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8.B. - Page 2 of 122 <br />agenda for the FY 2018-19 Mid -Year Budget Amendments in both the General Fund and Capital <br />Improvement Program Fund. <br />2. FY 2018-19 Financial Sustainabilitv Plan Update <br />This portion of the staff report provides a brief update on the Financial Sustainability Plan and <br />restoration of certain FY 2018-19 budget reductions, which was approved by the City Council on <br />December 3, 2018. The items approved for restoration are included as Attachment 1. <br />3. Economic Update <br />An economic update on federal, state, and local trends provides context for the Preliminary Ten - <br />Year General Fund Forecast. <br />4. Preliminary Ten -Year General Fund Forecast <br />This section discusses significant factors affecting the General Fund's major revenue sources <br />(property taxes, sales taxes, transient occupancy taxes, development -related revenue, and other <br />significant revenue sources) and expenditures (in particular, increasing payments for pension and <br />retiree health benefits). The Preliminary Ten -Year General Fund Forecast is included as <br />Attarhmant <br />5. Strategic Initiatives and Goals Update <br />This section identifies the City's Strategic Initiatives. For the first time, staff is providing mid -year <br />updates on the status of activities to advance these initiatives. Attachment 3 provides a <br />comprehensive update on the status of all current -year activities to advance the Strategic <br />Initiatives. Attachment 4 provides a one-page snapshot of the status of major activities to <br />advance the Strategic Initiatives. <br />6. FY 2019-20 Budget Development <br />This portion of the staff report details principles and key milestones for developing the FY 2019- <br />20 Recommended Budget, which includes holding a community engagement event in April 2019, <br />and discussing revenue enhancement opportunities with the City Council Finance/Audit <br />Subcommittee this spring. <br />At the February 9, 2019 City Council offsite meeting, the City Council established three top <br />priorities for the upcoming year: housing, transportation, and children and youth, and these <br />priorities will be addressed with the FY 2019-20 Recommended Budget. <br />As part of this report, staff seeks City Council approval on the process and policy direction for <br />development of the FY 2019-20 budget. <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />228 <br />