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Report adopting the Fiscal Year 2020-2021 Operating Budget, approving the Gann Appropriations Limit, and accepting the City's revised Salary Schedules. (Janet Salisbury, Director of Finance)
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RECOMMENDATION
Recommendation
It is recommended that the City Council of South San Francisco adopt a resolution that approves the Fiscal Year (FY) 2020-21 Proposed Operating Budget, the Gann Appropriations Limit, and the updated City Salary Schedules.
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BACKGROUND/DISCUSSION
In 2017, the City made the strategic shift away from a one-year operating budget cycle to a biennial operating budget cycle. The biennial operating budget provides a two-year outlook: The first year is presented to the City Council for budget approval; the second year is presented as a business plan and subject to adjustment. The upcoming FY 2020-21 represents the second year of the FY 2019-21 biennial operating budget, which was adopted by the City Council on June 26, 2019. The City Council must adopt a resolution to appropriate funding for FY 2020-21.
South San Francisco is a financially strong, economically diverse, AAA credit rated city - better positioned than most to weather a financial downturn. However, the severity of the coronavirus pandemic's economic consequences is unprecedented. More than 44 million people in America have applied for unemployment benefits as of mid-June. These figures, previously unfathomable, wiped out a job market that saw unemployment at historic lows as recently as February. Earlier this month, the Congressional Budget Office released new projections that the pandemic will shrink the U.S. economy by roughly $8 trillion over the next decade. At the federal level, tax revenues have plummeted, while spending has skyrocketed largely due to the more than $2 trillion stimulus package aimed at stabilizing the economic freefall that was occurring at the onset of the crisis. The extraordinary economic downturn stemming from the COVID-19 global pandemic ha...
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