AgdaPkt 2017-06-12 Joint SA PFA - Laserfiche WebLink

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REPORT To the Honorable Mayor and City Council From the City Manager June 12, 2017 SUBJECT Fiscal Year 2017-18 Budget Study Session and setting the date for the Public Hearing and Adoption of the Budget RECOMMENDATION Receive and provide direction regarding the Recommended Budget for Fiscal Year 2017-18; adopt a Resolution setting June 26, 2017 as the date for the Public Hearing on the Adoption of the Recommended Budget, directing copies of the Recommended Budget to be filed with the City Clerk; and authorize and direct the City Clerk to publish notice of the availability of the Recommended Budget and the date of the public hearing BACKGROUND In accordance with the City Charter, the Fiscal Year (FY) 2017-18 City of Redwood City Recommended Budget is submitted for City Council’s consideration. On February 27, 2017, the City Council held a Study Session on the development of the Recommended Budget and provided feedback to staff. The Recommended Budget incorporates that feedback and addresses the City Council’s strategic priorities and policy direction on fiscal sustainability by: 1. Relying on ongoing revenue to fund ongoing expenses; 2. Using one-time revenues for one-time expenses; 3. Maintaining adequate reserves; and 4. Addressing long-term liabilities. Development of the Recommended Budget was also informed by community feedback generated from the Redwood City Conversations process, where nearly 300 residents and business community members took part in one of eight events to discuss the City’s future. The City’s fiscal situation is projected to be positive in FY 2017-18, but caution is still required. With limited available revenues coupled with the need to address existing liabilities and funding commitments, the City faces upcoming challenges. These commitments, which obligate future ongoing revenue, reduce the ability to make expenditure increases or expand programs and services in the near term. 8.D. - Page 1