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Home My WebLink About2017-12-05 Finance Committee Action Minutes FINANCE COMMITTEE ACTION MINUTES Page 1 of 2 Regular Meeting December 5, 2017 Chairperson Filseth called the meeting to order at 7:03 P.M. in the Community Meeting Room, 250 Hamilton Avenue, Palo Alto, California. Present: Filseth (Chair), Holman, Tanaka Absent: Fine Agenda Items At this time, the Committee heard Items 1 and 2 together. 1. Macias Gini & O'Connell's Audit of the City of Palo Alto's Financial Statements as of June 30, 2017 and Management Letter. 2. Recommendation to Approve the FY 2017 Comprehensive Annual Financial Report (CAFR) and Approve Budget Amendments in Various Funds. MOTION: Chair Filseth moved, seconded by Council Member Holman to recommend the Council: A. Amend the Fiscal Year 2017 Budget Appropriation for various funds and various capital projects; and B. Approve the City’s Fiscal Year 2017 Comprehensive Annual Financial Report (CAFR). MOTION PASSED: 2-1 Tanaka no, Fine absent MOTION: Chair Filseth moved, seconded by Council Member Holman that the Audit of the City if Palo Alto’s Financial Statements be forwarded to the City Council on the Consent Agenda. MOTION PASSED: 3-0 Fine absent The Committee took a break from 9:12 PM until 9:18 PM. ACTION MINUTES Page 2 of 2 Regular Finance Committee Meeting Action Minutes 12/05/2017 3. FY2019 - FY2028 Long Range Financial Forecast & City Pension Liabilities. MOTION: Chair Filseth moved, seconded by Council Member Tanaka to recommend the Council: A. Approve the Fiscal Year 2019 to 2028 General Fund Long Range Financial Forecast (Base Case) and alternatives; and B. Include the following comment in the recommendation: “The Finance Committee feels that the projections are very sensitive to certain assumptions made for the out years, which carry a significant amount of risk and require careful focus.” MOTION PASSED: 3-0 Fine absent Future Meetings and Agendas Lalo Perez, Chief Financial Officer, said this is the last meeting of the year and thanked the Committee for their hard work. ADJOURNMENT: Meeting adjourned at 11:10 P.M.