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By Kristina Pritchett
The Financial Review Committee voted to direct staff to include on next year’s budget the initial work for a long-term financial plan.
During the FRC’s meeting on Monday, April 10, committee members not only approved the investment policy, but voted unanimously in favor of directing city staff to add a line budget item that would begin the work for a long-term financial plan.
It would include an overview of the financial forecast for the next five years as well as financial policies and principles.
Larry Rolapp, a committee member, said he had met with Acting City Manager Mike Killebrew to discuss the long-term plan. He said other cities have had their plan created before the budget workshop, but since the city’s budget will be made available to staff in draft form in three weeks, it would not be feasible.
Killebrew talked about bringing in an outside source to meet with committee members and Council members and begin working on financial policies.
He said there has been a recommendation to begin work on four polices: the revenue and user fee policy, general fund reserves, capital assessment or management policy and an overall budget policy.
During the most recent meeting, Killebrew told the committee he needed help with this project.
Buck Hill, another committee member, asked how much this could cost but Killebrew said he wasn’t able to provide that information to the committee members at the time. He stated he was still waiting for those numbers.
The Committee also approved to have the Council act immediately on adopting a general policy to attempt to recoup the costs of user fees and permits.