HomeMy WebLinkAbout2020-12-01 Finance Committee Action MinutesFINANCE COMMITTEE
ACTION MINUTES
Page 1 of 2
Regular Meeting
December 1, 2020
The Finance Committee of the City of Palo Alto met on this date in Virtual
Teleconference at 7:01 P.M.
Present: DuBois, Kniss, Tanaka
Absent:
Agenda Items
1. Discussion and Recommendation to the City Council to Accept Macias
Gini & O’Connell’s Audit of the City of Palo Alto’s Financial Statements
as of June 30, 2020 and the Management Letter.
MOTION: Council Member Kniss moved, seconded by Vice Mayor DuBois to
recommend the City Council approve the City of Palo Alto’s audited financial
statements for the fiscal year ending June 30, 2020 and the accompanying
reports provided by Macias Gini & O’Connell LLP.
MOTION PASSED: 3-0
2. Recommendation to the City Council to Approve the Fiscal Year (FY)
2020 Comprehensive Annual Financial Report (CAFR) and FY 2020
Budget Amendments in Various Funds.
MOTION: Council Member Kniss moved, seconded by Vice Mayor DuBois to
recommend that the City Council approve the City’s Fiscal Year 2020
Comprehensive Annual Financial Report (CAFR).
MOTION PASSED: 3-0
MOTION: Council Member Kniss moved, seconded by Vice Mayor DuBois to
recommend that the City Council approve amendments to the Fiscal Year (FY)
2020 Budget Appropriation Ordinance for various funds as identified in the
attached Recommended Amendments to the City Manager’s FY 2020 Budget.
MOTION PASSED: 2-1 Tanaka no
ACTION MINUTES
Page 2 of 2
Finance Committee Meeting
Action Minutes: 12/1/2020
3. Staff and the Utilities Advisory Commission Recommend the Finance
Committee Recommend the City Council Approve the 2025 Base Resource Power Supply Contract for the Central Valley Project With
Western Area Power Administration to Preserve the City's Options to
Maintain, Terminate, or Reduce its Allocation Until June 30, 2024.
MOTION: Vice Mayor DuBois moved, seconded by Council Member Kniss to
recommend that the City Council approves the extension of the City of Palo Alto’s current electricity supply contract, which is the 2025 Base Resource
Contract for the Central Valley Project (CVP) with the Western Area Power
Administration (WAPA) titled, “Contract 20-SNR-02365 United States
Department of Energy Western Area Power Administration Sierra Nevada
Region contract for electric service base resource with City of Palo Alto” for
the full amount of generation available (12.06299% share), to preserve the
City’s options to maintain, terminate, or reduce its allocation until June 30,
2024, to be reviewed by Council before the expiration date as part of the
integrated resources plan.
MOTION PASSED: 3-0
Adjournment: The meeting was adjourned at 10:00 P.M.