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MINUTE ORDER 15-025 4. Section - Ordinance(s) - None. 5. Section - Claim(s) and Check(s) A. Approve claims and checks dated February 23, 2015 and the usual and necessary payments through March 9, 2015 (303) MINUTE ORDER 15-026 8. PUBLIC HEARING(S) - None. 9. STAFF REPORT(S) - None. 10. STUDY SESSION(S) A Mid-year Budget Review (501) Recommendation: For information only: mid-year budget review and strategic initiative update. Dr. Bell provided the outline for the evening and then Ms. Ramberg, Interim Finance Director, presented the financial forecast (presentation on file). She shared the forecast assumptions, sales tax revenues and property taxes. Ms. Ramberg also addressed the ERAF (Education Revenue Augmentation Fund) estimates. She then shared five year projections. One Council Member inquired about prior surplus projections and Dr. Bell and Ms. Ramberg added that this is higher than expected due to positive market conditions. Dr. Bell thanked the labor unions for the contributions via labor agreements and for contributing higher amounts through the recently secured agreements. The Enterprise and Water fund were discussed and Redwood City has two Enterprise funds which are not co-mingled. Ms. Ramberg then provided a Reserve Analysis over the years through FY 19/10 and she said that being at 20°/a gives a little bit of a cushion to deal with possible threats. She then elaborated on each of the following possible threats: public safety overtime, sales tax vulnerabilities, uncertain ERAF, triple fall shortfall, increased annual pension and OPEB (Other Public Employee Benefits), and cyclical recession revenue impacts. Dr. Bell then introduced Chief Skinner to address Council on the reinstatement of Engine 9. Chief Skinner thanked the Council and Dr. Bell for reinstating Engine 9 and he is very happy that it is operational. He believes it was the right thing to do at the right time. Chief Skinner provided statistics on this particular Engine including response time (presentation on file). Council had some questions of Chief Skinner regarding response levels but overall was very pleased with this added service level to the community. Then Dr. Bell invited Aaron Aknin, Director of Community Development, to address 2014-2015 Economic Initiatives relating to Parking, Equipment and New Parking. He explained each of these initiatives (presentation on file). Mr. Aknin addressed the parking in-lieu fees and how he is looking to do a Nexus Study to possibly increase such fees. He explained three new potential garage sites in downtown Redwood City. One Council Member said she was pleased with the report but there was a question JOINT CITY COUNCIUSUCCESSOR AGENCY BOARD/ February 23, 2015 PUBLIC FINANCING AUTHORITY MEETING MINUES PAGE 5 MINUTE BOOK NO. 65 Paqe No. 337