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8.B. - Page 23 of 122 The modest increase in FY 2019-20 reflects stabilization in loss trends and a decrease in projected exposures (payroll) as compared to the prior year, as well as steps taken by staff to address workers' compensation claims immediately and increase safety awareness citywide. UPDATE ON GOALS IMPLEMENTING STRATEGIC INITIATIVES The City's current seven Strategic Initiatives are: Community Building and Communication; Community for All Ages; Economic Development; Government Operations; Housing; Public Safety; and Transportation. These initiatives provide a framework for aligning department objectives with the City Council's mission of Building a Great Community Together. Attachment 3 provides a comprehensive update on the status of all current -year activities to advance the Strategic Initiatives, and Attachment 4 provides a one-page snapshot of the status of major activities to advance the Strategic Initiatives. Additional updates will be provided with the FY 2019-20 Recommended Budget. FY 2019-20 BUDGET DEVELOPMENT The consideration and adoption of the City Budget is one of the most important actions that the City Council takes. The budget determines the services the City provides to the community, the staffing of the organization, and sets the amount of funds spent in any given fiscal year. Staff recommends that the previously -established principles for the City's operating budget continue to guide development of the FY 2019-20 budget: • Use ongoing revenue to fund ongoing expenses • Use one-time revenuesfor one-time expenses and to paydown long-term liabilities • Ensure adequate reserves Based on City Council direction on February 9, staff will focus on three top priorities for FY 2019-20: housing, transportation, and children and youth. Staff recommends the following timeline for the development of the FY 2019-20 Budget; with the exception of the Workshop, described further below, all other dates are public meetings of the full City Council and members of the public may participate: • Community Engagement Workshop April 2019 • Community Development Block Grant/ HOME Grant Study Session April 22, 2019 • Capital Improvement Program Study Session April 22, 2019 • Formal Budget Submittal to Council Study Session June 10, 2019 • Budget Public Hearing and Adoption June 24, 2019 During the process of considering a local sales tax last year, many residents asked questions about the City's budget and financial status. As part of the budget development process, staff has proposed, with the City Council Finance/Audit Subcommittee approval, a community workshop on the City's financial status. The event is intended to explore tradeoffs involved in financial decision-making and to generate City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 249