Laserfiche WebLink
Page 11 of 22 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />Table 5 <br />In all but two projects - the Hoover Pool/Park Conversion Project and the Play Equipment Replacement <br />Program - Parks Impact Fee revenues represented a small portion of funding for projects that would <br />require additional funding. Further, the City does not anticipate beginning these projects in the near <br />future. Defunding these amounts in the FY 2024-25 budget in light of the shortage in Parks Impact Fee <br />revenues is a short-term, timing strategy rather than a signal that these projects are not a priority. As <br />Parks Impact Fee revenues materialize and the recommended interfund loan is paid off, staff will <br />recommend restoring funding for the projects listed above. <br />The Hoover Pool/Park Conversion Project and the Play Equipment Replacement Program rely on Park <br />Impact Fee revenues and have more immediate funding needs. <br />Staff anticipate recommending in April 2025 an interfund loan from the General Fund to the Park Impact <br />Fees fund to offset the current negative fund balance in the Park Impact Fees fund and to fund the 2024-25 <br />Mid-Year Budget Amendments for Hoover Park and the Play Equipment Replacement Program. This is <br />summarized in Table 6. <br />Table 6 <br />Anticipated Uses of Interfund Loan From General Fund to Park Impact Fees Fund <br />Funding to offset existing negative fund balance in Park Impact <br />Fees Fund 4,070,865 <br />Funding for 2024-25 Hoover Park and Play Equipment <br />projects 988,753 <br /> 5,059,618 <br />While the totality of the mid-year budget amendment expenditure changes results in a net reduction in <br />anticipated expenditures, there are several modest expenditure increases, including funding for a <br />temporary dog park at Elco Yards and funding to increase the minimum wage for PRCS part-time casual <br />employees, raising the wage to the City’s current minimum wage. <br />8.A. - Page 11 of 70 <br />176