Title
Long-term Budget Sustainability Discussion
Recommended Action
Committee Recommendation:
No referred to a committee.
City Manager Recommendation:
Discuss long-term budget sustainability.
Report
Issue:
Whether to hold discuss long-term budget sustainability.
Staff Contact:
Aaron BeMiller, Finance Director, 360.753.8465
Presenter(s):
Jay Burney, City Manager
Background and Analysis:
The City is continuing its efforts to look at its financial standing with a goal of establishing a long-term sustainable budget where annual increases in expenses are matched by increases in resources. Like most local governments, expenses increase annually at a rate that exceeds increases in resources, especially in the General Fund. The Finance Committee added a monthly agenda item to discuss planned actions toward achieving this goal to its 2024 Workplan.
The City Manager will provide an update of the outcomes from the Executive Team Retreat in February; the City Manager's preferred path forward for revenue generation; and an updated financial sustainability workplan showing the different actions involved for 2024 toward achieving this goal.
Climate Analysis:
This agenda item is expected to result in no impact to greenhouse gas emissions.
Equity Analysis:
One of the goals of the City's budget process is to ensure that city services are provided equitably to our residents and business communities, as well as the greater Olympia community. This agenda item is not expected to further impact known disparities in our community.
Neighborhood/Community Interests (if known):
Members of the community may have an interest in this agenda item as it deals with City finances and fiscal governance.
Financial Impact:
There is no financial impact associated with this agenda item.
Options:
1. Receive information on long-term budget sustainability.
2. Do not receive information on long-term budget sustainability.
3. Reschedule the discussion to another meeting.
Attachment...
Click here for full text