11/05/2007 Council Packet - Laserfiche WebLink

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• • • additions, pavement management, storm water maintenance, capital equipment replacement planning, and energy costs. The Fire Protection budget anticipates increases of 5% per year in response to city growth. The completion of the transition from certificate of indebtedness financing to current financing of equipment replacement, eliminating future interest expense, is an integral part of the plan. Planning for long -term capital outlay is continued throughout the term of the plan. Anticipated staffing needs of 23.25 employees, with related benefits and other personnel costs, are included from 2008 — 2012. Also in this total is the implementation of an in- house Engineering Department. Narrative is provided in the document explaining the rationale for this initiative. You should also be aware that certain assumptions are made with regard to certain staff additions. For example, it is anticipated that Homeland Security grants and additional COPS grants will be available to offset the cost of adding police officer positions each year. If these funding sources are not available, the addition of these positions will be re- evaluated in future revisions of the plan. In reviewing this draft plan on Monday night, staff is seeking direction from the City Council in its vision for the future of the city and how it will be managed financially. It must be recognized and reiterated that this is a financial plan, not a budget, and it does not constitute authorization for future spending. The city budget will continue to be prepared annually, and current needs will continue to be presented to Council on an annual basis. While it is Council's, and staff's, intention to be fiscally responsible, it is possible that future budgetary needs may differ from what is outlined in the five -year plan, resulting in a tax rate higher or lower than anticipated in the plan. Likewise, the five -year plan will be updated each year and city needs reassessed at the time of renewal. Staff is looking for City Council direction relative to the preparation of a final draft. According to the process, a fmal draft will be reviewed at the December work session with a public hearing to be scheduled in December, at which time it is expected that the plan would be formally adopted. If additional time is needed, the Council would need to set a special work session prior to the public hearing to finalize the document for adoption.