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8.B. - Page 1 of 122 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />A,&/ <br />DATE: February 25, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />FY 2018-19 Mid -Year Budget Update and Proposed Process for Development of the FY 2019-20 Budget <br />RECOMMENDATION <br />Accept an update on the FY 2018-19 Budget and provide direction on the recommended approach for <br />development of the FY 2019-20 Budget; establish, by motion, June 10, 2019, as the date on which the City <br />Manager shall submit a proposed budget to the City Council; and approve, by motion, the dates for City <br />Council action on the FY 2019-20 Budget as set forth in this staff report. <br />STRATEGIC INITIATIVE <br />Government Operations <br />BACKGROUND <br />The Mid -Year Budget Study Session provides an opportunity for the City Manager and staff to update the <br />City Council on the major financial factors affecting the City's current fiscal year budget, and make <br />recommendations for developing next fiscal year's budget. <br />The major components to this staff report include the following: <br />1. FY 2018-19 Mid -Year Budget Update <br />This portion of the staff report includes highlights of FY 2018-19 budgetary performance based on <br />actual results through January 31, 2019, including both the General Fund and Capital <br />Improvement Program Fund. A separate staff report is included on tonight's City Council consent <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcitV.org <br />227 <br />