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0 � <br />• 0 <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 4, 2014 <br />TITLE: <br />ADOPTION OF FIVE YEAR <br />FORECAST <br />CITY MAN GER <br />RECOMMENDED ACTION <br />Adopt the revised five year forecast. <br />DISCUSSION <br />CLERK OF COUNCIL USE ONLY: <br />-:• : ril <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />At the January 13, 2014 Finance, Economic Development and Technology Committee, I <br />announced that the City's fiscal position and forecast has improved significantly. All major revenue <br />sources such as Sales Tax and Property Tax have exceeded budget expectations resulting in a <br />much improved economy. <br />With revenues projected to increase by 3% annually and maintaining expenses relatively flat, the <br />City's revised projections have erased a negative outlook (originally projected to begin in fiscal <br />year 2015 -16) to a positive forecast for the next 5 years. Furthermore, given the new revenue and <br />expenditure trends, the City is projected to meet its goal of 20% reserves (or the equivalent of $41 <br />million) by fiscal year end 2015 -16. <br />FISCAL IMPACT <br />There is no fiscal impact associated with action. However, adoption of the forecast would enable <br />consideration of funding for the Strategic Plan upon adoption. <br />City Manager <br />65A -1 <br />