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Home My WebLink About2025-04-15 Finance Committee Action MinutesFINANCE COMMITTEE ACTION MINUTES Page 1 of 2 Special Meeting April 15, 2025 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 PM. Present In-Person: Reckdahl, Lythcott-Haims, Chair Burt Absent: None Call to Order Action Items 1. Recommendation to the City Council to Adopt a Resolution Approving the FY 2026 Electric Financial Forecast, including Transfers, Amending Rate Schedules E-1 (Residential Electric Service), E-2 (Residential Master-Metered and Small Non- Residential Electric Service), E-2-G (Residential Master-Metered and Small Non- Residential Green Power Electric Service), E-4 (Medium Non-Residential Electric Service), E-4-G (Medium Non-Residential Green Power Electric Service), E-4 TOU (Medium Non-Residential Time of Use Electric Service), E-7 (Large Non-Residential Electric Service), E-7-G (Large Non-Residential Green Power Electric Service), E- 7 TOU (Large Non-Residential Time of Use Electric Service), E-14 (Street Lights), E-16 (Unmetered Electric Service), E-EEC-1 (Export Electricity Compensation), and E-NSE-1 (Net Metering Surplus Electricity Compensation) MOTION: Councilmember Reckdahl moved, seconded by Lythcott-Haims to recommend that the City Council adopt a resolution approving the Fiscal Year 2026 Electric Utility Financial Forecast, approve the transfer at the end of FY 2025 of up to $5 million from the Electric Utility Supply Operations Reserve to the Distribution Operations Reserve and amend Rate Schedules effective July 1, 2025 for FY 2026: E-1 (Residential Electric Service), E-2 (Small Non-Residential Electric Service), E-2-G (Residential Master-Metered and Small Non-Residential Green Power Electric Service, E-4 (Medium Non-Residential Electric Service), E-4-G (Medium Non-Residential Green Power Electric Service) , E-4 TOU (Medium Non-Residential Time of Use Electric Service), E-7 (Large Non-Residential Electric Service), E-7-G (Large Non-Residential Green Power Electric Service), E-7 TOU (Large Non-Residential Time of Use Electric Service), E-14 (Street Lights), E-16 (Unmetered Electric Service) to recover capital and maintenance costs for utility pole attachments and telecom conduit, E-EEC-1 (Export Electricity Compensation) to reflect 2024 ACTION MINUTES Page 2 of 2 Finance Committee Special Meeting Action Minutes: 04/15/2025 avoided cost, and, E-NSE-1 (Net Surplus Electricity Compensation) to reflect current projections of FY 2026 avoided cost. MOTION PASSED: 3-0 2. Recommendation to the City Council to Adopt a Resolution Approving the FY 2026 Gas Utility Financial Forecast and Reserve Transfers, the Natural Gas Cost of Service and Rate Study, and General Fund Transfer; and Amending Rate Schedules G-1 (Residential Gas Service), G-2 (Residential Master-Metered and Commercial Gas Service), G-3 (Large Commercial Gas Service), and G-10 (Compressed Natural Gas Service) and Implement a Climate Credit in FY 2026 MOTION: Finance Committee directed staff to continue review at the Special Finance Committee meeting scheduled for May 7, 2025. Adjournment: The meeting was adjourned at 8:21 p.m.