FY 2025 BUDGET BOOK - Flipbook - Page 59
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➢ Transparency and Accountability: The City engages the community and clarifies the shortterm financial planning process. Public input, financial reporting, and regular updates on the
City’s financial health help build trust and accountability.
➢ Review and Adjust: Short-term financial planning is dynamic. City management regularly
reviews the budget and financial performance and adjusts as necessary to ensure the City
remains on track to meet its goals and obligations.
Short-term financial planning is an ongoing and dynamic process that plays a vital role in the
City’s fiscal health, carefully managing budgets, cash flow, reserves, and debt while remaining
adaptable to changing circumstances. The short-term financial plan acts as a stepping-stone that
helps the City progress towards its long-term vision, where it can ensure its financial stability and
ability to provide essential services to its residents.
City of Eustis Long - Range Financial Plan
Long-range financial planning is an essential component of effective governance for the City. A
Long-Range Financial Plan (LRFP) gives the City the chance to conduct a Strengths, Weaknesses,
Opportunities and Threats (SWOT) financial analysis. The SWOT process can help evaluate
potential opportunities and risks and help the City to operate more proactively and efficiently.
Long-term financial planning relates to strategic planning, developing financial policies, capital
improvement planning, and budgeting. Each criteria fulfills a different combination of planning
purposes.
The LRFP for FY 2024/25 through FY 2028/29 provides projections for the City’s revenues,
expenditures, and resulting fund balance for a comprehensive five-year planning period. It is
important to note that the LRFP does not aim to predict the future with certainty, but rather to raise
awareness about potential financial challenges and opportunities that the City may encounter.
Through financial planning and forecasting, the LRFP offers valuable insights into the City’s future
financial capacity. This enables the development of strategic approaches to achieve long-term
sustainability while considering the objectives of City services and addressing financial
challenges.
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