Submitted by: Ron Brooks
Submitting Department: Finance
Agenda Section: Presentation
Item Title:
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City of Hyattsville 10 Year Financial Forecast
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Suggested Action:
recommendation
For presentation.
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Summary Background:
The City Treasurer produces a five-year forecast which is updated annually and submitted as an attachment to the annual City Administrators Budget which is required per ARTICLE V Finance and Section C5-5 of the Charter and code.
However, this is the typical five-year forecast expanded out to a ten-year forecast and will be submitted as an attachment to the budget ordinance. The purpose of the presentation to the Council will focus on briefly discussing the new forecasting model and the assumptions attributed to the final report.
The presentation will be presented by the City Treasurer and the City's Financial Consultant.
The 10 Year Financial Forecast upon completion will provide additional clarity in key areas of City's finances long-term, including but not limited to identifying factors that may result in the reduction and/or increases of revenues, expenditures and reserve fund estimates at the end of each year within the ten-year fiscal period.
Given several factors to include but not limited to, an increase in the City's population via the 2020 national census, the addition of new housing developments, the renovation of an existing City facility for a new Police Public Safety Building, including the possibility of additional facilities upgrades in the near term, provided the catalyst to provide a 10 Year Financial Forecast to capture the varying effects noted above, and show how these factors could impact City operations within the next ten years.
Additionally, the new forecasting model would provide the City Treasurer with a user-friendly proactive forecasting model that included a what-if format to simulate scenarios around impacts to increase/loss of revenues and expenditures. This forecasting model will be used by the...
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