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To learn about the city's financial <br />health, ask these questions: <br />m Does the city have debt? If so, how <br />much and what are the terms? <br />o What are the available reserve bal- <br />ances in each fund? <br />w What are the annual expenditures and <br />trends over the past few years? <br />1P What are the annual revenues and <br />projected revenues? <br />r Does the city have long-range financial <br />forecasts? <br />o What are the assumptions included in <br />the forecasts, studies, or long-range <br />planning documents? <br />■ Does the city have a history of meeting <br />its budget each year? <br />• What monthly or quarterly finan- <br />cial information should I expect to <br />receive? <br />By getting answers to these questions, <br />along with becoming familiar with key <br />documents, you will have a good start on <br />doing your part to make sure your city is <br />financially stable. <br />Dave Callister is the city manager of Plymouth. Contact: <br />dcallister@plymouthmn.gov or (763) 509-5301. <br />Ta�cpayer Dollars Save <br />Fiscal Planning <br />Through <br />The City of Plymouth began a much -needed expansion project at the city's mainte- <br />nance facility in 2016.The last time the facility was expanded was in 1990, and more <br />city to better protect and maintain the millions of <br />space was needed to allow the <br />dollars in equipment and vehicles stored at the site. This project is an example of how <br />long-term financial planning helped save taxpayer dollars. <br />Because the expansion project <br />the t prudence of pasdas part of t and presethe city s nt City Councils ils and staff <br />financial plan, and thanks p <br />who were judicious with spending and had the foresight to plan ahead, Plymouth <br />was able to use reserves created from several budget years to cover this $10 million, <br />46,000-square-foot capital improvement project without the need to issue debt. <br />How was Plymouth able to amass $10 million in reserves? Whenever possible, Coun- <br />cil and staff conservatively budget revenue.They also look for opportunities to realize <br />cost savings to fall under budget. For example, they try to maintain or repair equip- <br />ment, software, and infrastructure to prolong their useful life, rather than purchasing a <br />replacement as a standard practice. <br />If Plymouth had issued debt, the city would have been paying interest for 15-20 <br />years at market rate, in addition to incurring issuance costs. Long-range planning <br />helped minimize the tax impact on residents and businesses, and helped avoid spikes <br />in the annual levy. <br />...................i <br />................................................................ <br />c.� Z <br />ethics' career <br />14 1 MINNESOTA CITIES I NOWDEC 2018 <br />