AgdaPkt 2015-07-27 Joint SA and PFA

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7.1.V. - Page 3 The Administration and Corporate Operations budget takes care of the administration that is needed for the day -to -day operations for the Administrator /Executive Director, Legal, Insurance, and other components within this category. The DT RWC CBID is a sizeable district and thus the operational aspects are key to ensure that services are rendered in a timely and effective manner. Lastly, the contingency line item is 4% and reserved for necessary circumstances, delinquencies, and other unforeseen circumstances. The budget is well - balanced and provides for enhanced services to be performed throughout District in a fashion that can benefit the Downtown area. Looking Ahead to FY 2015 -16 The first year of the DT RWC CBID has offered a preview of the potential of this growing District. Although the District boundaries will remain the same throughout the 15 years, the District can capture the growth as several parcels expand and become denser due to changing land use. For example; Crossing 900 at 900 Jefferson, Indigo at 525 Middlefield, and Main & Marshall at 601 Main as well as other projects have been re- assessed due to their increased footprint. Therefore, next years' budget will grow from $788,937 to $880,513. The overall increased amount of approximately $92,000 will be distributed according to the percentages that have been established in the Management District Plan. As we look forward to activities for this upcoming fiscal year, sidewalk operations and beautification will continue to represent over 50% of the budget. However, a few projects that we hope to commence next year are: - Commissioned Public Art within Downtown - Dia de los Muertos / Day of the Dead Digital Mapping Show - New LED Lights on all the trees within Downtown Redwood City As the City continues to partner with the RCIA on delivering quality special benefit services for the Downtown Redwood City Community Benefit Improvement District, this financing tool will become an important demonstration of public private partnerships and how several entities have become entrepreneurial in their evaluation of how to deliver enhanced services. The foundation has been set and now the opportunity exists to continue to improve what is already become a thriving district. ALTERNATIVES There are no alternatives identified to not providing an informational update. FISCAL IMPACT