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In response to Councilmember Testa's inquiry, Finance Director Olson stated the PERS Fund did about 4% for FY 2019/20. In response to Councilmember Testa's inquiries, Finance Director Olson clarified the City allowed deferral of Transient Occupancy Tax (TOT) until July 30, 2020, but all have paid it. She confirmed it was not a lot of money since hotels were at low occupancy. In response to Councilmember Testa's inquiry, Finance Director Olson confirmed her expectation is that it will be a couple of years before Property Taxes are reduced due to the pandemic's complications. She reported the City does not expect to see declines in Property Tax Revenues so there is some question as to what will actually happen based upon the housing market's future. City Manager Fialho reinforced Finance Director Olson's comments recalling that in the recession, reassessments of Pleasanton's commercial and residential real estate did not occur all at the same time so the diversity of land use benefitted the City. Finance Director Olson seconded City Manager Fialho's recollection of Pleasanton Property Taxes remaining flat during the recession because of the diversity between commercial and residential real estate. Councilmember Testa commended Finance Director Olson on her admirable work on keeping Pleasanton fiscally stable during challenging times. Mayor Thorne noted there were no speakers to address this item. Councilmember Narum praised the fiscal health of the City. She moved to accept the FY 2019/20 Operating Budget, allocating the General Fund Surplus as noted in the staff report. Councilmember Pentin seconded the motion. Councilmember Testa praised Pleasanton's exceptional diversification and fiscal strength. Councilmember Brown commended staff for being fiscally conservative in a time of lost revenues but cautioned, although doing relatively great so far, they may still need the Rainy Day Fund before the pandemic is over. MOTION: It was m/s by Narum/Pentin to adopt and waive full reading of Resolution No. 20-1185 to accept the FY 2019/20 year-end operating budget report, allocate the General Fund surplus, and designate the General Fund balance. Motion passed by the following vote: Ayes: Councilmembers Brown, Narum, Pentin, Testa, Mayor Thorne Noes: None Absent: None 20. Adopt a resolution to accept the FY 2019/20 year-end financial report for the Capital Improvement program (CIP) budget and amend the FY 2019/20 CIP budget City Manager Fialho explained he is not prepared to make a presentation, but he can answer questions on the Capital Improvement Program (CIP). He reported there are fewer revenues due to the Shelter in Place Order but also savings because fewer projects were completed and/or started. City Manager Fialho added these projects are listed as of June 30, 2020. Finance Director Olson emphasized this is a snapshot from June 30, 2020, because some of these projects have since been completed. City Council Minutes Page 10 of 13 November 17, 2020