Page 351 - Southlake FY24 Budget

Southlake Sustainability Plan: Financial Wellness

[SOUTHLAKE 2030] Sustainability Master Plan

ECONOMIC/FISCAL WELLNESS

Appendix
Ensure monetary resources are provided in a fiscally conservative manner necessary to support
the community’s needs.

The purpose of the Economic/Financial Wellness section of the Sustainability Plan is to understand the City’s future
ability to maintain current level of services and fund the recommendations adopted as part of the Southlake 2030 Plan.
The Southlake 2030 Plan contains 17 different elements and those elements include recommendations for future
infrastructure and programs to allow the City to maintain a similar level of service as is being experienced today. To
assist the City in this analysis, the City retained private consulting firm of CityBase.Net, Inc. whose principal Lewis
McClain has over 30 years of experience working in local government creating financial plans. This final section of the
Sustainability Plan will analyze the City’s ability to maintain service levels, and to implement the recommendations
proposed in the various Southlake 2030 plans.

Introduction
This plan is the culmination of a number of concerted efforts and decisions rooted in sound management principles
established over the last two decades. It has been an ongoing process. A plan is a snapshot and has great value, but a
process is ongoing and adaptive. The process has boundaries yet envisions flexibility as events and assumptions change.
With this plan the City is memorializing strong financial management practices and committing to continue their use into
the future to ensure financial wellness. SS
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Support Resource
Allocation Decision
Making with Achieve
Prioritization of Fiscal Health
Programs
Fiscal
Wellness
Systematically Identify, Define
Evaluate Program and Value the
Results of
Efficiency Value Programs Government
Evidence of their
Based on
Influence on
Results

Economic and Fiscal Wellness
Economic or fiscal wellness is a balance between today’s financial position and the financial needs of tomorrow. It is
maintaining control over current reserves, debt and expenditures to ensure the City is able to meet the financial
requirements of the future. It aligns “ability to pay” with the 2030 Plan initiatives. A comprehensive understanding of
inflows and outflows of resources and the economic pulse that drives both, fiscal wellness places the City in the enviable
position to weather future financial challenges or economic changes, and achieve responsible funding for approved
projects. Believing that today’s decisions impact the City’s financial future, strong analysis and a commitment to
responsible financial principles must be incorporated into the management framework.

Much like individual financial planning, it is important to the City to ensure future financial viability and to maintain the
quality of living and standards of service desired by Southlake citizens. The Sustainability Plan offers a transparent view
of the City’s current financial position and clearly outlines the future funding needs and the City’s ability to meet those

Ordinance No. 1104, Adopted February 17, 2015 [SOUTHLAKE 2030] 61

FY 2024 City of Southlake | Budget Book 351