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6.C. - Page 52 of 196 <br />City of Redwood City <br />Management's Discussion and Analysis <br />For the fiscal year ended June 30, 2020 <br />Given the lagging impact of the COVID-19 pandemic on significant revenues, such as property tax and <br />business license taxes, it is likely that the economic recovery will have a delayed and uneven impact on <br />the City's finances. However, it should be noted that even this assumption is uncertain due to the <br />unprecedented nature of the COVID-19 pandemic. <br />If the expenditure reductions implemented in FY 2020-21 are maintained through some combination of <br />ongoing and alternative reductions from existing levels, this would provide fiscal stability during the 2-5 <br />years anticipated for an economic recovery. If the City is able to strategically realign services during this <br />time, then anticipated deficits in the outer years may be preventable without dramatic community or <br />organizational impacts. Updated assumptions and economic factors will be taken into consideration when <br />developing the FY 2021-22 budget and the 10 -Year General Fund Forecast. <br />CONTACTING THE CITY'S FINANCIAL MANAGEMENT <br />This Comprehensive Annual Financial Report is intended to provide citizens, taxpayers, investors, and <br />creditors with a general overview of the City's finances. Questions about this report should be directed <br />to the Finance Division, at 1017 Middlefield Road, Redwood City, CA 94063. <br />20 139 <br />