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Page 4 of 22 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />deployed in two general ways: <br />(1) Keeping with the City’s past practice, a portion of the $20.890 million was allocated for one-time <br />purposes; and <br />(2) A portion was preserved to partially offset an anticipated $1.3M operating deficit in FY 2025-26. <br />In light of the anticipated additional $18.001 million in General Fund fund balance, as discussed in Section <br />3 of this memo, staff recommends three actions: <br />1) Allocating $303,645 to fund mid-year budget adjustment needs. <br />2) Setting aside $5,004,501 to be used for an interfund loan from the General Fund to the Parks Impact <br />Fee Fund to address a short-term funding imbalance resulting from reliance on Park Impact Fee <br />revenue that have not yet materialized. The interfund loan will be ready for City Council review and <br />approval in April. <br />3) Reserving $12.693 million in General Fund fund balance to support investments in the FY 2025-26 <br />Recommended Budget. Section 6 of this memo provides a framework for developing the FY 2025-26 <br />Recommended Budget, including use of fund balance. <br />FY 2024-25 Mid-Year Budget Adjustments 303,645 <br />Interfund Loan to Parks Impact Fee Fund 5,004,501 <br />Allocate with FY 2025-26 Recommended Budget 12,693,000 <br /> 18,001,146 <br />2. Goals Progress: Mid-year Update on the Status of Fiscal Year 2024-25 Goals <br />As part of the budget process, all departments set specific, measurable, achievable, relevant, timebound, <br />inclusive and equitable (SMARTIE) goals in alignment with the City’s adopted Strategic Plan. The goals are <br />published in the budget book. These goals reflect a subset of the City’s operational tempo and do not <br />represent all the work each department does over the course of the year. <br />Attachment A provides progress on all FY 2024-25 goals that relate to the priorities and guiding principles1 <br />in the Strategic Plan. Chart 1 provides the status of all SMARTIE goals listed in the attachment. <br />1 The City’s Guiding Principles: Aesthetics, Communication and Community Building, Economic Vitality, <br />Excellence in Government Operations, Healthy Community for All Ages, Housing, Public Safety, Sustainability, <br />Transportation. <br />8.A. - Page 4 of 70 <br />169