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City of Santa Ana <br />FY2021-FY2025 Strategic Plan <br />1. FINANCIAL STABILITY <br />Protect and enhance revenue streams while maintaining a healthy reserve balance to provide for the expenditure of <br />funds in support of the long-term priorities of the City's strategic plan. <br />Current State <br />Santa Ana has diversified revenue and good reserve balances, but the City needs to focus on long-term stability or <br />prioritized spending with a global view. <br />Degree of Effort Needed to Achieve Success <br />Over the next 5 years, Santa Ana will need to make a substantial shift from its current efforts. <br />Goals <br />1.1 BALANCED BUDGET: Planned expenditures do not exceed expected revenues for the next 10 years by <br />controlling labor costs, focusing spending on primary functions of the City and improving financial <br />flexibility. (Finance) <br />1.2 DEVELOPMENT: Entice developers to build attractive businesses and housing to increase property values, <br />resulting in an overall 10% increase in assessed valuations over the next 3 years and increased tax <br />revenue. (Community Development) <br />1.3 MODERNIZE: Reduce costs by 3% over the next 5 years by streamlining administrative processes and <br />providing easy -to -access online services to operate efficiently. (Information Technology) <br />Performance Measures <br />Based on the Priority and Goals, City staff identified the 5-year trajectory of each measure, either: <br />• Steady - maintain FY2019-20 actual or estimate or realize only slight improvement. <br />• Modest - gradual improvement from the FY2019-20 actual or estimate. <br />• Significant - significant improvement from the FY2019-20 actual or estimate. <br />Each Performance Measure's annual targets for future years will be set in conjunction with the annual budget <br />process and annual initiative planning. <br />Reserves <br />Revenue Performance <br />Steady $67.8M $56M <br />Steady <br />Projected revenue will 4% 5% <br />recover from COVID-19 <br />impact in FY22-23 <br />Budget Variances Steady Expenditure savings due to hiring No significant variances <br />freeze from adopted budget <br />Cost Reductions Directly Modest $0 $1.OM <br />Related to Modernization <br />17 <br />