City Developing Fiscal Sustainability Plan
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Earlier this year, the City hired a third-party consultant to review the methodology and assumptions built into the financial projections and forecasts used by the Finance Department. This analysis provided a sound basis for understanding the City's financial ability to fund services during the next six years in the face of looming budget deficits. Management Partners is a professional management consulting firm specializing in helping local government leaders improve their operations for over 20 years, identifying problems and best practices that reveal ways to increase organizational effectiveness.
Following that report, the City Council then requested the creation of a fiscal sustainability plan that would help it grow the City's Contingency Fund (aka "Rainy Day Fund") to equal a minimum of two-months of the annual General Fund budget, as per recommended best practices. As part of implementing such a plan, City staff will need to identify additional efficiencies, evaluate service delivery model changes, capture further cost savings, and find new enhanced revenues.
At the December 18 Council Meeting (Agenda Bill 5520) Management Partners laid out its strategy and project timeline; a report is expected as early as April 30, 2019.
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