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r <br />reconstruction and park development (not currently included in this draft) through the <br />annual levy will result in additional tax increases in the financial plan. <br />It must be recognized and reiterated that this is a financial forecast, not a budget, and it <br />does not constitute authorization for future spending. The city budget will continue to be <br />prepared annually, and current appropriations will continue to be presented to and <br />approved by the City Council on an annual basis. While it is the Council's and staffs <br />intention to be fiscally responsible, it is possible that future budgetary needs may differ <br />from what is outlined in the draft five -year forecast, resulting in a tax rate higher or lower <br />than anticipated in the plan. Likewise, the five -year forecast will be updated each year <br />and city needs reassessed at the time of renewal. <br />Requested Council Direction <br />Staff is seeking direction from the City Council in its vision for the future of the city and <br />how it will be managed financially. A review of service policies and priorities will be <br />necessary to obtain direction for preparing the final draft of this plan. It is anticipated <br />that this discussion will continue into future drafts, culminating into a feasible, usable <br />final planning document. <br />Attachments <br />Draft 2013 -2017 5 -year Forecast — 1st Draft <br />