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7.A. - Page 1 of 9 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />\:3aAW <br />DATE: June 24, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Adoption of City of Redwood City Fiscal Year 2019-20 Budget, City of Redwood City Five -Year Capital <br />Improvement Program, and Successor Agency to the Redwood City Redevelopment Agency Fiscal Year <br />2019-20 Budget <br />RECOMMENDATION <br />By motion of the City Council, adopt a City Council Resolution adopting the Fiscal Year 2019-20 Budget; <br />and adopt a City Council Resolution approving and adopting the Five -Year Capital Improvement Program. <br />By motion of the Successor Agency Board, adopt a Successor Agency Resolution adopting the Fiscal Year <br />2019-20 Budget for the Successor Agency to the Redwood City Redevelopment Agency. <br />STRATEGIC INITIATIVE <br />Government Operations <br />BACKGROUND <br />On February 25, 2019, the City Council held a Study Session on the development of the FY 2019-20 <br />Recommended Operating Budget and provided feedback to staff. A copy of the February 25 staff report <br />is available here: February 25, 2019 Staff Report. The Recommended Operating Budget <br />incorporates that feedback and addresses the City Council's top three priorities of housing, <br />transportation, and children and youth. Additionally, the Recommended Operating Budget provides policy <br />direction on fiscal sustainability by relying on ongoing revenues to fund ongoing expenses, using one-time <br />revenues for one-time expenses, maintaining adequate reserves, and addressing long-term liabilities. <br />On June 10, 2019, the City Council held a study session to receive the FY 2019-20 Recommended Operating <br />Budget and provide direction for the FY 2019-20 Adopted Budget. A copy of the staff report is available <br />here: June 10, 2019 Staff Report. The City Council directed no fiscal changes to the Recommended Budget <br />as submitted; however, the following changes have been made to the FY 2019-20 Recommended <br />Operating Budget and are included in the proposed FY 2019-20 Adopted Budget: <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />737 <br />