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Page 1 of 2 <br />REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />June 22, 2015 <br />SUBJECT <br />Fiscal Year 2015-16 Budget (Successor Agency) <br /> <br />RECOMMENDATION <br />By resolution, adopt the FY 2015-16 Budget for the Successor Agency to the Redwood <br />City Redevelopment Agency. <br /> <br />BACKGROUND <br />On June 8th the City Council held a budget study session at which time the Council <br />reviewed the published recommended FY 2015-16 budget as submitted by the City <br />Manager. <br /> <br />Included in the budget that was presented to Council was a budget for the Successor <br />Agency. This budget appears on Community Development page 45 and Finance page <br />64. <br /> <br />After reviewing the budget for the Successor Agency, Council directed no changes to <br />the budget as submitted. <br /> <br />ANALYSIS <br />The recommended budget provides the necessary resources to finance the Successor <br />Agency’s obligations of $3,974,766 that will come due in FY 2015-16. <br /> <br />A copy of the recommended budget is on file with the City Clerk for public review and is <br />available on the City’s website. <br /> <br />ALTERNATIVES <br />The City Charter requires that the Council adopt a budget by resolution. Not adopting a <br />budget would place the City out of compliance with the City Charter. <br /> <br />FISCAL IMPACT <br />Adopting the FY 2015-16 budget will provide authority for the Successor Agency to <br />continue operations this coming fiscal year. <br /> <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under CEQA as defined in CEQA Guidelines, section <br />15378, because it has no potential for resulting in either a direct or foreseeable physical <br />change in the environment. <br />8.B. - Page 1