Submitted by: Ron Brooks
Submitting Department: Finance
Agenda Section: Consent
Item Title:
title
Awarding of a Contract to Conduct a 10 Year Financial Forecast of City Finances
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Suggested Action:
recommendation
I move the Mayor and Council authorize the City Administrator to execute a contract for professional services with Sudsina and Associates at a cost not to exceed $80,000 to conduct a 10 Year Financial Forecast that 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 revenue and expenditure estimates within the stated period. Additionally, the consultant is required to provide an executive-level summary with impacts on City Reserves, provide a financial manager-level summary at the fund balance impact level and provide the City Treasurer a user-friendly proactive forecasting model that includes a what-if format to simulate scenarios around impacts to increase/loss of revenues and expenditures. This forecasting model will be used by the Treasurer annually in preparation of the General Operating Budget.
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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, 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, all of which we have varying effects, on City operations within the next ten years.
In late October 2022, the City issued a solicitation for Financial Forecast Services to conduct a 10 Year Financial Forecast that upon completion ...
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