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HomeMy WebLinkAbout2018-12-04 Finance Committee Action MinutesFINANCE COMMITTEE ACTION MINUTES Page 1 of 3 Special Meeting December 04, 2018 Chairperson Scharff called the meeting to order at 2:03 P.M. in the Community Meeting Room, 250 Hamilton Avenue, Palo Alto, California. Present: Filseth, Kou, Scharff, Tanaka Participating Remotely: Tanaka participating from the Prince Park Tower Tokyo, 4-8-1 Shibakoen Minato, Tokyo, 105-8563 Japan Agenda Items 1. Discussion and Recommendation to the City Council to Accept the Macias Gini & O'Connell's Audit of the City of Palo Alto's Financial Statements as of June 30, 2018 and Management Letter. MOTION: Chair Scharff moved, seconded by Vice Mayor Filseth to recommend to the City Council that the Finance Committee review and forward to the City Council for approval the City of Palo Alto’s audited financial statements for the fiscal year ending June 30, 2018, and the accompanying reports provided by Macias Gini & O’Connell LLP. MOTION PASSED: 4-0 2. Discussion and Recommendation to Approve the Fiscal Year (FY) 2018 Comprehensive Annual Financial Report (CAFR) and Approve Budget Amendments in Various Funds. Tanaka left the Meeting at 2:39 PM Finance Committee took a break from 2:40 PM and returned at 2:40 PM (No Quorum) Council Member Tanaka rejoined the meeting at 2:43 PM MOTION: Chair Scharff moved, seconded by Vice Mayor Filseth to recommend to the City Council to have the Finance Committee forward to the City Council for its approval: ACTION MINUTES Page 2 of 3 Sp. Finance Committee Meeting Action Minutes: 12/04/2018 1. Amendments to the Fiscal Year (FY 218 Budget Appropriation for various funds as identified in Attachment B - Exhibit 1 and various capital projects as identified in Attachment B - Exhibit 2; and 2. The City’s FY 2018 Comprehensive Annual Financial Report (CAFR) (Attachment C); and 3. Move $2 million to BSR to Infrastructure Reserve. MOTION PASSED: 3-0 Tanaka Abstain 3. Review of Near Term Capital Projects at the Regional Water Quality Control Plant and Recommendation to Adopt a Resolution Declaring Intention to Reimburse Expenditures Related to the Four Capital Projects from the Proceeds of the Bonds to be Issued by the City for the Wastewater Treatment Fund. MOTION: Chair Scharff moved, seconded by Vice Mayor Filseth to recommend that the City Council approve of a Resolution (Attachment A) declaring the City’s intention to reimburse expenditures made for related capital improvement projects from the proceeds of bonds to be issued by the City’s Regional Water Quality Control Plant (RWQCP), Wastewater Treatment Fund, for a not-to-exceed amount of $85 million. MOTION PASSED: 4-0 Finance Committee took a break from 4:00 PM to 4:06 PM 4. Discussion and Recommendation to the City Council to Approve the Chambers Audio Visual Phased Design Upgrade Approach. Council Member Tanaka left the Meeting at 4:26 PM MOTION: Chair Scharff moved, seconded by Vice Mayor Filseth to recommend to the City Council to proceed with Phases 1 through 4 of the Audio Visual project, with the exception of the Audio Video links via the network. ACTION MINUTES Page 3 of 3 Sp. Finance Committee Meeting Action Minutes: 12/04/2018 INCORPORATED INTO THE MOTION BY THE MAKER AND SECONDER to include moving Phase 4 elements (with the exception of the Audio Video links) into Phase 3. MOTION AS AMENDED PASSED: 3-0 Tanaka absent MOTION: Chair Scharff moved, seconded by Council Member Kou to recommend to the City Council to have all Phases be completed together, rather than using a multi-year phased approach. MOTION PASSED: 2-1 Filseth no, Tanaka absent ADJOURNMENT: Meeting was adjourned at 5:09 P.M.