HomeMy WebLinkAbout2023-11-28 Finance Committee Action MinutesFINANCE COMMITTEE
ACTION MINUTES
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Special Meeting
November 28, 2023
The Finance Committee of the City of Palo Alto met on this date in the Community Meeting Room
and by virtual teleconference at 5:31 PM.
Present In Person: Burt, Lythcott-Haims, Stone
Present Remotely: None
Absent: None
Action Items
1. Discussion and Recommendation to the City Council to Accept the Macias Gini & O'Connell's
Audit of the City of Palo Alto's Financial Statements as of June 30, 2023
MOTION: Chair Burt moved, seconded by Vice Mayor Stone to recommend the City Council
approve the City of Palo Alto’s audited financial statements for the fiscal year ended on June
30, 2023, and the accompanying reports provided by Macias Gini & O’Connell LLP.
MOTION PASSED: 3-0
2. Approval of the FY2023 Annual Comprehensive Financial Report (ACFR), Year-End Budget
Adjustments in Various Funds, and a Resolution to Extend and Amend the Development
Services Reserve Fund Policy
MOTION: Council Member Burt moved, seconded by Council Member Lythcott-Haims to
recommend the City Council approve:
1. The City’s Fiscal Year (FY) 2023 Annual Comprehensive financial Report (ACFR) and
reports collectively referred to as the Single Audit;
2. Amend the FY 2023 Budget Appropriation for various funds as identified in the attached
Recommended Amendments to the City Manager’s FY 2023 Budget
3. Adopt a resolution to extend and amend the Development Services Reserve Fund (DSRF)
Policy
4. Recommend that the Council refer to staff review of the approval process for excess BSR
allocations in both the long term retiree benefit funding policy and capital infrastructure
reserve policy.
MOTION PASSED: 3-0
ACTION MINUTES
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Finance Committee Meeting
Action Minutes: 11/28/2023
Adjournment: The meeting was adjourned at 6:50 P.M.