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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 25, 2018 <br /> <br />SUBJECT <br />Adoption of City of Redwood City Fiscal Year 2018-2019 Budget, City of Redwood City <br />Five-Year Capital Improvement Program, and Successor Agency to the Redwood City <br />Redevelopment Agency Fiscal Year 2018-2019 Budget <br /> <br />RECOMMENDATION <br />By motion of the City Council, 1. Adopt a City Council Resolution Adopting the Fiscal <br />Year 2018-2019 Budget; and 2. Adopt a City Council Resolution approving and <br />adopting 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 2018-2019 Budget for the Successor Agency to the Redwood <br />City Redevelopment Agency <br /> <br />BACKGROUND <br />On February 26, 2018, the City Council held a Study Session on the development of the <br />FY 2018-19 Recommended Budget and provided feedback to staff. The February 26 <br />staff report is available here: February 26, 2018 Staff Report. <br /> <br />The FY 2018-19 Recommended Budget incorporates that feedback and addresses <br />the City Council’s strategic priorities and policy direction by relying on ongoing <br />revenues to fund ongoing expenses, using one-time revenues for one-time expenses, <br />maintaining adequate reserves, and addressing long-term liabilities. The City is pursuing <br />a combination of operating cost reductions and revenue enhancements in order to <br />ensure the City’s long-term fiscal sustainability. <br /> <br />On June 11, 2018, the City Council held a study session to receive the FY 2018-19 <br />Recommended Budget and provide direction for the FY 2018-19 Adopted Budget. The <br />staff report is available here: June 11, 2018 Staff Report. <br /> <br />8.C. - Page 1