AgdaPkt 2021.02.22 Joint SA PFA - Laserfiche WebLink

Browse Search

6.C. - Page 20 of 196 are commuting into the city on a daily basis, which has resulted in fewer customers for local businesses. To help support the city's downtown businesses, the City has alternatively closed and re -opened streets to vehicular traffic to make it easier for customers to dine outside or purchase take-out orders, respectively, as public health orders have constricted with pandemic surges and relaxed as conditions improved. The City continues to attract significant development interest, following slightly lower building permit revenues in FY 2019-20 than originally anticipated. In October 2020, the City Council approved initiation of three housing projects and two commercial/mixed-use projects as part of the Gatekeeper process. Also in late 2020, the City Council approved zoning ordinance amendments to allow up to six storefront cannabis retailers, projected to generate more than $1.3 million annually in tax revenue. In January 2021, the City began accepting applications from interested parties. Long -Term Financial Planning The City Council has a history of taking intentional, proactive, and strategic steps to ensure the long-term fiscal sustainability of Redwood City, including adopting a structurally balanced annual budget, funding long-term needs, and maintaining a 15 percent General Fund reserve level. The City has earned an Aa1 issuer rating by Moody's Investor Services. The rating reflects the City's sizeable and primarily residential tax base that is poised for slow to moderate growth, strong wealth indicators, a healthy financial position supported by strong reserve and liquidity levels, and a very modest debt burden. Maintaining a sustainable budget and prudently planning for the City's current and long-term needs is a top priority for the City Council. The City continues to focus strategically on appropriate funding strategies for annual operations, a robust capital improvement program, and future liabilities. Each fiscal year, the City prepares a ten-year General Fund forecast to project revenue and expenditure trends. This forecast is an integral part of the annual budget process as the City seeks to establish and implement its priorities in a fiscally sustainable manner. The forecast also assists in providing a long-term road map to guide the financial planning of the City as it addresses rising pension costs and unfunded liabilities. The City reviews major cost drivers to anticipate and control expenses to the maximum extent possible and makes fiscal decisions within the framework of the forecast. The City also monitors its revenue sources to identify and plan for trends. Financial planning also takes the form of continuous review and refinement of fiscal policies and forecasts, and an understanding of the citywide initiatives underway. During FY 2017-18, the City began the process of reshaping service delivery for the future in order to fund upcoming costs and long-term liabilities. Strategic elements to this process included: • Addressing unfunded liabilities and preparing for dramatic increases in pension costs • Implementing operating efficiencies through reorganization and best management practices • Seeking outside funding and exploring options for new revenue • Exploring shared services and partnerships with outside agencies to reduce costs • Paving the way for new and innovative service approaches • Continuing to invest in employees and our organizational culture Building on the strategic elements above, the City implemented the following strategies during FY 2018-19: • Developed a ten-year General Fund forecast (formerly a five-year forecast) for the first time • Analyzed and recommended an accelerated payoff timeframe for the City's pension obligations • Continued to focus on cost containment citywide by identifying numerous efficiencies, innovations, and partnerships • Streamlined the development of the Capital Improvement Program to provide a more realistic financially viable projection of the City's capital needs and revenue sources vi 107