Laserfiche WebLink
12/03/2018 <br />RESOLUTION NO. 15720 <br />RESOLUTION OF THE CITY COUNCIL OF REDWOOD CITY <br />APPROPRIATING AND TRANSFERRING CERTAIN FUNDS FOR <br />SPECIFIED PURPOSES DURING FY 2018-19 <br />WHEREAS, during the course of a fiscal year, the City Council may take actions <br />that change or modify the City's existing and approved budgets; and <br />WHEREAS, the Adopted Budget for FY 2018-19 included recommendations for <br />the uses of the General Fund Operating Surplus for FY 2017-18. The final amount of <br />surplus funds in FY 2017-18 were to be determined after the year-end close and final <br />audit determination; and <br />WHEREAS, the City Council adopted a Financial Sustainability Plan in FY 2018- <br />19 that included reductions in General Fund Expenditures and staff positions and <br />proposed restoring certain expenditure reductions if a revenue measure for a half -cent <br />sales tax increase were to be approved by voters in November 2018; and <br />WHEREAS, the audited financials for FY 2017-18 calculated the amount of <br />surplus funds totaling approximately $3.6 million; and <br />WHEREAS, the half -cent sales tax increase was approved by the voters in <br />November 2018; and <br />WHEREAS, staff has presented written documentation which sets forth the <br />changes in expenditures with a total of $2.7 million in reductions to be restored in FY <br />2018-19. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY AS FOLLOWS: <br />1. The following stated amount, $6.3 million, is hereby appropriated and <br />transferred for specific purposes to conform the budgeted amounts to actual <br />expenditures approved for transactions, which have occurred during Fiscal Year 2018- <br />2019. <br />ATTY/RESO.0109/CC RESO APPROPRIATING FUNDS FY 18-19 RESO. NO. 15720 <br />REV: 11-27-18 VR MUFF NO. 501 <br />Page 1 of 1 <br />