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• <br />• <br />• <br />WS — Item 5 <br />WORK SESSION STAFF REPORT <br />Work Session Item 5 <br />Date: December 1, 2008 <br />To: City Council <br />From: Gordon Heitke <br />Re: Five year Financial Plan Completion <br />Background <br />At the November 3, 2008 work session, staff discussed the initial draft of the 2009 -2013 <br />Five -Year Financial Plan. Staff noted the impact of the current economic conditions and <br />levy limits, resulting in challenges to balance projected future revenues with projected <br />expenditures consistent with present service levels. It was decided that the Council and <br />staff would engage in a strategic planning process, beginning in February, 2009, to <br />analyze revenue sources and identify service priorities in order to guide the Five -Year <br />Financial Plan. <br />Resolution No. 06 -213 states that the city council will adopt a Five -Year Financial Plan <br />by December 31 of each year. <br />Requested Council Direction <br />Staff is seeking direction as to whether the Council prefers to conduct a public hearing <br />and adopt the draft plan in its present form to meet the established adoption date, or take <br />action extending the adoption date of the plan in order to conduct strategic planning <br />sessions in order to complete the plan. <br />Attachment <br />1. Resolution No. 06 -213 <br />1 <br />