AgdaPkt 2020-04-06 Special - Laserfiche WebLink

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S.A. - Page 3 of 21 light of evolving community needs and the potential for future state or federal infrastructure stimulus programs. In accordance with the City's Charter and state law, operating and capital budgets for FY 2020- 21 need to be adopted before July 1, 2020. This report provides a preliminary assessment of financial impacts associated with COVID-19 on City of Redwood City operating and capital budgets, and recommends a revised approach to developing the Fiscal Year 2020-21 operating budget. At the March 23, 2020 City Council meeting, the City Council received an update on COVID-19 related actions and directed staff to take two immediate actions to support residents: the City Council allocated $150,000 to augment the Emergency Rent Assistance Fund in order to support residents experiencing financial impacts related to COVID-19, and the City Council directed staff to study the feasibility of deferring or eliminating late payment penalties for non-payment of City utilities. City Councilmembers also expressed interest in providing greater community assistance to help individuals, families and businesses weather this crisis. This report details recently -implemented local, state and federal measures which can help community members, and also provides recommendations for City Council action to support the Redwood City community in light of the pandemic and related economic disruption. Recognizing that the City's financial status is in flux at this time and that no outside resources are imminent to provide for City essential services, while also recognizing that community needs are acute, staff recommends that $693,000 in one- time funds previously allocated be re -purposed to community COVID-19 needs at this time, with $363,000 dedicated to emergency rental assistance and $300,000 dedicated to Redwood City small business assistance. Additional recommendations for near term and future staff action are also detailed in this report. ANALYSIS The analysis section is organized into three categories: 1. Preliminary Assessment of Financial Impacts Associated with Covid-19 on City of Redwood City Operating and Capital Budgets, and Recommended Approach to Developing the Fiscal Year 2020- 21 Operating Budget 2. Recently -Implemented Governmental, Public -Private Partnership, and Non -Governmental Efforts to Help Community Members and Businesses 3. Recommendations for City Council Action to Support the Redwood City Community in Light of the Pandemic and Related Economic Disruption Page 3 of 21 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 11