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8.A. - Page 27 of 42 <br />At the February 22, 2021 meeting, staff will seek input on the proposed framework for developing the FY <br />2021-22 Recommended Budget. The framework includes the following elements: <br />1. Adhere to financial best practices and City policies, such as: <br />a. Use ongoing revenue to fund ongoing expenses <br />b. Use one-time revenues for one-time expenses and to pay down long-term liabilities <br />c. Ensure adequate reserves <br />2. Advance the City's Strategic Plan and the City Council's three top priorities of Housing, <br />Transportation, and Children and Youth, taking into account input received at the City Council's <br />February 6, 2021 meeting <br />3. Implement the City Council -endorsed financial and community recovery strategy to help our <br />community and organization meet the health, economic, and social challenges presented by the <br />COVID-19 pandemic: <br />a. Respond to immediate community needs resulting from the COVID-19 pandemic, with <br />particular care for vulnerable populations; <br />b. Restore community cultural, economic and social vitality in partnership with community <br />organizations and businesses; and <br />c. Reimagine public services in light of evolving community needs and limited financial <br />resources. <br />Staff recommends the following timeline for the development of the FY 2021-22 Budget; all dates are <br />public meetings of the full City Council and members of the public may participate: <br />Community Development Block Grant/HOME Grant Study Session April 12, 2021 <br />Capital Improvement Program Study Session April 12, 2021 <br />Formal Budget Submittal to Council Study Session June 14, 2021 <br />Budget Public Hearing and Adoption June 28, 2021 <br />FISCAL IMPACT <br />The General Fund impact is $10.8 million, not including the $7.5 million of reserves to be retained in the <br />General Fund to cover the anticipated deficit in FY 2021-22. All of the $10.8 million proposed for <br />appropriations is available funding from the operating balance of FY 2019-20 and the estimated operating <br />balance for FY 2020-21. The various recommended changes are outlined in this report. <br />Staff time required to develop the FY 2021-22 budget is provided within current budget appropriations. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />Page 27 of 28 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />558 <br />