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6.3.C. - Page 3 RESOLUTION NO. RD 11 - rG\aG[S771NIA01s A RESOLUTION OF THE REDWOOD CITY REDEVELOPMENT AGENCY ADOPTING THE BUDGET OF THE REDEVELOPMENT AGENCY OF REDWOOD CITY FOR FISCAL YEAR JULY 1, 2011 - JUNE 30, 2012 AND PROVIDING FOR THE APPROPRIATION AND EXPENDITURE OF ALL SUMS SET FORTH IN SAID BUDGET WHEREAS, the Executive Director has submitted to the Board of the Redwood City Redevelopment Agency a proposed annual budget for Fiscal Year July 1, 2011 - June 30, 2012; and NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF THE REDWOOD CITY REDEVELOPMENT AGENCY AS FOLLOWS: SECTION 1 . Adoption of Budget The Budget for the Fiscal Year July 1, 2011 - June 30, 2012, approved by the Board is adopted. The Budget is contained in the document entitled "Redevelopment Agency Annual Budget Report Fiscal Year 2011- 2012." SECTION 2 . Appropriations The amounts designated for subprograms in the Budget document's "Operating Programs" section are appropriated to each designated subprogram and the amounts designated for capital projects listed in the Budget document's "Capital Improvement Projects" section are appropriated, excepting those for the Redevelopment Agency. The Beginning Balance in the Budget document's "Analysis of Budget by Fund" and the Revenue Estimates for 2011 -12 in the Budget document's "Budget Summary", including those for the Redwood City Public Financing Authority and assessment and improvement districts, excepting those for the Redevelopment Agency, are appropriated. SECTION 3 Provision for Interim Expenditures as of July 1, 2011; Reap prop riations All expenses incurred after July 1, 2011 shall be charged to the 2011 -2012 Budget. SECTION 4. Provision for Interim Expenditures After June 30, 2012; Reap prop riations The Executive Director and Finance Director are authorized and directed to charge expenses incurred prior to July 1, 2012 to the appropriations of Fiscal Year 2011 -2012. The Executive Director and Finance Director are further authorized to pay all contractual obligations, including but not limited to payroll, contracts, and other expenses, incurred between July 1, 2011 and the date that the appropriations are adopted for Fiscal Year 2011 -2012; to this end the City Council appropriates 1/12 of the amounts that were appropriated for operating purposes in Fiscal Year 2011 -2012 to each fund, to be effective July 1, 2012. Upon adoption of a budget for Fiscal Year 2011 -2012 this appropriation shall be superseded. Atty /Reso /Reso.2145 070511