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8.B. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> June 23, 2014 <br /> SUBJECT <br /> Fiscal Year 2014-15 Budget (Successor Agency) <br /> RECOMMENDATION <br /> Adopt, by resolution the FY 2014-15 Budget for the Successor Agency to the Redwood <br /> City Redevelopment Agency. <br /> BACKGROUND <br /> On June 9th the City Council held a budget study session at which time the Council <br /> reviewed the published and recommended FY 2014-15 budget as submitted by the City <br /> Manager. Included in the budget that was presented to Council was a budget for the <br /> Successor Agency. This budget appears on Community Development pages 28 and 43- <br /> 44. After reviewing the budget for the Successor Agency, Council directed no changes <br /> to the budget as submitted. <br /> ANALYSIS <br /> The recommended budget provides the necessary resources to finance the former <br /> Redevelopment Agency's obligations that will come due in FY 2014-15. <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 2014-15 budget will provide authority for the Successor Agency to <br /> continue operations this coming fiscal year. <br /> ENVIRONMENTAL REVIEW <br /> This activity is not a project under CEQA as defined in CEQA Guidelines, section <br /> 15378, because it has no potential for resulting in either a direct or foreseeable physical <br /> change in the environment. <br />