HomeMy WebLinkAbout2022-06-07 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
June 7, 2022
The Finance Committee of the City of Palo Alto met on this date at the Community Meeting
Room and via virtual teleconference at 5:34 P.M.
Present: DuBois (Chair), Filseth, Kou
Absent: None
ORAL COMMUNICATIONS
None
ACTION ITEMS
1. Fiscal Year 2022 Third Quarter Financial Status Report
MOTION: Council Member DuBois moved, seconded by Vice Mayor Kou to accept the Third
Quarter financial report and forward it to the City Council
MOTION PASSES 3-0
2. Review and Approval of the Fiscal Year 2023 Investment Policy
MOTION: Council Member DuBois moved, seconded by Council Member Filseth to recommend
the City Council approve the City’s Investment Policy.
MOTION PASSES 3-0
3. Accept June 30, 2021 Actuarial Valuation of Palo Alto's Retiree Healthcare and Other Post
Employment Benefits, Approve Annual Actuarially Determined Contributions for Fiscal Years
2023 and 2024, and Affirm Additional Payments to Employers' Benefit Trust Fund
MOTION: Council Member Filseth moved, seconded by Council Member DuBois to recommend
the City Council:
1. Review and accept the June 30, 2021 actuarial valuation of Palo Alto’s Retiree
Healthcare Plan;
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Finance Committee Special Meeting June 7, 2022
2. Approve full funding of the annual Actuarial Determined Contribution (ADC) for Fiscal
Year 2023 and Fiscal Year 2024 using the staff recommended adjusted assumptions; and
3. Affirm the continued the practice of transmitting amounts at a lower discount rate, 5.75
percent, as an additional discretionary payment to the City’s California Employers’
Retiree Benefit Trust (CERBT) Fund.
MOTION PASSES 3-0
FUTURE MEETINGS AND AGENDAS
ADJOURNMENT The meeting was adjourned at 6:56 PM