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HomeMy WebLinkAboutFinancial Sustainability Tool Kit presentationFinancial Sustainability Tool Kit Town of Westlake May 24, 2010 Understanding Financial Sustainability Asking the right Questions: Spending within our means?  On-going and one (1) time revenues differentiation?  Understand resource allocation decisions: are they tied to revenues?  Defined revenues (manual)? Maintaining adequate reserves? Budget vs. actual? Compensation system? Infrastructure maintenance? New infrastructure? Background & Context Strategic Plan First steps The “rear view mirror” Achieving Financial Sustainability Financially Unhealthy Financially Unhealthy Financially Unhealthy Financially Unhealthy PDB PDB PDB Priority Driven Budgeting Aligning resources with desired and prioritized outcomes Section 2 Financial Forecast By Fiscal Year 2012 – 2013:  General Fund depleted  Visitors Fund depleted Section 3 Our Revenues Understanding them Revenue Manual Poor diversity/stability Forecasting Sales tax analysis Town Services/Expenditures Section 4 Section 5 PDB Using Program Budgeting? Program? Activity? Measures Towards A New Model Deciding what we want Westlake to be Service Mix to attain Visitor Fund and Values to guide that mix Determine the “Price of Government” for Nos. 1 & 2 Square up financial policies with Nos. 1 & 2 Citizen Engagement/Information Govern & Manage to the new model Efficiency Representation Social equity Individual rights Effectiveness Equality Financial Sustainability Wrapping Up VVM “lock in on it” by consensus Apply values (equity, individual rights, etc) Prioritize programs by guiding principles Adjust revenues to fit the new model (note: This can include new revenues) Adjust financial policies to support the new model Policy Decision Multi-year approach Determine “true annual operating budget: based on Fiscal Year 2009-2010 actual expenditures Self-fund all direct and indirect municipal cost Capital expenses covered by WAF/HOC Adjusting WA for the New Model