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REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />To the Honorable Chair and Agency Board <br />From the Executive Director <br /> <br />June 26, 2017 <br />SUBJECT <br />Adoption of City of Redwood City Fiscal Year 2017-18 Budget, City of Redwood City <br />Five-Year Capital Improvement Program (CIP), and Successor Agency to the Redwood <br />City Redevelopment Agency Fiscal Year 2017-18 Budget <br /> <br />RECOMMENDATION <br />By motion of the City Council, (1) adopt a City Council Resolution Adopting the Fiscal <br />Year 2017-18 Budget; and (2) adopt a City Council Resolution approving and adopting <br />the Five-Year Capital Improvement Program <br /> <br />By motion of the Successor Agency Board, adopt a Successor Agency Resolution <br />Adopting the Fiscal Year 2017-18 Budget for the Successor Agency to the Redwood <br />City Redevelopment Agency <br /> <br />BACKGROUND <br /> <br />On June 12, 2017, the City Council held a study session to receive and provide direction <br />on the FY 2017-18 Recommended Budget. The City Council agenda item can be found <br />at FY 2017-18 Budget Study Session. <br /> <br />The Recommended Budget addresses the City Council’s strategic priorities and policy <br />direction on fiscal sustainability by relying on ongoing revenue to fund ongoing <br />expenses, using one-time revenues for one-time expenses, maintaining adequate <br />reserves, and addressing long-term liabilities. <br /> <br />The City Council directed no fiscal changes to the Recommended Budget as submitted; <br />however, the following information was recommended for incorporation into the budget <br />document upon adoption: <br />· Strategic Initiatives and Goals section: Add statements about development of a <br />funding plan for Highway 101/84 intersection <br />· Citywide Accomplishments section: Add statements about participating in <br />Peninsula Clean Energy and providing financial support to HIP and MidPen for <br />acquisition rehabilitation housing projects <br />· Port section: Add goal to continue efforts to work with the City and local and <br />regional transportation agencies to bring ferry service to the Port <br /> <br />7.B. - Page 1