Agenda Packets - 1994/08/08 - Laserfiche WebLink

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Economic conditions have precipitated reductions in the amounts of Federal and State Aids to cities. Those reductions have challenged cities to maintain levels of service to their citizens with reduced revenues. The City has met this challenge through improved financial planning. The annual budget has been substantially improved in recent years as a result of greater involvement and participation by staff and Council. 1995 - 1999 GOALS In order to maintain its ability to provide needed public service to its residents, the City needs to maintain the present level of financial planning and to expand long range planning efforts begun with the 1983 Water and Sewer System Maintenance and Capital Improvement Program. That type of planning should be undertaken for acquisition/replacement and maintenance of all land, buildings and equipment. Staff has prepared a replacement schedule for all City vehicles and equipment. The City has established a fund into which monies will be placed annually for replacement of vehicles and equipment. The purpose of this fund is to ensure that necessary funds be on hand for timely replacement of vehicles and equipment and to avoid large unplanned expenditures or "budget busters" which would place a strain on the City's finances. The Focus 2000 groups have made recommendations regarding citizen understanding of and participation in the budget process. The City has responded to those recommendations by modifying its budget process and practices. One response has been to institute program performance budgeting for the 1995 budget. Another response has been to invite citizens to participate in the budget process. Announcements of budget hearings will be placed on the City Government cable channel, in the City newsletter, and in a mailing to citizens who attended the previous year's budget hearing and to participants of the Focus 2000 process. A special informational meeting will be held this year to review the City's proposed budget in advance of the formal budget hearing required by state law. Financial self sufficiency is an ongoing goal of the City and was reaffirmed at the City's 1994 Strategic Planning Session. To achieve this goal the Department will begin to identify various user and/or franchise fees which may be applicable to the City and report these to the City Council. The department will also begin to look at various funding sources which may be used for the improvement and/or expansion of the City's infrastructure, Parks, and Open Spaces. Another goal of the Department the past few years has been to maintain/or improve the City's bond rating; that goal has been accomplished. In April of 1994 the City received a rating of A from Moodys Investors Service for a refunding bond issues. The City's financial advisors stated that this was the best rating that could be obtained by a City of 26