Page 44 - CityofMansfieldFY24Budget

UTILITY CAPITAL EXPENDITURES

The City will design utility rates sufficient for meeting the annual coverage requirement that will
accumulate resources to replace or rehabilitate aging infrastructure that no longer can be serviced by regular
maintenance. Attempts should be made to fund the reserve at a level approximate to the annual average
coverage requirement as reported in the City’s Annual Comprehensive Financial Report.

LONG TERM FINANCIAL PLAN POLICY

The City will adopt every annual budget in context of a long-term financial plan for the General Fund and
Water & Sewer Fund. Financial plans for other funds may be developed as needed. The General Fund and
Water & Sewer Fund long term plans will establish assumptions for revenues, expenditures, and changes
to fund balance over a ten-year horizon. The assumptions will be evaluated each year as part of the budget
development process.

ECONOMIC DEVELOPMENT POLICY

The City will assess and collect ½ percent on each taxable sales transaction in the City and utilize the
revenue to encourage commercial and industrial development within the City. Commercial and industrial
development provides additional tax revenues, local employment, and shifts a portion of the tax base from
the homeowner to the industrial/commercial entity. The MEDC board has set a goal to split the tax burden
equally between the homeowner and industrial/commercial development.

INFRASTRUCTURE DEVELOPMENT POLICY

The development of capital improvements, including street and utility construction, will provide the
necessary infrastructure for residential and commercial development. The City has instituted an aggressive
ten-year capital improvement program to develop the City's infrastructure. This program will be funded
with the growth in tax base as projected. The improvements are being timed to coincide with annual growth
in the City.

SERVICE DEVELOPMENT POLICY

The City of Mansfield has increased the staffing level by 10 Full Time Equivalent positions in FY 2023-
2024. As the population increases, so does the demand for services. City departments are staffed at an
appropriate level to maintain city services. When funding permits, staffing levels may be increased to keep
up with the growing demand and to improve the level of city services.

PLANNING AND DEVELOPMENT POLICY

The City has and will increase its technical assistance to residential and commercial developers in an effort
to develop systematic growth and development. Residential and commercial zoning has been developed to
fit the City's master plan.

BUDGET PREPARATION POLICY

The budget development is based on community and City department needs as identified by the citizens'
survey, City Council, and individual division projections. The budget is based on the projected growth of
both revenue and expense factors City-wide over a ten-year period. Projected commercial and industrial
development are also factored into the overall budget plan.

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