HomeMy WebLinkAboutItem B: Financial Strategies
ECC
UGENE ITY OUNCIL
AIS
GENDA TEM UMMARY
Work Session: Financial Strategy
Meeting Date: November 26, 2012 Agenda Item Number: B
Department: Central Services Staff Contact: Sue Cutsogeorge
www.eugene-or.gov Contact Telephone Number: 541-682-5589
ISSUE STATEMENT
This work session is an opportunity for the council to receive an update on the City’s General Fund
Six-Year Financial Forecast
BACKGROUND
At the November 14 City Council work session, the City Manager presented information as
background for the start of a financial strategy discussion, including discussion of a potential new
revenue source. He related the City’s efforts over the past several years to close a persistent
structural gap in the budget. Despite a number of years of hard work and decisions to live within
its means, the lingering impacts of the recession have widened the mismatch between the City’s
revenues and expenses.
During the FY13 budget process, the City Manager developed a two-year plan to achieve a stable
budget. The FY13 Adopted Budget made progress towards that stable budget plan with $4 million
of ongoing reductions implemented, but it was clear that there was more to be done in FY14.
Presentation of the updated General Fund Six-Year Financial Forecast will provide the council
with additional information about the magnitude of the structural gap. This will help to set the
stage for a discussion about the potential consideration of a new revenue source to help close a
part of that gap and move towards a stable budget. An additional council work session is
scheduled for December 10 to continue the conversation about a six-year financial strategy that
might include a new revenue source.
RELATED CITY POLICIES
Council Goal of Fair, Stable and Adequate Funding.
COUNCIL OPTIONS
None. Information only.
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CITY MANAGER’S RECOMMENDATION
None. Information only.
SUGGESTED MOTION
None. Information only.
ATTACHMENTS
None.
FOR MORE INFORMATION
Staff Contact: Sue Cutsogeorge
Telephone: 541-682-5589
Staff E-Mail: Sue.L.Cutsogeorge@ci.eugene.or.us
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