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6.B. - Page 1 of 10 <br />/<�ik <br />Redwood <br />CitylCallifornia <br />Faunded 1867 <br />Ago/ <br />DATE: April 13, 2020 <br />SUBJECT <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />Update to Preliminary Ten -Year General Fund Forecast considering potential financial impacts <br />associated with COVID-19 <br />RECOMMENDATION <br />By motion, accept the revised Preliminary Ten -Year General Fund Forecast. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Excellence in Government Operations <br />BACKGROUND <br />Each year, staff prepare a mid -year budget update to the City Council that includes a preliminary ten-year <br />General Fund forecast. This year, the mid -year budget update and preliminary ten-year General Fund <br />forecast were presented to the City Council on February 24, 2020 (Attachment 1). <br />Subsequent to the presentation on February 24, 2020, the novel coronavirus (COVID-19) has caused a <br />worldwide pandemic, resulting in the City having to re-examine prior forecasts. At the April 6, 2020 City <br />Council meeting, staff provided a preliminary assessment of financial impacts associated with COVID-19. <br />Staff committed to return on April 13, 2020 with a revised preliminary ten-year General Fund forecast. <br />The revised preliminary ten-year General Fund forecast (Revised Forecast) is included as Attachment 2 <br />and primarily reflects updates to revenue projections based on the estimated impacts from the COVID-19 <br />public health emergency. Notably, the Revised Forecast does not reflect potential impacts to the City of <br />small businesses deferring sales tax payments or increased pension payments necessitated to offset <br />anticipated investment losses in the California Public Employees Retirement System (CALPERS). The <br />Page 1 of 8 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />221 <br />