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7.A. - Page 4 of 9 <br />After reviewing the FY 2019-20 Recommended Operating Budget for the Successor Agency, the City <br />Council directed no changes to the budget as submitted. <br />FISCAL IMPACT <br />Adopting the FY 2019-20 Recommended Operating Budget will provide authority for staff to continue <br />municipal operations, including the development and construction of capital projects this coming fiscal <br />year. General Fund revenues are budgeted at $157.4 million and General Fund expenditures are <br />budgeted at $136.9 million. In addition, the Recommended Operating Budget includes revenues of <br />$144.2 million and expenditures of $153.4 million in all other funds. <br />Only the recommended FY 2019-20 CIP budget of $27.8 million is recommended for budget approval. The <br />remaining fiscal years of the Five -Year CIP are for planning purposes, with projects beyond FY 2019-20 <br />largely unfunded at this time. <br />The budget also provides the necessary resources to finance the Successor Agency's obligations of $3.7 <br />million that are due in FY 2019-20. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public Notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. Additionally, consideration of the budget was announced through electronic <br />communication channels and the budget Public Hearing notice was posted on the City's website, City Hall <br />lobby, and in all four public libraries on June 11, 2019. <br />ALTERNATIVES <br />The City Charter requires that the Council adopt a budget by resolution. Not adopting a budget would place <br />the City out of compliance with the City Charter. <br />ATTACHMENTS <br />Attachment A: Resolution Adopting the Recommended Operating Budget for FY 2019-20 <br />Attachment B: Resolution Adopting the Five -Year Capital Improvement Program <br />Attachment C: Resolution Adopting the Successor Agency Budget for FY 2019-20 <br />RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br />1. City of Redwood City FY 2019-20 Recommended Operating Budget <br />www.redwoodcity.org/financereports <br />2. City of Redwood City Five -Year Capital Improvement Program <br />www.redwoodcity.org/financereports <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />740 <br />