City Council Goal #1

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GOAL #1:  FINANCIAL SUSTAINABILITY

Achieve financial sustainability through the transformation of the city’s budget process, financial analysis and metrics, and resource allocation with a focus on educating, including, and engaging residents and businesses as partners in the process.

Objective #1 – Improve and streamline City’s budget process.

Actions

Timeline

Responsible Party

Measurements

Identify funding for financial software purchase.

1st Quarter 2022

City Manager/Finance Director

Funding source identified and funding allocated by City Council

Investigate financial software options and purchase updated software by year-end.

1st Quarter/2nd Quarter 2022; software purchased by 4th Quarter 2022

Finance Director/Information Technology/City Council

Report with recommendations made to City Council; City Council acts on recommendations;
 software purchased

Investigate alternative budget processes that can be implemented for cost savings and to simplify departmental budgeting.

2nd Quarter 2022

City Manager/Finance Director

Recommendations made to City Council; City Council makes selection and approves

Investigate the feasibility of establishing a finance committee that includes Council, community and staff governed by OMA (Open Meetings Act) guidelines.

3rd Quarter 2022

City Manager/Finance Director

Recommendation regarding the feasibility of establishing a finance committee made to City Council; City Council takes action on recommendation

Use software to provide updated financial reports for internal and external use.

4th Quarter 2022 through 2023

Finance Director/Information Technology/City Council

Financial reports generated on quarterly basis


Objective #2 – Conduct review of all city services to identify streamlining opportunities.

Actions

Timeline

Responsible Party

Measurements

Identify the most relevant budget metrics for every service/program.

2nd Quarter 2022

City Manager/
 Department Heads

Metrics identified, completed, and presented to City Council before budget season

Identify possible cost-sharing, collaborative opportunities with neighboring cities.

2nd Quarter 2022

City Manager/
 Department Heads

Potential cost-saving collaborations or partnerships with neighboring cities/taxing jurisdictions identified; report made to City Council; City Council takes action

Study the potential for expanding public/private partnerships to support traditional city services.

2nd Quarter 2022

City Manager/
 Department Heads

Potential partnerships identified; report made to City Council; City Council takes action


Objective #3 – Maintain and enhance the City's bond rating

Actions

Timeline

Responsible Party

Measurements

Review weaknesses listed in S & P Global Rating Agency Report; make implementation recommendations.

1st Quarter 2022

City Manager/Finance Director

Recommendations made to City Council; City Council select recommendations to proceed with; Recommendations implemented


Objective #4 – Expand and strengthen tax base and increase city revenues.

Actions

Timeline

Responsible Party

Measurements

Determine allocations for ARPA funding to support city services.

1st Quarter 2022

ARPA Manager

Project allocation report submitted to City Council

Investigate alternative funding sources for city services.

Begin 1st Quarter 2022; ongoing review

City Manager/Finance Director

Report released on quarterly basis. 

Conduct a public/private comparison of service fees that the city imposes.

2nd Quarter 2022

City Manager/
 Department Heads

Summary document of service fees comparison completed

Sell-off underperforming city assets.

Ongoing

Planning & Redevelopment Division

# of properties sold annually; total revenue from sales

Re-evaluate lease prices for city owned farmland, assets, and infrastructure to determine if current market rates are being used in contracts.

2nd Quarter 2022

Planning & Redevelopment Division

Recommendation for new lease rates made for new contract periods