HomeMy WebLinkAboutItem B - Financial Strategy
ECC
UGENE ITY OUNCIL
AIS
GENDA TEM UMMARY
Work Session: Financial Strategy
Meeting Date: December 10, 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 discuss an FY14 Plan of Action for balancing
the General Fund budget, including a discussion of whether to pursue new revenue sources.
BACKGROUND
At the November 14 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 our means, the
lingering impacts of the recession have widened the mismatch between our revenues and
expenses.
At the November 26 council work session, the council received an updated General Fund Six-Year
Financial Forecast that indicated that the budget gap had grown from $3 million projected in the
spring to current expectations of a $6 million gap. The main reason for the increased gap is the
significantly lower property tax revenue to be received this fiscal year and each year into the
future, due to the depressed economy.
At the December 10 work session, the City Manager will present a Plan of Action to address the
budget gap, including an approach for new revenues.
RELATED CITY POLICIES
Council Goal of Fair, Stable and Adequate Funding.
COUNCIL OPTIONS
None. Information only.
CITY MANAGER’S RECOMMENDATION
None. Information only.
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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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