HomeMy WebLinkAbout2022-05-03 Finance Committee Action MinutesFINANCE COMMITTEE
ACTION MINUTES
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Special Meeting
May 3, 2022
The Finance Committee of the City of Palo Alto met on this date in virtual
teleconference at 5:32 P.M.
Present: DuBois (Chair), Filseth, Kou
Absent:
Agenda Items
1. Adoption of a Resolution Amending Utility Rate Schedule D-1 (Storm
and Surface Water Drainage) Reflecting a 4.2 Percent Consumer Price
Index Rate Increase to $15.98 Per Month Per Equivalent Residential Unit
for Fiscal Year 2023
MOTION: Chair DuBois moved, seconded by Vice Mayor Kou to recommend
the City Council adopt a resolution amending:
a. Utility Rate Schedule D-1 (Storm and Surface Water Drainage) to
implement a 4.2 percent rate increase consistent with the applicable
Consumer Price Index, increasing the monthly charge per Equivalent
Residential Unit (ERU) by $0.64, from $15.34 to $15.98 for Fiscal Year
2023
MOTION PASSED: 3-0
2. Recommend City Council Approve the Supplement to the Development
Impact Fee Justification Study; Approval of Adjustments to Park,
Community Center, and Library Development Impact Fees and the Park
Dedication Fee, and Direct Staff to Implement the Fee Updates with the
Fiscal Year 2023 Budget
MOTION: Chair DuBois moved, seconded by Vice Mayor Kou to recommend
the City Council:
1. Approve the following recommendations from the Supplement to
Park, Library, and Community Center Development Impact Fee
Justification Study:
ACTION MINUTES
Page 2 of 2
(Sp.) Finance Committee Meeting
Action Minutes: 05/3/2022
a. Differentiate the commercial/industrial fee structure into five
separate categories: hotel, retail, office, industrial and
commercial.
b. Maintain the office density calculation of 200 square ft. per
employee.
c. Update the fee study every 4-6 years, in compliance with new
state law requirements in Assembly Bill 602.
MOTION PASSED: 3-0
MOTION: Council Member Filseth moved, seconded by Chair DuBois to
recommend the City Council:
1. Apply the following land valuations for use in calculating the Park
Development Impact Fees
a. Increase the land valuation to $17.6 million/acre based on the
average of the last 5 years of underutilized Palo Alto properties
sales data.
2. Direct staff to conduct an economic feasibility study on the new nexus
study and park dedication in lieu fee.
MOTION PASSED: 3-0
MOTION: Chair DuBois moved, seconded by Vice Mayor Kou to recommend
the City Council:
1. To convert residential fees to reflect a per-square-foot amount,
rather than a single amount per dwelling regardless of size.
MOTION PASSED: 3-0
Adjournment: The meeting was adjourned at 7:45 P.M.