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Page 2 of 4 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br /> <br />General Fund <br />The proposed General Fund net increase of $5.92 million to revenues and transfers-in includes increases <br />of <br />$2.93 million for updated revenue estimates based on actual revenue recorded to date in FY 2024-25 <br />and <br />$2.85 million in new grant revenue. <br />The net increase in expenditures and transfers-out of $5.74 million is primarily attributed to <br />appropriations totaling $2.23 million for operating expenses and professional services citywide. In <br />addition, other increases which are offset by grant revenue total $3.01 million which is primarily made up <br />of $2.85 million received from the State Encampment Resolution Funding grant. The remaining $393,000 <br />increase to expenditures is directly offset by increases in program revenue. A $250,000 transfer from the <br />General Fund will be moved to the Capital Projects Fund to help fund a portion of the Turf Field <br />Replacement at Fair Oaks School and Red Morton Park. <br />Special Revenue Funds <br />The proposed net increase of $1.18 million to Special Revenue Funds revenues and transfers-in includes <br />an increase of $1.46 million from new grant revenues including $1.05 million for Bay Road Complete <br />Streets Projects from 5th Ave & Spring Street and Transit-Oriented Communities related to parking <br />standards, $56,000 from Redwood City Parks and Arts Foundation for art installation at the Jardin de Ninos <br />Park and $350,000 for recognizing existing grants. <br />Proposed increases in expenditures totaling $1.68 million include $1.24 million for expenditures relating <br />to previously mentioned Bay Road Complete Streets Projects and Transit-Oriented Communities grants. <br />Also included is a $300,000 transfer from the Special Revenue Funds which will be moved to the Parking <br />Fund related to the Transit-Oriented Communities project. <br />Summary of Recommended Budget Changes by Fund Type <br /> <br /> Revenues <br />$ <br /> Expenditures <br />$ <br />Net Effect on <br />Fund Balance <br />General Fund 5,920,508 5,736,025 184,483 <br />Special Revenue Funds 1,176,704 1,681,353 (504,649) <br />Capital Outlay Funds 250,000 250,000 - <br />Enterprise Funds 300,000 300,000 - <br />Internal Services Funds -865,803 (865,803) <br />Total $ 7,647,212 $ 8,833,181 $ (1,185,969) <br />6.B. - Page 2 of 9 <br />23