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Mike Giari, on behalf of the Port and the Commission, stated support for Measure "A ", and the projects are very comprehensive and valuable to the City and County of San Mateo providing millions of dollars of construction projects and construction related jobs in the area. Greg Greenway, representing the Seaport Industrial Association and the Redwood City /SMC Chamber of Commerce, on behalf of both organizations offered strong support for the Draft Expenditure Plan. He stated that the two central arguments are that it is not a new tax, but extending the existing tax approved in 1988; the second argument is that it is absolutely critical funding and investment in maintaining and improving the infrastructure for the next 25 years. Recommendation: M/S Ruskin /Hartnett to approve the Draft Transportation Expenditure Plan, dated March 18, 2004, to extend Measure "A" for a 25 -year term beginning January 1, 2009, in accordance with the statutory requirements under California Public Utilities Section 131055 et seq. RESOLUTION 14586 OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE DRAFT TRANSPORTATION EXPENDITURE PLAN FOR THE EXTENSION OF MEASURE A The motion passed by a unanimous roll call vote. B. Budget/Financial Update — Oral Report by the City Manager City Manager Everett stated that the City's expenditures exceed its revenues, and that even though in 2002/03 a 2% cut was implemented, or about $1.2 million, reserves were drawn down by about $1.7 million. In 2003/04, although cuts of $3.7 million were approved, reserves were drawn down by about $2 million. The forthcoming 2004/05 budget recommendation will be approximately $5 million in cuts and drawing down reserves of $3 million in order to meet the projected deficit amount of $8 million. The projected deficit in 2005/06 is approximately $5 million. He further stated that the fourth quarter sales tax report showed a decline of 1.7% in San Mateo County. The office vacancy rate reflected that the first quarter in San Mateo County shows no change from 27 %, but the vacancy rate is 47% in Redwood City. The Bay Area lost about 260,000 jobs through December of 2003. ABAG has projected that there will only be a growth of 16,000 new jobs in 2004. Redwood City lost 50,000 jobs or 12% during that time. JOINT CITY COUNCIL AND REDEVELOPMENT AGENCY MEETING MINUTES MAY 10, 2004 PAGE 9 MINUTES Book No. 60 Page No. 215