Title
Review of the 2000 Long Term Financial Strategy (LTFS) Process
Recommended Action
Committee Recommendation:
To be developed.
City Manager Recommendation:
Review the process and process and discuss how to proceed.
Body
Issue:
Discuss the process used by the Council to develop the Long Term Financial Strategy (LTFS)
Staff Contact:
Jane Kirkemo, Administrative Services Director, 360.753.8499
Presenter(s):
Jane Kirkemo, Administrative Services Director
Background and Analysis:
In 2000, the City Council adopted a Long Term Financial Strategy. The development of the Strategy was a "Council-driven policy setting exercise. It would include a focused public involvement process. At the core of the LTFS is a continuing commitment to wisely manage public funds."
There are no current Council members and only three members of the Executive Staff that participated in the development of the strategy. Since the LTFS plays such an integral part of our financial strategy, Council asked the Finance Committee to review the LTFS and amend/revise where necessary.
Neighborhood/Community Interests (if known):
As outlined in the attached report, there was significant public participation.
Options:
1. Review the LTFS process and report and decide if any of the principles or guidelines need to be revised. Determine if the Council should engage the public in a discussion again. Consider options for involving advisory committees in a review of the strategy.
2. Review the report.
Financial Impact:
The City spent $100,000 plus staff time on the previous LTFS and it took approximately 18 months to complete. The City contracted with Thurston Regional Planning Council for assistance and hired a consultant to facilitate some of the meetings.