CCP 11-20-2006 Work Session - Laserfiche WebLink

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. /( ~ . ~~HILLS MEMORANDUM DATE: November 20, 2006 AGENDA ITEM: 2A TO: Mayor and City Council FROM: Michelle Wolfe, Cily Administrator MtrrI SUBJECT: Work Scssion Discussion: Proposcd 2007 Budget - Financial Plan As prcviously reported to the City Council, I asked Ehlers and Associatcs to work with the City staff on a Financial Management Plan. This is a tool that 1 strongly felt we needed to assess our current financial status, assist with budget decisions, and provide a f(H1ndation for future planning, 1 expect the Financial Management Plan to be completed in January, However, at this time enough progress has been made that I requested Ehlers to give an Introduction to the format and the current status of analysis on the General Fund, Capital Fund, and Public Safety Fund, This information significantly relates to the upcoming tax levy and budget adoption discussion, . Much of the work done to-date involved the creation of a model. As with any model, assumptions are made. However, as we progress with work on this plan, we can modify assumptions in order to analyze the impact of various decisions. Thereforc, your initial feedback will be helpful as we progress with this process, The final plan will include analysis of the utility funds, In terms of the 2007 budget, staff is recommending that we implement the rates that were included in the Utility Rate Study, The study recommended rates for the period 2005-2009, However, the analysis Ehlers is performing will etTectively update that rate study and assist us with detcnnining whether additional changes will be needed in 2008, Mark Ruff of Ehlers and Associates will be present at the Work Session to discuss the status of this project to-date, "I imetro-inetlardenhillsUdmin lCitr AdministratorIBudgct\2()(}7\J J -2U-06 I'v/cmo RE finallcial plall,doc .