Laserfiche WebLink
The City is currently developing the Strategic Financial Plan using Microsoft Excel and related Office <br />tools. These tools provide flexibility and compatibility with existing data but can be time-intensive and <br />dependent on staff familiarity with complex spreadsheets. <br />To enhance accessibility and long-term usability, staff is evaluating the potential adoption of EUNA, a <br />cloud-based financial planning platform. Estimated annual cost: approximately $10,000 (not included in <br />original budget for this project). Key advantages include: <br />Integrates with the City’s new BS&A financial software, allowing real-time updates. <br />Easier onboarding and training for new staff. <br />Reduced reliance on specialized spreadsheet knowledge. <br />Improved data visualization and reporting for decision-making. <br />In addition to financial tools, the City has the opportunity to strengthen its asset management base by <br />developing a detailed street inventory with maintenance/replacement cost estimates, to be completed by <br />the City Engineer at an estimated cost of $18,000 (not included in original budget for this project). This <br />would create a data-driven foundation for pavement management and long-term infrastructure planning <br />integrated with GIS. A detailed inventory could tell us how many square feet of road surface we have, <br />when they were last replaced, and forecast costs and replacement timelines. <br />Alternatively, the City could set an infrastructure fund levy goal using some rough assumptions and build <br />out detailed cost data over time as the GIS system evolves. As compared to the complete inventory, this <br />method would estimate total miles of street, estimate total square footage based on the average width of a <br />street, apply an average lifespan to determine an approximate cost per year. This method fails to gauge <br />the timing of expenditures and long-term impacts on infrastructure fund balance, but that information will <br />come in years to come as we continue to develop our modeling. This was the original plan when this <br />project was developed and staff is generally comfortable with this scenario. <br />Potential City Council Priorities & Objectives <br />Staff would like to clarify the priorities and objectives regarding the Strategic Financial Plan. The <br />following list provides some examples of objectives that the plan might include. <br />A.Debt Management and Long-Term Fiscal Health <br />o Increase cash used on capital projects in order to decrease necessary debt. <br />o Reduce total City debt while maintaining necessary capital investment according to the CIP. <br />o Develop a sustainable debt policy with clear debt-to-cash ratios and paydown targets. <br />o Balance capital needs and debt reduction through coordinated levies and borrowing. <br />o Improve credit profile and resilience through debt reduction and increased reserves. <br />B.Levy Strategy and Revenue Stability <br />o Establish a predictable levy growth plan to fund capital needs while minimizing sharp tax <br />increases. <br />o Implement phased capital levies aligned with infrastructure replacement plans. <br />o Diversify revenue sources to reduce reliance on the tax levy. <br />o Maintain tax policy that is competitive with neighboring and/or similar cities; but not in <br />opposition to appropriately funding operations, capital needs, and strategic priorities. <br />C.Capital Planning and Infrastructure Investment <br />o Fully integrate the Street, Park, and Building CIPs into the long-range plan. <br />o Develop a funding model for Fund 409 based on realistic life-cycle costs. <br />o Prioritize data-driven decisions by implementing the street inventory project in 2026 OR <br />Implement 3-year plan to inventory streets and other assets and project life-cycle costs. <br />D.Budget Sustainability and Service Levels <br />o Link long-term forecasts to staffing and service level evaluations.