AGENDA DATE: 12/6/2023
TITLE:
Title
Five-Year Financial Plan Work Session
BODY
SUBJECT/PROPOSAL/REQUEST: Conduct a work session with the School Board on the five-year financial plan and Capital Improvement Plan
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Sumner, Bowman, Haas, Schmitt, Kumazawa
PRESENTER (S): Andy Bowman; Maya Kumazawa
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Long-range financial planning is part of the County's adopted financial policies The Five-Year Financial Plan will include a review of revenue trends and expenditures from the prior years' projections of revenues and expenditures, as well as future costs and the financing of the Capital Improvement Plan. A long-range financial plan is different from the annual budget in that it emphasizes where the County may be headed at the end of the plan rather than the coming fiscal year. This planning can provide a helpful framework to inform the annual budget to ensure funding recommendations are aligned with County priorities. It also provides a framework to illuminate discussion around questions such as:
a) Are the County's operating and capital plans in alignment? For example, if the County starts constructing a new facility in the capital budget, is it able to open and operate it in a future operating budget - can the decisions being made today be afforded in future years?
b) What long-term strategies or policies could be considered to change the long-term trajectory of the financial plan?
The Five-Year Financial Plan is the next step in the County's long-term financial planning process, where to date:
- On August 16, the Board approved the FY 25 operating and capital budget calendar
- On October 4, the Board received an Economic Outlook Report
- On November 15, the Board held the first Five-Year Financial Plan work session that focused on initial revenue and expenditure assumptions, which are developed using the best inf...
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