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6.F. - Page 1 of 10 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />Ago/ <br />DATE: December 16, 2019 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />FY 2018-19 year-end budget update and adjustment to FY 2019-20 budget <br />RECOMMENDATION <br />Adopt resolution approving the appropriation and transfer of FY 2018-19 year-end balance. <br />STRATEGIC INITIATIVE <br />Government Operations <br />BACKGROUND <br />On June 24, 2019, the City Council held a Public Hearing and adopted the FY 2019-20 Budget. The FY 2019- <br />20 Adopted Budget addressed the City Council's strategic priorities and policy direction on fiscal <br />sustainability by relying on ongoing revenue to fund ongoing expenses, using one-time revenues for <br />onetime expenses, maintaining adequate reserves, and addressing long-term liabilities. <br />The Adopted Budget included recommended uses for an anticipated FY 2018-19 General Fund operating <br />balance, with the stipulation that the City Council would make a final determination on use of these funds <br />in December 2019 after the year-end close and final audit determination. Recommendations in this report <br />are consistent with the City Council -endorsed policy of using one-time funds to pay down liabilities and to <br />support Council priorities without making ongoing commitments. <br />Page 1 of 9 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />308 <br />