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City of Redwood City <br />Required Supplementary Information (Unaudited) <br />Budgetary Information <br />For the Year Ended June 30, 2025 <br /> <br />129 <br />Note 1 – Budgets and Budgetary Accounting <br /> <br />Formal budgetary integration is employed as a management control device during the year for the general fund, special <br />revenue funds and capital projects funds. <br /> <br />Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America <br />(GAAP) for the general fund, special revenue funds, and the debt service fund. Capital projects funds’ budgets are <br />adopted on a project length basis and are not presented here. <br /> <br />The City Manager submits a recommended operating budget in June each year to the City Council for the fiscal year <br />commencing the following July 1, showing proposed expenditures by programs and the means of financing them. <br /> <br />The City Council conducts budget study sessions, which are open for public comment, before adopting the budget. <br />Once the budget is adopted, expenditures may not legally exceed appropriations at program/function level except when <br />the excess is attributable to a particular activity for which the City has been reimbursed. This is especially apparent in <br />the Community Development Program where developers reimburse the City through sub-division fees and <br />environmental impact report fees. <br /> <br />At the request of the department head through the City Manager, the City Council may, by resolution, transfer <br />appropriations between sub-programs and funds. Any increase or decrease to the total appropriations provided for in <br />the budget must also be approved by resolution of the City Council. The City Manager may authorize the transfer of <br />funds between object categories within a sub- program of a department. The adoption and administration of the Port of <br />Redwood City budget, unless property tax revenues are requested, is exclusively under the control of the Board of Port <br />Commissioners. <br /> <br />Budgeted amounts are as originally adopted, or as amended, by the City Council during the fiscal year. Individual <br />amendments throughout the year are typically not material in relation to the original appropriations, and do not carry <br />forward to the next fiscal year. <br /> <br />All unexpended appropriations lapse at the end of the fiscal year. Appropriations for capital projects or appropriations <br />that are encumbered are re-appropriated and carried over in the following year’s budget. <br /> <br /> <br /> <br /> <br /> <br />7.C. - Page 161 of 269 <br />180