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Home My WebLink About2018-11-28 Finance Committee Summary MinutesFINANCE COMMITTEE ACTION MINUTES Page 1 of 3 Special Meeting November 28, 2018 Chairperson Scharff called the meeting to order at 6:36 P.M. in the Community Meeting Room, 250 Hamilton Avenue, Palo Alto, California. Present: Filseth, Kou, Scharff, Tanaka Agenda Items 1. Review Recommended $4 Million in General Fund Savings and Approve Corresponding Budget Amendments in Various Funds and the Table of Organization. MOTION: Chair Scharff moved, seconded by Vice Mayor Filseth to recommend to the City Council to: 1. Amend the Fiscal Year 2019 Budget Appropriation for various funds; 2. Amend the Fiscal Year 2019 Table of Organization for the General Fund to: a. Eliminate 1.0 Performance Auditor I in the Office of the City Auditor; and b. Reduce 1.4 Building Serviceperson-Lead and reduce 0.75 Building Serviceperson positions; and 3. Amend the Fiscal Year Table of Organization for Other Funds to increase by 1.4 Building Serviceperson-Lead and increase by 0.75 Building Serviceperson. MOTION PASSED: 4-0 2. Review and Forward the FY 2020 - FY 2029 Long Range Financial Forecast. ACTION MINUTES Page 2 of 3 Sp. Finance Committee Meeting Action Minutes: 11/28/18 MOTION: Council Member Tanaka moved, seconded by Council Member XX recommend to the City Council that the Finance Committee review, comment, and forward the Fiscal Year 2020 to 2029 General Fund Long Range Financial Forecast (Base Case) for City Council approval and to make the following change: to change the Property Tax estimate to 5.5 percent. MOTION RESTATED: Council Member Tanaka moved, seconded by Council Member xx to recommend to the City Council that the Finance Committee review, comment, and forward the Fiscal Year 2020 to 2029 General Fund Long Range Financial Forecast (Base Case) to City Council for approval, including the delta’s for the budget, and to make the following changes: 1. Use a 5.25 percent increase for the Compound Annual Growth Rate; and 2. Include the Unfunded Actuarial Liability for Pension and Retiree Healthcare Trusts. MOTION FAILED DUE TO LACK OF A SECOND MOTION: Chair Scharff moved, seconded by Vice Mayor Filseth to recommend the City Council accept the Long-Range Financial Forecast and forward to the Council for approval. INCORPORATED INTO THE MOTION WITH THE CONSENT OF THE MAKER AND SECONDER to include delta’s in the Long-Range Financial Forecast. MOTION RESTATED: Chair Scharff moved, seconded by Vice Mayor Filseth to recommend to the City Council to accept the Long-Range Financial Forecast and forward to the Council for approval and to include delta’s in the Long Range Financial Forecast. MOTION AS AMENDED PASSED: 3-1 Tanaka No Future Meetings and Agendas MOTION: Chair Scharf moved, seconded by Vice Mayor Filseth to hold the next Finance Committee Meeting at 2:00 PM on Tuesday, December 4, 2018. ACTION MINUTES Page 3 of 3 Sp. Finance Committee Meeting Action Minutes: 11/28/18 MOTION PASSED: 4-0 ADJOURNMENT: Meeting was adjourned at 8:26 P.M.