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8.A. - Page 7 of 42 <br />• Diversity, Equity and Inclusion Support: $350,000 Over the course of two years, these funds would <br />support the implementation of the Equity Plan. This Plan will be developed in conjunction with the <br />City Council's anticipated Equity and Social Justice Sub -Committee and will help the City introduce <br />an equity lens to the delivery of services and review of policies citywide. <br />COVID-19 testing for the City's essential workers: $325,000 As testing becomes more readily <br />available staff seeks to make this resource available to its employees who are reporting to work to <br />serve the community. <br />• Redwood Shores Levee Study and Potential Bayfront Park Study - $200,000 <br />Partial funding for planning studies related to improving Redwood Shores levees and the potential <br />creation of a Bayfront Park in the Inner Harbor Area. <br />2. FY 2020-21 MID -YEAR BUDGET UPDATE — GENERAL FUND <br />Revenue Update <br />Compared to the Revised Budget adopted October 26, 2020, FY 2020-21 total revenues and transfers -in are <br />expected to be $1.0 million more than anticipated, totaling $151.7 million instead of the budgeted $150.7 <br />million. This is the result of numerous factors, both positive and negative, summarized in the table below <br />and discussed further in the report. <br />Summary of Major Revenue Changes from Revised Adopted FY 2020-21 Budget <br />Revenue Category <br />Change Since <br />Percentage Change <br />Reason for Change <br />October 2020 <br />Since October 2020 <br />Property tax <br />$3,600,000 <br />6.8% <br />Higher than budgeted <br />Educational Revenue <br />Augmentation Funds (ERAF) <br />payments received and higher <br />than expected property tax in - <br />lieu of vehicle license fees <br />License and permit <br />$1,200,000 <br />21.8% <br />Increases in building permit <br />revenue <br />revenue and cannabis related <br />business tax revenue due to <br />higher than expected activity <br />Sales tax <br />$ 900,000 <br />3.0% <br />Higher than expected district <br />sales tax receipts as a result of <br />the half -cent cent sales tax <br />increase passed by the voters in <br />November 2018 (Measure RR) <br />Interest earnings <br />$ 800,000 <br />204% <br />City has realized higher interest <br />earnings due to an increasing <br />cash and investment balance <br />and an increase in the rate of <br />return on investments. <br />Page 7 of 28 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />538 <br />