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for increases within the draft plan are personnel costs, pavement management, capital <br />equipment replacement planning, and energy costs. Planning for long -term capital outlay <br />is continued throughout the term of the plan. Greater efforts in funding future street <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 plan, not a budget, and it does <br />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 plan, resulting in a tax rate higher or lower <br />than anticipated in the plan. Likewise, the five -year plan will be updated each year and <br />city needs reassessed at the time of renewal. <br />In reviewing this draft plan on Monday night, staff is seeking direction from the City <br />Council in its vision for the future of the city and how it will be managed financially. A <br />review of service policies and priorities will be necessary to obtain direction for <br />preparing the final draft of this plan. It is anticipated that this discussion will continue <br />into future drafts, culminating into a feasible, usable final planning document. <br />• <br />• <br />• <br />