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To: <br /> <br />From: <br /> <br />Date: <br /> <br />Subject: <br /> <br />City of Elk River <br /> <br />Rusty Fifield <br /> <br />January 25, 2001 <br /> <br />Key Financial Strategies Planning Process <br /> <br />EHLERS <br /> <br />& ASSOCIATES INC <br /> <br />Introduction <br /> <br />The financial challenges facing the City of Elk River have never been greater. The service <br />demands of a growing community must balance with the need to make government <br />affordable. Actions by the State Legislature (levy limits, tax capacity rates) change the rules <br />of the game. <br /> <br />Planning often focuses on the pieces of the financial puzzle - budgets, capital improvements, <br />annual financial reports. Rather than look at individual pieces, Ehlers' Key Financial <br />Strategies process looks at the entire puzzle. This document outlines the proposed scope of <br />work for financial planning process for the City of Elk River. <br /> <br />Steps in the Process <br /> <br />The Key Financial Strategies process employs a combination of analysis and City Council <br />workshops to: <br /> <br />· Identify financial issues that will influence the future of the community. <br />· Evaluate options to address the issues. <br />· Create a long-term financial management plan for the City. <br /> <br />The process described here represents the basic framework for Elk River. A series of five <br />City Council workshops are proposed. These workshops would occur on the last Monday of <br />each month through May. While ending the process in May is not essential, it is very <br />desirable. This timing allows the results of this planning process to match the preparation of <br />the 2002 operating budget. The detailed work performed in this process will be influenced <br />by City Council input at the first workshop and by the issues identified by the planning <br />process. <br /> <br />The proposed steps in the planning process are as follows: <br /> <br />1) Kick Off Workshop (January 29) <br />a) Review scope of work and planning process <br />b) Discuss goals and issues <br /> <br />2) Trends and Projections <br />a) Identify formal and informal financial policies of the City. <br /> <br />LEADERS IN PUBLIC FINANCE <br /> <br />3060 Centre Pointe Drive 651.697.8506 fax 651,697.8555 <br />Roseville, MN 55113-1105 rusty@ehlers~inc, corn <br /> <br /> <br />