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8.A - Page 1 <br /> RE PO RT <br /> To the Honorable Mayor and City Council <br /> From the Cit Mana er <br /> June 25, 2012 <br /> SUBJECT <br /> Fiscal Year 2012-13 Budget (Successor Agency) <br /> RECOMMENDATION <br /> By resolution, adopt the FY 2012-13 Budget for the Successor Agency to the Redwood <br /> City Redevelopment Agency. <br /> BACKGROUND <br /> On June 11t" the City Council held a budget study session at which time the Council <br /> reviewed the published recommended FY 2012-13 budget as submitted by the City <br /> Manager. After reviewing the budget for the Successor Agency, Council directed no <br /> changes to the budget as submitted. <br /> Included in the budget that was presented to Council was a budget for the Successor <br /> Agency. This budget appears on Budget Summary pages 10-11 and 26, Community <br /> Development pages 20 and 34-35, and General Budget Information (transfers) page 7. <br /> ANALYSIS <br /> The recommended budget is consistent with Council's direction on the adoption of the <br /> proposed budget. <br /> A copy of the recommended budget is on file with the City Clerk for public review. <br /> ALTERNATIVES <br /> The City Charter requires that the Council adopt a budget by resolution. Not adopting a <br /> budget would place the City out of compliance with the City Charter. <br /> FISCAL IMPACT <br /> Adopting the FY 2012-13 budget will provide authority for the Successor Agency to <br /> continue operations this coming fiscal year. <br /> ENVIRONMENTAL REVIEW <br /> Adopting the budget is not a project under the California Environmental Quality Act. <br /> � <br /> � �^-- <br /> BRIAN PONTY <br /> DIRECTOR OF FINANCE <br />