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7.A. - Page 9 of 9 RESOLUTION NO. A RESOLUTION OF THE SUCCESSOR AGENCY TO THE CITY OF REDWOOD CITY REDEVELOPMENT AGENCY ADOPTING THE BUDGET FOR THE SUCCESSOR AGENCY FOR FISCAL YEAR JULY 1, 2019 - JUNE 30, 2020, AND PROVIDING FOR THE APPROPRIATION AND EXPENDITURE OF ALL SUMS SET FORTH IN SAID BUDGET WHEREAS, the Executive Director of the Successor Agency to the Redwood City Redevelopment Agency ("Successor Agency") has submitted to the Board of the Successor Agency a proposed annual budget for Fiscal Year July 1, 2019 - June 30, 2020; and WHEREAS, after a duly noticed public hearing, the SuccessorAgency has approved the budget, and it has been certified as the Budget for the Successor Agency for Fiscal Year July 1, 2019 - June 30, 2020; and WHEREAS, it is the intention of the Successor Agency to adopt the certified copy of the Budget for the Successor Agency presently on file in the Office of the City Clerk. NOW THEREFORE, BE IT RESOLVED BY THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY AS FOLLOWS: SECTION 1. Adoption of Budget. The Budget for the Successor Agency for the Fiscal Year July 1, 2019 - June 30, 2020, approved by the Successor Agency and certified by the Secretary and Executive Director, presently on file in the Office of the City Clerk, is adopted for the Successor Agency. The Budget f r the Successor Agency is contained in the Fiduciary Funds section (pages 378-379) of the document entitled "FY 2019-20 Recommended Operating Budget." SECTION 2. Provision for Interim Expenditures after June 30, 2019: Real2propriations. The Executive Director and Finance Director are authorized and directed to charge expenses pertaining to the Successor Agency and incurred prior to July 1, 2020, to the appropriations of Fiscal Year 2019-20. The Executive Director and Finance Director are further authorized to pay all contractual obligations pertaining to the Successor Agency, including but not limited to payroll, contracts, and other expenses, incurred between July 1, 2020, and the date that the appropriations are adopted for Fiscal Year 2020-2021; to this end the Successor Agency appropriates 1/12 of the amounts that were appropriated for operating purposes in Fiscal Year 2019-20 to each fund, to be effective July 1, 2020. Upon adoption of a budget for Fiscal Year 2020-2021 this appropriation shall be superseded. SECTION 3. Effective Date and Operative Date. This resolution shall be effective immediately upon adoption. ATTY/RESO.0072/CC RESO ADOPTING FINAL SUCCESSOR AGENCY BUDGET FY 19-20 REV: 06-17-19 DZ Page 1 of 1 745