65B - SERVICE FINANCIAL REPORT - Laserfiche WebLink

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3.5: As pricing is adjusted, ensure that Youth Services Scholarship opportunities are known to those who qualify and remain adequately funded as the City pursues an increase in cost recovery levels. Seek and designate additional funding sources including excess revenues generated by the Agency. 3.6: Use Resource Allocation and Cost Recovery Philosophy, Model, and Policy and the Services Assessment Tools as Team Member training tools. Incorporate specific recommendations for use of the tools and recommendations/decision making into annual Team Member work plans holding Team Members responsible for taking appropriate steps each year to complete the Service Assessment and Alternative Provider Spreadsheets; recommend indicated service strategies and actions to achieve indicated cost recovery targets. RECOMMENDATION FOUR: COST SAVINGS & COST AVOIDANCE STRATEGIES Avoiding and reducing costs will also lead to higher cost recovery rates, provided doing so does not negatively affect the quality of the program and therefore the desire for participation. The intent of this focus area is to identify practices and analysis methods for service planning and provision to consistently ensure the most cost-effective use of resources. OBJECTIVES 4.1: Continue to review internal management practices and identify and use cost savings practices producing cost effective results. Consider efficiencies, simplifying processes, placing approval/ decision -making authority at appropriate levels, and providing periodic management reports using information generated in this process, among other strategies. 4.2: Continue to maintain current capital and maintenance management plans, appropriately budgeting for ongoing operating expenses. RECOMMENDATION FIVE: REVENUE ENHANCEMENT The intent of this focus area is to identify new sources of revenues, including alternative funding ideas, and explore their potential to increase or contribute to overall financial sustainability. OBJECTIVES 5.1: Explore alternative funding sources that strategically align with targeted services by identifying ideas during each budget cycle from the Parks and Recreation Funding Sources listing provided to Team Members and formulate a work team to explore the pros, cons, and potential outcomes. 5.2: Expand alternative funding for strategic initiatives through grants for new and existing projects such as healthy and active living initiatives; trail development; cultural, historic preservation, and natural resource projects; and environmental and sustainability efforts. 5.3: Review procurement and other policies to maximize the ability to pursue alternative revenues such as grants, sponsorships, and permitfees, while ensuring that the cost to pursue these revenues does not exceed the benefit received. 5.4: Explore the opportunities for and use of sponsorships, in accordance with an approved Sponsorship Policy. Complete a valuation of park assets and develop a list of potential park facility sites, programs, services and events, and other amenities to consider for sponsorship. Assignment of staffing will be necessary for a successful sponsorship effort. Opt.43 '; 65B-47 r-'=