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<br />Redevelopment Agency of the City of Redwood City <br />Required Supplementary Information <br />For the year ended June 30, 2005 <br /> <br />1. BUDGETARY INFORMATION <br /> <br />The Agency follows these procedures in establishing the budgetary data reflected in the financial <br />statements. <br /> <br />1. The Executive Director submits to the Agency Board a proposed operating budget for the fiscal year <br />commencing the following July 1. The operating budget includes proposed expenditures and means <br />of financing them. <br /> <br />2. Public hearings are conducted to obtain taxpayer comments. <br /> <br />3. The Budget is legally enacted through passage of a resolution. <br /> <br />4. The Executive Director is authorized to transfer budgeted amounts within a sub-program within a <br />department; however, any revisions that alter the total expenditures must be approved by the <br />Agency Board. <br /> <br />5. Formal budgetary integration is employed as a management control device during the year for all <br />funds. Budgets for all funds are adopted on a basis consistent with generally accepted accounting <br />principles (GAAP), except capital outlay expenditures are budgeted on a project length basis. <br /> <br />34 <br />