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8.A. - Page 2 of 72 1. FY 2019-20 Mid -Year Budget Update — General Fund and Capital Improvement Program Fund This portion of the staff report includes highlights of FY 2019-20 budgetary performance based on actual results through December 31, 2019, including both the General Fund and Capital Improvement Program Fund. A separate staff report is included on tonight's City Council consent agenda for the FY 2019-20 Mid -Year Budget Amendments in both the General Fund and Capital Improvement Program Fund. 2. Economic Update An economic update on federal, state, and local trends provides context for the Preliminary Ten - Year General Fund Forecast. 3. Preliminary Ten -Year General Fund Forecast This section discusses significant factors affecting the General Fund's major revenue sources (property taxes, sales taxes, transient occupancy taxes, development -related revenue, and other significant revenue sources) and expenditures (in particular, increasing payments for pension and retiree health benefits). The Preliminary Ten -Year General Fund Forecast is included as AttarhmPnt 1 _ 4. Update on Activities Implementing the Strategic Plan This section describes the City's Strategic Plan. At the January 13, 2020 City Council meeting, the City Council adopted an updated Strategic Plan that reaffirmed three Strategic Priorities (Housing, Transportation, and Children and Youth), and established nine Guiding Principles. Attachment 5 provides a comprehensive update on the status of current -year activities which advance the City's Guiding Principles. 5. FY 2020-21 Budget Development This portion of the staff report details principles and key milestones for developing the FY 2020- 21 Recommended Budget. The Strategic Priorities and Guiding Principles established January 13, 2020 will be used to guide development of the FY 2020-21 Recommended Budget. As part of this report, staff seeks City Council approval on the process and policy direction for development of the FY 2020-21 budget. ANALYSIS The City Council has a history of taking intentional, proactive, and strategic steps to ensure fiscal sustainability, including adopting a structurally balanced annual budget, funding long-term needs, and maintaining a 15 percent General Fund reserve level. City leadership has acted to strengthen the City's financial position, increase transparency and enhance operating efficiencies. Recent efforts include: • Developing a Ten -Year Forecast to provide a longer-term roadmap to financial sustainability Page 2 of 26 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 237