HomeMy WebLinkAbout02/29/2000, 3 - TEN-YEAR FINANCIAL PLAN council °°
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CITY OF SAN LUIS OBISPO
FROM: John Dunn, City AdministrativeOffs
Bill Statler,Director of Finance
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SUBJECT: TEN-YEAR FINANCIAL PLAN
CAO RECOMMENDATION
Review and discuss the Ten-Year Financial Plan.
DISCUSSION
This plan is the result of Council goal setting for 1999-01. The "action plan" for the Long-Term
Fiscal Health major City goal adopted by the Council as part of the 1999-01 Financial Plan
consists of two major tasks:
■ Developing a ten-year financial plan that assesses our ability to fund current service
levels and adopted CIP goals.
■ Preparing for a possible revenue ballot measure in November 2000.
In accordance with this "action plan," this forecast has been prepared, and work is underway on
conducting a community survey. We plan to bring the results of this survey to the Council in
April 2000.
Summary of Findings
The accompanying plan fully discusses the approach used in preparing it, and the resulting
findings and conclusions about our long-term fiscal outlook. In summary, the plan concludes
that over the next ten years (based on the assumptions used) we should be able to continue
current service levels, meet our debt service obligations and adequately maintain our existing
facilities and infrastructure. However, there will be very limited resources for new facilities or
service enhancements. In short, achieving our long-term CIP goals will require significant new
revenue sources if we want to maintain the current services and facilities we already have.
In a post-Proposition 218 environment, any significant new resources will require voter approval.
In addition to assessing our long-term ability to fund new facility improvements, the plan also
summarizes the revenue options that we might put before the voters. As noted above, work is
already underway in assessing the feasibility of placing a revenue measure on the November
2000 ballot.
ATTACC131VIEENT
General Fund: Ten-Year Financial Plan
G:Ten Year Finandal Plan/Forecast IbCammdComcil Agenda Report
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