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9.A. - Page 12 of 21 <br />As shown in the graph below, with a "V" shaped recession and without any adjustments to current <br />operating costs or revenue sources, deficits would occur in the first seven years of the 10 year forecast <br />period. The annual budget deficit is projected to be approximately $10.3 million in FY 2020-21, and grow <br />to approximately $14.0 million in FY 2023-24. In the final three years of the forecast period an operating <br />balance is projected. <br />$15,000 <br />$12,000 <br />$9,000 <br />$6,000 <br />$3,000 <br />Projected General Fund Net Operating Position - "V" Shaped Recession <br />(in thousands) <br />ti0ti9 30 -IN 10Z12y Z02Z�3 101 2a 3 ST �s 1 01 tib y0� 6 �i ' 0ti1 2a 201.029 1029 30 <br />Fy Fy Fy Ey 0 0 Ey � fry $14,740 <br />$386 <br />$13,000► <br />$16,0001 <br />$19,000► <br />$(12,000) $ <br />$(15,000) <br />$(13,960) <br />Page 12 of 20 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />701 <br />