Laserfiche WebLink
Economic conditions have precipitated reductions in the amounts of Federal and State Aids to <br />cities. Those reductions have challenged cities to maintain levels of service to their citizens <br />with reduced revenues. The City has met this challenge through improved financial <br />planning. The annual budget has been substantially improved in recent years as a result of <br />greater involvement and participation by staff and Council. <br />1996 - 2000 GOALS <br />In order to maintain its ability to provide needed public service to its residents, the City <br />needs to maintain the present level of financial planning and to expand long range planning <br />efforts begun with the 1983 Water and Sewer System Maintenance and Capital Improvement <br />Program. That type of planning should be undertaken for acquisition/replacement and <br />maintenance of all land, buildings and equipment. <br />Staff has prepared a replacement schedule for all City vehicles and equipment. The City has <br />established a fund into which monies will be placed annually for replacement of vehicles and <br />equipment. The purpose of this fund is to ensure that necessary funds be on hand for timely <br />replacement of vehicles and equipment and to avoid large unplanned expenditures or "budget <br />busters" which would place a strain on the City's finances. <br />The Focus 2000 groups have made recommendations regarding citizen understanding of and <br />participation in the budget process. The City has responded to those recommendations by <br />modifying its budget process and practices. One response has been to institute program <br />performance budgeting for the 1995 budget. Another response has been to invite citizens to <br />participate in the budget process. Announcements of budget hearings will be placed on the <br />City Government cable channel, in the City newsletter, and in a mailing to citizens who <br />attended the previous year's budget hearing and to participants of the Focus 2000 process. A <br />special informational meeting will be held this year to review the City's proposed budget in <br />advance of the formal budget hearing required by state law. <br />Financial self sufficiency is an ongoing goal of the City and was reaffirmed at the City's <br />1995 Strategic Planning Session. To achieve this goal the Department will begin to identify <br />various user and/or franchise fees which may be applicable to the City and report these to the <br />City Council. The department will also begin to look at various funding sources which may <br />be used for the improvement and/or expansion of the City's infrastructure, Parks, and Open <br />Spaces. <br />Another goal of the Department the past few years has been to maintain/or improve the <br />City's bond rating; that goal has been accomplished. In April of 1994 the City received a <br />rating of A from Moodys Investors Service for a refunding bond issues. The City's financial <br />advisors stated that this was the best rating that could be obtained by a City of our size. The <br />rating committee of Moodys felt that the City had sound financial management. They were <br />impressed with the City's financial planning and the fact that designations for cash flow and <br />emergencies had been established. The Finance Department has had the goal of substantially <br />a3 <br />