HomeMy WebLinkAbout2022-12-06 Finance Committee Action MinutesFINANCE COMMITTEE
ACTION MINUTES
Page 1 of 2
Special Meeting
December 6, 2022
The Finance Committee of the City of Palo Alto met on this date in the
Community Meeting Room and by virtual teleconference at 5:30 P.M.
Present In-Person: Filseth, Kou
Present Virtually: DuBois (Chair)
Absent:
Agenda Items
1. FY 2023 Finance Committee Referrals Update
NO ACTION TAKEN
2. Pension Policy and Retiree Healthcare Review and Update
MOTION: Chair DuBois moved, seconded by Council Member Filseth to
recommend the City Council adoption of modifications to the Pension
Funding Policy used to guide financial planning of these benefits as
outlined in the staff report with the following revisions:
1. Adjusting our 115 investments to a balanced investment level
MOTION PASSED: 3-0
MOTION: Council Member Filseth moved, seconded by Vice Mayor Kou
to recommend the City Council refer staff to do a recalculation of the
ULA amortizations schedule using ALM expected returns in the next
report out of CalPERS Actuary studies and adjust the Pension Funding
Policy to reflect the calculation as part of the every 4 year status check-
in.
ACTION MINUTES
Page 2 of 2
Sp. Finance Committee Meeting
Action Minutes: 12/06/2022
MOTION PASSED: 3-0
3. First Quarter Fiscal Year 2023 Financial Report
NO ACTION TAKEN
4. Review and Forward the FY 2024 - 2033 Long Range Financial Forecast
MOTION: Chair DuBois moved, seconded by Council Member Filseth to
recommend the City Council accept the General Fund Long Range
Financial Forecast (LRFF) for Fiscal Year 2024-2033 and the FY 2024
annual Budget Development Guiding Principles (Attachment A) and
direct staff to use this forecast as the starting point for the initiation of
the FY 2024 budget process.
MOTION PASSED: 3-0
Future Meetings and Agendas
Adjournment: The meeting was adjourned at 8:05 P.M.