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Page 1 of 22 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />DATE: February 24, 2025 <br />SUBJECT <br />Fiscal Year 2023-24 year-end budget update, mid-year update on Fiscal Year 2024-25 goals, Fiscal Year <br />2024-25 mid-year budget amendments, and proposed framework for development of the Fiscal Year <br />2025-26 Recommended Budget <br />RECOMMENDATION <br />1. Accept an update on the Fiscal Year (FY) 2023-24 year-end operating results; <br />2. Accept a mid-year update on FY 2024-25 goals; <br />3. Adopt a resolution a) appropriating and transferring certain funds for specified purposes to <br />conform the budgeted amounts to actual revenues or expenditures for transactions that have <br />occurred or are anticipated to occur during FY 2024-25 and b) amending the City’s authorized <br />full-time equivalent (FTE) table for the FY 2024-25 Adopted Budget; <br />4. Accept an economic and budget outlook update; <br />5. Provide direction on the recommended framework for the development of the FY 2025-26 <br />Recommended Budget; and <br />6. By motion, approve the dates for City Council action on the FY 2025-26 budget as set forth in this <br />staff report, including establishing June 9, 2025 as the date on which the City Manager shall <br />present a proposed budget to the City Council. <br />STRATEGIC PLAN GUIDING PRINCIPLE <br />Excellence in Government Operations <br />BACKGROUND <br />The Mid-Year Budget update provides an opportunity for the City Manager and staff to update the <br />City Council on the major financial factors affecting the City’s current fiscal year budget and on the <br />8.A. - Page 1 of 70 <br />166