HomeMy WebLinkAbout2022-05-24 Finance Committee Action MinutesFINANCE COMMITTEE
ACTION MINUTES
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Materials related to an item on this agenda submitted to the Finance Committee after distribution of the agenda
packet are available for public inspection in the city’s website at www.cityofpaloalto.org
Special Meeting
May 24, 2022
The Finance Committee of the City of Palo Alto met on this date at the Community Meeting
Room and via virtual teleconference at 9:00 A.M.
Present: DuBois (Chair), Filseth, Kou
Absent: None
ORAL COMMUNICATIONS
None
ACTION ITEMS
1. Discussion on the Fiscal Year (FY) 2023 Budget Wrap-Up and Recommended FY 2023 Budget
including the FY 2023 Municipal Fee Schedule for City Council Adoption
MOTION: Council Member DuBois motioned, seconded by Council Member Filseth to add for
Council consideration:
1. Allocation of $50,000 to YCS for YCI for FY 2023 and increase and include request for
funding as part of the HSRAP allocation Process Contract budget amount by $50,000 in
FY 2024
2. Allocation of $20,000 to UNAFF, and follow up on the Non-Profit audit once complete to
establish an ongoing process to provide funding for future Non-Profit funding requests
MOTION PASSED: 3-0
MOTION: Council Member DuBois motioned, seconded by Council Member Filseth to move
forward with Downtown Housing Plan Grant Recognition and General Fund Support.
MOTION PASSED: 2-1, Kou No
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Finance Committee Special Meeting May 24, 2022
MOTION: Council Member Filseth moved, seconded by Vice Mayor Kou to recommend the City
Council:
1. Adopt of the FY 2023 Operating and Capital Budgets and Municipal Fee Schedule,
amended by:
a. Allocation of $50,000 to YCS for YCI for FY 2023 and increase and include request
for funding as part of the HSRAP allocation Process Contract budget amount by
$50,000 in FY 2024
b. Allocation of $20,000 to UNAFF, and follow up on the Non-Profit audit once
complete to establish an ongoing process to provide funding for future Non-
Profit funding requests
c. Move forward with Downtown Housing Plan Grant Recognition and General
Fund Support
d. Reduce the $1.3 million Pension Trust Reserve and allocate the $1.3 million cost
across the City’s General funds in order to collect the funding to transfer $1.3
million to the 115 Pension Trust Fund in FY 2023 and refer discussion and
determination of the appropriate rate of proactive funding.
2. Approve the FY 2023-2027 Capital Improvement Plan, amended by
a. Actions outlined in this report and approved in the wrap-up discussion.
MOTION PASSES 3-0
FUTURE MEETINGS AND AGENDAS
ADJOURNMENT The meeting was adjourned at 2:40 PM