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ATTY/RESO.0070/CC RESO ADOPTING THE SUCCESSOR AGENCY BUDGET FOR FY 25-26 REV: 06-16-25 MI Page 1 of 1 RESOLUTION NO. 16335 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE CITY OF REDWOOD CITY REDEVELOPMENT AGENCY ADOPTING THE BUDGET OF THE SUCCESSOR AGENCY FOR FISCAL YEAR JULY 1, 2025 - JUNE 30, 2026 AND PROVIDING FOR THE APPROPRIATION AND EXPENDITURE OF ALL SUMS SET FORTH IN SAID BUDGET WHEREAS, the Executive Director of the Successor Agency to the Redwood City Redevelopment Agency (“Successor Agency”) has submitted to the Board of the Successor Agency a proposed annual budget for Fiscal Year July 1, 2025 - June 30, 2026; and WHEREAS, after duly noticed public hearing, the Successor Agency has approved the budget and it has been certified as the Budget of the Successor Agency for Fiscal Year 2025-26; and WHEREAS, it is the intention of the Successor Agency to adopt the certified copy of the Budget presently on file in the office of the City Clerk as it pertains to the Successor Agency. NOW, THEREFORE, BE IT RESOLVED BY THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY AS FOLLOWS: SECTION 1. Adoption of Budget. The Budget for the Fiscal Year July 1, 2025 - June 30, 2026, approved by the Successor Agency and certified by the Secretary and Executive Director, presently on file in the office of the City Clerk, is adopted for the Successor Agency. The Budget pertaining to the Successor Agency is contained in Fiduciary Funds of the Budget document entitled “Adopted Budget FY 2025-26.” SECTION 2. Provision for Interim Expenditures after June 30, 2026; Reappropriations. The Executive Director and Finance Director are authorized and directed to charge expenses pertaining to the Successor Agency and incurred prior to July 1, 2026 to the appropriations of Fiscal Year 2025-26. The Executive Director and Finance Director are further authorized to pay all contractual obligations pertaining to the Successor Agency, including but not limited to payroll, contracts, and other expenses, incurred between July 1, 2026 and the date that the appropriations are adopted for Fiscal Year 2026- 2027; to this end the Successor Agency appropriates 1/12 of the amounts that were appropriated for operating purposes in Fiscal Year 2025- 26 to each fund, to be effective July 1, 2026. Upon adoption of a budget for Fiscal Year 2026-2027 this appropriation shall be superseded. SECTION 3. Effective Date and Operative Date. This resolution shall be effective immediately upon adoption. * * *