By Kristina Pritchett
Members of the city’s Financial Review Committee approved to make a recommendation to City Council regarding a proposal for a long-term financial plan and policies.
During the May 24 meeting, the Committee members discussed a proposal from Government Finance Officers Association (GFOA) which stated the company would help the city to develop financial policies and principals.
According to the proposal, there would be a three-part method to develop the policies and principles, which include presenting the concept of a long-term financial plan and policies, interview stakeholders on passions and values and develop those financial policies and principles.
The company, according to the proposal, has proposed a fixed rate of $24,500 for the project including travel costs. It also states if the city desires to have extra services, they would be able to provide them at a rate of $250 an hour.
The company has previously worked with the city of San Clemente with the redesign of the city’s financial planning process in late 2007 and late 2008/early 2009.
Buck Hill, vice-chair of the committee, said he felt it is reasonable to spend the money on this.
The recommendation will be made to City Council. The project has been put into the proposed budget for fiscal year 2018 and if approved could begin in the early fiscal year.