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9.A. - Page 6 of 21 As part of the April 27, 2020 Capital Improvement Program (CIP) study session, staff recommended that the $2.0 million General Fund allocation toward transportation and roadway projects be dedicated to Phase 1 of the Hopkins Traffic Calming Project ($1.4 million), the Theater Way Closure ($400,000), and the Traffic Safety Program ($200,000). In order to preserve funding for general City operations, staff now recommends that $750,000 be transferred from the General Fund to the CIP and that the Hopkins Traffic Calming project be postponed. Staff continue to recommend that funding be allocated for the Theater Way Street Closure as the installation of physical traffic constraints will reduce the amount of staff time that is needed to close Theater Way for special events, saving money for the City over the long term. Additionally, providing $200,000 for the Traffic Safety Program will allow the City to support short-term traffic safety measures which may be needed as traffic patterns at Redwood City schools change in light of new school schedules to address physical distancing requirements. Even with postponing the Hopkins Traffic Calming Project, staff recommends allocating $150,000 for this project for FY 2020-21 so that the pilot project can be functional for the foreseeable future. Economic Conditions Predicting the length and severity of the recession extraordinarily difficult. The nearly complete lockdown of the economy this spring was unprecedented and health experts predict that it will be at least a year before a vaccine reduces widespread health threats from COVID-19. This will require ongoing and substantial changes to daily life and economic activity, which means that forecasting future revenues has become more art than science at this point in time. Economists' views on recovery varying widely. Some project a "V" shaped recession with a downturn that is deep and immediate, but of short duration, and is followed by a rapid bounce back by the third or fourth quarter of 2020. Others anticipate a "U" shaped recession in which the economy takes a longer period to recovery, potentially impacted by waves of infection disrupting economic activity. Some forecast an "L" shaped economy with a period of slowdown for years or even decades under the assumption that the economy and social order have been so drastically changed that they may never recover to pre-COVID-19 levels. Page 6 of 20 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 695 February 24, 2020 April 13, 2020 June 8, 2020 $350,0000 towards $150,000 towards operating department operating department innovation initiatives to innovation initiatives to increase staff capacity increase staff capacity As part of the April 27, 2020 Capital Improvement Program (CIP) study session, staff recommended that the $2.0 million General Fund allocation toward transportation and roadway projects be dedicated to Phase 1 of the Hopkins Traffic Calming Project ($1.4 million), the Theater Way Closure ($400,000), and the Traffic Safety Program ($200,000). In order to preserve funding for general City operations, staff now recommends that $750,000 be transferred from the General Fund to the CIP and that the Hopkins Traffic Calming project be postponed. Staff continue to recommend that funding be allocated for the Theater Way Street Closure as the installation of physical traffic constraints will reduce the amount of staff time that is needed to close Theater Way for special events, saving money for the City over the long term. Additionally, providing $200,000 for the Traffic Safety Program will allow the City to support short-term traffic safety measures which may be needed as traffic patterns at Redwood City schools change in light of new school schedules to address physical distancing requirements. Even with postponing the Hopkins Traffic Calming Project, staff recommends allocating $150,000 for this project for FY 2020-21 so that the pilot project can be functional for the foreseeable future. Economic Conditions Predicting the length and severity of the recession extraordinarily difficult. The nearly complete lockdown of the economy this spring was unprecedented and health experts predict that it will be at least a year before a vaccine reduces widespread health threats from COVID-19. This will require ongoing and substantial changes to daily life and economic activity, which means that forecasting future revenues has become more art than science at this point in time. Economists' views on recovery varying widely. Some project a "V" shaped recession with a downturn that is deep and immediate, but of short duration, and is followed by a rapid bounce back by the third or fourth quarter of 2020. Others anticipate a "U" shaped recession in which the economy takes a longer period to recovery, potentially impacted by waves of infection disrupting economic activity. Some forecast an "L" shaped economy with a period of slowdown for years or even decades under the assumption that the economy and social order have been so drastically changed that they may never recover to pre-COVID-19 levels. Page 6 of 20 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore 695