LONG-RANGE FINANCIAl PLANNING AND FORECASTING

FISCAL YEAR 2023-2024 ANNUAL BUDGET

Long-Range Planning

The City’s long-range financial plan aligns the strategic goals of City Council with the financial resources needed to deliver programs and services to meet the needs of the community. A five-year forecast is a planning tool that helps with fiscal management and accountability by showing historical and projected revenue and expenditures. This tool provides an opportunity not only to engage the community but also anticipate and adapt to economic conditions that impact the budgeting process. The City’s financial forecast is based on City Commission priorities; historical revenue performance; expenditure trends; maintaining competitive salaries and benefits; and following the City’s financial policies.


The City’s budget serves as a roadmap to implement the Strategic Plan and outline a vision for the community, identifying priorities and providing a means to measure success in achieving the desired outcomes. The City’s FY 2023-2024 budget projections for local revenues are based on the FY 2022-2023 actual revenues and historical trends. The City is well-positioned to weather economic downturns due to its strong management, adequate reserves and financial policies.



VISIT THE BUDGET HIGHLIGHTS SECTION FOR THE MAJOR DETAILS OF BUDGET CHANGES



Factored into the financial planning model are anticipated future major capital projects and any ongoing associated operating costs. The Five-Year Capital Improvement Plan also includes funding for several projects that will leverage Federal, State and private grants, State revenue-sharing funds, dedicated millages and other cost sharing.


Going forward, City Commission will need to carefully address tax rates, user fees and other funding sources to identify the resources the City will have available to meet strategic goals and objectives. City departments continually review operations to find efficiencies and reduce departmental costs or seek out additional sources of revenue to mitigate any forecasted future revenue shortfall. These projections are based on past trends and anticipated future trends; however, it should be noted that these projections are not future commitments and are only presented for planning purposes and subject to change.

Projected Revenue and Expenditures - Fiscal Year 2023 - 2028


Projected Revenue and Expenditure Assumptions - Fiscal Year 2023 - 2028

The following assumptions are the basis of the forecasts for the future periods shown throughout this budget document. Changes in any of these assumptions would impact the expected outcomes. These assumptions are reviewed and updated each year based on the economic conditions at that time.