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Home My WebLink About2024-12-03 Finance Committee Action MinutesFINANCE COMMITTEE ACTION MINUTES Page 1 of 2 Special Meeting December 3, 2024 The Finance Committee of the City of Palo Alto met on this date in the Community Meeting Room and by virtual teleconference at 1:30 PM. Present In-Person: Burt (Chair), Lauing, Veenker Councilmember Lauing arrived at 1:37 P.M. Present Remotely: None Absent: None Call to Order Agenda Items 1A. 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, 2024 MOTION: Councilmember Veenker moved, seconded by Councilmember Lauing, to recommend that City Council accept the financial statement for the fiscal year ended June 30, 2024, and accompanying reports provided by Macias Gini & O’Connell LLP. MOTION PASSED 3-0 1B. Approval of the FY2024 Annual Comprehensive Financial Report (ACFR), and Year-End Budget Adjustments in Various Funds. MOTION: Councilmember Veenker moved, seconded by Councilmember Lauing, to recommend that the City Council: ACTION MINUTES Page 2 of 2 Sp. Finance Committee Meeting Action Minutes: 12/3/2024 1. Approve the City’s Fiscal Year (FY) 2024 Annual Comprehensive Financial Report (ACFR) and reports collectively referred to as the Single Audit; and 2. Amend the FY 2024 Budget Appropriation for various funds as identified in the attached Recommended Amendments to the City Manager’s FY 2024 Budget (Operating Budget, Capital Budget) MOTION PASSED 3-0 2. Review and Forward Fiscal Year 2026-2035 Long Range Financial Forecast to City Council MOTION: Councilmember Veenker moved, seconded by Councilmember Lauing, to recommend that the City Council accept the General Fund Long Range Financial Forecast (LRFF) for Fiscal Year 2026-2035. MOTION PASSED 3-0 3. Discuss the Fiscal Year 2026 Preliminary Utilities Financial Forecast and Rate Projections NO ACTION TAKEN 4. Informational Item: First Quarter Fiscal Year 2025 Financial Status Report NO ACTION TAKEN Adjournment: The meeting was adjourned at 4:38 P.M.