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Councilmember Narum expressed her opinion of this being a good start. She stated she agrees with the proposed GHG emission targets and likes the vision and guiding principles of CAP 2.0. She expressed concerns over capturing the cost -benefit analysis as it progresses because some items are not quantifiable. She echoed sentiments of CAP 2.0 being actionable and not merely something which sits on a shelf. She expressed her support for what is being presented. Mayor Thorne expressed his support for what is being presented. He expressed concerns from similar projects elsewhere that a cost -benefit analysis was lacking with millions spent for very little benefit. He expressed belief this Committee will avoid that and see the true value of co -benefits. Mayor Thorne also stated he would like to see a deeper look into carbon sequestration's benefits. Mayor Thorne recessed the meeting at 8:53 p.m. and reconvened the meeting at 8:58 p.m. 19. Adopt a resolution to accept the FY 2019/20 year-end operating budget report, allocate the General Fund surplus, and designate the General Fund balance Finance Director Tina Olson presented the FY 2019/20 budget's year-end report. She reviewed the results for the General Fund, Water Enterprise Fund, Sewer Enterprise Fund, Golf Course Operations Fund, and Internal Services Funds. Finance Director Olson reported revenues at $718,690 more than the revised April projections, $249,739 fewer net transfer dollars than the April expectations, and $3,377,149 less than the revised expenditures for a positive difference of $4,345,578 from the April revisions. Finance Director Olson reviewed the April revision assumptions, including the premise of the Stay at Home Order ending on May 31, 2020. She reported the largest revenue variation from this assumption resulted in $1.5 million less than expected in recreation fees due to extended closures which has been offset by a $1.7 million increase in sales and use taxes over the adjusted expected figures. She noted the biggest variance came from auto and transportation sales where the assumption of sales dropping by 83% only materialized as a 9% decline. She advised declines were also substantially overestimated in April in General Consumer Goods, Restaurants and Hotels, and Business and Industry subcategories. Finance Director Olson noted the "Other Revenues" category has increased $245,000 over the revised budget's estimates. She displayed how FY 2019/20 has a decrease of about $2 million in revenue (1.6%) by amounting to $124 million instead of FY 2018/19's $126 million. She showed how General Fund Expenditures are $3.4 million under budget due to the decrease in activity during the pandemic - impacted final quarter. She advised this amounts to a year-end decrease of $2.4 million (2.2%) in expenditures from $111.4 million in FY 2018/19 to $113.8 million this year. Finance Director Olson proposed $3.5 million from the $4.3 million Surplus be deposited in the Rainy Day Fund (bringing the total to $8.5 million) and the remaining $800,000 be allocated to the Reserve for the Pleasanton Police Department's Crisis Response Program for Mental Health Professionals. She advised the General Fund's Operating Reserves are about $30.6 million which represents 27% of Operating Expenses and stands at slightly over the goal of 25%. Finance Director Olson transitioned to the Water Fund which saw a 0.4% increase in revenues over the April revision and a 1.2% reduction in net transfers. She advised Zone 7 purchased water increased 5.2% reflective of having wells down while all other expenses were down 18.9%. She noted the end result was an ending balance of $13,291,358 or 11.9% over the April adjustment. Lastly, she reported the ending balance represents 51 % of the Operating Expenses exceeding the goal of 35%. Finance Director Olson continued to the Sewer Fund which saw a $104,618 decrease in revenues and a $9,877 increase in net transfers. She advised Dublin San Ramon Service District (DSRSD) was down City Council Minutes Page 8 of 13 November 17, 2020