DATE: February 6, 2024
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
Title
City’s Budget: Review of General Fund Long Range Financial Model and Fiscal Assumptions
End
RECOMMENDATION
Recommendation
That the Council receives the presentation and overview of the updated General Fund Long Range Financial Model and fiscal assumptions.
End
SUMMARY
Over the last several months, staff have worked with Baker Tilly to update the City’s General Fund Long Range Financial Model (Model). The Model was originally developed in 2017 by Management Partners, which was acquired by Baker Tilly in October 2022.
During the work session, staff will provide an overview of the Model, including both revenue and expenditure assumptions for future financial forecasting. In addition to the review of the 10-year forecast and assumptions, staff will guide Council through an interactive exercise to demonstrate how the Model can be used to forecast and understand the financial impacts of policy decisions.
ATTACHMENTS
Attachment I Staff Report
Attachment II Revenue and Expenditure Assumptions