12/03/2007 Council Packet - Laserfiche WebLink

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• • WS -6 WORK SESSION MEMORANDUM To: Mayor and Council Members From: Al Rolek Date: December 3, 2007 Re: 2008 -2012 5 -year Financial Plan — Revised Draft CC: Gordon Heitke Attached is a revised draft of the 2008 -2012 5 -year Financial Plan for discussion at the work session meeting on December 3. Staff has incorporated the elements and changes suggested by the City Council on November 26 into the plan. The parts of the plan affected by the changes are on the green sheets distributed throughout the document. In addition to maintaining the outsourcing of engineering services throughout the term of the draft plan, staffing levels and those areas affected by staffing changes have also been updated, including capital expenditures. The net affect of these changes is an overall increase in expenditures of 40.56% for the five -year period, down from 45.72% in the original draft. While expenditures are decreased, corresponding related revenues have also been reduced. The anticipated growth forecast in the tax base was maintained from the original draft, ranging from 2% -7% over the plan period. Given this rate of growth in the tax base, the city tax rate in the plan will adjust from 38.994% in 2007 to 44.262% in 2012. This compares with a rate of 44.871% in 2012 of the original plan. Again, staff seekings further direction from the City Council in its vision for the future of the city and how it will be managed financially.