AgdaPkt 2010-06-28 - Laserfiche WebLink

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6.3B Pa e 1 REPORT To the Honorable Mayor and City Council From the Ci Mana er June 28, 2010 SUBJECT Continuing Budget Authorization into Fiscal Year 2010-11 RECOMMENDATION By resolution, establish continuing budget authorization for the beginning of Fiscal Year 2010-11. BACKGROUND The City Council of the City of Redwood City consistently adopts the City's annual budget during the first month of the fiscal year after completing the required budget study sessions during the month of June, the last month of the previous fiscal year. This time frame creates an interim period during which no formal budget authorization exists to accommodate necessary spending for the new fiscal year until the proposed budget for the new fiscal year is adopted by the City Council. The recommended resolution authorizes spending at the rate of the current 2009-10 adopted budget for the period July 1 through the date of the adoption of the 2010-11 budget (currently set for July 12, 2010), and provides authorization to the City Manager and Finance Director to make usual and necessary payments during this interim period. ALTERNATIVES The City Council could choose to not approve this resolution in which case usual and necessary payments required during the beginning of July 2010 would not have authorization. FISCAL IMPACT There is no fiscal impact associated with adopting this resolution as the resolution allows spending to continue at the current rate authorized in the 2009-10 adopted budget until the 2010-11 budget is adopted. snai:{fV\ Director of Finance Peter Ingram ~ ~ City Manager ATTACHMENTS 1. Resolution establishing continued budget authorization into fiscal year 2010-11 RELATED DOCUMENTS IN CITY CLERK'S OFFICE None