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Item B - Financial Strategy
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Item B - Financial Strategy
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12/7/2012 10:23:42 AM
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City Council
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Agenda Item Summary
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12/10/2012
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<br />ECC <br />UGENE ITY OUNCIL <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br />Work Session: Financial Strategy <br /> <br /> <br />Meeting Date: December 10, 2012 Agenda Item Number: B <br />Department: Central Services Staff Contact: Sue Cutsogeorge <br />www.eugene-or.gov Contact Telephone Number: 541-682-5589 <br /> <br /> <br /> <br />ISSUE STATEMENT <br />This work session is an opportunity for the council to discuss an FY14 Plan of Action for balancing <br />the General Fund budget, including a discussion of whether to pursue new revenue sources. <br /> <br /> <br />BACKGROUND <br />At the November 14 council work session, the City Manager presented information as background <br />for the start of a financial strategy discussion, including discussion of a potential new revenue <br />source. He related the City’s efforts over the past several years to close a persistent structural gap <br />in the budget. Despite a number of years of hard work and decisions to live within our means, the <br />lingering impacts of the recession have widened the mismatch between our revenues and <br />expenses. <br /> <br />At the November 26 council work session, the council received an updated General Fund Six-Year <br />Financial Forecast that indicated that the budget gap had grown from $3 million projected in the <br />spring to current expectations of a $6 million gap. The main reason for the increased gap is the <br />significantly lower property tax revenue to be received this fiscal year and each year into the <br />future, due to the depressed economy. <br /> <br />At the December 10 work session, the City Manager will present a Plan of Action to address the <br />budget gap, including an approach for new revenues. <br /> <br /> <br />RELATED CITY POLICIES <br />Council Goal of Fair, Stable and Adequate Funding. <br /> <br /> <br />COUNCIL OPTIONS <br />None. Information only. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br />None. Information only. <br /> S:\CMO\2012 Council Agendas\M121210\S121210B.doc <br />
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