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Developing Appropriate Financial Policies in San Clemente, California

Developing Appropriate Financial Policies in San Clemente, California. Pall Gudgeirsson, Assistant City Manager/City Treasurer Rising to New Heights in Finance CSMFO, Palm Springs, California, February 22, 2006. Introduction. Why San Clemente Developed a Fiscal Policy?

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Developing Appropriate Financial Policies in San Clemente, California

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  1. Developing Appropriate Financial Policies in San Clemente, California Pall Gudgeirsson, Assistant City Manager/City Treasurer Rising to New Heights in Finance CSMFO, Palm Springs, California, February 22, 2006

  2. Introduction • Why San Clemente Developed a Fiscal Policy? • City coffers virtually empty in 1992 • Reserves non-existent or unfunded • Projected deficit balances • Failing infrastructure • Declining revenues • Increasing expenditures • Successful? “Trouble In Paradise”

  3. Fiscal Policies: Means To An End… • “About the time we can make the ends meet, somebody moves the ends.” • Herbert Hoover

  4. Long-Term Financial Planning – A Definition • Identifies fiscal issues and opportunities • Establishes fiscal policies and goals • Examines fiscal trends • Produces a financial forecast • Provides for feasible solutions

  5. Long Term Financial Plan – The Process • Build the Foundation • Financial Policies • Financial Trends • Financial Forecast • Identify Critical Issues • Develop the Plan • Implement the Plan • Monitor the Plan

  6. Tips, Traps & Other Observations From the Beach “The closest thing we ever had to a Fiscal Policy was a two year budget” A San Clemente Council member Random Thoughts on Fiscal Policies

  7. 10. Decide on detailed or general policies 9. Get ahead of the game! 8. Be realistic & objective 7. Brief the press 6. Update annually Top Ten Tips

  8. 5. Be sure that stakeholders have input into establishing the policy 4. Tie development of policies to LTFP, Budget & CIP 3. Show progress in meeting policy requirements 2. The policy should be a “living will” Top Ten Tips

  9. 1. Policies should be “goals” or “challenges” Bonus Tip: Develop a policy when you get home… Top Tip!

  10. Top Ten Traps 10. Not preparing because they are too much work 9. Using dollar amounts in policies 8. Copying other entity’s policies 7. Not informing your employee associations of reserve policies 6. Not providing enough information to legislators

  11. Top Ten Traps 5. Getting too detailed 4. Allowing your policies to get out of date 3. Not following or delaying implementation of policies 2. Building it if you can’t maintain it "Build it and the money will follow“ (Beaches, Parks & Recreation Director)

  12. Trap #1 ! • Not including a policy specifying use of one time revenues Bonus Trap – Developing in “crisis” mode

  13. City of San Clemente City of Sunnyvale City of Long Beach Review Examples(See Handouts)

  14. “I didn’t really say everything I said.” Yogi Berra Questions & Answers Illustrations by Pablo Bargueno City of San Clemente, GIS Mapping Specialist

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