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02/22/2021 <br />RESOLUTION NO. 15938 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY APPROPRIATING AND TRANSFERRING CERTAIN FUNDS FOR <br />SPECIFIED PURPOSES DURING FY 2020-21 <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 Revised Budget for FY 2020-21 included <br />recommendations for the uses of the General Fund Operating Surplus for FY 2019-20, <br />with the stipulation thatthe final amount of surplus funds in FY 2019-20 and the use of <br />those funds would be determined after the year-end close and final audit determination; <br />and <br />WHEREAS, the audited financials for FY 2019-20 calculated the amount of surplus <br />funds totaling approximately $12.1 million; and <br />WHEREAS, staff has recommended uses for General Fund Operating Surplus for <br />FY 2019-20, except for $7.5 million which will be retained to cover the anticipated <br />operating deficit in FY 2021-22, resulting in available funds to be appropriated of $4.6 <br />million; and <br />WHEREAS, the Ten -Year General Fund Forecast, dated October 26, 2020, <br />included $3.3 million in limited -term funding for City Council priorities for FY 2019-20, that <br />has yet to be appropriated; and <br />WHEREAS, the Preliminary Ten -Year General Fund Forecast, dated February 22, <br />2021, includes $2.9 million in projected costs in FY 2020-21 for limited -term funding for <br />City Council priorities, that has yet to be appropriated; and <br />WHEREAS, an amendment to the Fiscal Year 2020-21 adopted budget is required <br />ATTY/RESO.0010/CC RESO APPROPRIATING & TRANSFERRING CERTAIN FUNDS FOR FY 20-21 RESO. NO. 15938 <br />REV: 02-18-2021 MI MUFF NO. 505 <br />Page 1 of 3 <br />