manager, mentioned the order of items to be heard that
night and requested the CLEAN item be heard first.
Council Member Schmid asked and Mr. Perez confirmed the Committee will
also be receiving a financial forecast report by the end of the year.
Adjournment: The meeting was adjourned at 9:11 P.M.
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Finance Committee Action Minutes
November 15, 2016