FY 2025 BUDGET BOOK - Flipbook - Page 60
The LRFP acts as a tool to inform and guide the City’s decision-making processes with regards to
financial management and operational planning. Ultimately, long-range planning empowers City
leaders to create a vision for the future and work towards realizing it through strategic actions and
collaborative efforts with stakeholders.
The connection between the City’s long-term financial plan and departmental performance
measurements is crucial for effective governance, strategic planning, and overall community
well-being. Departmental performance measurements serve as a bridge between the City’s
short-term and long-term goals. It helps ensure that the day-to-day activities of departments are
aligned with the broader vision of the City. This enhances accountability, transparency, and
resource allocation while facilitating continuous improvement and progress toward both
immediate and future objectives. This connection will be reviewed more closely in the
Departmental Performance Measures section. Long-Term Financial Goal encompass a more
extended period, often five to ten years or more, and are aligned with the City’s overall vision and
mission.
Key Steps in the City’s Long-Range Financial Planning Process:
➢ Vision and Goal Identification
Identifying the City’s long-range financial goals involves the process of determining the
broad and overarching financial aspirations the City intends to achieve over an extended
period. These goals provide a clear direction and framework for the City’s financial planning
efforts, shaping its overall financial strategies and priorities.
Goal identification is the process of determining specific objectives and targets that need to
be accomplished within the financial plan period. These goals are derived from the City’s
strategic priorities and are aligned with the vision statement. They provide a roadmap for
financial decision-making and resource allocation.
In summary, the City’s long-range financial vision and goal identification involves defining a
compelling vision statement that represents the desired future financial state of the City. This
process sets the foundation for developing a comprehensive and strategic long-range
financial plan that supports the City’s overall objectives and contributes to its financial
sustainability.
➢ Long-Range Objectives Identification
The City’s long-range financial objectives identification process involves defining specific,
measurable, and achievable financial goals and targets that the City aims to accomplish within
the planning period. It focuses on identifying the desired outcomes and results that the City
seeks to achieve to ensure financial stability, sustainability, and effective resource allocation.
During the phase of identifying the objectives, the City examines its financial priorities and
considers various factors, such as economic conditions, revenue projections, expenditure
needs, infrastructure requirements, and community needs. It considers both short-term and
long-term financial goals, aligning them with the City’s overall vision, mission, and strategic
priorities.
➢ Problem Identification
The City’s long-range financial problem identification involves the systematic process of
identifying and recognizing financial challenges, issues, and areas of concern that need to be
addressed within the planning period. It targets to identify obstacles and potential risks that
may hinder the City’s ability to achieve its long-term financial goals and objectives. During
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