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Action Plans <br />In an effort to achieve established goals and objectives, the Finance Department has identified <br />the following action plans: <br />❑ Revise the City's to -year Capital Improvement Program <br />❑ Develop a 10-year Financial Plan <br />❑ Develop a 10-year Information Systems and Staffing Support Plan <br />❑ Establish a 5 -year plan to strengthen the City's asset replacement funding mechanisms <br />❑ Design a multi -year budgeting format <br />❑ Update the Finance Division Business Plan <br />❑ Update the License Center Division Business Plan <br />❑ Revisit all business license regulations to ensure the protection of citizens are balanced <br />With the business community's interests <br />❑ Initiate discussions With other governmental jurisdictions to consider possible <br />partnerships With our information technology, finance, or accounting- related functions <br />❑ Assess long -term facility options for a new License Center <br />It is expected that these action plans will take place over several years. However, given their <br />interdependency it will be necessary to maintain steady progress throughout. <br />Measured outcomes and Results <br />The Finance Department has realized the following benchmarks and measurement outcomes <br />towards assessing whether the long -term strategic plan has been achieved: <br />❑ The City currently maintains a bond rating AA 1 from Moody' s, and AA from Standard & <br />Poor's. This places the City in the top 6% of all municipalities nationwide. <br />❑ The City has received the Government Finance officers Association (GFOA) Certificate <br />of Achievement for Excellence in Financial Reporting for the past 28 years. <br />❑ The City has received the Government Finance officers Association (GFOA) <br />Distinguished Budget Presentation Award for the past 9 years. <br />❑ Implemented Internet Protocol (IP) Telephony phone system; producing operational <br />savings of over $50,000 annually <br />❑ Established 18 IT -based joint powers agreements with area governmental jurisdictions <br />creating greater economies of scale and generating $400,000 annually in revenues <br />❑ The License Center has generated over $200,000 annually in surplus monies to support <br />other City programs and services. Since 2002, the License Center has generated over $1 <br />million in surplus monies <br />* * The development of other outcomes remains in progress * * <br />14 <br />