AgdaPkt 2019-02-25 Joint SA PFA - Laserfiche WebLink

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8.B. - Page 24 of 122 ideas for the short and long term, particularly in the area of revenue generation. The style of the workshop will be similar to past World Cafe community engagement formats, with break out groups and reporting out on potential strategies to enhance the City's financial sustainability. A summary of this community feedback will become part of the budget presentation to the City Council in June. The workshop is planned to be held in April 2019. In addition, the City Council Finance/Audit Subcommittee is committed to reviewing important financial initiatives over the course of the next year to help the City avoid the projected budget deficits beginning in FY 2022-23. Topics for discussion include the following: • Exploring additional revenue opportunities that will be needed to help balance the budget • Assessing the City's financial health through the League of California Cities diagnostic tool • Exploring the option of an accelerated payoff timeframe for pension obligations Additionally, as part of staff's continuous improvement activities related to financial management and disclosure, staff plans to begin the following activities in the year ahead: • Continuing to contain costs through efficiencies, shared services, and innovation • Recommending a Two-year Budget cycle beginning in FY 2020-21 in order to create efficiencies in the budget development process • Implementing OpenGov, an online platform that will provide much more detailed budget information and trends to community members • Engaging the Government Finance Officers Association to perform a best practices review of the City's financial processes and procedures prior to implementation of the City's new financial management system • Streamlining the development of the Capital Improvement Program in an effort to provide a more realistic and financially viable roadmap of the City's capital needs FISCAL IMPACT Staff time required to develop the FY 2019-20 budget is provided within current budget appropriations. ENVIRONMENTAL REVIEW This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably foreseeable indirect physical change in the environment. PUBLIC NOTICE Public Notification was achieved by posting the agenda, with the agenda items being listed, at least 72 hours prior to the meeting. City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 250