Maintain a fully-funded deficiency fund
The annual balance of the City's deficiency fund is a critical indicator of its financial standing and fiscal stewardship practices. Objective 3D, Initiative 1, states the City will "maintain a fully-funded deficiency fund, in accordance with City policy." At face value, the deficiency fund balance conveys to the City’s stakeholders its ability to pay its debt obligations, while continuing to fund normal operations.
A different interpretation may describe the deficiency fund balance as the City’s savings account. The dollars accrued from operational efficiencies may enable the City to enhance existing services and have a ready source of funding for emerging needs such as infrastructure projects. It may also serve as a rainy-day fund, enabling the City to withstand the effects of economic uncertainty and natural disaster, while still providing high-quality public service. A fully-funded deficiency fund balance advances each of the City’s priority areas including Economic Development, Impact on Poverty, Organizational Effectiveness, Public Infrastructure, Public Safety, Public Trust, and Quality of Life.
The table below depicts the City’s annual deficiency fund balance from the fiscal year 2014 through 2019.