HomeMy WebLinkAbout11.04.24 Work Session Packet
AGENDA
Council Work Session
Meeting
5:00 PM - Monday, November 4, 2024
Farmington City Hall, Council Chambers
Page
1. CALL TO ORDER
2. APPROVE AGENDA
3. DISCUSSION ITEMS
3.1. Long-Term Financial Managment Plan
The Council is requested to first hear the presentation, and once it is
complete, to ask questions and provide guidance to Staff.
Agenda Item: Long-Term Financial Managment Plan - Pdf
2
4. CITY COUNCIL COMMITTEE UPDATE
5. CITY ADMINISTRATOR UPDATE
6. ADJOURN
Page 1 of 2
COUNCIL WORK SESSION AGENDA MEMO
To: Mayor, Councilmembers and City Administrator
From: Kim Sommerland, Finance Director
Department: Finance
Subject: Long-Term Financial Managment Plan
Meeting: Council Work Session - Nov 04 2024
INTRODUCTION:
Ehlers will present the Long-Term Financial Plan, outlining its key components and objectives. This
plan aims to provide a strategic framework for the City’s financial future, helping us navigate
operational changes and fulfill financial commitments.
DISCUSSION:
Staff has hired Ehlers to undertake the development of the City's Long-Term Financial Plan (the
“Plan”). The Plan consists of a long-range operating budget and capital improvement plan,
incorporating funding strategies. It aims to guide the City in adapting to operational changes and
fulfilling both current and future financial obligations. By integrating future needs with existing
commitments, the Plan offers insight into the total tax impacts of the City’s operations and capital
projects.
A key aspect of the Plan is to facilitate discussions among Council and Staff to establish consensus
on funding sources, property tax levels, and priority capital improvements.
BUDGET IMPACT:
The Long-term Financial Management Plan will shape the City’s budget by detailing future needs
and funding options.
ACTION REQUESTED:
The Council is requested to first hear the presentation, and once it is complete, to ask questions
and provide guidance to Staff.
Page 2 of 2