Page 47 - PowerPoint Presentation

LONG-TERM PLANNING

Long-term planning is a key component of Town’s financial principles. Without proper planning, multi-
year sustainability would not be attainable. To maximize the benefit of long-term planning, Council has
established the following goals:

 Sustain existing programs at high service levels.
 Maintain a healthy General Fund balance of at least 180 operating days annually.
 Maintain competitive employee compensation within 3% of the median for the market.
 Provide adequate and stable funding for street and facility maintenance projects.

Long-term planning ensures Council has time to strategize a course for the Town in both the short and
long-term.

FORECASTING
The Town develops a financial forecast by assessing key revenue and expenditure drivers. Key revenue
forecasts are based on projected development projects and data driven assessments of the local,
regional, state and national economy. Key expenditure forecasts are based on the goods and service
needs of the Town, useful life of major assets, and the operational impact of projects or programs.

KEY REVENUES KEY EXPENDITURES

General Sales Tax Overtime
Property Tax Rate Maintenance
Net Taxable Value Travel & Training
Franchise Fees Utility Costs
Licenses & Permits Professional Services
Charges for Services Insurance Costs
Intergovernmental Revenues Fleet Replacements
Fines & Forfeitures Capital Equipment Replacements

Key revenues and expenditures are monitored quarterly and annually to identify financial trends,
shortfalls, and potential issues so that they can be addressed proactively. Forecasting is essential to
budgeting and multi-year planning as it allows Council to make informed decisions about the Town’s
financial health and strategic goals.

LONG-TERM PLAN
The Town’s long-term plan is depicted in the five-year financial forecast for all municipal funds and the
five-year Capital Improvement Plan.

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