Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 69
Strategic → CiTy of eusTis long - range finanCial Plan
During the goals identification phase, the City examines its current financial position, assesses
future financial needs, and considers external factors such as economic trends and community
expectations. It takes into account the City’s vision, mission, and strategic priorities to align the
financial goals with the overall objectives of the City.
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Alternatives Research
Alternative research for a long-range financial plan involves exploring different options,
approaches, and strategies to address the financial challenges and opportunities that a City
may face in the future. It aims to provide a comprehensive understanding of alternative paths
and potential solutions to inform the financial planning process.
The process of alternative research begins with identifying the key financial factors and variables that are critical to the City’s financial well-being. This may include revenue sources,
expenditure patterns, debt management, economic trends, funding opportunities, and other
relevant financial indicators.
Once these factors are identified, research is conducted to explore alternative scenarios, strategies, or policies that can impact the City’s financial outlook. This research may involve studying
best practices from other cities, analyzing case studies, conducting financial modeling, and
reviewing relevant literature and reports.
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Data Analysis & Evaluation
City long-range financial plan data analysis and evaluation involve the systematic examination
and assessment of financial data to understand the current financial position of the City and
evaluate progress towards long-term financial goals and objectives.
During the evaluation phase, the analyzed financial data is compared against established financial targets, benchmarks, or metrics. This evaluation helps identify areas of financial strength,
weaknesses, and areas that require attention or improvement. It also assists in assessing the
City’s ability to meet its financial obligations and achieve its long-term financial goals.
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Long-Range Plan Approval
City long-range financial plan approval is the process through which the proposed financial
plan for the city’s long-term future is reviewed, evaluated, and officially sanctioned by the
appropriate authorities. This approval stage is a crucial step in ensuring that the financial plan
aligns with the city’s goals, policies, and regulatory frameworks.
During the approval process, the long-range financial plan undergoes comprehensive scrutiny
by city officials, the finance department, and the budget office. They assess the plan’s feasibility, accuracy, and adherence to financial regulations and guidelines.
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Program Development
City long-range financial plan program development involves the process of formulating and
designing specific initiatives, projects, and strategies that will be implemented to achieve the
financial goals outlined in the long-range financial plan.
During this phase, city officials, finance departments, and city citizens collaborate to identify
and prioritize the programs and activities that will contribute to the financial well-being and
sustainability of the city over the planning period.
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City of Eustis, Florida
Adopted Budget
67
