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City Council Work session

City Council Work session. October 17, 2011. Tonight’s Agenda. Review upcoming Council Work Session Topics/Policy Items and timeline related to FY 13 Budget process Review 5 Year Financial Forecast General Fund Other Funds Debt Management Plan G.O., Revenue & Improvement District Bonds

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City Council Work session

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  1. City Council Work session October 17, 2011

  2. Tonight’s Agenda • Review upcoming Council Work Session Topics/Policy Items and timeline related to FY 13 Budget process • Review 5 Year Financial Forecast • General Fund • Other Funds • Debt Management Plan • G.O., Revenue & Improvement District Bonds • Ballpark Financing (PIC) • Improvement District • Policy Discussion - Refinancing Opportunity • Timing to realize earnings from refinance

  3. Calendar of Upcoming Sessions

  4. Calendar of Upcoming Sessions –Con’t

  5. Calendar of Upcoming Sessions –Con’t

  6. City of GoodyearFinancial Review October 2011

  7. Operating Funds Outlook • Long-Term Financial Planning • Economic Trends • Financial Indicators • General Fund • Streets (HURF) Fund • Enterprise Funds • Utility Funds • Sanitation Fund • Stadium Fund

  8. Planning Cycle • Monitor Budget • Establish Goals & Priorities Staff/Sr. Management Reviews Quarterly Financial Reports to City Council City Council Advance July- Sept. July - June October- Dec. January- June Staff/Sr. Management Development CM Proposal to City Council Formal Adoption City Council Work Sessions • Develop Balanced Budget • Develop Long Term Financial Planning

  9. Phase I • Establish Goals & Priorities City Council Advance July- Sept. July - June January- June October- Dec.

  10. Phase II • Long Term Financial Planning • Policy Development • 5 Year Forecast • Debt Analysis • Compensation • Taxation July- Sept. July - June October- Dec. Staff/Sr. Management Development CM Proposal to City Council Formal Adoption January- June City Council Work Sessions • Develop Long Term Financial Planning

  11. Financial Wellness The financial recovery process has three basic stages: Bridging -Getting through the immediate crisis and creating breathing room to make more sustainable reforms. This stage includes: • Recognizing that financial distress exists and convincing a critical mass of stakeholders of the same • Diagnosing the causes of distress • Implementing retrenchment tactics to stabilize the situation • Developing a recovery plan. Reform-Carrying out the short-term recovery plan and developing and implementing long-term therapies. Reform includes: • Developing long-term financial strategies • Starting a formal long-term financial planning process. Transform- Institutionalization of long-term financial planning and becoming more resistant to financial distress and adaptable to a changing environment. • This condition is known as “financial resiliency.” Source: GFOA

  12. What is a Long-Term Financial Forecast? • Identifies future financial challenges and opportunities • Provides financial forecasting and analysis • Assist in developing strategies to achieve financial sustainability • Consensus driven • Inclusive of elected officials, staff and the public

  13. What should a Long-Term Financial Forecast do? • Results in strategies to achieve and maintain financial stability • Minimize impact of economic cycles on levels of service • Identifies: • How to provide consistent levels of service • How to address issues of major concern to the community within the financial constraints

  14. Long-Range Forecast Economic Assumptions • Uncertain Economy • Slow Residential & Commercial Growth Over Next Few Years • Decline in Property Assessed Valuation – One More Year • Stable Non-Construction Sales Tax • Current Tax Policy • Final Year of 4 year Utility Rate Plan • No Other Planned Rate Increases

  15. Current Economic Indicators Source: August data

  16. Key Revenues • Trending • General Fund • Housing Permits • Sales Tax – by major category

  17. 5 Year History GF Revenues

  18. Total Sales Tax

  19. Non- Construction Sales Tax

  20. Retail Sales Tax

  21. Restaurant & Bar Sales Tax

  22. Construction Sales Tax

  23. 5 Year Forecast GF Revenues

  24. General FundProjected Expenses

  25. Streets (HURF) Fund5 Year Forecast

  26. Utilities Fund5 Year Forecast

  27. Sanitation Fund5 Year Forecast

  28. Stadium Fund5 Year Forecast

  29. Where to go from here? • Calendar

  30. Calendar of Upcoming Sessions

  31. Calendar of Upcoming Sessions –Con’t

  32. Calendar of Upcoming Sessions –Con’t

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