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Home My WebLink About2025-12-02 Finance Committee Action MinutesFINANCE COMMITTEE ACTION MINUTES Page 1 of 2 Regular Meeting December 2, 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: Burt (Chair), Lythcott-Haims, Reckdahl Absent: Call to Order Public Comment Agenda 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, 2025 MOTION: Councilmember Reckdahl moved, seconded by Councilmember Julie Lythcott-Haims, to recommend the City Council accept the City of Palo Alto's audited financial statement for the fiscal year ended June 30, 2025, and accompanying reports provided by Macias Gini & O'Connell LLP. MOTION PASSED: 3-0 2. FY2025 Annual Comprehensive Financial Report (ACFR) and the Year-End Budget Adjustments in Various Funds on the schedule MOTION: Councilmember Julie Lythcott-Haims moved, seconded by Councilmember Reckdahl, to recommend the City Council accept: 1. The City’s Fiscal Year (FY) 2025 Annual Comprehensive Financial Report (ACFR) ACTION MINUTES Page 2 of 2 Finance Committee Meeting Action Minutes: 12/2/2025 2. Amendments to the FY 2025 Budget Appropriation for various funds as identified Attachment B. 3. Recommend that Council support a review of the formula and process for use of excess BSR funds MOTION PASSED: 3-0 3. Review and Recommend the City Council Accept the FY 2027- 2036 Long Range Financial Forecast and FY 2027 Annual Budget Development Guidelines MOTION: Councilmember Lythcott-Haims moved, seconded by Councilmember Reckdahl, to recommend the City Council accept the General Fund Long Range Financial Forecast (LRFF) for Fiscal Years 2027-2036 and the FY 2027 annual Budget Development Guidelines (Attachment A). MOTION PASSED: 3-0 4. Accept the Fiscal Year 2026 First Quarter Financial Status Report MOTION: Councilmember Lythcott-Haims moved, seconded by Councilmember Reckdahl, to recommend the City Council accept the Fiscal Year 2026 First Quarter Financial Status Report. MOTION PASSED: 3-0 Future Meetings and Agendas Adjournment: The meeting was adjourned at 8:30 P.M.